Câu hỏi và tóm tắt bài đọc Tiếng Anh Chuyên Ngành 1 vấn đáp cho sinh viên Học Viện Tài Chính FULL Câu mở đầu cho bất kì câu trả lời summary nào: “ Today I want toam going to tell you about the summary of Unit X. In unit X, we learnt about Tên unit đó”
Trang 1UNIT 1: ECONOMICS
Câu mở đầu cho bất kì câu trả lời summary nào: “ Today I want to/am going to tell you about the summary of Unit X In unit X, we learnt about -Tên unit đó”
Fisrtly, it talks about the definition of economics Economics is the study ofhow people choose to use resources to maximize their benefits and well-being.Secondly, it talks about two main types of economics: macroeconomics andmicroeconomics
- Microeconomics focuses on the actions of individuals and industries, like thedynamics between buyers and sellers, borrowers and lenders
- Macroeconomics studies the economic activity of an entire country or theinternational marketplace
Thirdly, it talks about the different between three economic theories from AdamSmith, Karl Marx and Keyne
Finally, it talks about the roles of economics and the benefit of studyingeconomics
1. How is economics defined?
Economics is the study of how people choose to use resources to maximizetheir benefits and well-being
2. What do resources include?
Rerouces include time, money, talent people have available, the land, buildings,equipment, technology and the knowledge of how to combine them to createuseful products and services
3. Why do people have to make choices when using resources? ( what purpose do people use their resources for?)
Trang 2Because the resources are limited and the people’s wants are unlimited, theyhave to make choices when using resources to maximize their benefits andwell-being.
4. What choices do people make?
People have to choose to use:
- How much time to devote to work, to school and to leisure
- How many dollars to spend or save
- How to combine resources to produce goods and services
- How to vote and shape the level of taxes and the role of government
5. What do well-being mean?
Well-being includes the satisfaction people gain from products and servicesthey choose to consume, from their time in leisure and with family andcommunity as well as in jobs, and the security and services provided byeffective governments
6. What are two types of economics?
There are two main types of economics: macroeconomics and microeconomics
7. What does microeconomics study/focus on?
Microeconomics studies about (focuses on) the actions of individuals andindustries, like the dynamics between sellers and buyers, borrowers and lenders
8. What does macroeconomics study/focus on?
Macroeconomics studies about (focuses on) the economy activity of an entirecountry or the international marketplace
9. What are economists?
Economists are people who study economics
10. What are different between three theories?
- Adam Smith: believed that people who acted in their own self-interest
Trang 3goods and wealth benfited all the society And the governments shouldn’trestrict
C2: Because the knowdlege of economics is very necessary When we haveknowdlege, we can predict economic development in the future We can giveadvice when the economy enters recession or overheating Moreover economicshelps a high income job
Trang 4UNIT 3: MICROECONOMICS
I. Summary:
Firstly, it talks about the definition of Microeconomics
Microeconomics deals with the how consumers, workers and firms behave whilemaking decisions on the allocation of scare resources
Scare resources such as: limit incomes, limit budgets, financial resources, humanresources
Secondly, it talks about the decision on allocation of scare resources:
In a planned economy, it is done by government
In a modern market economy, consumers, workers and firms could do that.Finally, it talks about three important themes of microeconomics
- The ideas of making optimal trade-off
- The roles of prices
- The roles of market
II. Questions:
1. What is the definition of microeconomics?
Microeconomics deals with the how consumers, workers and firms behavewhile making decisions on the allocation of scare resources
2. Why do people have to allocate resources?
Because the resources are limited and the people’s wants are unlimited
3. Who allocates scare resources?
Trang 5In a planned economy, government can allocate resources.
In modern market economies, consumers, workers and firms can do that
4. What are the main themes of Microeconomics? 3 themes
They are:
• The ideas of making optimal trade-off
• The role of price
• The role of market
5. What does the term “trade-off” mean?
Trade-off means an exchage that occurs as a compromise
6. Why do consumers trade-off?
Because consumers face limited income
7. What do consumers trade-off?
They trade-off between buying some more goods with buying less of others,spending with saving income for the future, current consumption with futureconsumption
8. What does cunsumer theory describe?
Consumer theory describes how consumers, based on their references,maximize their well-being by trading-off the purchase of more of some goodswith the purchase less of others
9. Why do workers trade-off?
Because workers face limited time
10. What do workers trade-off?
Workers trade-off between leisure with work, working for small company withlarge company, immediate working with further studying
11. Why do firms trade-off?
Because firms face limited fianancial resources
Trang 612. What do firms trade-off?
