Tieng Anh Kinh Te - Full Giáo Trình - Edited

PREFACE
ESP has becoming more and more important for students specialized in
different majors including economics. English for economics and business aims to
provide economic students with basic vocabulary related to their field as well as help
them to develop necessary language skills, namely listening, speaking, reading and
writing, which will be a great help for them in their future job. The book has been
designed to be covered in 60 periods (6 periods for each unit, 12 periods for revision
and mid-term test), mainly for students of Economics Department in
Communications and Transport University whose English is at pre-intermediate
level.
English for economics and business consists of Student’s Book and
Workbook with 8 units about different economics related topics. Each unit covers all
4 skills, i.e. listening, speaking, reading and writing with variety of exercises. Each
unit also focuses on a basic grammar point so that students can revise the knowledge
they have learnt and therefore can use English more effectively. In addition, to check
students’ comprehension about the specialized topics and the language focuses, some
review questions are given after each unit. A wordlist with transcription and
translation of new terms is provided at the end of each unit, which will make it easier
for students to comprehend the text and facilitates their self-study. Moreover, the
book includes 01 sample test to get students familiarized with the final test format.
This can help them to get higher scores in the mid-term and end-of-term tests.
Beside the Student’s book, Workbook with a wide range of exercises relevant to the
topics and grammar points dealt with in the course book is a good and very useful
supplementary material to help students consolidate what they have learnt. It is
supposed to be assigned as homework for students.
We hope that this text book will be a useful learning material for economic
students to improve their ESP. However, mistakes are unavoidable. We would
welcome all comments from teachers and students in order to make the book better.
We, the authors, have five members who perform particular tasks, as follows:
Vu Thanh Hien MA. (chief): in charge of Unit 1, Unit 2 and the
compilation and edition.
Bach Thi Thanh MA.: in charge of Unit 3 and Unit 4
Ngo Thi Kim Thanh MA.: in charge of Unit 5 and Unit 6
Le Thi Thuy Hong MA: in charge of Unit 7 and Unit 8
Bui Thi Thanh Van MA.: in charge of the Vocabulary
TAKT * 3
4 * TAKT
UNIT 1
THREE ECONOMIC ISSUES
A. READING COMPREHENSION
I. Understanding a printed text:
Now look at these questions
1. What is important in the first paragraph?
2. What is the second paragraph about?
Read the passage through and find the answers to the questions. Remember
you do not have to understand every word to answer them.
Trying to understand what economics is about by studying definitions is like
trying to learn to swim by reading an instruction manual. Formal analysis makes
sense only once you have some practical experience. In this section we discuss three
economic issues to show how society allocates scarce resources between competing
uses. In each case we see the importance of the questions what, how, and for whom to
produce. The two primary economic systems that societies have employed over 60
years are capitalism and socialism.
In capitalism economic systems, property is owned by individuals. Capitalism
resolves the central questions facing society by the interaction of buyers and sellers
in markets. Property in socialist economic systems is owned by the government. In
theory, in those societies, central questions are answered in order to meet the best
interests of all of society’s members. Instead of markets, central planning is used to
deal with the basic economic questions facing socialist societies.
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In capitalism, the what question is answered by consumers as they spend their
dollars for the goods and services that they most desire. Businesses that best respond
to or anticipate the material desires of households will make the most profit. In
socialism, it is the job of central planners to determine what should be produced.
Their decisions are based upon what they believe is most socially beneficial for
society as a whole. Central planners also answer the how question in socialist
economies. They determine how to combine society’s inputs in order to produce the
outputs desired. In capitalism, this decision is up to individual firms. They combine
inputs in the most efficient way to reduce the cost of making the outputs. This
increases their chances of making profits. Another term for the for whom question is
distribution. In socialism, who gets what is based on need, while in capitalism, for
whom is based on the value of property rights owned by individuals.
II. Check your understanding:
Now read the text carefully and then answer the following questions.
1. What three questions must any economic system answer?
....................................................................................................................................
2. How does socialism answer these three questions?
....................................................................................................................................
3. How does capitalism answer these three questions?
....................................................................................................................................
4. What are the main differences between socialism and capitalism?
....................................................................................................................................
III. Increase your vocabulary:
1. Look at the first paragraph and say which words correspond to these definitions.
• a book which teaches you something
• supply of goods, raw materials etc.
2. Look at paragraph 2. Can you explain the words.
• buyers
• sellers
• property
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3. Look at paragraph 3 and say what these words refer to:
• line 2: they
• line 4: it
• line 5: their
• line 8: they
4. Look at paragraph 3 and say what words have the same meaning as:
• commodity
• wish
• people who used goods or services
• manufacture
• companies
• cut down
B. LANGUAGE FOCUS: THE PASSIVE VOICE

I. Form
• Use the verb be as a help verb with the past participle of the verb. Use the correct
tense of the verb be.
Present Simple Property is owned by individuals.
Present Continuous Seven hundred staff are being made redundant.
Past Simple It was invented in 1938 by Chester Carlson.
Present Perfect All the money in the safe has been stolen.
Past Continuous The factory was being built when I last came here.
Future with will A weak signal will be emitted.
Future with going to A division is going to be sold.
• With verbs like can, must, ought to, etc., use the modal verb + be + the past
participle.
The company should be taken to court and punished.
That invoice ought to be checked carefully.
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II. Uses
• To describe action without saying who does them:
The company was founded in 1928.
The eggs are made of chocolate.
• To describe process
The data has to be collected, then it’s analysed, and finally the results are
published.
Notes
• You can use the passive voice and still say who or what performed an action by
using by.
Policy decisions are made by the Board of Directors.
The results are collected by the computer.
But in many sentences this is unnecessary.
The password has been changed (by the network manager)
PRACTICE
Task 1: Read this information about DHL, a company that delivers parcels and
documents world-wide. Put the verb into the present simple passive.
DHL FROM START TO FINISH
One phone call is all it takes to get your shipment moving.
Quick off the mark
As soon as you book all your shipment over the phone, your details (1) are
programmed (program) into the DHL system. Within minutes, a courier receives a
pick-up message.
Rapid collection
The data (2) ________ (transfer) to a printer in the van, so our driver will know
where you are. Your shipment (3) ______ (deliver) to its final destination,
consignment (4) _______ (collect), and a bar code scanner (5) _______ (use) to
record all the details of the shipment which (6) _______ (drive) to a DHL centre
where the most suitable air route (7) _______ (choose).
Prepared for take-off
Your shipment (8) _______ (check in) by DHL ground staff at the airport, and
they make sure that it (9) _______ (load) onto the right flight.
8 * TAKT
Satellite technology
While the plane is in the air all the details of the shipment (10) _______
(transmit) to the local DHL import agents. As soon as the plane lands, the
information (11) _______ (give) to customs.
Personal delivery
As soon as your shipment (12) _______ (clear), it (13) _______ (deliver) to its
final destination. All the information about delivery (14) _______ (hold) on
computer, allowing you to check delivery with one quick phone call.
Task 2: Read each of the following statements. Then say if it should be followed by
sentence A or sentence B. Underline the correct answer.
Roche is one of the world’s leading pharmaceutical groups.
It manufactures vitamins, perfumes, and antibiotics.
Vitamins, perfumes, and antibiotics are manufactured by it.
1. Quantas is the second oldest international airline.
A. The Australian government currently owns it.
B. It is currently owned by the Australian government.
2. Bass PLC is the largest global hotel operator.
A. It owns Holiday Inns and a number of other hotel chains.
B. Holiday Inns and a number of other hotel chains are owned by it.
3. Australian born Rupert Murdoch is chairman of News Corporation.
A. He controls 39% of the company through Cruden Investments.
B. 39% of the company is controlled by him through Cruden Investments.
Task 3: Many of the following sentences sound unnatural because they are in the
active. Re - write them in the passive, but do not mention the agent (e.g. by
workers, by people)
Workers in China make these telephones. These telephones are made in China.
1. Employers pay many manual workers weekly.
Many manual workers ...................................................................................................
2. They keep a large amount of gold at Fort Knox.
A large amount ..............................................................................................................
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3. Workers build a lot of the world’s supertankers in South Korea.
A lot of ..........................................................................................................................
4. They have turned the Sales and Marketing Department into three separate
divisions.
The Sales and Marketing Department ...........................................................................
5. The company is building a much larger Production plant at Ludwigshafen.
A much larger ................................................................................................................
6. Farmers grow a third of the world’s cocoa in the Ivory Coast
A third ............................................................................................................................
C. WRITING: The Passive voice – Describing charts and graphs
I. The Passive Voice

Task 1: Write sentences from the prompt using one of the verbs from the box.
build discover elect found invent open
1. The Berlin Wall / 1961 The Berlin Wall was built in 1961.
2. The Channel Tunnel / 1994 ......................................................................
3. Radium / Marie and Pierre Curie ......................................................................

4. The wireless / Marconi ......................................................................
5. Fiat SPA / 1899 ......................................................................

6. President Clinton / 1992 ......................................................................
Task 2: Write a short paragraph about AMS Trading using the prompts.
AMS Trading / found / Alan Sugar / 1968, and the company’s name / change /
Amstrad/1972. The company / sell / electronic consumer goods /, and then / move /
computers. Amstrad / float / the Stock Exchange / 1980. It / expand / rapid / until /
1988, when it / launch / the PC 2000 series / personal computers.
.........................................................................................................................................
.........................................................................................................................................
.........................................................................................................................................
.........................................................................................................................................
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II. Describing charts and graphs
Frequently-used words and expressions in describing charts/graphs and changes
of data.
• Verb + adverb
The number of something + verb + adverb + from … to … / between … and …
Subject Verb indicating Adverb Period of time
changes
increased suddenly
jumped rapidly
rose dramatically
went up sharply
The number climbed from (June) to (December)
steeply
of (cars)
grew steadily
decreased consistently between (June) and
dropped gradually (December)
fell slightly
reduced slowly
went down
Note: Verb (remained) + Adjective (constant / steady / unchanged)
PRACTICE
Task 1: Use the words in the box to fill in the gaps.
slightly sharply steadily steeply dramatically
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Task 2: Describe the patterns in the graphs below.
D. LISTENING: Presenting figures

Task 1: Match the phrases (1 - 4) with the graphs (a - d)
1. rose sharply ............................... 2. fell sharply .....................................
3. remained constant ...................... 4. rose slightly ....................................
Task 2: Listen to Michelle Li giving a presentation on the sales figure. Match

the graphs (a – d) with the correct departments (1 – 4).
1. stationery ................................... 2. household appliances ..........................
3. cosmetics ................................... 4. home improvement .............................
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Task 3: Fill in the blanks.
1. Home improvement sales __________ _________ to just over $ 3m.
2. Sales of stationery items _________ _________ at $ 1.8 m.
3. Home appliance sales _________ ________ from $ 3.2 m to $ 1.7 m.
4. Sales of cosmetics ________ ________ from $ 1.5 m to $ 4 m.
E. SPEAKING: Describing graphs

Task 1: Work with a partner. Take turns asking and answering questions about the
graph, e.g.
1: What happened to sportswear sales in January? 2: They fell slightly.
Task 2: Now take turns talking about each month like this:
In January sales fell slightly. To be exact, they fell from 1.5 million to 1 million
dollars. In February they remained constant at 1 million …….
Task 3: Student A Look at the graphs below
Student B Turn to page 14 (Information Gaps)
Student A: Describe graph 1 to your partner. Then listen to your partner and
complete graph 2. When you have finished, compare your graphs carefully. Start
like this.
In June sales rose sharply. To be exact,………
REVIEW QUESTIONS
1. What are the three questions that an economic system must answer?
2. List out some useful language structures for describing charts and graphs?
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VOCABULARY
allocate (v) ['æləkeit] phân phối, phân phát
analysis (n) [ə'næləsis sự phân tích
beneficial (adj) [,beni'fi∫əl] có ích, có lợi, sinh lợi
consumer (n) [kən'sju:mə] người tiêu dùng, người tiêu thụ
deal with (v) [di:l wið] đề cập, bàn về
definition (n) [,defi'ni∫n] sự định nghĩa, lời định nghĩa
determine (v) [di'tə:min] định, xác định, định rõ
distribution (n) [,distri'bju:∫n] sự phân phối, sự phân bổ
individual (n) [,indi'vidjuəl] cá nhân, cá thể
input (n) ['input] đầu vào, nguồn vào
issue (n) ['isju:; 'i∫u:] vấn đề chín muồi
instruction (n) [in'strʌk∫n 'mænjuəl] sách chỉ dẫn
manual
interaction (n) [,intər'æk∫n] sự tương tác, sự ảnh hưởng lẫn nhau
interest (n) ['intrəst] quyền lợi, lợi ích, tiền lãi
output (n) ['autput] sản lượng
profit (n) ['prɔfit] lợi nhuận, lời lãi, tiền lời
property (n) ['prɔpəti] tài sản, của cải, vật sở hữu
scare (n) [skeə] [ri'sɔ:s; ri'zɔ:s] tài nguyên khan hiếm
resources
primary (adj) ['praiməri] hàng đầu, chủ yếu, chính yếu
INFORMATION GAPS
14 * TAKT
UNIT 2
SUPPLY AND DEMAND
Now look at these questions:
1. Can you explain what the writer means by demand?
2. Can you explain what the writer means by supply?
Demand is the quantity of a good buyers wish to purchase at each conceivable
price. Thus demand is not a particular quantity, such as six bars of chocolate, but
rather a full description of the quantity of chocolate the buyer would purchase at each
and every price which might be charged. The first column of Table 1.1 shows a range
of prices for bars of chocolate. The second column shows the quantities that might be
demanded at these prices. Even when chocolate is free, only a finite amount will be
wanted. People get sick from eating too much chocolate. As the price of chocolate
rises, the quantity demanded falls, other things equal. We have assumed that nobody
will buy any chocolate when the price is more than £ 0.40 per bar. Taken together,
columns (1) and (2) describe the demand for chocolate as a function of its price.
Supply is the quantity of a good sellers wish to sell at each conceivable price.
Again, supply is not a particular quantity but a complete description of the quantity
TAKT * 15
that sellers would like to sell at each and every possible price. The third column of
Table 1.1 shows how much chocolate sellers wish to sell at each price. Chocolate
cannot be produced for nothing. Nobody would wish to supply if they received a zero
price. In our example, it takes a price of at least £ 0.20 per bar before there is any
incentive to supply chocolate. At higher prices it becomes increasingly lucrative to
supply chocolate bars and there is a corresponding increase in the quantity of bars
that would be supplied. Taken together, columns (1) and (3) describe the supply of
chocolate bars as a function of their price.
TABLE 1.1: THE DEMAND FOR AND SUPPLY OF CHOCOLATE
(1) (2) (3) (1) (2) (3)
PRICE DEMAND SUPPLY PRICE DEMAND SUPPLY
(£ / bar) (million bars (million (£ / bar) (million bars (million
/ year) bars / year) / year) bars / year)
0.00 200 0 0.40 40 120
0.10 160 0 0.50 0 160
0.20 120 40 0.60 0 200
0.30 80 80 0.70 0 240
Notice the distinction between demand and the quantity demanded. Demand
describe behavior of buyers at every price. At a particular price such as £ 0.30, there
is a particular quantity demanded, namely 80 million bars/year. The term ‘quantity
demanded’ makes sense only in relation to a particular price. A similar distinction
applies to supply and quantity supplied.

Now read the text carefully and then answer the following questions
1. What is the demand for chocolate?
........................................................................................................................................
2. What happens when the price of chocolate rises?
........................................................................................................................................
3. What is the supply of chocolate?
........................................................................................................................................
4. What do column 1 and 3 of Table 1.1 describe?
........................................................................................................................................

1. Look at the first paragraph and complete the following sentences, using words
from the paragraph:
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• Would you believe it? That shop ________ me 40p for a bar of chocolate!
• As there are so many people in the country, the number of cars required is
_______
• Although I could not prove it, I ________ the figures in the table were correct.
• If people cannot sell a particular good, there is no ________ to produce it.
• My friend wants to make a lot of money, so he’s looking for a _______ business
to take over.
2. Look at paragraph 1 and 2 again and say what words have the same meaning as:
• rise
• total
• think
• limited
• needed
3. Look at the reading text again and say what words have the opposite meaning to:
• is nonsense
• lower
• similarity
• imbalance
B. LANGUAGE FOCUS: THE CONDITIONALS
I. Form
• When we start the sentence with if, we separate the situation and the result with a
comma.
If we sign the contract today, we can start production at the end of next month.
• When start the sentence with the result, we don’t use a comma.
We can start production at the end of next month if we sign the contract today.
II. Use
• To talk about a condition (usually introduced by if) and its possible result or
consequence.
First Conditional
If + present simple, will + bare infinitive
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• We use the first conditional to talk about real or likely situations in the present or
future and their results.
If the shipment arrives tomorrow, I will collect it.
• We can also use other modals instead of will, depending on the meaning.
If there is a break at any step in production, it can halt the whole process.
• We can also use an imperative instead of will to give instructions.

