Câu hỏi tiếng anh chuyên ngành 1

Federal funds come from/ are generated from income taxes, corporate taxes, customs duty, excise tax, and others.. They are individual income taxes, corporate taxes, customs duty, excise

QUESTIONS FOR UNIT 6

1 Where does the government’s revenue come from? / What are sources of the government’s revenue?

2 What are trust funds?

3 What becomes trust funds?/ What is the source of trust funds?

4 What are federal funds?

5 What are sources of federal funds?

6 What are trust funds used for/ spent on?

7 Give examples for social security programs?

8 What are federal funds used for/ spent on?

9 What can the government do when it needs to spend more money than it can get from taxation?

10 How can the federal government sell its bonds or other securities?

11 What are two types of federal debts (public debts)?

12 What are debts held by federal accounts?

13 What are debts held by the public?

14 Who can be the domestic/ internal investors who lend money to the

government?

15 Who are international investors?

16 What is individual income tax?

17 What is corporate income tax?

18 What is payroll tax?

19 What is customs duty?

20 What is excise tax?

- Matching exercises

- Complete the sentences using words or phrases in the box

- Make up complete sentences using given prompts

+ Excise tax/ the tax/ impose/ some/ specific/ good/ service/ such as/ alcohol, beer/ hotel/, restaurants, and so on

1 Where does the government’s revenue come from? / What are sources of the government’s revenue?

- The government’s revenue comes from tax revenue and borrowings.

- Tax revenues come from the collection of different types of taxes.

2 What are trust funds?

Trust funds come from/ are generated from payroll taxes

3 What becomes trust funds? – Payroll taxes become trust funds

/ What is the source of trust funds?

Trust funds come from/ are generated from payroll taxes

4 What are federal funds?

Federal funds come from/ are generated from income taxes, corporate taxes, customs duty, excise tax, and others

5 What are sources of federal funds?

They are individual income taxes, corporate taxes, customs duty, excise tax, and others

6 What are trust funds used for/ spent on?

- specific programs such as social security and medicare

7 Give examples for social security?

Social security programs can be paying pensions to retired people,

subsidizing social families or victims and so on

8 What are federal funds used for/ spent on?

For building infrastructure, paying salaries for state employees and running the government body

9 What can the government do when it needs to spend more money than it can get from taxation?

The government can issue bonds/ print more money

10 How can the federal government sell its bonds or other securities?

It can sell bonds directly through the website, or indirectly via banks or brokers

11 What are two types of federal debts (public debts)

They are debts held by federal accounts and debts held by the public

12 What are debts held by federal accounts?

They are the amount of money that the government borrows from itself, exactly from the surplus of trust funds

13 What are debts held by the public?

They are the amount of money that the government owes to all of its creditors inthe general public

14 Who can be the domestic/ internal investors who lend money to the

government?

Domestic investors include domestic private investors, Federal Reserve (the Central bank), state and local governments, others

15 Who are international investors?

They include governments of other countries, foreign private investors,

international financial institutions (IMF – International Monetary Fund; WB- World Bank)

16 What is individual income tax?

Individual income tax is the tax imposed/ levied on individual incomes

- to impose/ levy + taxes + on sth = to tax sth

17 What is corporate income tax?

Corporate income tax is the tax imposed on business incomes

18 What is payroll tax?

Payroll tax is the tax calculated/ computed based on payroll that is paid jointly

by workers or employers, including social insurance and may be health

insurance)

19 What is customs duty?

Customs duty is the tax imposed on imports

20 What is excise tax?

Excise tax is the tax imposed on some specific goods and services such as alcohol, beer, hotels, restaurants, and so on

- Matching exercises

- Complete the sentences using words or phrases in the box

- Make up complete sentences using given prompts

+ Excise tax/ the tax/ impose/ some/ specific/ good/ service/ such as/ alcohol, beer/ hotel/, restaurant, and so on