Firms trade-off between producing this set of products with others, hiring moreworkers with buying new machine
13. What does firm theory describe?
The theory of firm describes how these off can be best made They off between producing this set of products with others, hiring more workerswith buying new machine
trade-14. How are prices determined?
- In a planned economy, prices are determined by government
- In a market economy, prices are determined by the interactiong ofconsumers, firms, and workers
Trang 7UNIT 4: MACROECONOMICS
I. Summary:
Firstly, it talks about the goal of macroeconomics
The goal of macroeconomics is to look at overall economics trend such as:employment levels, economic growth, balance of payments, inflation,
Secondly, it talks about 2 policies of macroeconomics: fiscal policy andmonetary policy
Moneytary policy controls a national money supply, it is supervised byCentral Bank
Fiscal policy controls Government’s spending and revenue, it is supervised
by Ministry of Finance
Thirdly, it talks the differences between macroeconomics and microeconomics.Finally, it talks about the relationship between micro and macro They areinterdependent and complement one another
II. Questions :
1. What is the goal of macroeconomics?
The goal of macroeconomics is to look at overall economic trends
2. What are the factors of macroeconomics?
They are employment levels, economic growth, balance of payments, inflationand so on
3. What are major macroeconomics policies?
There are two major macroeconomics policies They are moneytary policy andfiscal policy
Trang 8- Moneytary policy controls a nation’s money supply.
It is supervised by the Central Bank
The main tools are discount rate, reserve requirement and open marketoperation
- Fiscal policy controls s government’s spending and revenue
It is supervised by Ministry of Finance
The main tools are s government’s spending, government’s revenue liketaxation and government’s borrowing
4. What are 2 economic policies aimed at? (= What are the main objectives
The differences are:
- Micro focuses on the actions of individuals and industries Macro focuses onactivities of an entire country or international marketplace
- Micro ensures effective allocation of scare resourses, balance betweendemand and supply, stability prices and markets Macro looks at overalleconomic trends: employment levels, inflation,…
- Micro uses price policy, competition policy, Macro uses: fiscal policy andmonetary policy
- Micro takes a bottoms-up approach analyzing the economy.Macroeconomics takes top-down approach
6. Why is it said that microeconomics and macroeconomics are interdependent and complement one another?
Because there are many overslapping issues between two fields
Trang 9For example: high inflation would cause high prices of raw materials, this leads
to high prices of final products – this is a microeconomics issue
UNIT 5: DEMAND AND SUPPLY
Firstly, it talks about the demand
- Demand describes how price influences buyer’s behavior
- If the price of good increases, the quantity demanded will decrease and viceversa, while holding other factors are constant
- A change of price causes a movement a long a given demand curve
- A shift of the entire demand curve to the left or to the right is caused bychange in one of shift factors of demand, including society;s income, prices
of other goods (substitute goods and complement goods), expectations, andtastes
Secondly, it talks about the supply
- Supply describes how price influences seller behavior
- If the price of good increases, the quantity supplied will increase
- A change of price causes a movement a long a given supply curve
- A shift of the entire supply curve to the left or to the right is caused bychange in one of shift factors of supply, including technology, taxes, andsuppliers’ expectations
Thirdly, it talks about the relationship between demand curve and supply curve
Equilibrium is the point where the quantity demanded equals to the quantitysupplied Equilibrium occurs when demand curve and supply curve intersect.There is no tendency for price to change
Finally, excess demand occurs when quantity demanded is bigger than quantitysupplied, so price of goods tend to increase Supply excesses occurs when quantitysupplied is bigger than quantity demanded, so price of goods tend to decrease
II. Questions:
Trang 101. What is difference between supply/demand and quantity supplied/quantity demanded?