If they offer you the job, please accept it.
Second Conditional
If + past simple, would / modal + bare infinitive
• We use the second conditional to talk about impossible or unlikely situations in

the present or future and their results.
If the machines were not so expensive, we would buy them.
If we had the finance market share, we could expand much more rapidly.
If the EC had the common currency, it might solve a lot of problems.
PRACTICE
Task 1: Some of the following sentences are right and some are wrong. Put
a tick (√) next to the ones that are right and correct the ones that are wrong.
0. If you finish everything that needs to be done before five,
you are able to go home. you can go home
1. Mr Lo probably won’t want to go for dinner if
he has a meal on the plane. .......................................................
2. If it will be their first visit to England, I expect
they might want to do some sightseeing. .......................................................
3. I may go and visit their headquarters if I go
to London next week. .......................................................
4. Please don’t hesitate to contact me if you require
any further information. .......................................................
18 * TAKT
5. What should I do if everyone will be still talking
when I want to start my presentation? .......................................................
6. If you will go to Paris next week, I can give you
the name of a good hotel I know. .......................................................
Task 2: Make the conditional sentences from the prompts below. You must decide
which is the condition and which is the result, and use an appropriate verb,
where necessary.
Sales increase / good advertising campaign.
Sales will increase if we have a good advertising campaign. (if there is a good
advertising campaign).
1. More satisfied customers / improve the delivery service.
........................................................................................................................................
2. Job losses / rationalize production.
........................................................................................................................................
3. Install robots / lower labour cost.
........................................................................................................................................
4. Price war / competitors enter the market.
........................................................................................................................................
5. Charge higher prices / upgrade the product.
........................................................................................................................................
6. Earn larger profits / increase our margins.
........................................................................................................................................
7. No research / no new products.
........................................................................................................................................
8. Not offer better salaries / not attract the best people.
........................................................................................................................................
9. Fewer meetings / more time to do the job.
........................................................................................................................................
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C.WRITING: Describing charts and graphs
Frequently-used words and expressions in describing charts/graphs and changes
of data.
• Adjective + noun
There + be + a (very) + adjective + noun + in the number of something +
from … to …./ between …. and ……
There + Adjective Noun indicating In what Period of
be indicating changes scale time
changes
sudden increase
rapid jump from
(January) to
dramatic rise
(February)
in the
significant growth
There number of
was sharp (cars)
a (very) steep decrease between
(January) and
steady drop
(February)
gradual fall
slow decline
small reduction
slight
Note: The following sentences may be used when describing small changes or no
changes.
remained steady from (June) to (December)
The number of stable between (June) and
(cars sold) (December)
stayed the same
little
There was hardly any change in the number of (cars sold)
no
20 * TAKT
PRACTICE
Task 1: Use the structure: adjective + noun to describe the graphs below.
Task 2: Look at the graphs and write short sentences to describe the information
given in each graph.
Example:
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Task 3: Sentences containing verb phrases such as fell steadily can be often
rewritten using the correct form of there is/are and a related noun. Read the
examples. Then rewrite sentences 1-7 below.
Examples:
The consumption of chocolate fell steadily. (verb + adverb)
→There was a steady fall in the consumption of chocolate. (there was a + adjective +
noun)
There has been a dramatic rise in the production of films. (there has been a +
adjective + noun)
→ The production of films has risen dramatically. (verb + adverb)
1. Spice exports from Africa fluctuated wildly over the period.
→ There were ................................................................................................................
2. The development of new products fell gradually.
→ There was .................................................................................................................
3. There has been a noticeable decrease in research investment.
→ Research ...................................................................................................................
4. The purchases of tickets dropped significantly last month.
→ There was .................................................................................................................
5. On the Internet, the number of sites rose significantly.
→ There was .................................................................................................................
6. There was a sudden decrease in the sale of mangos.
→ The sale ....................................................................................................................
7. There was a gradual decline in sugar imports.
→ Sugar .........................................................................................................................
D. LISTENING: Listen for details
Task 1: Listen and fill in the missing words.
Now, let’s think of the products consumers buy. Firstly, we know that if the price
(1) ________, consumers often change their minds about a good or a (2) ________ and
choose a substitute at a cheaper price. A further type is the complementary product,
where the (3) _______ for one product is very closely related to the (4) _______ and
demand for another. A good example is the relationship between the price of petrol and
the demand (5) _______ cars. People buy more economical cars (6) ________ the price
of the petrol increases and (7) _______ economical cars if petrol prices (8) _______ .
Another example ….. to build houses you need land. If (9) _______ is a shortage of land,
the land prices (10) _______ _______. This will inevitably mean the cost of houses on
that land will increase, which might lead to a fall in demand for houses.
22 * TAKT
Task 2: Listen to a brief history of the American motorcycle industry. Number
these events in the correct order.
a. Some companies decided to modernize operations. .....................................
b. Production increased in the early 1970s. .....................................
c. Sales of American motorcycles increased steadily. .....................................
d. The quality of American motorcycles fell. .....................................
E. SPEAKING: Negotiating solutions
Task 1: Read the conversation with a partner. Notice the customer’s questions.
They use the conditional forms to suggest compromises.
Customer: If we order 1,000, will you include free delivery?
Supplier: Yes, we could agree to that.
Customer: And if we paid in advance, would you increase our discount?
Supplier: I’m afraid that wouldn’t be possible.
Work with a partner. Make up similar conversations using these ideas.
1. Customer and supplier
order today, deliver by Friday?
pay in advance, reduce the price by 2%?
2. Landlord and tenant
employ more security staff, sign a 5-year lease?
lower the rent, pay for building repairs?
3. Sales representatives and management
accept higher sales target, increase our commission?
not reach our targets, still pay our bonus?
4. Bank and client
pay a higher rate of interest, give us the loan?
not offer our home as security, still lend us the money?
Task 2: A shrinkage problem.
You run a chain of small newsagent’s shops. You have an increasing number
of problems with “shrinkage” – that is, loss of stock through theft. You suspect
members of staff are as much to blame as the public. Here are some proposals for
dealing with the problem. Go through them one by one and consider what will or
would happen if you implemented them.
Example:
Proposal 1 is a good idea. If we position tilts at the exits, it’ll make it more
difficult to steal.
I don’t like proposal 2. The staff would object if we issued uniforms with no
pockets.
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SUGGESTIONS FOR DEALING WITH ‘SHRINKAGE’
1. Position tilts in front of the exits.
2. Issue staff with uniforms with no pockets.
3. Run courses training staff to look out for thieves.
4. Put electronic tags or labels on products to trigger alarms at exits.
5. Pay staff well so they don’t need to steal.
6. Give staff larger discounts so they feel less tempted to steal.
7. Install more mirrors in the shops.
8. Keep more detailed stock figures.
9. Put clauses in staff’s employment contracts permitting searches of their
belongings.
10. Employ more staff so they have more time to observe customers (and each
other)
REVIEW QUESTIONS
1. How do supply and demand operate together?
2. What is an equilibrium price of a good?
3. How many main types of conditionals are there in English? What are they? Give
some examples for each type.
4. List out some useful language for negotiating solutions
VOCABULARY
assume (v) [ə'sju:m] cho rằng, thừa nhận

behavior (n) [bi'heivjə] cách đối xử, hành vi
conceivable (adj) [kən'si:vəbl] có thể hiểu được, có thể nhận thức được
demand (n) [di'mɑ:nd] nhu cầu
description (n) [di'skrip∫n] sự mô tả, sự miêu tả
distinction (n) [dis'tiηk∫n] sự khác biệt
finite (adj) ['fainait] có hạn. hạn chế
function (n) ['fʌηk∫n] chức năng
incentive (n) [in'sentiv] sự khích lệ
lucrative (adj) ['lu:krətiv] có lợi, sinh lợi
make sense (phr.) [meɪk sens] có ý nghĩa
purchase (v) ['pə:t∫əs] mua, tâụ, sắm
quantity (n) ['kwɔntəti] số lượng
range (n) [reindʒ] phạm vi, loại
supply (n) [sə'plai] sự cung ứng, nguồn cung cấp
24 * TAKT
UNIT 3
INFLATION
1. What is inflation?
2. How many causes of inflation are mentioned in the text? What are they?
Inflation is an economic
condition in which prices for
consumer goods increase and the
value of money or purchasing
power decreases.
There are three important
causes of inflation. The first
cause of inflation may be
excessive government spending.
For example, in order to finance
a war or carry out social
programs, the government may
spend more money than it has Germany, 1923: banknotes had lost so much
received through taxes and other value that they were used as wallpaper.
revenue, thus creating a deficit.
In order to offset this deficit, the
Treasury department can simply
expand the money supply by
using more paper money to meet
the debts of government. This
increase in the money supply will
cause the value of the dollar to
automatically decrease. The
second cause of inflation occurs
when the money supply increases
faster than the supply of goods. If CPI inflation (year-on-year) in the United States
people have more money, they from 1914 to 2010.
TAKT * 25
will run out to buy popular goods
like televisions or computers, for
example, a shortage will result.
Industry will then produce more,
at high prices, to satisfy demand.
Furthermore, if people think that
the prices of popular goods are
going up, they will buy or even
borrow money at high interest
rates to pay for them. Finally, if
A 500 billion Yugoslav dinar banknote circa
labour unions demand that wages
1993, the largest nominal value ever officially
of workers be increased to cover
the high cost of living, industry printed in Yugoslavia, the final result of
will meet this demand and add hyperinflation.
other costs of production on to
the customers. In summary, all of
these causes can create
inflationary problems that can
affect the welfare of a nation.
However, of these cases,
excessive government spending
may be the most important.
Inflation is measured by the retail price index (RPI) in Britain and the
consumer price index (CPI) in the US. These measure the cost of a “basket” of goods
and services, including food, clothing, housing, fuel, transport and medical care.
Single-digit inflation is usually described by economists as moderate inflation.
Double or triple-digit inflation, which some countries have survived for quite long
periods, is known as galloping inflation. Inflation of four or more digits, as in
Germany in the early 1920s, and Argentina in the early1980s, is known as
hyperinflation.
Inflation's effects on an economy are various and can be
simultaneously positive and negative. High or unpredictable inflation rates are
regarded as harmful to an overall economy. They can make it difficult for companies
to budget or plan long-term. The uncertainty about the future purchasing power of
money discourages investment and savings. Today, most economists favor a low and
steady rate of inflation. Low (as opposed to zero or negative) inflation reduces the
severity of economic recessions by enabling the labor market to adjust more quickly
in a downturn.
The task of keeping the rate of inflation low and stable is usually given
to monetary authorities. Generally, these monetary authorities are the central
banks that control monetary policy.
26 * TAKT
Read the second paragraph of the text carefully and answer the following questions.
1. How may a deficit be created?
2.What does the Treasury do in order to offset this deficit?
3.What is the second cause of inflation?
4. What will people do if they have more money? And what is the result?
5 .What will people do when they think that the prices of popular goods are going
up?
6. What may be the most important cause of inflation?
Decide if the following statements are TRUE or FALSE. (referring to paragraph 3, 4
and 5 of the text)
1. The retail price index (RPI) is used to measure inflation in both the UK and the
US.
2. Some countries in the world have experienced difficult periods of double or triple-
digit inflation known as galloping inflation.
3. Inflation of two or more digits called hyperinflation used to happen in Germany in
the early 1920s.
4. Inflation always has bad effects on the economy of a country, so it is good to keep
it as low as possible.
5. According to economists, zero or negative inflation is ideal for the economy of a
country.
6. Low inflation can help the labor market to adjust more quickly in a downturn,
which reduces the severity of economic recessions.
7. Only the central banks that control monetary policy have the task of keeping the
rate of inflation low and stable.

Find words and phrases in the text that match the following definitions.
1. ………………A rise in the general level of prices, and an increase in the money
supply.
2. ………………The amount of goods and services that money can buy at a given
time.
3. ………………An excess of expenditure over income.
4. ………….….. Association of employees that negotiates with employers to
improve its members’ incomes and working conditions.
TAKT * 27
5. ………………Condition of general well-being; and government spending
designed to achieve this
6. ………………Inflation in two or three digits (e.g. 30, 60 or 100%)
7. …………….. Inflation of four or more digits (e.g. in Germany in the 1920s,
Serbia and Russia in the 1990s, etc.)
8. ………………The percentage amount that prices (e.g. the retail price index) are
higher than a year previously.
9. ……………..A period during which economic activity (spending, investment)
falls and unemployment rises.
10. …………… The end of a boom, when an economy starts to contract.
B. LANGUAGE FOCUS: Relative Clauses

Study these sentences from the text
- Inflation is an economic condition in which prices for consumer goods
increase and the value of money or purchasing power decreases.
- Double or triple-digit inflation, which some countries have survived for quite
long periods, is known as galloping inflation
- Generally, these monetary authorities are the central banks that control
monetary policy.
Uses of relative clauses:
A relative clause is used to modify a noun or a pronoun preceding it in the
main clause.
I. Relative pronouns/adverbs
A relative clause starts with a relative pronoun or a relative adverb. We use
• who or whom with people
- He’s the economist who has studied inflation for years.
- He’s the economist who(m) I told you about last week.
• which with things
- Free trade can create competition which will allow producers to expand.
• that with people and things
- He’s the economist that has studied inflation for a long time.
- Free trade can create competition that will allow producers to expand.
• where with places
- Agriculture prices are decided in large central markets where forces of supply
and demand exist.
28 * TAKT
• whose with possession
- Do you know the company whose CEO was suspected of fraud?
• when with time
- People might never forget the 1930s when the Depression happened.
II. Defining and non-defining relative clauses

• A defining relative clause describes the preceding noun in such a way as to
distinguish it from other nouns of the same class. This clause is essential to the clear
understanding of the noun, so it cannot be omitted. We do not separate it from the
rest of the sentence by commas (in text) or pauses (in speech).
- He’s the economist who has studied inflation for years.
- Free trade can creates competition which will allow producers to expand.
• A non-defining relative clause provides additional information for the noun.
Unlike a defining relative clause, a non-defining relative clause is not essential in the
sentence and can be omitted without causing confusion. This clause is always
separated from the preceding noun by a comma.
- Ikea, which recently entered the Russian market, remains a private company.
- Adam Smith, who was born in 1723 and died in 1790, is popularly seen as the
father of modern political economy
Notes
• In a defining relative clause a relative pronoun can sometimes be omitted when it is
an object of the clause.
This is the economist. I told you about him yesterday
→ This is the economist (who/whom) I told you about yesterday. (“who/whom”
can be omitted)
He’s the economist. He has studied inflation for a long time.
→ He’s the economist who has studied inflation for a long time. (“who” cannot
be omitted)
• “whose” cannot be omitted
• A relative pronoun in a non-defining relative clause cannot be omitted.
• Sometimes during which, in which, on which….. can be used instead of a relative
adverb.
- A period during which (= when) economic activity falls and unemployment
rises is called recession.
- Agriculture prices are decided in large central markets in which (=where)
forces of supply and demand exist.
TAKT * 29
• When a relative clause modifies the whole preceding clause, the relative pronoun
which is always used.
- When people are worried about the future, they save more and consume less,
which leads to falls in production and employment.
• In formal written English a preposition is often put in front of which/whom (that/
who cannot be used, and which/whom cannot be omitted). In spoken or informal
English, a preposition is usually put at the end of the relative clause
(who/whom/that/which can be omitted)
- Please send us the report (that/which) you refer to (in spoken and informal
English).
- Please send us the report to which you refer (in written and formal English).
• “that” cannot be used in a non-defining relative clause.
PRACTICE
Task 1. Put in a correct relative pronoun or a relative adverb in the blanks
1. The two primary economic systems …….. societies have employed over 60 years
are capitalism and socialism.
2. The three basic questions …….. all economies must answer are what, how, and for
whom.
3. Free market economy is an economic system in…….. the market is supposed to be
regulated by the law of supply and demand.
4. The company is looking for a first-class leader …….. can meet the challenge of
international growth.
5. When hyperinflation happens, economists seem to pay much attention to the effect
on savers …….. investment becomes worthless, but not on the effect on debtors.
6. Karl Marx, …….. writing and economic analysis were the beginnings of
communism, emphasized that the working class should control production and also
political power.
7. The company …….. I am working now is going to open some new branches
oversea, …….. means that its business is getting better and better. .
8. It may be hard for students of economics nowadays to imagine the time ……..
finance, business and economic research could manage without technology.
Task 2. Combine the sentences using a relative clause
1. Many organizations in the world aim to ensure global trade flows or area trade.
The WTO is one of them.
........................................................................................................................................
30 * TAKT
2. George Perry is a famous American economist. His own research specializes in
labor markets and inflation, fiscal and monetary policy, financial markets, and
economic forecasting.
........................................................................................................................................
3. This is a profitable company. His father started to work for it ten years ago.
........................................................................................................................................
4. Adam Smith used Hume’s analysis and expanded his ideas He published the
extremely influential book called The Wealth of Nations in 1776.
........................................................................................................................................
5. High or unpredictable inflation rates are regarded as harmful to an overall
economy. They make it difficult for companies to budget or plan long-term.
........................................................................................................................................
6. The government may spend more money than it has received through taxes and
other revenue. This can create a budget deficit.
........................................................................................................................................
7. Some staff are disappointed. Their training programme was postponed.
........................................................................................................................................
C. WRITING: Cause and Effect