UNIT 7 FISCAL POLICY Questions for discussion

1 What is deficit spending?

2 Is deficit spending helpful or harmful to the economy?

3 When is deficit spending helpful? And why?

4 What are objectives of deficit spending?

5 When is deficit spending harmful? And why?

6 What are tools of fiscal policy?

7 What are stances of a fiscal policy?

8 What is an expansionary F.P.?

9 When should the F.P be expansionary?

10 Why or what are objectives of an expansionary fiscal policy?

11 What is a contractionary F.P.?

12 When should the F.P be contractionary?

13 Why or what are objectives of a contractionary fiscal policy?

14 What factors should be considered when making decisions on fiscal policy?

1 Deficit spending

1.1 What is deficit spending?

- Deficit spending means spending funds obtained by borrowing or printing instead of taxation

1.2 Is deficit spending helpful or harmful to the economy?

- Deficit spending can be either helpful or harmful

1.3 When/ Under what circumstances/ in which situation is deficit spending helpful? And why?

- When the economic growth is low (the government feels that its economy isn’tgrowing fast enough); or the unemployment is high:

- Deficit spending is helpful For example, the government borrows money to build a new highway, the construction creates more jobs, so the unemployment will reduce (decrease)

- And the construction also brings more incomes to individuals and firms With more incomes, they tend to spend or invest more, leading to increased aggregatedemand, then an increase in supply As results, the economy tends to grow.1.4 What are objectives of deficit spending/ an expansionary fiscal policy?The objectives of deficit spending are to promote economic growth and to reduce unemployment

1.5 When is deficit spending harmful? And why?

- When unemployment is low, deficit spending leads to more competition for limited/ scarce workers and resources, this inflates wages and prices

- And when inflation is high, deficit spending increases aggregate demand, then prices will increase So it is difficult to control inflation Then economic

recession or even crisis are likely to happen

2 Tools of fiscal policy

- Government spending (G)

- Taxation (T)

At a point in time, the fiscal policy can be in one of three stances:

+ G > T (when the government spends more money than it can receive/ get/ collect from taxation), the fiscal policy is in deficit

+ G < T (when the government spends less money than it can receive from taxation), the fiscal policy is in surplus

+ G = T (when the government spends the same amount of money as it receives from taxation/ when the government spending is equal to tax revenue), the fiscalpolicy is balanced/ neutral

3 Fiscal policy can be expansionary or contractionary

3.1 What is an expansionary F.P.?

Fiscal policy is expansionary when government spending is increased; or

taxation is reduced; or both

3.2 When should the F.P be expansionary? Why?

When the economic growth is low (the government feels that its economy isn’t growing fast enough); or the unemployment is high

For example, when the government reduces tax rates on individual incomes or corporate incomes, both individuals and firms have more money to spend So that aggregate demand will increase, leading to an increase in supply (or an increase in production of goods and services) As results/ As a result, the

economy tends to grow More production creates more jobs so the

unemployment reduces

3.3 What is a contractionary F.P.?

Fiscal policy is contractionary when taxation is increased; or government

spending is reduced, or both

3.4 When should the F.P be contractionary? Why?

The fiscal policy should be contractionary when inflation is high For example, when the government increases tax rates (on incomes), individuals and firms have less money to spend, leading to a decrease in aggregate demand, and then

a decrease on pressure on prices, in other words, inflation is likely to reduce 3.5 What are objectives of an expansionary F.P or a contractionary F.P.?

- Objectives of an expansionary fiscal policy are to promote economic growth and to reduce unemployment

- Objectives of a contractionary F.P are to reduce inflation (keep inflation under control)

4 Factors should be considered when making decisions on fiscal policy?

- Inside (internal) factors:

+ economic growth

+ (un)employment

+ inflation

+ political considerations

- Outside (external factors)

+ fiscal policies of other countries

+ requirements of international financial institutions (such as IMF or WB)

IMF = International Monetary Fund

WB = World Bank

Make judgments about sth = make regarding sth = consider sth

To be (more) likely to do sth

- It is likely to rain/ to be rainy today.