Supply/demand is the quantity of goods and services, the sellers/buyers arewilling to sell/buy at every price levels
The quantity supplied/quantity demanded is the quantity of goods and servicesthe sellers/buyers are willing to sell/buy at specific price
2. Relation between prices and quantity demanded/quantity supplied?
If the prices of goods increase, the quantity demanded will decrease
If the price of good increase, the quantity supplied will increase
3. What are the shift factors of demand?
There are: society’s income, prices of other goods, expectation of buyer tastes
4. What are the shift factors of supply?
There are: the prices of input, technology, taxes, supplies expectation
5. Intersection of demand curve and supply curve?
When demand curve and supply curve intersect, we have equilibrium.Equilibrium occurs when quantity demanded is equal to quantity supplied Soprice unchanged
6. What are advantages and disadvantages of the excess demanded and excess supply?
- If quantity demanded is more than quantity supplied, this is a shortage Soprice of good will increase
+ advantages: the companies make more profits, promote productions
+ disadvantages: it restrict consumption, it may result inflation
- If quantity supplied is more than quantity demanded, this is surplus So price
of good will decrease
+ advantages: they have to pay less money for goods, so encourages theconsumptions
+ disadvantages: profits of companies will decrease, shouldn’t promoteproduction
Trang 11UNIT 6: PUBLIC FINANCE
I Summary:
Firstly, it talks about the Federal budget
Federal budget comes from different kind of taxes: income tax, corporatetax, customs duties, payroll tax, excise tax,
Federal budget constitutes 2 funds: federal fund and trust fund
Secondly, it talks about federal borrowing
To finance the difference between revenue and spending, federal governmentborrows money by issuing bonds or other types of securities Anyone can buythem
Finally, it talks about federal government’s debts There are debt held by the publicand debt held by federal accounts
II Questions:
1 What is the difference between federal fund and trust fund?
Federal fund comes from income tax and corporate tax It is used forGovernment general program
Trust fund comes from payroll tax It is used for very Government specificprograms like social security, medicare
2 What is federal budget used for?
It is used for government specific programs or government activities in general
3 What is the debt helb by public and debt held by the federal account?
- Debts held by the federal account is the amount of money that the treasury has borrowed from itself
Trang 12- Debts held by the public is the total amount the government owes to general public such as regular people, institution, foreign government.
4 Who does the government owe money to?
There are domestic investors and foreign investors
- The domestic investors include: the general public, the federal account
- The foreign investors include: foreign individual, the governments of foreigncountries
3 câu hỏi thêm
1 What is public finance concerned with?
Public finance is concerned with how government funds its programs
2 How can public finance be raised?
It can be raised from:
- Tax: includes individual income tax, corporate income tax, customs duties,payroll tax, excise tax
- Borrowing money by issuing state bond to regular people, institution, foreigngovernment
+ to ensure the government’s survival and operation
+ to ensure social security and defense
+ to ensure social welfare
Trang 13UNIT 7: FISCAL POLICY
I Summary:
Firstly, it talks about the direct influence of government’ spending and taxation
on the overall performance of the economy
Secondly, it talks about the deficit
Deficit runs when the government spend more than its receives
Deficit can be finance by borrowing or printing money
Deficit is either harmful and helpful to the economy
Thirdly, it talks about fiscal policy
Fiscal policy is a government policy related public spending and taxation Fiscal policy has 2 types: expansionary fiscal policy and contractionaryfiscal policy
Finally it talks about the factors influencing government decisions There are 2factors: inside factors and outside factors
II Questions:
1. How does the government spending and taxation affect overall
economy?
It directly effects the overall performance of the economy
- If government spends more money to build a new highway It will help create jobs Jobs create income that aggregate demand increases So the economy tends to grow
Trang 14- If taxation increase, it will decrease aggregate demand so the economy tends
to shrink
2. What is deficit spending?
Deficit spending is spending funds obtained by borrowing or printing moneyinstead of taxation
3. When is deficit harmful?
When unemployment rate is low, the government spends much money It willrise higher prices and higher inflation