Besides using conjunctions, other patterns can be used to express causes and effects.
Pattern 1:
Causes Effects
causes/produces/brings about/leads to/ results
A B
in
The decrease
can lead to Recession
in demand
Pattern 2:
Effects Causes
is caused by/is produced by/results from/ is
B A
brought about by
decrease in
Recession can be caused by
demand.
TAKT * 31
Task 1: Make sentences from the prompts using cause and effect conjunctions or
the patterns above.
Causes Effects
Excessive government spending inflation
Decrease in production unemployment
Increase in the money supply the value of the dollar to automatically
decrease
A decrease in the price of a good an expansion in demand for that good
Increase in production more jobs for people
Paying tax is really a burden for More people are trying to avoid it.
everyone.
1. ....................................................................................................................................
2. ....................................................................................................................................
3. ....................................................................................................................................
4. ....................................................................................................................................
5. ....................................................................................................................................
6. ....................................................................................................................................
Task 2: Using the cause and effect conjunctions and patterns and the notes from
the listening part to describe the process of recession.
........................................................................................................................................
........................................................................................................................................
........................................................................................................................................
........................................................................................................................................
........................................................................................................................................
........................................................................................................................................
........................................................................................................................................
........................................................................................................................................
........................................................................................................................................
........................................................................................................................................
........................................................................................................................................
........................................................................................................................................
32 * TAKT
D. LISTENING: Making lecture notes
Usually, a flowchart is used to make notes from a lecture describing stages of a
process. The following flowchart describes the process of a recession.
Task 1: Work in pairs to choose the correct letter a-g to fill in the blanks. (Number
1 has been done for you)
a. increase in unemployment e. less government or private investment
b. decrease in demand f. less money for people to spend
c. interest rates uncertain g. more government welfare spending
d. higher taxes
Factors in an economic recession
Task 2: Listen and check your answers.
E. SPEAKING: Describing a process from notes using cause and effect

structures.
- Simple present is often used to describe a general process.
- Cause and Effect Conjunctions
Here are some common conjunctions that can be used to express cause and effect:
since as a result because of + noun phrase
because Therefore due to + noun phrase
consequently for this reason so
TAKT * 33
Task 1: Here are some causes and effects from the listening. Use the conjunctions
above to make complete sentences.
Demand decrease → people spend less on goods and services → factories do
not produce so much and service industries do not provide so many services →
unemployment increase → government has to pay more unemployment benefit and
spend more on social welfare → there is less money for the government to encourage
investment → government needs to increase revenue → government raise taxes and
interest rates → people save and not spend → they have less money → decrease in
demand.
Examples:
- Demand decreases, so people spend less on goods and services.
- Because people spend less on goods and services, factories do not produce so
much and service industries do not provide so many services.
Task 2: Work in pair. Ask and answer about causes and effects of recession
process
Examples: Student A: What happens when/if demand decreases?
Student B: People spend less on goods and services.
REVIEW QUESTIONS
1. What is inflation? How can it be measured?
2. Is inflation good or bad for a country’s economy? What can cause inflation?
3. Discuss inflation problem in Vietnam in recent years.
4. What are the differences between defining and non-defining relative clauses?
VOCABULARY
adjust v [ə'dʒʌst] điều chỉnh
ảnh hưởng đến ai/cái gì; tác động đến
affect v [ə'fekt]
đến ai/cái gì
budget n ['bʌdʒit] ngân sách, ngân quỹ
carry out v ['kæri aut] tiến hành, thực hiện
cause n [kɔ:z] nguyên nhân; nguyên do; căn nguyên
consumer goods phr [kən'sju:mə gʊdz] hàng tiêu dùng
consumer price [kən'sju:mə prais
phr chỉ số giá tiêu dùng
index in deks]
tạo, tạo nên, tạo ra, tạo thành,
create v [kri:'eit]
sáng tạo
debt n [det] số tiền vay chưa trả; nợ
decrease n,v ['di:kri:s] (sự) giảm bớt; (sự) làm suy giảm
deficit n ['defisit] (sự) thâm hụt
enable v [i'neibl] làm cho có thể, giúp
excessive adj [ik'sesiv] quá mức; thừa
34 * TAKT
expand v [iks'pænd] mở rộng
['fainæns;
finance n tài chính
fi'næns]
sự lạm phát tăng rất nhanh; siêu lạm
hyperinflation n [,haipərin'flei∫ən]
phát
sự tăng, sự tăng thêm / tăng lên, tăng
increase n, v ['inkri:s]
thêm, lớn thêm
inflation n [in'flei∫n] sự lạm phát
interest rate phr ['intrəst reit] lãi suất
labour union phr ['leibə] ['ju:niən] tổ chức công đoàn
measure n ['meʒə] phương sách, biện pháp, cách xử trí
moderate adj ['mɔdərit] vừa phải; có mức độ
người hoặc nhóm người có quyền ra
monetary ['mʌnitəri lệnh hoặc thi hành (về tiền tệ), nhà
phr
authority ɔ:'θɔriti] chức trách.
negative adj ['negətiv] không tốt; xấu; tiêu cực

offset v ['ɔ:fset] bù lại, đền bù, bù đắp
policy n ['pɒləsi] chính sách (của chính phủ, đảng...)
positive adj ['pɔzətiv] tích cực; tỏ ra tin cậy, lạc quan
giá trị của một đơn vị tiền tệ (bằng
purchasing
phr ['pə:t∫əsiη'pauə] cái mà nó có thể mua được); sức mua
power
của một đơn vị tiền tệ
recession n [ri'se∫n] (kinh tế) tình trạng suy thoái
['ri:teil
retail price index phr chỉ số giá bán lẻ
prais'indeks]
tính khốc liệt, tính dữ dội, tính gay
severity n [si'verəti]
go.
shortage n ['∫ɔ:tidʒ] sự thiếu; số lượng thiếu
xảy ra hoặc được làm cùng một lúc
simultaneously adv [,siml'teiniəsli]
(với cái gì); đồng thời
single-digit phr ['siηgl'didʒit] một con số
social adj ['sou∫l] có tính chất xã hội, thuộc xã hội
tax n [tæks] thuế
thus [đʌs] do đó, theo đó, vì thế, vì vậy
triple-digit phr ['tripl'didʒit] ba con số
uncertainty n [ʌn'sə:tnti] sự không chắc chắn
unpredictable adj [,ʌnpri'diktəbl] không thể đoán, không thể dự đoán,
giá trị (bằng tiền hoặc các hàng hoá
value n ['vælju:]
khác mà có thể trao đổi được)
sức khoẻ; hạnh phúc; sự thịnh
welfare n ['welfeə]
vượng... của một người, một nhóm
TAKT * 35
36 * TAKT
UNIT 4
DIRECT AND INDIRECT TAXES
1. How many kinds of taxes are dealt with in the text? What are they?
2. What are direct and indirect taxes?
Money provided by taxation
has been used by governments
throughout history to carry out
many functions. Governments use
taxes to fund welfare and public
services including education
systems, health care
systems, pensions for the elderly,
unemployment benefits, and public
transportation. A portion of taxes
also go to pay off the state's debt
and the interest this debt
accumulates. Governments use
different kinds of taxes and vary the
tax rates. This is done to distribute
the tax burden among individuals or
classes of the population involved
in taxable activities, such
as business, or to redistribute
resources between individuals or
classes in the population. Taxes
may be classified into two groups –
direct and indirect taxes.
A direct tax is imposed on a person, a household, or an enterprise with the
expectation that that taxpayer will bear the tax burden and not be able to recover it by
passing it on to someone else. The individual or organization upon which the tax is
TAKT * 37
levied is responsible for the fulfillment of the tax payment. The leading examples of
direct taxes are income taxes and profit taxes. In industrial market economies, the
individual income tax, the tax on persons or households, plays an important role in
raising revenue and in effecting the distribution of income among income categories.
Usually the lowest incomes are not subject to the income tax and incomes above that
level are assessed at progressive tax rates, i.e. rates that rise as the size of the income
grows larger. The purpose of a progressive income tax is to lessen the inequality of
incomes that arises from operation of the market system.
Indirect taxes are taxes imposed on consumers of goods and services, or on
enterprises with the expectation that the taxes will be passed on to customers in the
form of higher prices. The tax payer who pays the tax does not bear the burden of
tax; the burden is shifted to the consumers. Important examples of indirect taxes are
excise taxes, which are selective taxes on particular goods or services such as
cigarettes or beer, and import duties and various forms of turnover taxes or sales
taxes of broad coverage. All indirect taxes have the function of raising revenue and
diverting purchasing power from households and enterprises to the state.

Read the text carefully and decide if the following statements are TRUE or FALSE.
1. Money provided by taxation has been used by governments throughout history to
fund welfare and public services except health care systems.
2. Distribution of the tax burden among individuals or classes of the population
involved in taxable activities can be done by using different kinds of taxes and
varying the tax rates.
3. Direct taxes are taxes imposed on consumers of goods and services.
4. An indirect tax may increase the price of a good so that consumers are actually
paying the tax by paying more for the products.
5. In the case of a direct tax, the taxpayer has to bear the burden of tax personally; in
case of indirect tax the taxpayer and the tax bearer are not the same person.
6. Income taxes and excise taxes are the leading examples of direct taxes.
7. Anyone who can earn money has to pay income tax and the more he or she earns,
the higher income tax rate he or she has to pay.
8. Progressive tax rates can help to solve the problem of inequality of incomes that
arises from operation of the market system.
9. The only function of indirect taxes is raising revenue.
38 * TAKT
Find words and phrases in the first paragraph of the text that have the closest
meaning to the followings.
1. to implement ………………..
2. to provide with money ………………..
3. a regular sum of money paid to a retired worker ………………..
in return for past services or contributions
4. money owed to someone ………………..
5. grows by way of regular additions ………………..
B. LANGUAGE FOCUS: Reduced Relative Clauses

Study these sentences from the text
- Money provided by taxation has been used by governments throughout
history to carry out many functions
- Governments use taxes to fund welfare and public services including
education systems, health care systems, pensions for the elderly, unemployment
benefits, and public transportation
1. We use a present participle phrase to reduce an active clause.
Capitalism resolves the central questions which face society by the interaction
of buyers and sellers in markets.
→ Capitalism resolves the central questions facing society by the interaction
of buyers and sellers in markets
2. We use a past participle phrase to reduce a passive clause.
When the price of a good goes down, the quantity which is demanded rises,
and the quantity which is supplied falls.
→ When the price of a good goes down, the quantity demanded rises, and the
quantity supplied falls.
3. We can also use an infinitive phrase to reduce a relative clause.
The relationship between price and demand is an important economic issue
that we have to study.
→ The relationship between price and demand is an important economic issue
to study.
TAKT * 39
PRACTICE
Task 1: Circle the best answer
1. Income tax is the tax ………… on wages and salaries.
A. collecting B. that collected
C. collected D. which collects
2. Businesses …………. to or anticipate the material desires of households will make
the most profit.
A. that best responding B. best responded
C. that best respond D. best respond
3. At the equilibrium price, the plans of the buyers and the plans of the sellers are the
same. Suppliers provide the amount ………….. by consumers.
A. demanded B. demanding C. that is demanded D. A & C
4. The economist …………..you told us about yesterday has just written a new
article about inflation.
A. whom B. that C. X D. A, B & C
5. In socialism, central planning is used to deal with the basic economic questions
………………. socialist societies.
A. that facing B. that faces C. facing D. faced
6. In capitalism, the what question is answered by consumers as they spend their
dollars for the goods and services ………….. they most desire.
A. X B. where C. who D. whose
Task 2: Reduce relative clauses in these sentences.
1. The first problem that needs to be discussed in the meeting today is how to keep
the rate of inflation low and stable in the coming years.
2. VAT or value added tax is a tax that is paid on most goods and services when they
are bought and purchased.
3. Income is the flow of money that is earned or collected during a given period,
including wages and salaries, interest payments, rental income, and profits from
business.
4. Intervention is a neutral term that describes governmental action in the economy.
5. Austerity is a word that is used to describe economic policies and measures which
are designed to reduce inflation, the quantity of imports, government spending,
and so on.
6. Infrastructure refers to all the services such as roads, railways, electricity,
telephones, etc that exist in developed countries.
40 * TAKT
C .WRITING: Making a definition using a relative clause
Task 1: Choose the correct information in column B and C to describe the words
and phrases in column A and make a full sentence by using relative clauses. The
first one has been done as an example.
A B C
1. Equilibrium price an economic a. the quantity demanded and the quantity
system supplied meet.
2. Inflation a tax b. imposed on people’s incomes and
companies’ profits.
3. Mixed economy a period c. the market is regulated by the law of
supply and demand.
4. Planned economy an economic d. production and consumption quotas are
system fixed beforehand.
5. Recession the price e. prices for consumer goods increase and
the value of money or purchasing power
decreases.
6. Free market an economic f. some goods and services are produced
economy condition by the government and some by private
enterprise.
7. Direct tax an economic g. economic activity (spending,
system investment) falls and unemployment rises.
1. Equilibrium price is the price at which the quantity demanded and the quantity
supplied meet.
2.......................................................................................................................................
3.......................................................................................................................................
4.......................................................................................................................................
5.......................................................................................................................................
6.......................................................................................................................................
7.......................................................................................................................................
Task 2: Rewrite the following sentences in a more formal style.
Instructions
Spoken or informal written English Formal written English
-Please send us the report (that/which) - Please send us the report to which
you referred to. you referred.
- We attached some information about the - We attached some information
area (that/which) you will be responsible about the area for which you will be
for. responsible.
TAKT * 41
• In spoken English or in informal written English, we usually leave out
who/that/which and put preposition at the end of the relative clause.
• In formal written English, we often put the preposition in front of which/whom.
• We cannot use that after a preposition.
• After a preposition, we use the form whom, not who.
1. As a leader, she motivated anyone she worked with.
........................................................................................................................................
2. The representatives we spoke to were very helpful.
........................................................................................................................................
3. The company I used to work for is now facing a financial crisis.
........................................................................................................................................
4. That is the project I’m most interested in.
........................................................................................................................................
5. The problems we have to deal with are rather serious.
........................................................................................................................................
6. Here are the details of the businesses we’ve invested in.
D. LISTENING: Listening for specific information

Task 1. You are going to listen to a lecture about how a government increases
revenue. Listen to the first part of the lecture and decide whether the following
statements are TRUE or FALSE
1. Usually, income tax has different rates to make the system as fair as possible,
especially for people with high incomes.
2. Income tax usually provides the government with a large proportion of its revenue.
3. In Britain, stamp duty is a special form of tax which is paid when buying a house
4. VAT is simply an extra tax added to the price of an item, such as clothes,
cosmetics, household articles, etc.
5. You have to pay VAT on all foods and most people dislike it.
6. VAT can help a government to increase revenue easily.
7. Governments can also get money from fees for different documents, such as
passports, visas.
Task 2. Listen to the second part of the lecture and fill in the blanks
Most people have to pay a form of (1)…….., either domestic or commercial. In
the UK, property tax is called council tax and is based on the size of the house. It is
42 * TAKT
calculated locally. This makes it fairer because property prices vary in different parts
of the UK. Business property is taxed at a (2)…….. from domestic houses and low
business property taxes can encourage expansion.
Businesses also have to (3)………. at a special national rate. Of course, this tax
can be a problem if the tax is much lower in one country than in others and
businessmen often complain that the competition is not always (4)………. in such
situations.
Finally, the UK government obtains revenue through National Insurance
Contributions, or NICs, which are not really taxes. People who work pay a
(5)…………. as NICs, usually about (6)……….. of their salary. However, these
payments also fund the National Health Service, and provide unemployment or child
benefit. NICs also help to provide (7)……….. for people when they retire from
work. So, it is understandable that governments want to have the maximum amount
of revenue. But it is equally understandable that people complain a lot about
taxation!.
Task 3: Complete the diagram showing how a government increases revenue by
using information from the listening above.
Government revenue
7.
1.income tax-
different rates
6.
2.
REVENUE
3.
5.
4.
E. SPEAKING: Making Questions

Teachers can ask students some questions to check their understanding. In
the tables are questions and answers for the first part of the listening above.
TAKT * 43
Task 1: Match A and B to make questions and choose an answer in C for each
question.
A B
What 1. do rich people always complain about?
Can 2. is duty?
Why 3. is stamp duty paid in Britain?
When 4. does VAT stand for?
Do 5. are there different rates of income tax?
6. you list the sources that help a government to increase its revenue?
7. most people like VAT?
8. is the main idea of the listening?
C
a. How a government increase its revenue
b. They are income tax, duties, VAT on goods, fees, property tax, corporation or
business tax and National Insurance Contributions.
c. To make the system as fair as possible
d. They always complain about high tax rates.
e. It is a special form of tax which a government places on certain items such as
tobacco, petrol, alcohol.
f. when buying a house.
g. It stands for Value Added Tax
h. No, they don’t.
1. …..…. 2……… 3……… 4………. 5….…… 6……… 7……… 8………
Task 2: Work in pair to practice the questions and answers.
Task 3: Do the same for the second part of the listening.
44 * TAKT
REVIEW QUESTIONS
1. What is the main difference between direct and indirect taxes? Give examples for
each kind.
2. How can taxes be collected? What is the money provided by taxation used for?
3. Tax evasion still exists in most countries in the world despite different measures
to prevent it. What might be done to reform this massive loss of revenue?
4. In what ways can relative clauses be reduced? Give an example for each?
VOCABULARY
accumulate v [ə'kju:mjuleit] chất đống, tích luỹ, gom góp lại
arise v [ə'raiz] xuất hiện, nảy sinh ra, xảy ra, phát sinh
excise tax phr ['eksaiz tæks] thuế hàng hóa
bear adj [beə] chịu; chịu đựng
broad adj ['brɔ:d] rộng
lessen v ['lesn] làm giảm bớt
coverage n ['kʌvəridʒ] mức độ một vật được bao phủ
[di'rekt;
direct tax phr dai'rekt] thuế trực thu
[tæks]
distribute v [di'stribju:t] phân bổ; phân phối; phân phát
làm trệch đi; làm trệch hướng; làm chuyển
divert v [dai'və:t]
hướng
enterprise n ['entəpraiz] công ty hoặc hãng kinh doanh, xí nghiệp
(sự) mong chờ; (sự) trông mong (điều gì sẽ
expectation n [,ekspek'tei∫n]
xảy ra)
fulfillment n [ ful'filmənt] sự hoàn thành
function n ['fʌηk∫n] chức năng
fund v [fʌnd] cấp tiền cho (một hội, một đề án....); tài trợ
tất cả những người cùng sống trong một
household n ['haushould]
ngôi nhà; hộ gia đình
impose v [im'pouz] đánh (thuế...) ai/cái gì; áp đặt
indirect tax phr [,indi'rekt tæks] thuế gián thu
individual adj [,indi'vidjuəl] một mình, riêng lẻ, cá thể
inequality n [,ini:'kwɔliti] sự không bằng nhau; sự không bình đẳng
làm cho mắc míu (vào chuyện gì); làm liên
involve (in) v [in'vɔlv]
luỵ, làm dính líu, làm dính dáng
leading adj ['li:diη] dẫn đầu, nổi bật
lessen v ['lesn] giảm bớt
TAKT * 45
levy v ['levi] thu (thuế)
operation n [,ɔpə'rei∫n] sự hoạt động
pay off v ['peiɔ:f] thanh toán hết, trả hết (nợ, tiền lương,…)
pension n ['pen∫n] lương hưu
portion n ['pɔ:∫n] phần chia
progressive [prə'gresiv
phr thuế thu nhập lũy tiến
income tax 'inkʌm tæks]
public
phr ['pʌblik 'sə:vis] dịch vụ công cộng
service
purpose n ['pɜ:pəs] mục đích, ý định
responsible adj [ri'spɔnsəbl] chịu trách nhiệm
thuế do người mua lẻ hàng hoá phải trả;
sales tax phr ['seilz'tæks]
thuế mua hàng
shift v [∫ift] chuyển
tax burden phr [tæks'bɜ:dn] gánh nặng về thuế
tax payer phr [tæks 'peiə] người trả (chịu, nộp) thuế
turn over thuế do người mua lẻ hàng hoá phải trả;
phr [tə:n'ouvə tæks]
tax thuế mua hàng
khác nhau, không giống nhau, thuộc về
various adj ['veəriəs]
nhiều loại
vary v ['veəri] thay đổi, biến đổi, đổi khác
46 * TAKT
UNIT 5
CENTRAL BANKS
1. What are the two main ideas of the reading text?
2. What are the basic roles of the State Bank of Vietnam?
There are four functions of a central bank. The first one is actually to
implement monetary policy. There are roughly three ways to do it. First, setting
interest rate ceilings and floors, which means limiting, upwards or downwards, the
fluctuations of the interest rate. The second way to implement monetary policy is
simply printing money, or destroying it – coins, banknotes. The third one which is a
bit more modern is those open-market operations, which are simply buying and
selling government bonds to and from commercial banks.
So that is the first main task of a central bank. The second one is exchange rate
supervision, mainly for floating exchange rates but one should not forget that even
for a fixed exchange rate the central bank still has to make sure that it has enough
reserves to counteract any upswing or downswing of this exchange rate.
The third main task is the commercial bank supervision. The commercial banks
have enough liquidities, for instance, to avoid any bank run. The bank run is a sort
TAKT * 47
of, kind of panic, a situation in which investors or simply customers of the banks run
to the bank and take their money out because they realize or they think they realize
that their bank is not trustworthy any more. And to avoid this actually, the central
bank has to make sure they have a sufficient liquidity ratio, for instance.
The fourth main task of the central bank would be to act as a lender of last
resort in case, actually, one of these commercial banks goes bankrupt and the
investors, the people putting money in the bank, have to get back their money.
Central Bank of Vietnam: Functions and roles
The State Bank of Vietnam is the central bank of Vietnam. The State Bank of
Vietnam is a ministry-level body under the administration of the government; the
bank governor is a member of the cabinet (equivalent to a minister in the cabinet).
The governor is nominated by the prime minister subject to the approval of the
National Assembly (Parliament). Vice governors are appointed by the prime minister
on the recommendation of the governor. Both governor and vice governors serve a 5-
year term. The State Bank of Vietnam defines its principal roles as:
1. Promote monetary stability and formulate monetary policies.
2. Promote institutions’ stability and supervise financial institutions.
3. Provide banking facilities and recommend economic policies to the
government.
4. Provide banking facilities for the financial institutions.
5. Manage the country’s international reserves.
6. Print and issue banknotes.
7. Supervise all commercial banks’ activities in Vietnam. Lend the state
money to the commercial banks.
8. Issue government bonds, organize bond auctions.
9. Be in charge of other roles in monetary management and foreign exchange
rates

Now read the text carefully, then answer the following questions.
1. How many functions of a central bank are there? What is the first function?
2. What is the second main task of a central bank?
3. What is a bank run?
4. How can the bank avoid bank run?
5. What is the official name of the central bank of Vietnam?
6. How long is the serving term of the bank governor and vice governors?
48 * TAKT
Answer the following questions.
1. What does the bold and underlined word “it” refer to?
2. How can the word “investors” in the 4th paragraph be defined?
3. Find the words in the text that have the same meaning as:
a. deal with (in the 2rd paragraph)
b. for example (in the 3rd paragraph)
c. withdraw money (in the 3rd paragraph)
4. Find the words in the text that have the opposite meaning to:
a. old – fashioned (in the 1st paragraph)
b. borrower (in the 4th paragraph)
5. Name two types of money appearing in the first paragraph of the text.
B. LANGUAGE FOCUS: -ING FORM AND INFINITIVES

Examples: The second way to implement monetary policy is simply printing
money, or destroying it – coins, banknotes.
Study the underlined phrases, they are two forms of verb: infinitives (to
implement) and –ing form (printing money , destroying it).
I. Infinitives
Infinitives are the "to" form of the verb. The infinitive form of "learn" is "to learn".
You can use an infinitive as the subject, the complement, or the object of a
sentence.
Examples:
• To learn is important. subject of sentence
• The most important thing is to learn. complement of sentence
• He wants to learn. object of sentence
Infinitives can be made negative by adding "not."
Examples:
• I decided not to go.
• The most important thing is not to give up.
When infinitives function as the object of a sentence, they often go after other
verbs.
1. Some verbs require the full infinitives (with “to”) followed.
Example: She wants to open a bank account.
TAKT * 49
These include:
advise choose learn plan tell decide agree manage
want would like offer promise seem expect afford hope
2. Some verbs require the bare infinitives (without “to”) followed.
Example: They make us stand in a queue.
These include: make let have
Infinitives are also used to show purpose.
Example: This morning, I went to the bank to withdraw the money.
II. –ing form:

The –ing form of the verb can be functioned as gerunds or present participles.
1. Present participle: is used in the following ways:
a. as part of the continuous form of a verb
Example: They are building a new commercial bank in this area.
b. after verbs of movement/position in the pattern: verb + present participle
Examples: She went shopping
He lay looking up at the clouds
She came running towards me
This construction is particularly useful with the verb 'to go', as in these
common expressions:
to go shopping to go walking
to go ski-ing to go swimming
to go fishing to go running
to go surfing to go dancing
c. after verbs of perception in the pattern: verb + object + present participle

• I heard someone singing.
• He saw his friend walking along the road.
• I can smell something burning!
d. as an adjective: amazing, worrying, exciting, boring.
• It was an amazing film.
• It's a bit worrying when the police stop you
• Racing cars can go as fast as 400kph.
• He was trapped inside the burning house.
e. with the verbs spend and waste, in the pattern:
50 * TAKT
verb + time/money expression + present participle
Examples:
• My boss spends two hours a day travelling to work.
• Don't waste time playing computer games!
• They've spent the whole day shopping.
f. in reduced relative clauses
Example: A man is walking down the street. He is a bank clerk.
→ The man walking down the street is a bank clerk.
2. Gerunds: A gerund is a noun made from a verb by adding "-ing." The gerund
form of the verb "read" is "reading." You can use a gerund as the subject, the
complement, or the object of a sentence.
Examples:
• Reading helps you learn English. subject of sentence (gerund as subject is
third personal singular)
• Her favorite hobby is reading. complement of sentence
• I enjoy reading. object of sentence
Gerunds can be made negative by adding "not."
Examples:
• He enjoys not working.
• The best thing for your health is not smoking.
When gerunds function as the object of a sentence, they often go after other
verbs.
Example: She dislikes working after 5 p.m.
These include:
like love can’t wait dislike hate mind avoid practise
suggest can’t stand can’t help consider mention risk finish keep
Gerunds as nouns can also follow:
- possessive forms such as his, her, its, your, their, our, John's, Mary's,
the machine's. I enjoyed their singing.
- prepositions: He is thinking about studying abroad.
3. Gerunds or Infinitives
Some verbs can be followed by a gerund or an infinitive, but with a difference
in meaning.
These include:
TAKT * 51
remember regret forget need stop try
Example: He stopped to smoke. / He stopped smoking.
Some verbs can be followed by a gerund or an infinitive with little difference
in meaning.
These include:
like love start begin
Example: I started to read. / I started reading.
PRACTICE:
Task 1: Find the infinitives and the –ing form in the reading text and put them into
the correct rows:
as Subject
-ing fom Infinitives
as Complement E.g. The first one is actually to implement

monetary policy.
as Object
show purposes
as present
participle
as gerund
Task 2: Infinitives or –ing form?

1. Bill agreed (meet) us at the restaurant at 8:30, but he never showed up.
2. Jennifer practiced (pronounce) the word until she sounded just like a native
speaker.
3. Dana hopes (save) enough money to travel around Europe for three months. It's
her dream.
4. (Dance) is her life. That is why Susan moved to New York to study dancing
professionally.
5. Constance plans (take) part in the marathon next spring.
6. I can't help (wonder) how my grandmother's life would have been different if she
had been able to go to college.
7. (Swim) helped me strengthen my injured leg.
8. After the tsunami, Bette chose (stay) in Indonesia and work with a relief
organization.
52 * TAKT
Task 3: In these sentences, two of the verbs are possible, and one is incorrect.
Circle the two correct verbs.
1. He …………….to review our quality procedures.
A. promised B. delayed C. wanted
2. I …………improving reliability.
A. undertook B. suggested C. recommended
3. I ………….to meet the Quality Director.
A. decided B. didn’t mind C. arranged
4. She ………….to check the large order.
A. refused B. put off C. failed
5. We ………. to invest in new machinery.
A. consider B. hope C. plan
C. WRITING: Describing trends

Task 1: Look at the headlines from the business pages of different newspapers.
Match the headlines with the phrases below. There are two headlines for each
phrase.
a. fall sharply c. rise sharply e. remain constant
b. fall slightly d. rise slightly
Task 2: Look at the graph and

fill in the blanks in the report on
CD sales at Save-O-Mart
discount stores. Use the words in
the box.
rose
rose slightly
sharply
fell
fell slightly
sharply
remained
constant
TAKT * 53
CD sales were very uneven last year. In April sales (1)…………….from $1.5
million to $3.5 million. In May they (2)…………..to just over $3 million. In June
sales (3)………….but (4)……………in July to just under $1.5 million. In August,
they (5)……………… to $ 2 million.
Task 3: Now use the graph below to write a short report on footwear sales. Use the
report in Task 2 to help you.
…………………………………………
…………………………………………
…………………………………………
…………………………………………
…………………………………………
…………………………………………
…………………………………………
…………………………………………
…………………………………………
…………………………………………
…………………………………………
D. LISTENING: Table completion

Task 1: The table A below shows the preferences of American women for male or
female bosses
Table A: “Do you prefer a male or a female boss?”
Women’s answers (%)
Male Female No preference
Today 42 22 35
1993 44 29 24
1982 52 15 30
Complete this summary of table A, using the verbs in the box. Use each verb
once, and put it in the correct form – present perfect or past simple, as in the
example.
increase rise go down be go up
decrease start prefer fall have
54 * TAKT
a. The number of women who prefer to have a male boss (1)has gone down by
10% since 1982. Between 1982 and 1993 the number (2)…………….by 8%
and in the last few years it (3)……………. by another 2%.
b. Since 1982, the number of women who prefer a female boss
(4)…………….In 1982, only 15% (5)……………a woman. In 1993, the
number (6)…………….. to 29% but recently it (7)……………to fall again.
c. 30% of women (8)………….no preference in 1982, but there
(9)……………..a fall in numbers to 24% in 1993. Since then, the number
(10)………….to 35%.
Task 2: Listen to this preparation of table B, and complete the missing figures.
Table B below shows the preferences of American men for male or female
bosses
Table B: “Do you prefer a male or a female boss?”
Men’s answers (%)
Male Female No preference
Today (2)____ (4) _______ 52
1993 (1)____ 16 49
1982 40 (3)________ (5)________
E. SPEAKING: Figure description

Task 1: Work individually. Draw a graph showing the sales results of a
company in 2012 on a separate sheet of paper.
Task 2: Work in pairs. Each student in turn describes the sales figures to his/
her partner. The partner listens and marks the sales results on this graph. Use the
language from the Writing part.
TAKT * 55
REVIEW QUESTIONS
1. In your opinion, what is the most important role of the Central Bank in a nation’s
economy?
2. What are the similarities and differences in the functions of “-ing” form and
infinitives?
3. How can economic records/ figures be presented visually?
VOCABULARY
administration (n.) [əd,minis'trei∫n] sự quản lý, quản trị, sự thi hành
bank run (n.) [bæηk rʌn] hiện tượng đột biến rút tiền gửi
trong ngân hàng
bankrupt (n.) ['bæηkrʌpt] sự vỡ nợ, phá sản
go bankrupt (v) vỡ nợ
bond (n.) [bɔnd] kỳ phiếu, tín phiếu, trái phiếu
bond auction (n.) [bɔnd 'ɔ:k∫n] đấu thầu trái phiếu
cabinet (n.) ['kæbinit] nội các, chính phủ
downswing (n.) ['daʊnswiη] sự đi xuống, sự tụt lùi, chiều
hướng suy thoái
downwards (adv.) ['daunwədz] hướng xuống, đi xuống
fluctuation (n.) [,flʌktju'ei∫n] sự dao động
formulate (v.) ['fɔ:mjuleit] tạo thành, đưa ra
implement (v.) ['implimənt] thi hành, thực hiện
issue ['isju:] đưa ra, phát hành, lưu hành
liquidity (n.) [li'kwiditi] khả năng thanh toán bằng tiền mặt
liquidity ratio (n.) [li'kwiditi phần trăm khả năng chi trả, tỉ số
'rei∫iou] khả năng thanh toán (phần tài sản
có thể chuyển thành tiền mặt mà
ngân hang hối đoái phải giữ để
hoàn trả các khoản tiền gửi theo
yêu cầu)
nominate (v.) ['nɒməneit] chỉ định, bổ nhiệm
monetary (n.) ['mʌnitəri chính sách tiền tệ của ngân hàng
policy 'pɔləsi] trung ương
promote (v) [prə'məʊt] xúc tiến, đẩy mạnh
resort (n.) [ri:'zɔ:t] phương kế, phương sách, kế sách
reserve (n.) [ri'zə:v] sự dự trữ, đồ dự trữ
stability (n.) [stə'biləti] sự ổn định, trạng thái ổn định
upwards (adv.) ['ʌpwəd] hướng lên, đi lên
upswing (n.) ['ʌpswiη] sự tăng tiến, sự tiến bộ, xu hướng
đi lên
56 * TAKT
UNIT 6
ACCOUNTING
1. What are the two main ideas of the reading text?
2. Can you explain the ROI formula?
Accounting
Accounting provides a
financial picture of a business
firm. An accounting
department records and
measures the activity of a
business and reports on the
effects of these transactions
on the firm’s financial
condition. Accounting
records and reports provide
data that are used by
management, stockholders,
creditors, independent
analysts, banks and
government.
The income statement and balance sheet are the two types of records that most
businesses prepare regularly. After one reads these statements, he/ she can identify
how money was received and spent by a company. By analyzing these records, one
can determine whether or not the activities of the company have been good for it.
One major tool for the analysis of accounting records is ratio analysis. A ratio
analysis is the relationship of two figures. There are three main categories of ratio in
finance. One such ratio deals with profitability. The main example of this is the
Return on Investment ratio, which is the most widely used to measure a firm’s
operating efficiency.
A second set of ratios helps a company evaluate its current financial position.
These ratios deal with assets and liabilities. A third set of ratios deals with the overall
financial structure of the company, primarily analyzing the value of the ownership of
the firm.
TAKT * 57
Definition of 'Return On Investment - ROI'
ROI is a performance measure used to evaluate the efficiency of an investment
or to compare the efficiency of a number of different investments. To calculate ROI,
the benefit (return) of an investment is divided by the cost of the investment; the
result is expressed as a percentage or a ratio.
The return on investment formula:
In the above formula "gains from investment", refers to the proceeds obtained
from selling the investment of interest. Return on investment is a very popular metric
because of its versatility and simplicity. That is, if an investment does not have a
positive ROI, or if there are other opportunities with a higher ROI, then the
investment should not be undertaken.

Now read the text carefully, then answer the following questions.
1. In general terms, what is the purpose of accounting?
2. Who uses the data which is provided by accounting records?
3. What are the two types of records that are prepared by most businesses?
4. What can one learn by analyzing the income statement and balance sheet of
a company?
5. What is ratio analysis used for?
6. In which cases should the investment not happen?

Answer the following questions.
1. What does the bold and underlined word “its” refer to?
2. Find in the text the adjective of the noun “finance”.
Find in the text the noun of the verb “analyze”.
a. influence (in the 1st paragraph)
b. main (in the 3rd paragraph)
c. basically (in the 4th paragraph)
d. common (in the last paragraph)
58 * TAKT
a. dependent (in the 1st paragraph)
b. saved (in the 2nd paragraph)
c. widely (in the 3rd paragraph)
d. negative (in the last paragraph)
B. LANGUAGE FOCUS: TIME CLAUSES
Study the sentence:
After one reads these statements, he/ she can identify how money was received
and spent by a company.
In this example, the clause “After one reads these statements,” is called a time
clause.
Time clauses provide information about actions and events in the past, present,
and future.
1. We often use when to introduce time clauses.
• Do you remember when you first joined the company? (past time)
• When your customers are unhappy, they usually tell at least 20 other
people. (true all the time)
• When I am on the plane, I’ll read all the contracts. (future time)
2. We can also use while, before, after, until and as soon as to introduce time
clauses.
• Many high-tech companies started while the economy was growing.
• We need to arrange our finance before we can develop the business.
• After one reads these statements, he/ she can identify how money was
received and spent by a company.
• Planning will be difficult until inflation is under control.
• The share price will rise as soon as we announce the merger.
3. When we use a time clause to talk about the future, the verb in the time
clause is in the present simple tense or the present perfect tense.
• As soon as they sign the contract, we will announce the deal.
• We’ll make the decision when we have finished the budget.
TAKT * 59
PRACTICE
Task 1: Match the sentence halves to make appropriate sentences.
1. We’ll have breakfast in the hotel a. could you check these figures?
2. Please talk to your line manager b. when the conditions are right.
3. We won’t hire new staff c. as soon as interest rates fall.
4. Until we have full employment, d. until we get new business.
5. While you are waiting for the fax, e. before you sign the contract.
6. We can set up in that country f. our company will not improve.
7. While I’m with this company, g. before we go to the office.
8. Consumer spending rises h. I want opportunities for training.
Task 2: Make one complex sentence from the two sentences given.
1. We’ll meet all the candidates. Then we’ll decide how many to employ.
After we’ve met/ meet all the candidates, we’ll decide how many to employ.
2. Julia will finish her report soon. I want to see it immediately.
I……………………………………as soon as………………………………………
3. I will not invite them anymore. They must apologize first.
I……………………………………until………………………………………………
4. Perhaps we’ll employ him. Let’s contact his referees first.
Let’s……………………………….before……………………………………………
5. I’ll type up the report. Then I’ll give you a copy.
I’ll …………………………………when I’ve………………………………………
6. You’ll be on the plane. Read the contracts then.
…………………………………….when……………………………………………
7. Prices are going to increase soon. Let’s buy now.
………………………………………before…………………………………………
We’ll win the contract. We’ll inform our shareholders immediately.
As soon as………………………………………………………………….…………
C. WRITING: Describing a table
Task 1: Look at the table below and decide whether these sentences are True (T) or
False (F)
World motor vehicle production (in thousands)
1992 1993 1994 1995 1996
USA 9,729 10,898 12,263 11,985 11,799
Europe 17,628 15,208 16,195 17,001 17,728
Japan 12,499 11,228 10,554 10,196 10,346
60 * TAKT
a. The USA produced more cars in 1992 than in 1993.
b. Japan produced more cars in 1993 than in 1994.
c. Europe produced fewer cars than the USA in 1995.
d. Europe’s best year was 1996.
e. The USA’s production was highest in 1993.
f. Japan’s production was lowest in 1995.
Task 2: Now write five true sentences comparing the motor vehicle production.
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
Task 1: Match the words with their definitions.
1. debt a. an agreement between two or more parties, often written.
2. lease b. the opposite of assets.
3. gearing c. buying or selling something.
4. liabilities d. someone who owns parts of a company.
5. contract e. money that is owed.
6. transaction f. an agreement where the owner of something allows
7. shareholder someone else to use it for a specific time for a sum of
money.
g. the proportion of own capital to borrow funds when
buying an asset or financing a company.
Task 2: Listen to the conversation between the Managing Director (Charles)