4. When is deficit helpful?
When unemployment rate is high, jobs create income, promote economygrowth
5. Under what circumstance should fiscal policy be
expansionary/contractionary? (=What does
6. When does expansionary/contractionary policy occur?
- Expansionary policy is used when unemployment is too high, economy is not growing fast enough
- Contractionary policy is used when inflation is too high, economy is over heating
7. What does expansionary/contractionary policy use for?
- Expansionary policy uses to decrease unemployment rate, promote
economic growth
- Contractionary policy uses to slow down overheating economy, keep
inflation under control
8. Which do inside factors include?
There are unemployment rate, economic growth, inflation rate, politicalconsiderations
Trang 15There are fiscal policy of other countries, requirement of other organizations,…
10. Why should the government consider the fiscal policies of other countries?
Because by doing so, the government may tempt companies to relocate byoffering them generous tax programs or other benefits
11. What is fiscal policy (or monetary policy) Vietnam use at this time?
Vietnam uses a combination fiscal policy Using contractionary or expansionarypolicy depends on specific situation of economy, inside factors and out sidefactors
UNIT 8: TAXATION
I. Summary:
Firstly, it talks about the function of taxation
The primary function of taxation is to raise the revenue to finance thegovernment expenditure But taxes also have other functions:
- Income tax uses to redistribute wealth
- Custom duties uses to restrict imports and encouraging domestic industry
- Excies duties uses to dissuade people from smoking, drinking alcohol,consuming luxury goods and so on
Secondly, it talks about the advantages and disadvantages of different tax systems.Finally, it talks about the tax evasion and tax avoidance
Tax evasion is an illegal way in order not to pay tax
Tax avoidance is a legal way to reduce or postpone tax payment
II. Questions:
* Definition of many kind of taxes
- Direct tax is a tax (which is) levied on tax payer
- Indirect tax is a tax on goods and services
Trang 16- Income tax is a tax levied on income of corporate or individual.
- Excise duty is a tax levied on specific goods and services: luxury goods,wine, beer, car,…
- Custom duty is a tax imposed on imports
- Valuable added tax is a tax levied on the value added of a product at eachstage of production
- Capital transfer tax is a tax levied on the transfer of capital by gift orinheritance such as property, money, and other assets
- Progressive is a tax rate which is levied at higher rates on higher incomes
- Regressive is a tax rate which is levied at higher rates on lower sales
- Tax shelters: are all the ways people use them to avoid tax
1. How many kinds of taxes?
There are 2 kinds of taxes: direct tax and indirect tax
- Direct tax is a tax levied on taxable person such as income tax
- Indirect tax is a tax levied on goods and services, such as payroll tax, excisetax and custom duties,…
2. How many kinds of tax rates?
There are 2 kinds: progressive income tax and regressive income tax
- Progressive is a tax rate which is levied at higher rates on higher incomes
- Regressive is a tax rate which is levied at higher rates on lower sales, andvice versa
3. What are the advantages and disadvantage of different taxation system?
- Advantage: + with the progressive tax, it helps redistribute income wealth, ensure social equality, reduce the gap between the rich & the poor
+ With the regressive tax, it encourages the business
Disadvantage: +the tax people pay on additional income is always high, theprogressive income tax may be a disincentive to both working and investing
+The regressive tax is not really fair Because poorer peopleneed to spend a larger proportion of their income on consumption than the rich
Trang 17- Employers give their employees lots of perks instead of taxable money such
as: company car, free health insurance and subsidized lunches
- They use tax shelter such as using the life insurance policies, pension plans
and other investments
- People also donate to charities to reach tax deductible
5. What are the ways of avoiding tax on profits?
- The company can bring forward capital expenditures such as: new factories,
machines and so on
- The multinational companies often set up their head offices in countries,
where taxes are low
6. How do people evade tax?
When the higher the tax rate, the more people are tempted to cheat
- Lots of people also have undeclared part time evening jobs
- The criminal organizations launder money
- Smuggle
7. What are differences between tax evasion and tax avoidance?
Tax avoidance Tax evasion
- is a legal way to reduce or postpone tax
payment
- Avoid tax on salaries:
Paying more benefits for the staff :
company cars, free health
insurance, subsidized lunches
Doing charity: to reach
tax-deductible
- Avoid tax on profits
Bring forward capital expenditure
Set up head-offices in tax heaven
- is an illegal way in order not to pay tax
- Making wrong income declaration:
Because they have undeclared time evening jobs
part- Making wrong accounting records
Smuggling
Laundering money