and the Financial Director (Sally). Fill in the blanks with the words given in Task 1.
Sally: Morning Charles. You wanted to see me?
Charles: Yeah. Hi Sally. About our board meeting next week, you know we’ll be
discussing our (1)_______ ________?
Sally: Of course. Probably our biggest issue at the moment.
Charles: Right. The (2)________ are getting nervous, and the markets don’t like
our level of gearing. We’re getting more and more questions about
whether we can service our debt, in the long term. It’s getting harder to
attract new investments. So, I wanted to speak to you about what we can
TAKT * 61
do. We (3)_______ _________ a significant amount in our new factory in
Germany so we need to come up with a solution soon. The new factory is
very important, and we’re looking at leasing the (4)_______. And that’s
where you come in. Tell me what we can do with leases on the balance
sheet. What’s allowed in this country?
Sally:
Is this a business decision, to (5)_______ these assets?
Let’s just say it’s one possibility we’re looking at.
Charles:
You’re thinking that if we lease the assets, we can exclude these
(6)______ from the balance sheet?
Sally: Exactly.
You know that the auditors will look very closely at these (7)________?
The accounting standards or principles if you like, mean that finance
leases must be disclosed. If we are effectively the owner of these assets,
then we’re not going to have a choice.
Charles: And how do we determine the (8)_________?
Sally: That depends on the conditions in the contract.
Charles: That shouldn’t be a problem. And then we can call them…
Sally: Operating leases. But remember, auditors and the (9)________ are now
very sensitive to these things. We can’t afford to be seen as trying to
Charles: mislead anyone.
Sally: Of course not. But for the meeting next week, have a think about it. OK?
Charles: Yeah. I’ll try and bring some ideas.
Sally: Great. See you later.
OK. Bye.
E. SPEAKING: Data comparison
Work in pairs. Take turns to compare the information in the table below.
The table shows the preferences of people in 8 different countries for having a
boy or girl.
Country Boy Girl No preferences
Thailand 44% 27% 29%
Hungary 25 12 63
United States 35 23 42
France 41 31 28
Mexico 31 24 45
Great Britain 31 26 43
Germany 21 19 60
Spain 20 27 53
Examples:
Student A: More people in Thailand prefer a boy than any other countries.
Student B: A girl is liked by fewer people in Hungary than in United States.
62 * TAKT
REVIEW QUESTIONS
1. What is the trend of accounting business in Vietnam today?
2. How important is accounting toward a company or a firm?
3. What are the differences in the use of the time words: when, while, before,
after, until and as soon as?
VOCABULARY
accounting (n.) [ə'kauntiη] thanh toán, tính toán, kế toán
asset (n.) ['æset] tài sản ( một công ty có thể dùng để
trả nợ)
balance sheet (n.) ['bæləns∫i:t] bảng cân đối thu chi, bảng tổng kết
tài sản
category (n.) ['kætigəri] hạng, loại, phân loại
creditor (n.) ['kreditə] chủ nợ, người cho vay
determine (v.) [di'tə:min] xác định, quyết định
figure (n.) ['figə] con số, số liệu
financial (adj.) [fai'næn∫l; fi'næn∫l] thuộc về tài chính
firm (n.) ['fə:m] hãng, công ty
formula (n.) ['fɔ:mjulə] công thức
gain (v.) [gein] thu được, kiếm được, lợi nhuận
gain from (n.) [ɡeɪn frəm lợi nhuận từ đầu tư
investment ɪnˈvestmənt]
identify (v.) [ai'dentifai] nhận ra, nhận biết, nhận dạng

income (n.) ['iηkʌm'steitmənt] bản báo cáo thu nhập, bản tổng kết
statement thu nhập định kỳ
metric (n.) ['metrik] tham số, tiêu chuẩn đo lường
operating (phr.) ['ɔpəreit i'fi∫ənsi] hiệu quả hoạt động
efficiency
ownership (n.) ['ounə∫ip] quyền sở hữu
performance (n.) [pə'fɔ:məns 'meʒə] tiêu chuẩn/ phương pháp đánh giá
measure hiệu suất, năng suất
proceed (n.) [prə'si:d] hoa lợi
profitability (n.) ['prɔfitə'biləti] có lợi, có lãi
ratio analysis (n.) ['rei∫iou ə'næləsis] phân tích tỷ số, phân tích tỷ lệ
record (n.) ['rekɔ:d] sổ sách, ghi chép, hồ sơ
record (v.) [ri'kɔ:d] ghi lại, giữ lại, ghi chép
return on (phr.) [rɪˈtɜːn ɒn lợi nhuận trên vốn đầu tư
investment ɪnˈvestmənt]
transaction (n.) [træn'zæk∫n] sự giao dịch, kinh doanh

stockholder (n.) ['stɔk,houldə] cổ đông
TAKT * 63
veracity (n.) [və'ræsəti] tính chân thực, sự xác thực
64 * TAKT
UNIT 7
CREDIT CARDS
1. What is credit card?
2. What is the second paragraph about?
3. What is the third paragraph about?
Read the passage through and find the answers to the questions
para 1
Nowadays, credit cards are quite
popular in our country. Credit card is a
small plastic card issued by a bank,
business, etc., allowing the holders to
purchase goods or services on credit.
Generally speaking, credit cards have both
pros and cons. We should take care of these
advantages and disadvantages before
applying for credit cards to avoid risks.
para 2
The advantages of credit
cards: There are a lot of advantages
credit cards have. The major
advantage of credit cards is that they
permit people to make large
purchases, such as expensive semester
textbooks or those for cars. Also,
credit cards can help for emergencies
like medical bills caused by accidents.
A responsible repayment of credit
cards would permit the card holders to
fit into high class life and, the same
time to develop quality spending
habits.
TAKT * 65
para 3
The disadvantages of credit
cards: It is very easy for the card holders to
buy excessively without paying attention
whether they will be able or not to pay the
debt accumulated when purchasing with
credit cards. In turn, this makes lot of people
increase in debt and finally be unable to
repay, causing problems with the economic
balance and with personal credit, too. The
real problem with credit cards is that the
owed amounts must be paid back, this way
the higher costs accumulated since the initial
purchase could be avoided as well as the
high interest rates of credit cards.
para 4
As a conclusion, credit cards can be the best friends as long as people use
them in a right manner and without getting in debt.
Adopted from 'Credit cards - advantages and disadvantages' by Denis Dowes

Read the text again and circle the best answer for the following questions A, B or C.
1. When should we take care of advantages and disadvantages of credit cards?
A. when going abroad
B. before applying for credit cards
C. when travelling to other places.
2. According to the passage, what is the most important benefit of credit cards?
A. they permit people to buy many things at the same time
B. they are convenient to bring
C. we can buy things without money.
3. In which paragraph can you find the following information: “card holders buy
more than they need”?
A. paragraph 1 B. paragraph 2 C. paragraph 3
4. The word “excessively” in the paragraph 3 is closest in meaning to?
A. too much B. insufficiently C. progressively
66 * TAKT
Fill in the gaps to complete the passage, choosing from the words or phrases
in the box.
financial unpaid cardholders issued immediate
Credit card is a card (1)……..... by banks and other (2)…........ institutions to enable
(3)…........ to obtain goods and services without (4)…....... payment. Payment is
usually made monthly with interest charged on any (5)…….... balance.
B. LANGUAGE FOCUS: CONJUNCTIONS
There are various types of conjunctions. We can divide them into:
1. Coordinating Conjunctions
- Coordinating conjunctions join together words, phrases or clauses of equal
importance.
- Some examples of coordinating conjunctions are : and, but, or, yet…
Examples:
• Use your credit cards frequently and you'll soon find yourself deep in
debt.
• Business firms and households are independent of each other.
• In 1950 oil supplied only about 10% of our total energy
consumption; but now it's up to about 40% and still rising.
• We searched diligently, yet found nothing.
• You can sit at the front, or you can stand at the back. I don't mind.
2. Correlative Conjunctions
- Conjunctions used in pairs are correlative conjunctions
- Some examples of coordinating conjunctions are: both…and, not only…but also,
either…or, neither…nor, whether…or
Examples:
• Firms and households are both buyers and sellers.
• Neither the Canadians nor the Americans are interested in this
problem.
• Meissner was not only commander of the army but also a close friend
of the President.
• Either Bill or Bob is going to the conference
• I can't make up my mind whether to buy some new summer clothes
now or wait until the prices go down.
TAKT * 67
3. Compound conjunctions:
- Compound conjunctions are groups of words that behave like conjunctions.
- Some examples of coordinating conjunctions are: provided that, as soon as, as
though, as if, so that, even if …
Examples
Conjunction Examples
So that I kept away my work so that I could spend time with my daughters
Provided that You can take leave provided that you work overtime later
As though Rex behaves as though he is the boss.
As soon as Mr. Ford plans to pay off his loan as soon as he gets his bonus.
As if It looks as if there is going to be a storm.
4. Subordinating conjunction:
- A subordinating conjunction joins a clause to another on which it depends for its
full meaning. -- The chief subordinating conjunctions are: after, because, if, though,
although, till, before, unless, since…
Examples:
• If you consider the financial rewards of high level positions, the
stressful nature of these positions becomes less important.
• We have exported a lot of high technology equipment to Russia since
the government relaxed export regulations.
• We haven’t used DFT’s Express delivery service very much recently
because we are trying to keep out costs down.
• You could go after you finish your work.
• Although he had no qualifications, he got the job.
• When I answered the phone, I missed an important part of the
meeting.
PRACTICE
Task 1: Choose the correct words to complete the sentences:
1. Her salary is higher than mine ____________ we do the same work.
A. although B. despite C. however
2. It must be finished before tomorrow __________ long it takes.
A. whatever B. no matter C. however
68 * TAKT
3. This new policy will greatly improve many people's lives, _________ it won't cost
the taxpayer a penny.
A. moreover B. however C. otherwise
4. Interest rates are the lowest they've been for many years, ____________ I highly
recommend investing in property at this time.
A. otherwise B. however C. therefore
5. The figures don't add up and there are a lot missing details, __________ I can't
believe your report.
A. therefore B. however C. moreover
6. It's not the best product I've ever seen, _____________ it seems to be good value
for money.
A. although B. otherwise C. therefore
7. Not only does working from home increase productivity but it ____________
cuts the cost of overheads.
A. too B. also C. likewise
8. ___________ the position you applied for has now been filled, we shall keep
your details for future reference.
A. however B. despite C. although
Task 2: Complete the sentences with the appropriate conjunctions in the box.
as soon as whenever When until After while
1. __________ we first introduced the product, it was the only one on the market.
2. __________ looking at all the facts, the management has decided to stop
manufacturing in Europe.
3. The contract is coming by express delivery. __________ you get it, sign it and
send it back. It’s urgent!
4. __________ we run into design problems like this, it always seems to take so long
to sort things out.
5. I can give you an answer, but not __________ I’ve had time to look at the latest
sales figures.
6. At least we’ll be able to do some work at home _________ the office is closed for
renovation.
TAKT * 69
C. WRITING: Credit card cancellation letter
Task 1. Match the words in column A with their definitions in column B.
A B
1. hesitate a) the ending of some form of agreement.
2. foreseeable b) ask politely
3. request c) predicted.
4. annual d) pay something
5.cancellation e) happen every year.
6. incur f) be slow to speak or act because you feel uncertain or
nervous.
1)… 2)…. 3)…. 4)… 5)…. 6)….
Task 2. Put the following sections in the correct order to make up a complete
credit card cancellation letter to the bank.
a. And will not be using the credit card so do not wish to incur the annual fee.
b. Dear Sir/Madam
c. 1 am writing this letter to request the cancellation of my credit card.
d. Thank you in advance.
e. The card is a Silver Card with the number 8………5, valid until 24/06.
f. Yours Faithfully
g. If there is any other information you need, please do not hesitate to contact us at
the above e-mail address.
h. The reason is that we are living in the UK for the foreseeable future,
i. Jane Smith
1)… 2)…. 3)…. 4)… 5)…. 6)…. 7)…. 8)…. 9)…..
Task 3. Write a cancellation letter
Now you have your credit card at Agribank. You are going to move to England
for your new position. You want to stop using your credit card at your bank. Write
them a letter to request the cancellation of your credit card and explain your own
reason.
Task 1. How do you often pay for your bills? How often is each means of payment?
Tick (v) in the box
Always Sometimes Never
Coin
Note
Credit card
ATM card
Debit card
Cheque
70 * TAKT
Task 2: Listen to the three conversations and choose the best answer for each
Conversation 1:
1. What does the customer want to do?
a. pay by debit card b. change money c. pay by coins
Conversation 2:
2. How does the customer want to pay?
a. pay by check b. pay in cash c. pay on credit
Conversation 3:
3. What does the customer want to do?
a. open a cheque book b. pay someone c. withdraw money
Task 3: Listen to the three recordings again and complete the following table
with ONE suitable word or NUMBER from the recordings.
Conversation Amount of money Item purchased
1 …………..…………….(4) …………..……………..(5)
2 ………….……………..(6)
3 …………………….…..(7)
E. SPEAKING: In a shop
Speaking 1:
Student A: Shop customer
You are a shop customer. Decide on the item that you want to buy, the amount
of money and the means of payment.
Items purchased Amount Payment
Talk to different shop cashiers and perform the purchase.

Student B: Shop cashier.
You are a cashier in a shop. Customers are going to enter your counter and pay
for their items selected. Write down their names, the items purchased, the amount
and the means of payment in the table below.
Name Items purchased Amount Payment
Hong Dress £15 ATM card
TAKT * 71
Speaking 2:
Role play:
Student A: You are at the BBQ’s. You want to pay for 2 pizzas. Talk to the
BBQ cashier.
Student B: You are a BBQ cashier. A customer is coming to you to pay for
some fast food. Talk to him/ her.
REVIEW QUESTIONS
1. What are credit cards? When do we often use them?
2. List out the advantages of credit cards. According to you, what is the most
important benefit?
3. What are the drawbacks of credit cards according to the passage and
according to you?
4. How many types of conjunctions are there in English? What are they? Give
some examples for each type.
VOCABULARY
accumulate (v) [ə'kju:mjuleit] chất đống, chồng chất, tích luỹ, gom
góp lại
advantage (n) [əd'vɑ:ntidʒ] sự thuận lợi, hoàn cảnh thuận lợi;
debt (n) [det] số tiền vay chưa trả; nợ
disadvantage (n) [,disəd'vɑ:ntidʒ] sự bất lợi; thế bất lợi
emergency (n) [i'mə:dʒensi] sự khẩn cấp; tình trạng khẩn cấp
initial (adj) [i'ni∫əl] ban đầu, lúc đầu
interest rate (n) ['intrəst ,reit] lãi suất
manner (n) ['mænə] cách, lối, thói, kiểu
pros and cons (n.) [prəʊz ənd kɒnz] những lý lẽ tán thành và phản đối
cái gì
purchase (n) ['pə:t∫əs] sự mua, tậu; vật mua được mua, tậu
(v)
repayment (n) [ri:'peimənt] sự trả lại, sự báo đáp, sự đền đáp
72 * TAKT
UNIT 8
INTERNATIONAL TRADE
1. What is international trade?
2. How many benefits of international trade are there in the reading text?
WHY INTERNATIONAL TRADE
The sale of goods and services is not restricted to local, regional or national
markets; it often takes place on an international basis. Nations import goods that they
lack or cannot produce as efficiently as other nations, and they export goods that they
can produce more efficiently. This exchange of goods and services in the world, or
global market is known as international trade. There are three main benefits to be
gained from this type of exchange.
First, international trade makes scarce goods available to nations that need or
desire them. When a nation lacks the resources needed to produce goods domes-
tically, it may import them from another country. For example, Saudi Arabia imports
automobiles; the United States, bananas; and Mexico, computers.
Second, international trade allows a nation to specialize in production of
those goods for which it is particularly suited. This often results in increased output,
decreased costs, and a higher national standard of living. Natural, human, and
TAKT * 73
technical resources help determine which products a nation will specialize in. Saudi
Arabia is able to specialize in petroleum because it has the necessary natural
resource; Mexico is able to specialize in the production of wooden furniture because
it has the human resources to assemble the furniture by hand; and the United States
is able to specialize in the computer industry because it has the technical expertise
necessary for design and production.
There are two economic principles that help explain how and when special-
ization is advantageous. According to the theory of absolute advantage, a nation
ought to specialize in the goods that it can produce more cheaply than its com-
petitors or in the goods that no other nation is able to produce. According to the
theory of comparative advantage, a nation ought to concentrate on the products that
it can produce most efficiently and profitably. For example, a nation might produce
both grain and wine cheaply, but it specializes in the one that will be more
profitable.
The third benefit of international trade is its political effects. Nations that
trade together develop common interests that may help them overcome political
differences. Economic cooperation has been the foundation for many political
alliances, such as the European Community (EC), founded in 1957.
International trade has done much to improve global conditions. It enables
countries to import goods they lack or cannot produce domestically. It allows
countries to specialize in certain goods with increased production and decreased
prices. Finally, it opens the channels of communication among nations.

Now read the text carefully and then answer the following questions.
2. What is the first benefit of international trade?
3. What is the second advantage of international trade?
4. What resources help determine which products a nation will specialize in?
5. Why does Mexico specialize in the production of wooden furniture?
6. According to the theory of comparative advantage, what should a nation
concentrate on?
7. What is the third benefit of international trade?
Circle the best answer for the following questions, A, B, C or D.
1. What are the various markets in which the sale of goods and services take
place?
A. local and regional markets
B. national markets
74 * TAKT
C. international markets
D. all of these above.
2. According to the passage, what goods does the USA import?
A. wooden furniture
B. computer
C. banana
D. petroleum
3. What does specialization often result in?
A. Decreased cost
B. Increased output
C. Higher standard of living
D. All of these above

Match the words in column A with their definitions in column B.
A B
1. specialize a. is likely to make money
2. assemble b. the fact of working together or doing something together
3. cooperation c.an agreement between countries
4. alliance d. fit together all the separate parts of something
5. profitable e. inside a particular country, not foreign or international
6. domestically f. become an expert in a particular are of work, study or
business
1)… 2)…. 3)…. 4)… 5)…. 6)….
B. LANGUAGE FOCUS: WORD FORMATION
1. Prefix: a letter or a group of letters placed at the beginning of the word to change
its meaning.
a. Some prefix mean “not”
FORM EXAMPLES
UN - Unhappy, unable, unnecessary, unimportant, uncomfortable…
IN - Inconvenient, inexpensive, incorrect, indecisive, independent..
IM - Immoral, impolite, impossible, impure
IR - Irresponsible, irregular, irreligious,…
IL - Illegal, illogical…
TAKT * 75
b. Other prefix
FORM EXAMPLES
CO = together - Co – author, co – writer, co – chairmen…
MID = in the middle of - Mid sentence, midwinter, midday, mid night,…
PRE = before - Pre – pay, preview, pre –determine, pre – mature…
OVER = too much - Over weight, overeat, oversleep, over think,

overripe…
2. Suffix: a letter or a group of letters placed at the end of the word to change its
meaning or the grammatical function.
a. Verb/ Adjective/ Noun → Noun
FORM EXAMPLES
OR - sailor, actor ...
ER - teacher, driver, viewer, singer, producer,
employer..
SION/TION - action, conclusion, solution, impression,
comparison,
MENT - movement, development, investment, punishment,
DOM - kingdom, freedom, wisdom
HOOD - boyhood, neighborhood, childhood, brotherhood,

falsehood
ISM - capitalism, patriotism, terrorism, heroism,
communism.
NESS - happiness, laziness, illness, sickness, willingness
..
b. Noun/ Adjective →Verb
FORM EXAMPLES
IFY - horrify, beautify, clarify, justify, terrify…
IZE/ISE - apologize, criticize, computerize, modernize,

industrialize, specialize…
EN - lengthen, shorten, widen, straighten…
76 * TAKT
c. Noun/ Verb → Adjective
FORM EXAMPLES
LESS - harmless, useless, hopeless, homeless, noiseless …
FUL - harmful, handful, useful, peaceful, successful, helpful…
ISH - foolish, childish, selfish, amateurish…
ABLE - acceptable, admirable, noticeable, sustainable…
IVE - collective, creative, decisive, prospective…
ATIVE - imaginative, affirmative, informative…
OUS - marvelous, prosperous, studious…
PRACTICE
Task 1: Complete the following sentences with the suitable form of the words in the
brackets
1. An annual report includes the …………. figures of the company for the
current fiscal year. (sell)
2. Some companies hold exclusive …………. Rights for specific products.
(distribute).
3. The ……………. Of high – technology instruments is one of the most rapidly
growing industries in the 1990s. (produce)
4. Items …………….. in order to show the relationship between them. (classify)
5. The production process often involves the ……………. of raw materials into
finished products. (convert)
6. Because of the clerk ‘s highly developed ………………. Skills, she was given
a position that required her to deal directly with customers. (communicate).
7. “Getting acquainted with Accounting” , by John L. Carey is a very ………….
Book (inform).
8. Although …………….. , smoking was discouraged in the lunch room. (allow)
9. At times, the assembly line worker felt a lack of professional …………..
(fulfill)
10. Nowadays, rigorous ……………….. are enforced in the area of food
processing and packaging. (standard)
Task 2: Complete the passage with the suitable form of the words.
The economy of the 21st century is based on skills and (0) knowledge KNOW
according to a recent report. The study shows that throughout this
century there will be more jobs in the workplace for those with (1) ... QUALIFY
TAKT * 77
and the right skills, and fewer jobs for those with none.
The best (2) ... will be one that can demonstrate a level of academic EMPLOY
or (3) ... achievement that can enable the individual to support their VOCATION
with evidence of desirable personal qualities. As (4) ... increases and GLOBE
technological advances make typical working practices redundant
(5) ... employees will need to show various personal attributes. PROSPECT
As well as wanting people who are flexible, companies are also looking
for evidence of (6) ...
It is also (7)............ necessary to be an excellent communicator as the INCREASE
majority of (8) ..... make their profits from the skills of people selling ORGANISE
their goods as much as from the producers themselves.
The new economy is here to stay and unless businesses show the (9) ... to WILL
adapt they may find they are (10) ... according to the authors of the report. SUSTAIN
C. WRITING: WRITE A LETTER
Gavilon company
27 High Street, London
Tel: +33 (5) 555 8899 Fax: +33 (5) 555 8999
Mr John Kennedy
Longchamp Company
88 Rue des Rosiers
Paris
26 May
Dear Mr John,
Please find enclosed our order No. 123 for (1)….a..… .
Although we find your trade discount of 10% rather low, we are placing a fairly large
order this time (2)………..
As agreed, we would like the goods to be sent by rail freight (3)………….
Payment will be (4)………… Would you please send the shipping documents
(5)……..…
If any of the listed items are not available (6)…………….
We look forward to (7)………….
Your sincerely,
Jane Brown
Store Manager.
78 * TAKT
Task 1. Complete the letter with items from the box.
a) a range of mountaineering equipment. e) by letter of credit at 30 days
b) receiving your acknowledgement f) in the hope of more favourable terms
c) and delivered within the next six weeks in future
d) and you invoice direct to us. g) please do not send substitutes instead
Task 2. Study this reply to the letter in task 1. One error has been marked, find
four more.
Ms Jane Brown
Gavilon company
72 High Street
London
11 April
Dear Jane,
Thank you for your order No. 123 which we received today.
It is now being processed and should be ready for dispatch within the next three
months. I am pleased to be able to confirm already that we have all the items in
stock.
In due course, the shipping documents and our invoice will be sent to your bank as
you requested.
Yours sincerely,
John Kennedy
D. LISTENING : LISTEN FOR DETAILS
Task 1. Work in pairs, ask and answer the questions:
1. Name some of the things you own (for example, shoes, TV, car). Which are
imported? Where were they made?
2. Name some global companies. What kind of business are they?
Task 2. Listen to the first part of a radio interview with Ian McPherson, an
expert on international trade. Complete the definition of free trade he gives.
It’s a situation in which goods come into and out of a country without any
(1).…controls……. or (2)……………. Countries which truly believe in (3)
…………. trade try to liberalize their trade, that’s to say, they take away
(4)…………. to trade. They have opened (5) …………… and few controls of goods
at (6)………..
Task 3. Listen to the second part of the radio interview and do the exercises.
1. When there is a policy of deregulation, ………………………
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A. companies compete freely. B. there are a lot of government controls.
2. According to Ian McPherson, what are the benefits of free trade? Choose the best
answer.
A. more choice of products B. better jobs C. all of these above
3. Complete this sentence
Some countries do not practice free trade because they wish to:
- fight against ……………….. competition, for example, dumping.
- protect their strategic ……………….., because they are important to the
economy.
E. SPEAKING: NEGOTIATION
Useful language
Starting positions Refusing an offer
We’d like to reach a deal with you today. I’m not sure about that.
Right, let’s try get 10% off their list That’s more than we usually offer …
prices. That would be difficult for us.
Accepting an offer
Exploring positions Sounds a good idea to me. As long as
Can you tell me a little about ..? we …
What do you have in mind? Good, we agree on price, quantity,
discounts …
Making offers and concessions
If you order now, we’ll give you a Playing for time
discount. I’d like to think about it.
We’d be prepared to offer a better price if I’ll have to consult my colleagues
you increase your order. about that.
If necessary …
Closing the deal
Checking understanding I think we’ve covered everything.
What do you mean? Great! We’ve got a deal.
Have I got this right?
If I understand you correctly … Following up the deal
You mean, if we ordered … would …? Let me know if there are any
Are you saying … problems.
If there are any other points, I’ll e-
mail you.
Speaking task: Study the Useful language box above. Then role play these
negotiations to get a good outcome in each situation.
Situation 1:
Student A is a seller.
Student B is a buyer.
Seller: You do not want to give a discount on the price of your dress model
NEM 038.
Buyer: You want to have 10% discount for the dress. You offer to buy 2
dresses at a lower price.
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Situation 2:
Student B is a company employee.

Student A is the employee’s boss.
Employee: You think you should have a 10% salary increase.
Boss: You think the company can only afford a 2% increase.
REVIEW QUESTIONS
2. What are the good effects of international trade?
3. Name some prefix and suffix you often use. Give examples for each prefix
and each suffix.
4. List out some useful language for negotiation.
VOCABULARY
alliance (n) [ə'laiəns] sự liên minh, khối liên minh, khối đồng
minh
assemble (v) [ə'sembl] tập hợp lại; thu thập
basis (n) ['beisis] nền tảng, cơ sở
channel (n) ['t∫ænl] (nghĩa bóng) đường; nguồn (tin tức, ý
nghĩ, tư tưởng...)
domestically (adv) [də'mestikəli] trong nước, nội địa
efficiently (adv) [i'fi∫əntli] có hiệu quả, hiệu nghiệm
expertise (n) [,ekspə'ti:z] sự thành thạo; sự tinh thông
foundation (n) [faun'dei∫n] sự thành lập, sự sáng lập, sự thiết lập
gain (v) [gein] thu được, lấy được, giành được, kiếm
được
grain (n) [grein] ngũ cốc
political (adj) [pə'litikl] về chính trị, về chính phủ
profitably (adv) ['prɔfittəbli] có lợi, có ích; thuận lợi
restrict (v) [ri'strikt] hạn chế, giới hạn
scarce (adj) [skeəs] khan hiếm
specialize (v) ['spe∫əlaiz] chuyên môn hoá
specialization (n) [,spe∫əlai'zei∫n] sự chuyên môn hoá
technical (adj) 'teknikl] thuộc hoặc liên quan đến các thuật cơ
khí và kỹ thuật
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WORKBOOK
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UNIT 1
THREE ECONOMIC ISSUES
Exercise 1: Read the following passage and answer the questions below.
ECONOMIC SYSTEMS
Free market economy: An economic system in which the market – that is
the relation between producers and consumers, buyers and sellers, investors and
workers, management and labour- is supposed to be regulated by the law of supply
and demand. Business firms are supposed to complete freely, and any attempt at
hindering free competition (“restrictive practices”) is punishable by law.
Direct government intervention is theoretically ruled out although the
government will influence the economic situation through its fiscal and budgetary
policies.
Planned economy: A system whereby the structure of the market is
deliberately planned by the state, in which production and consumption quotas are
fixed beforehand, and where there is no real competition between industrial or
commercial organizations. In the soviet model, for instance, all the means of
production and the channels of distribution are state controlled. Private ownership
does not exist in this field.
In practice, there is wide gap between the theoretical model and economic
realities: the so-called market economies rely more and more on Government
planning and intervention, whereas in planned economies, such capitalistic notions as
profit tend to be reintroduced.
Mixed economy: An economic system in which some goods and services are
produced by the government and some by private enterprise. It lies between a
command economy and a complete laissez-faire economy. In practice, most
economies are mixed; the significant feature is whether an economy is moving
towards or away from a more laisser-faire situation.
1. What is market economy?
…………………………………………………………………………
2. What is planned economy?
…………………………………………………………………………
3. What are differences between market economy and planned
economy?
…………………………………………………………………………
4. What is mixed economy?
…………………………………………………………………………
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Exercise 2: Fill each of the numbered blanks in the following passage.
Use only one word
from the box in each space.
principles the at anything what

issues both training how for
Economics is _______ (1) study of how individuals and nations make choices
about how to use scarce resources to fill their needs and wants. A resource is
_______ (2) that people can use to make or obtain _______ (3) they need or want.
You may be asking yourself _______ (4) this point how economics will help you, a
student. Also, you may be wondering how scarce resources is a problem _______ (5)
a nation like the United States that has such abundant resources. It may surprise you
to know that many of the decisions you will face as a citizen deal with _______ (6)
the United States should use its resources. Learning economic _______ (7) can help
you make decisions about candidates for political
office, political and social _______ (8) , and the goals the United States should
set for itself, such as how to spend government revenues. Many people are familiar
with the benefits of the government programs such as job _______ (9) and medicare,
but how many people are aware of the costs of these programs?
Economics can help you to understand _______ (10) costs and benefits and,
therefore, help you to make better decisions.
Exercise 3: Put the following active sentences into the passive, making any
other changes to improve the style of your final sentences.
1. The bank send us a bank statement every month.
………………………………………………………………………….
2. We have always bought the rods from local suppliers.
.…………………………………………………………………………
3. Who checks the quality of the raw materials?
.…………………………………………………………………………
4. We should see the benefits of faster production next year.
..………………………………………………………………………..
5. In five years we are going to introduce a completely new process.
.…………………………………………………………………………
Exercise 4: Match the following expressions to the appropriate graphs below
1. sudden fall 3. remain constant 5.marked fluctuation
2. bottom out 4. decline gradually 6. impressive rise
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Exercise 5: Look at the graph below comparing sales of three products, A, B and
C, over a five - year period. Use the words and phrases in the
box to complete the text.
increased dramatic reduction remained constant rising
sudden continual stands collapse peak
decline climb
Key
- - - - - - - -product
A
…………..prod
uct B
_________prod
uct C
We can see how differently the three products have performed. Firstly,
Product A has shown a (1) _______ in sales and now (2) _______ at $ 5000 per year.
In contrast, five years ago Product B had sales of over $ 3000 but since then has not
(3) ________. But the performance of Product B is still good, having more or less (4)
________ over the five-year period. Now, let’s compare these with Product C which
shows the most (5) _______ trend, (6) _______ from $ 2000 five years ago to reach a
(7) _______ of almost $ 5000 in the fourth year before beginning a (8) _______ to its
present level of just $ 1000, a (9) _______ that is practically a complete (10)
_______ .
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UNIT 2
SUPPLY AND DEMAND
SUPPLY AND DEMAND TOGETHER
We have known about price and demand, price and supply as though they
were separate. But in the real world, they operate together. As the price of a good
goes down, the quantity demanded rises, and the quantity supplied falls. As the price
goes up, the quantity demanded falls, and the quantity supplied rises.
Is the price at which the quantity demanded and the quantity supplied meet?
Yes. This level is called the equilibrium price. It means that the price of any good or
service will find the level at which the quantity demanded and the quantity supplied
are balanced. In other words, at the equilibrium price the plans of the buyers and the
plans of the sellers are the same. Suppliers provide the amount that is demanded by
consumers.
Whenever the market price of a good falls below the equilibrium price, we
say that a shortage has developed. Shortages occur when at the going price the
quantity demanded is greater than the supply available. If the market is free, without
government regulations or other restrictions, shortages put pressure on price to rise.
When the market price is higher than the equilibrium price, a surplus
develops. At the price above the equilibrium price, suppliers produce more than
consumers’ demand in the market place. Surpluses occur, suppliers end up with large
inventories of goods, and this and other forces put pressure on the price to drop to the
equilibrium price.
1. How do supply and demand operate together?

…………………………………………………………………………….
…………….………………………………………………………………
2. What is an equilibrium price of a good?
…………………………………………………………………………….
…………….………………………………………………………………
3. When do shortages occur?
…………………………………………………………………………….
…………….………………………………………………………………
4. When do surpluses occur?
…………………………………………………………………………….
…………………………………………………………………………….
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Exercise 2: Answer the following questions based on the text above.
1. Look at paragraph 1 and say what words have the opposite
meaning to:
- fall: ………………………. - rise: ……………………….
2. Loot at paragraph 2 and say what words have the same meaning
as:
- customer: ………………… - fair price: ………………….
3. Look at paragraph 3 and explain what the following mean:
- shortage: …………………. - regulation: …………………
4. Look at paragraph 4 and explain what the following mean:
- surplus: …………………… - drop: ……………………….
Exercise 3: Put the verbs into the correct tense. Use will and the present tense if
you think
the person is talking about something which might happen. Use
would and the
past tense if they are talking about something which is unlikely or
impossible.
1. The whole division has been performing badly ever since he was
appointed Managing Director. Things ________ (be) very
different if I _______ (be) still in charge.
2. The Financial Manager is coming to the meeting with me if there
__________ (not/be) any last minute hitches, we _________
(sign) the contract this afternoon.
3. I ________ (pick) you up at the airport myself if I _______
(not/have) any appointments on Tuesday, and then we can go for a
meal together.
4. If I _______ (have) time, I ________ (read) your report and I’ll let
you have my comments by Monday.
5. If she _______ (have) a little more experience, she _______ (be)
perfect for the job, but as it is, I don’t think she’s the right person.
6. I’ve decide not to take the job because I _______ (hardly/see) my
children at all if I _______ (have to) travel so much.
7. It’s a pity Mrs Falworth is away. If she _______ (be) here, I’m
sure she _______ (be) able to give you an answer.
Exercise 4: What do the following stand for?
P&L …………………………………………………………….
CEO …………………………………………………………….
GDP …………………………………………………………….
PR …………………………………………………………….
VAT …………………………………………………………….
R&D …………………………………………………………….
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HQ ……………………………………………………………..
EU ……………………………………………………………..
IMF ……………………………………………………………..
IOU ……………………………………………………………..
Exercise 5: Match the half-sentences in column A with the half-sentences in
column B to
make five sentences which are correct, complete and true.
A
1. If you sell direct from the factory to the customer ………….
2. If you are going to work exclusively with one supplier you should ……
3. If you phone New York after 6pm …………
4. If you want a flight at Christmas, …………
5. If you want to complain ……………
B.
a. ……….. book early.
b. ………. you can cut out the middleman.
c. ……..... write to the manager.
d. ………. negotiate special discounts.
e. ……….. the call are at cheaper rate.
Exercise 6: Translate these sentences into English
1. Từ biểu đồ, chúng ta có thể thấy rằng trong những năm này, kim ngạch xuất
khẩu sang Bắc Mỹ tăng đều.
………………………………………………………………………………
………………………………………………………………………………
2. Doanh số bán hàng của công ty ABC tăng từ năm 2003 đến năm 2005 rồi giữ
nguyên trong năm 2006.
………………………………………………………………………………..
………………………………………………………………………………..
3. Trong 5 tháng đầu năm ngoái, lợi nhuận hàng tháng của công ty tăng lên đến
10.000 đô la Mỹ và giữ ổn định.
………………………………………………………………………………
………………………………………………………………………………
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UNIT 3
INFLATION
Exercise 1: Read the following passage and decide if the following statements
are TRUE or FALSE
Ineconomics, hyperinflation occu

rs when a country experiences very
high and usually accelerating rates
of inflation, causing the population to
minimize their holdings of money.
Under such conditions, the general
price level within an economy increases
rapidly as the official currency quickly
loses its real value.
In countries experiencing
hyperinflation, the central bank often
prints money in larger and larger
denominations as the smaller
denomination notes become worthless.
This can result in the production of
some interesting banknotes, including
those denominated in amounts of Sweeping up the banknotes from the street
1,000,000,000 or more. after the Hungarian pengő was replaced in
1946.
Unlike regular inflation, where the process of rising prices lasts for a long
time and not generally noticeable except by studying past market prices,
hyperinflation sees a rapid and continuing increase prices and in the supply of
money, and the cost of goods.
Hyperinflation is often associated with wars, their aftermath, sociopolitical
upheavals, or other crises that make it difficult for the government to tax the
population. A sudden and sharp decrease in tax revenue coupled with a strong effort
to maintain the status quo can be a direct trigger of hyperinflation.
However, hyperinflation is regarded as a complex phenomenon and one
explanation may not be applicable to all cases.
1. Hyperinflation often happens as a result of accelerating inflation rates.

2. When hyperinflation occurs in a country, the people in this country try to
hold more money.
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3. To deal with hyperinflation, the central bank prints money denominated in
amounts of 1,000,000,000 or more.
4. During the period of regular inflation, the process of rising prices is often not
noticeable.
5. A sudden and sharp decrease in tax revenue can be one of the triggers of
hyperinflation.
Exercise 2: Read the passage again and find the words in the passage that
have the closest meaning with the followings
1. increasing faster ………………..
2. undergoing ………………..
3. without value ………………..
4. quickly ………………..
5. consequences ………………..
6. sudden change ………………..
7. a proper description of a currency amount,
usually for coins or banknotes. ………………...
8. to keep the things the way they presently are. …………………
Exercise 3: Circle the best answer
1. In Britain, most smaller enterprises are private limited companies …….. can
not offer shares to the public.
A. whom B. where C. which D. whose
2.The relationship between the over-supply of banknotes and a
resulting depreciation in their value was noted by David Hume and David Ricardo,
………. would go on to examine and debate what effect a currency devaluation has
on the price of goods.
A. that B. which C. whom D. who
3. The price of any good or service will find the level at………. the quantity
demanded and the quantity supplied are balanced.
A. that B. X C. which D. whom
4. Steve H. Hanke is a professor of applied economics at Johns Hopkins
University, ……….. he had first worked in 1969
A. who B. where C. that D. which
5 Economics is the social science ………….analyzes
the production, distribution, and consumption of goods and services
A. where B. who C. X D. that
6. With high inflation, purchasing power is redistributed from people with
fixed nominal incomes, such as some pensioners ……….. pensions are not indexed
to the price level, towards people with variable incomes ………….. earnings may
better keep pace with the inflation.
A. which/who B. whose/that C. whose/whose D. whom/who
7. When people are worried about the future, they save more and consume less,
………….leads to falls in production and employment.
A. that B. who C. which D. A & C
94 * TAKT
Exercise 4: Fill in the blanks with the words given
Deinflation budget deficit equilibrium price excess
demand hyperinflation. money supply public
utility services budget surplus fiscal
1. If production costs for a good increase, the …………for it is likely to
decrease.
2. ………….. in the UK housing market contracted in ten years 1998-2008.
3. At the ………………., the plans of the buyers and the plans of the sellers are
the same.
4. Inflation is a rise in the general level of prices. It is caused by an ………. of
demand over supply, and is related to an increase in the ……….. The opposite
of inflation, when prices fall (usually for a short period) is ………..
5. Governments can solve the economic problems through their …………. and
budgetary policies.
6. When government expenditures exceed money collected by taxes, a country
has a ……………. But when tax revenues are higher than government spending, a
country has a ……………
7. Prices are determined in various ways. They are also set by the government,
particularly for …………… – railroads, electricity, manufactured gas, bus
services, etc.
8. The effect of money on inflation is most obvious when governments finance
spending in a crisis, such as a civil war, by printing money excessively. This
sometimes leads to ………
Exercise 5: Make the complete sentences from the prompts.
1. You/ know/ what / cause/ inflation?
…………………………………………………………………………………
2. Inflation/ may/ occur/ as a result of /faster increase of goods supply than
money supply.
…………………………………………………………………………………
3. Inflation/ measure/ by the retail price index (RPI) in Britain?
………………………………………………………………………………...
4. Central bank/ that/ control/ monetary policy/ have/ task/ keep/ rate of
inflation/ low and stable.
…………………………………………………………………………………
5. Hyperinflation/ which/ inflation of four or more digits/ happen/ Germany/
early 1920s.
…………………………………………………………………………………
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UNIT 4
DIRECT AND INDIRECT TAXES
Exercise 1: Sentences 1 to 10 make up a short text about government spending.

Complete each sentence by taking a middle part from the second box and an end
from the third box.
Government spending
1. If tax revenues are higher
2. If, on the contrary, government expenditures exceed
3. A structural surplus or deficit
4. A cyclical surplus or deficit, on the other hand,
5. Budget deficits have to be funded by the sale of government bonds,
6. The higher the amount of government bond sold in a country,
7. Neo-classical economists
8. On the other hand, if the money supply is expanded,
9. This is partly due to the acceleration principle,
10. But of course everybody knows
a. called gilt-edged securities in Britain,

b. called this “crowding out”,
c. increased government spending
d. is the result of government policies such as
e. is the result of the business cycle:
f. money collected by taxes,
g. than government spending,
h. that increasing the money supply
i. the less capital is available
j. which is that increased demand for consumer goods
k. a country has a budget deficit

l. a country has a budget surplus
m. almost inevitably leads to inflation.
n. and Treasury bonds in the USA
o. and use it as an argument against Keynesian fiscal policies
p. can raise output and investment, at least in the short term
q. changes in spending or revenues caused by a boom or a slump
r. for private sector investment.
s. produces a greater increased demand for capital goods
t. tax rate, welfare and defence spending, and so on.
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Beginning 1 2 3 4 5 6 7 8 9 10
Middle
Ending
Exercise 2: Copy down the text “Government Spending” and translate it into
Vietnamese
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………
Exercise 3: Most of the following sentences are incorrect. Find and correct them.
1. The rare situation in that all producers are too small to affect the market price is
called perfect competition.
2. In 1516 English humanist Sir Thomas More (1478-1535) published Utopia, that
describes an ideal society where land is owned in common and there is universal
education and religious tolerance.
3. The company I used to work for is now facing a financial crisis.
4. Here are the details of the business that we have invested.
5. Some stores who performance is getting worse will have to be closed down.
6. From a marketing viewpoint, price is the money exchanged for the ownership or
use of a good or service.
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7. GDP (Gross Domestic Product) is the total final output of goods and services is
produced within an economy for any given year by both residents and non-residents.
8. In 1568 Jean Bodin (1530-1596) of France published Reply to Malestroit,
containing the first known analysis of economic inflation.
9. The objective of today’s lecture is to outline briefly some of the basic principles
applying in market economics.
10. Capitalism resolves the central questions faced society by the interaction of
buyers and sellers in markets
Exercise 4: Circle the correct answer
1. The tax on wages and salaries is called ………. In Britain the tax on business
profits is called corporation tax.
A. direct tax B. income tax C. wealth tax
2. A tax that is levied at a higher rate on higher incomes is called a ………….tax.
A. progressive B. regressive C. value-added
3. Property taxes, sales taxes, customs duties on import, and excise duties on
tobacco, alcoholic drinks, petrol, etc. are……………taxes.
A. direct B. indirect C. value-added
4. Most sales taxes are slightly ………….because poorer people need to spend a
larger proportion of their income on consumption than the rich.
A. progressive B. regressive C. repressive
5. A sales tax collected at each stage of production, excluding the already-taxed costs
from previous stages, is called a…………..
A. sales tax B. value-added tax C. added-value tax
6. Profits made from the sale of assets are liable to a……………..tax.
A. capital gains B. capital transfer C. wealth
7. Gifts and inheritances are usually liable to……………tax.
A. capital gains B. capital transfer C. wealth
8. Reducing the amount of tax you pay to a legal minimum is called …………….
A. fiscal policy B. tax avoidance C. tax evasion
9. Making false declarations is called …………….and obviously illegal.
A. creative accounting B. tax avoidance C. tax evasion
10. Bringing forward capital expenditure (on new factories, machines, and so
on) so that at the end of the year all the profits have been used is known as making a
…………..
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A. mistake B. tax haven C. tax loss
11. Multinational companies often set up their head offices in low-tax countries such
as Liechtenstein, Monaco, the Cayman Islands, and Bahamas, known as ……………
A. tax havens B. tax evasion C. tax shelters
12. Criminal multinationals such as the Mafia tend to pass money through a series of
companies in very complicated transactions in order to disguise its origin from tax
inspectors and the police; this is known as …………..money.
A. cleaning B. laundering C. washing
Exercise 5: Complete the sentences with words from the box. You will not need all
the words, and you may use the same word more than once.
across against for off over to up with
1. Lowering our price would be a rather ineffective way of responding

……….. the competition.
2. Many corner shops were unable to cope………….the competition from
supermarkets and had to close down.
3. If they invest in mobile phone technology, they stand a good chance of
catching ………………. their competitors.
4. Some businesses are finding it difficult to adapt ………….such a volatile
market.
5. Local clothes manufacturers can no longer fight ………..the competition
from global brands.
6. If you open a computer retail shop in our city, you would be ………..
………… very strong competition.
Exercise 6: Make the complete sentences from the prompts
1. What/ governments/ use/ taxes/ for?
…………………………………………………………………………………
2. Taxes/ may/ classify/ two groups/ direct and indirect taxes.
…………………………………………………………………………………
3. Indirect taxes/ taxes/ impose/ on consumers of goods and services.
…………………………………………………………………………………
4. Why/ governments/ have to/use/ different kinds of taxes/ and/ vary the tax
rates?
…………………………………………………………………………………
5. All indirect taxes/ have/ function/ raise/ revenue/ and/ divert/ purchasing
power/households and enterprises/ the state.
…………………………………………………………………………………
…………………………………………………………………………………
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UNIT 5
CENTRAL BANKS
Exercise 1: Read the following passage and answer the questions below
Central banks
are public owned. A
country organizes its
central bank as an
independent system or
as government system.
As a national
monopolist in issuing
legal money, the central
bank is the bankers’
bank that controls and
that is the creditor of all
financial institutions in
a nation.
In the macroeconomic state control, the central bank is charged with the
responsibility of carrying out the monetary policy in order to increase the output of
the economy, create employments and control the inflation. In the pursuance of an
active monetary policy, a central bank exerts its influence mainly by causing the
amount of money supply to increase (called a loose policy) to reflate in times of
deflation or to diminish (called a tight policy) to disinflate in inflation.
On open markets, central bank regulates or participates in the regulating body
of all capital markets and money markets in order to coordinate the monetary policy
and guarantee the purchasing power of the domestic currency. Capital and money
markets are two aspects of a finance markets where money savers meet money
borrowers through financial intermediaries.
In external economic relations, the central bank controls the circulation of
foreign exchange by the ECR (Exchange Control Regulations) and operates foreign
assistances and foreign investments by counterpart funds to keep sufficient reserves
for the economy.
1. Which of the following is likely the best title of the text?
A. Central banks and finance markets C. The operation of central banks
B. Financial institutions D. None of the above
2. How does a country organize its central bank?
3. What is the relation of central bank with other banks and financial
institutions in a nation?
TAKT * 101
4. How does a central bank exert its influence in the pursuance of an active
monetary policy?
5. For what purpose does central bank regulate or take part in regulating body
of all capital and money markets?
6. What is the function of central bank in external economic relation?
7. What does the bold and underlined word “its” refer to?
8. Look at the second paragraph and find the adjective of the noun “money”.
a. impact (in the 2nd paragraph)
b. take part in (in the 3rd paragraph)
c. co-work (in the 3rd paragraph)
a. private (in the 1st paragraph)
b. decrease (in the 2nd paragraph)
c. internal (in the last paragraph)
Exercise 2: Match the economic terms (1-10) to their definitions (a-j)
1. interest rate a. total value of goods and services

produced in a country
2. exchange rate
b. general increase in prices
3. inflation rate
c. cost of borrowing money
4. labour force
d. price at which one currency can buy
5. tax incentives
another
6.government
e. percentage of people without jobs
bureaucracy
f. people working
7.GDP (gross domestic
product) g.low taxes to encourage business
activity
8. unemployment rate
h. money from overseas
9. foreign investment
i. official rules/ regulations/ paperwork
10. balance of trade
j. difference in value between a
country’s imports and exports.
Exercise 3: Try to complete this economic profile without looking back at the
terms in Exercise 2.
The economy is stable following the problems of the past two years. By
following a tight monetary policy the government has reduced the (1) inflation rate
102 * TAKT
to 2%. After going up dramatically, the (2)…………..is now down to 8%. The last
six months has seen a slight improvement in the (3)………….against the dollar. The
(4)………… has grown by 0.15%. Exports are increasing and the (5)…………… is
starting to look much healthier. The (6)…………. continues to be a problem as it is
still 16%. In order to stimulate the economy and attract (7)……………., the
government is offering new (8)…………….as well as making a renewed
effort to reduce (9)……………. Finally, a large skilled (10)…………… means there
could be attractive investment opportunities over the next five years.
Exercise 4: Match these sentences halves
1. The board recommends a. to make mistakes with this big order.

2. The factory can’t afford b. to turn around the company’s
reputation in the coming year.
3. The Research and Development c. producing the faulty product.
department should consider
4. The new Chief Executive promised d. outsourcing some of the company’s
functions.
5. The factory stopped e. to accept our apology for the fault.
6. The customer refused f. changing its policy on product testing.
Exercise 5: Choose the most appropriate form of the verb from the brackets to
complete these sentences
1. He stopped (working/ to work) on the project after three months
because of ill-health.
2. She was driving in a hurry but she stopped (answering/ to answer)
her mobile phone.
3. Did you remember (calling/ to call) the customer yesterday?
4. I can’t remember (offering/ to offer) you a replacement.
5. The sales assistant forgot (giving/ to give) the customer a discount.
6. The customer forgot (completing/ to complete) the five-year
guarantee form.
Exercise 6: Put the words in each sentence into the correct order. Then
rearrange the sentences to make two definitions about “cost”
and “profit”.
1. Then/ will/ pick up/ for/ rest of the year/ the/ profits/ rapidly.
2. In/ slightly/ costs/ decrease/ next few years/ will/ the.
3. Costs/ the/ been/ rapidly/ for/ rising/ last year/ have.
4. I/ profits/ will/ for/ next two months/ think/ the/ drop.
5. Profits/ have/ for/ remained/ last/ six months/ the/ steady.
TAKT * 103
Which definition is about graph A? and graph B?
Graph A Graph B
104 * TAKT
UNIT 6
ACCOUNTING
FINANCIAL STATEMENTS
The end product of the financial accounting process is a set of reports that are
called Financial statements. GAAP (Generally Accepted Accounting Principles)
requires that three such reports be prepared: (1) a balance sheet, (2) an income
statement, and (3) a statement of cash flow. As we examine the details of the
financial accounting process, it is important to keep in mind the objective toward
which the process is aimed: the preparation of these three financial statements.
Most reports, in any field, can be classified into one of the two categories
called (1) stock or status, reports and (2) flow reports. The amount of water in a
reservoir at a given moment of time is a measure of stock, whereas the amount of
water that moves through the reservoir in a day is a measure of flow. Reports of
stocks are always as of a specified period of time. Reports of stocks are like
snapshots; reports of flow are more like motion pictures. One of the accounting
reports, the balance sheet, is a report of stocks. It shows information about the
resources of an organization at a specified moment of time. The other two reports,
the income statement and the cash flow statement, are reports of flow. They report
activities of the organization for a period of time, such as a quarter or a year.
BALANCE SHEET
In financial accounting, a balance sheet or
statement of financial position is a summary of
the financial balances of a sole proprietorship, a
business partnership, a corporation or other
business organization. Assets, liabilities and
ownership equity are listed as of a specific date,
such as the end of its financial year. A balance
sheet is often described as a "snapshot of a
company's financial condition”. Of the four basic
financial statements, the balance sheet is the only
statement which applies to a single point in time
of a business' calendar year.
A standard company balance sheet has
three parts: assets, liabilities and ownership
equity. The main categories of assets are usually
listed first, and typically in order of liquidity.
Assets are followed by the liabilities. The
difference between the assets and the liabilities is
known as equity or the net assets or the net worth
or capital of the company and according to the
accounting equation, net worth must equal assets
minus liabilities.
TAKT * 105
INCOME STATEMENT
An income statement (US
English) or profit and loss account
(UK English) (also referred to as a
profit and loss statement (P&L),
revenue statement, statement of
financial performance, earnings
statement, operating statement, or
statement of operations) is one of
the financial statements of a
company and shows the company's
revenues and expenses during a
particular period. It indicates how
the revenues (money received from
the sale of products and services
before expenses are taken out, also
known as the "top line") are
transformed into the net income
(the result after all revenues and
expenses have been accounted for,
also known as "net profit" or the
"bottom line"). It displays the
revenues recognized for a specific
period, and the cost and expenses
charged against these revenues,
including write-offs (e.g.,
depreciation and amortization of
various assets) and taxes. The
purpose of the income statement is
to show managers and investors
whether the company made or lost
money during the period being
reported.
106 * TAKT
CASH FLOW STATEMENT
In financial accounting, a cash flow
statement, also known as statement of cash
flows, is a financial statement that shows how
changes in balance sheet accounts and income
affect cash and cash equivalents, and breaks the
analysis down to operating, investing, and
financing activities. Essentially, the cash flow
statement is concerned with the flow of cash in
and out of the business. The statement captures
both the current operating results and the
accompanying changes in the balance sheet. As
an analytical tool, the statement of cash flows
is useful in determining the short-term viability
of a company, particularly its ability to pay
bills. International Accounting Standard 7
(IAS7) is the International Accounting
Standard that deals with cash flow statements.
Choose the best answer A, B, C, or D.

1. The text is mainly about:
A. Types and Classification of Financial statements
B. Balance Sheet
C. Income Statement
D. Cash Flow Statement
Answer the following questions:
2. What is the end product of the financial accounting report?
3. What does GAAP stand for?
4. How many financial reports must be prepared at the end of the financial
accounting process? Name them.
5. What are reports of stocks like? and reports of flow?
Decide whether each statement below is True (T) or False (F)
6. The end of a financial year is one of the moments when a company has to
prepare its balance sheet.
7. The three parts: assets, liabilities and ownership equity can be in any order
in a balance sheet.
TAKT * 107
8. Income statement is the common term in both US English and UK English.
9. An income statement presents the profit and loss of a company during the
reported time.
10. The statement of cash flow is used to evaluate the viability of a company
in a short period of time.
Exercise 2: Match the definition on the left with its accounting term on the right
1. alist of all employees and their wage a - balance sheet
2. an accounting record where all business transactions are b - liquid assets
INITIALLYentered
3. money that is spent to purchase goods or services provided c - liability
by someone else
4. a detailed summary of a person's or a company's financial d - net income
condition at a specific point in time, taking into account their
assets, liabilities, etc
5. something that is legally owned by a person or company e - property
6. an obligation to settle a debt; money owed to someone f - payroll
7. this word has 2 meanings: "stock (shares)" and "net worth"
g - equity
8. the balance of cash receipts minus cash payments over a h - journal
given period of time
9. cash or something that is easily convertible into cash
I - cash flow
10. money remaining after all expenses and taxes have been J - expense
paid
Exercise 3: Complete these sentences with when, while, before, after, until or as
soon as. More than one answer may be possible in each case
1. Don’t make a decision ………….we’ve seen the report.
2. I’m meeting with Atsuko this afternoon. Send her up …………she
arrives.
3. Let’s sort out this problem…………..she gets here.
4. I’m coming to Paris tomorrow afternoon. I’ll phone you ……………I
arrive.
5. Can you type this report for me…………I’m away?
Exercise 4: Correct the four sentences which are wrong. The first one has been
done for you.
1. We can’t invest in that country until their economy will be stable.
We can’t invest in that country until their economy is stable.
2. I’ll let you know as soon as I receive their new brochure.
108 * TAKT
3. I’ll let you know as soon as I’ve received their new brochure.
4. We’ll phone you when the goods will be here.
5. When we’ve discussed the contract, we can close the meeting.
6. When we discuss the contract, we must ask about transport costs.
7. We’ll deal with insurance after they will tell us about their special
discount.
8. Before they sign this contract, they want us to promise better terms for
future business.
9. Our guests would like to visit the unit before they will go back to
Qatar.
10. I don’t recommend investing there until they’ve reduced government
bureaucracy.
Exercise 5: Look at the chart and complete the following sentences
The chart shows the results of a survey about the most important inventions in
the last 300 years.
1. More females …………males chose the bicycle.

2. The bicycle was more …………….than any other invention.
3. The car was ……………popular among females than males.
4. ……………….invention among both sexes was the TV.
TAKT * 109
5. …………women than men voted for the mobile phone.
6. ……………….invention among both sexes was the bicycle.
7. ………….males than females picked the radio.
8. The computer was ………for women than for men.
9. More people selected the bicycle ……….any other invention.
10. The TV was ………….popular than any other invention.
Exercise 6: Make the comparative sentences based on notes 1-7 below and the
chart in Exercise 1. Use the passive or active form of the verb in
italics.
Examples:
Females/ males/ select/ the bicycle → More females than males selected the
bicycle.
The bicycle/ choose/ females/ males → The bicycle was chosen by more
females than males.
1. males/ females/ choose/ the car
…………………………………………………………………………………
2. women/ men/ select/ the mobile phone
…………………………………………………………………………………
3. The Internet/ choose/ males/ females.
…………………………………………………………………………………
4. females/ males/ pick/ the radio
…………………………………………………………………………………
5. males/ females/ pick/ the radio.
…………………………………………………………………………………
6. the computer/ choose/ females/ males.
…………………………………………………………………………………
7. the bicycle/ select/ males/ females.
…………………………………………………………………………………
110 * TAKT
UNIT 7
CREDIT CARDS
Exercise 1: Read the following passage and decide if the following statements
are TRUE or FALSE
The use of credit cards has increased dramatically over the last few years.
Many credit card companies are now in existence, and many major retail outlets
now have credit card facilities for use in their own stores.
Credit card customers are given a credit limit on their account and they may
buy goods and services up to this amount from any outlet displaying the credit card
signs.
Each month the cardholder receives a statement from the credit card
company detailing all purchases during the month together with the total amount
outstanding and the minimum amount due for payment. Payment may be made by
cheque through the post, by bank Giro credit or by regular monthly direct debit.
Where the full balance is not settled, interest is charged; this provides the credit card
company with its main source of income. The credit card company also receives
income from retailers who make use of its cards and who pay a percentage of each
sale to the credit card company.
1. Credit cards are less popular now than in the past.
2. A large number of shops have credit card facilities.
3. Credit card customers can buy whatever they want, without paying
attention to the credit limit.
Exercise 2: Read the text again and answer the following questions
1. Who uses credit card?
…………………………………………………………………
2. What does the cardholder receive from the credit card company?
……………………………………………………………
3. How may payment be made?
…………………………………………………………………………
4. What is the credit card company's main source of income?
………………………………………………………………………
Exercise 3: Match the expressions on the left with the words of the same
meaning on the right.
A B
1. Loan (v& n) a. provide (v)
2. Money b. purpose
3. Fee c. ATM
4. Buy (v) d. Retailer
TAKT * 111
5. Shopkeeper e. place of business
6. Bank card f. cheque card
7. Cash machine g. purchase (v & n)
8. Use (n) h. charge (v & n)
9. Supply (v) i. cash (v & n)
10. premises j. credit (v & n)
1…. 2…. 3…. 4…. 5…. 6…. 7…. 8…. 9…. 10…..
Exercise 4: Make one sentence from the two below, using the word(s) in
brackets.
1. She wasn't very rich. She gave money to the poor. (although)
2. He left early. He wanted to arrive on time. (so that)
3. You default on your car loan. The bank will take possession of your
car. ( if)
4. Tom doesn't earn a big salary. But if he did, he wouldn't buy
car.(even if)
5. I refuse to pay anything. You do the work properly. ( until)
6. There was a lot of noise. Charlie managed to work. (despite)
7. Sue likes Opera. Joe prefers jazz. (whereas)
8. The weather was bad. They enjoyed the trip. (even though)
9. He went to work. He had the flu ( in spite of)
10. You have to put the alarm on. If not, it won't work.( unless)
Exercise 5: Fill in the blanks with a linking word.
1. I’ll come and see you……. I leave for Moscow.
2. He will tell you……….. you get home.
3. I can’t express my opinion……… I know the fact.
4. He will stay here……..you come.
5. ……….. he tried hard, he wasn’t successful.
6. He worked late last night…….. he might be free to go away
tomorrow.
7. The room is …. small….. we can’t all get in.
8. We might be able to increase the size of our order…….. you
agreed to a higher discount.
9. The road seems longer…….I thought.
10. We‘re looking for an alternative supplier ………… our usual one
can’t deliver next week.
Exercise 6:
You have your credit card at Vietinbank. You has just got married to an Italian
man and you are going to settle in Italy. You want to stop using you credit card at
your bank. Write them a letter to request the cancellation of your credit card and
explain your own reasons.
112 * TAKT
UNIT 8
INTERNATIONAL TRADE
Exercise 1: Read the following text carefully and answer the following questions
about multinationals.
MULTINATIONAL CORPORATIONS
A company often becomes involved in international trade by exchanging

goods or services with another country—importing raw materials it may need for
production or exporting finished products to a foreign market. Establishing these
trade relationships is the first step in the development of a multinational business. At
this stage, however, the corporation's emphasis is still on the domestic market. As
trade expands, the corporation's dealings with companies or people outside the
"home country” of that corporation increase.
The corporation then begins to view the whole world as a base for production and
marketing operations. The next step in the development of a multinational business is
focusing on the world market. The company may establish a foreign assembly plant,
engage in contract manufacturing, or build a foreign manufacturing company or
subsidiary. Therefore, a multinational corporation is a company that is primarily based in
one country and has production and marketing activities in foreign countries.
Since World War II, multinational corporations have grown rapidly. The names
and products of many of the multinationals have become well-known in the world
marketplace: International Business Machines (IBM), Royal Dutch Shell, Panasonic,
Coca-Cola, and Volkswagen. Coca-Cola, for example, now has operations in more than
180 countries.
A multinational corporation operates in a complex business environment. Cultural
social economic political and technological systems vary from country to country. In order
to operate successfully, a multinational company needs a basic understanding and
appreciation of the foreign business environment.
TAKT * 113
1. What is a multinational corporation?
………………………………………………………………………….......
2. What is the first step in the development of a multinational business?
………………………………………………………………………….......
3. A company may establish its manufacturing operations in foreign
countries. What are three forms that these operations may take?
………………………………………………………………………….......
4. Why does a multinational corporation need a basic understanding of
foreign business environments?
………………………………………………………………………….......
Exercise 2: Circle the best answers for these questions, A, B or C.
1. What market does a multinational corporation focus on?
A. domestic market
B. local market
C. World market
2. What market is the company’s emphasis when it is simply trading with
other countries?
A. domestic market
B. local market
C. World market
3. According to the passage, when have multinationals grown quickly?
A. since World War I
B. since World War II
C. In the 21th century.
Exercise 3: Fill in the blanks with the suitable words in the box.
economy, economics, economic, economical, economically, economists

1. Marx and Keynes are two famous……………….
2. Those people are studying the science of ……………………
3. We sometimes call a person’s work his………………. activity.
4. People should be very ………………. with the money they earn.
5. The economic system of a country is usually called the national ……………
6. The people in that town live very……………….
114 * TAKT
Exercise 4: Give the correct word forms to complete the passage below
A HOBBY INTO A BUSINESS
It is not (0) unusual to make a hobby pay for itself even if USUAL
initially you had no (1) …….... of turning it into a business. INTEND
Depending upon the hobby, the necessary (2) …….... can be EQUIP
expensive and the idea of (3) ……..... offering items up for sale can
OCCASION
at the very least help pay for the hobby.
CREATE
For those looking to make a profit on their (4) ……...., these
days an audience for products can range from the local to the truly
global. Some hobbyists begin by donating a piece of work to a (5) CHARITY
…….... sale just to see how quickly and (6) …….... it sells.
PROFIT
Local shops can be the next outlet for items, often the step
taken by those making things like hand-made greetings cards for
instance. And for the truly ambitious, websites like eBay enable the WORLD
hobbiest to reach a (7) ………... audience. APPRAISE
As with any business idea, an honest (8) ………... should be
undertaken regarding the demand for the work and the price the REAL
customer is prepared to pay in (9) ……... .However, do not forget SATISFY
the degree of personal (10) ………... as well.
Exercise 5: Rearrange the words to make meaningful sentences.
1. company / communicate/ good / A / successful / on / relies /
promotion / to / with /customers.
…………………………………………………………………………
…………………………………………………………………………
2. important / developed / steel / industry / The / production / of / is /
an / a/ in /economy.
…………………………………………………………………………
…………………………………………………………………………
3. needs / individuals/ buy /try/ to /the/ of / the / who /and /use /their
/Companies/meet/products.
…………………………………………………………………………
…………………………………………………………………………
4. The / focuses / in/ its /marketing/ on /production/ company
/strategy.
…………………………………………………………………………
…………………………………………………………………………
5. The /of /a /increase /than /the /of /inflation /rate /faster /product
/price.
…………………………………………………………………………
…………………………………………………………………………
TAKT * 115
6. goods /cannot/ efficiently /import /lack /Nations /that/ they /or
/produce.
…………………………………………………………………………
…………………………………………………………………………
7. trade/ certain/ allows /International/ to /specialize /countries /in/
goods.
…………………………………………………………………………
…………………………………………………………………………
8. Trade /national/ is /not /to /markets /restricted.
…………………………………………………………………………
…………………………………………………………………………
Exercise 6: Use the following sets of words and phrases to write complete
sentences.
1. Multinational/ corporations / grow/ rapid / 1945.
…………………………………………………………………………
…………………………………………………………………………
2. Multinational / company / need/ basic / understanding/ appreciation/
foreign/ business/ environment.
…………………………………………………………………………
…………………………………………………………………………
3. Managers/ try/ motivate/ employee / be/ efficient/ productive.
…………………………………………………………………………
…………………………………………………………………………
4. Because / cold/ climate/ Sweden / not/ suited/ specialize/ coffee/
bananas.
…………………………………………………………………………
…………………………………………………………………………
5. International / trade/ affect/ worldwide/ condition / numerous/ way
.…………………………………………………………………………
…………………………………………………………………………
116 * TAKT
REFERENCES
1. Banking Transactions. Francis Radice. Macmillan Professional

English
2. Business Venture 2. Oxford University Press.
3. English for Economics. Mark Roberts. Garnet Education.
4. Financial English. Ian Mackenzie. Thomson Heinle, 2002
5. Giáo trình Tiếng Anh chuyên ngành (English in Finance). Cao Xuân
Thiều. Nhà xuất bản Tài chính, 2008.
6. Tiếng Anh Kế Toán (English for Accounting). Thiên Ân Trương
Hùng, Trịnh Thanh Toản. Nhà xuất bản Thanh niên.
7. Online webpages:
http://en.wikipedia.org/wiki/Balance_sheet
http://en.wikipedia.org/wiki/Income_statement
http://en.wikipedia.org/wiki/Cash_flow_statement
TAKT * 117
TABLE OF CONTENTS
STUDENTS’ BOOK
Page
Unit 1: THREE ECONOMIC ISSUES……………………………….. 5
Unit 2: SUPPLY AND DEMAND……………………………………. 15
Unit 3: INFLATION…………………………………………………… 25
Unit 4: DIRECT AND INDIRECT TAXES…………………………… 37
Unit 5: CENTRAL BANKS………………………………………….... 47
Unit 6: ACCOUNTING………………………………………………… 57
Unit 7: CREDIT CARDS……………………………………………….. 65
Unit 8: INTERNATIONAL TRADE…………………………………… 73
118 * TAKT
WORKBOOK
Page
Unit 1: THREE ECONOMIC ISSUES…………………………………. 85
Unit 2: SUPPLY AND DEMAND………………………………………. 89
Unit 3: INFLATION……………………………………………………… 93
Unit 4: DIRECT AND INDIRECT TAXES……………………………… 97
Unit 5: CENTRAL BANKS……………………………………………… 101
Unit 6: ACCOUNTING…………………………………………………… 105
Unit 7: CREDIT CARDS…………………………………………………. 111
Unit 8: INTERNATIONAL TRADE……………………………………… 113
REFERENCES
TABLE OF CONTENTS
TAKT * 119
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120 * TAKT

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PREFACE

II. Check your understanding:

B. LANGUAGE FOCUS: THE PASSIVE VOICE

C. WRITING: The Passive voice – Describing charts and graphs

I. The Passive Voice

build discover elect found invent open

3. Radium / Marie and Pierre Curie ......................................................................

5. Fiat SPA / 1899 ......................................................................

D. LISTENING: Presenting figures

Task 2: Listen to Michelle Li giving a presentation on the sales figure. Match

E. SPEAKING: Describing graphs

II. Check your understanding:

III. Increase your vocabulary:

• We can also use an imperative instead of will to give instructions.

• We use the second conditional to talk about impossible or unlikely situations in

assume (v) [ə'sju:m] cho rằng, thừa nhận

III. Increase your vocabulary:

B. LANGUAGE FOCUS: Relative Clauses

II. Defining and non-defining relative clauses

C. WRITING: Cause and Effect

Task 2: Listen and check your answers.

E. SPEAKING: Describing a process from notes using cause and effect

since as a result because of + noun phrase

because Therefore due to + noun phrase

consequently for this reason so

negative adj ['negətiv] không tốt; xấu; tiêu cực

II. Check your understanding:

B. LANGUAGE FOCUS: Reduced Relative Clauses

D. LISTENING: Listening for specific information

E. SPEAKING: Making Questions

1. …..…. 2……… 3……… 4………. 5….…… 6……… 7……… 8………

Task 2: Work in pair to practice the questions and answers.

Task 3: Do the same for the second part of the listening.

II. Check your understanding:

III. Increase your vocabulary:

B. LANGUAGE FOCUS: -ING FORM AND INFINITIVES

II. –ing form:

c. after verbs of perception in the pattern: verb + object + present participle

as Complement E.g. The first one is actually to implement

Task 2: Infinitives or –ing form?

C. WRITING: Describing trends

Task 2: Look at the graph and

D. LISTENING: Table completion

E. SPEAKING: Figure description

II. Check your understanding:

III. Increase your vocabulary:

Task 2: Listen to the conversation between the Managing Director (Charles)

identify (v.) [ai'dentifai] nhận ra, nhận biết, nhận dạng

transaction (n.) [træn'zæk∫n] sự giao dịch, kinh doanh

II. Check your understanding:

financial unpaid cardholders issued immediate

Talk to different shop cashiers and perform the purchase.

Hong Dress £15 ATM card

II. Check your understanding:

III. Increase your vocabulary:

MID = in the middle of - Mid sentence, midwinter, midday, mid night,…

PRE = before - Pre – pay, preview, pre –determine, pre – mature…

OVER = too much - Over weight, overeat, oversleep, over think,

DOM - kingdom, freedom, wisdom

HOOD - boyhood, neighborhood, childhood, brotherhood,

IZE/ISE - apologize, criticize, computerize, modernize,

Student B is a company employee.