- Vietnam is likely to fight against Covid19.

Multinational companies/ corporations, international companies

(parents company + subsidiaries

These companies have their subsidiaries in some different countries

Generous tax programs

4.3 Why should the government consider requirements of international

financial institutions (such as IMF, WB) when making decisions on fiscal policy?

Because they often grant aid packages subject to conditions relating to fiscal policy

UNIT 12 MONETARY POLICY

Open market operations

QUESTIONS FOR DISCUSSION

1 What are 3 tools of monetary policy?

2 What is reserve requirement?

3 What is the role of reserve requirement?

4 What is discount rate?

5 What are open market operations?

6 What is an expansionary monetary policy?

7 When should the monetary be expansionary? Why?

8 What is the objective (goal) of an expansionary monetary policy

9 What is restrictive monetary policy?

10.When should the monetary policy be restrictive? Why?

11 What is the objective (goal) of a restrictive monetary policy?

1 What are 3 tools of monetary policy?

2 What is reserve requirement?

Reserve requirement refers to a percentage of deposits that the Central bank

requires all other banks to keep in reserve

3 What is the role of reserve requirement?

Reserve requirements play a central role in how much money (that) banks

have / to lend out

= Reserve requirements determine the lending capacity of banks, thus reserve

requirements affect/ have impact on/ have influence on/ make changes in the

money supply

Play + (an important/ a central) role in + sth/ doing sth

4 What is discount rate?

Discount rate is the interest rate that the Central bank charges on loans to other banks

Charge + interest rates/ fees/ prices + on sth

5 What are open market operations?

Open market operations refer to the Central bank’s buying and selling

government securities

6 What is an expansionary monetary policy?

A monetary policy is expansionary when the Central bank decreases/ lowers/ reduces reserve requirement or discount rate or buying government securities

7 When (Under what circumstance) should the monetary policy be

expansionary? Why?

The monetary policy should be expansionary when economic growth rate is

low/ the economy isn’t growing fast enough/ is slowing down; and/or

unemployment rate is high Coo

- When the Central Bank lowers discount rates/ reserve requirements, for

example, banks can have more money to lend out/ the money supply will increase/ there will be an increase in the money supply.

- For example, when the Central bank buys government bonds, the money supply will increase/ there will be an increase in the money supply Thus, aggregate demand will increase/ shift to the right, leading to an increase

in supply (or more production of goods and services), creating more jobs andmore incomes for both individuals and firms As results/ as a result, theunemployment rate is likely to reduce and the economy tends to grow

8 What is the objective (goal) of an expansionary monetary policy?

The objective of an E M P is to promote economic growth and to reduce

unemployment

9 What is restrictive monetary policy?

A monetary policy is restrictive when the Central bank increases reserve

requirements or discount rates or selling government securities

10.When should the monetary policy be restrictive? Why?

Khi thực hiện chính sách tài chính nới lỏng thường kéo theo điều gì xảy ra?

Hệ quả của chính sách tài chính nới lỏng là lạm phát tăng

When the government runs/ employs (thực thi) the expansionary fiscal policy,

inflation is likely to increase In this situation/ In times of high inflation, a

restrictive monetary policy is likely to be employed For example, when theCentral Bank sells government bonds, the money supply will decrease, andaggregate demand will decrease as well, leading to a decrease in pressure onprices, in other words, inflation tends to reduce

11 What is the objective (goal) of a restrictive monetary policy?

The objective of a restrictive monetary policy is to reduce inflation/ to keep inflation under control

Homework:

BÀI TẬP THỰC HÀNH

I Make up complete sentences using given prompts.

1 Fiscal/ monetary/ policy/ be/ frequently/ used/ together/ restore/ economy/ to/full employment output

4 Expansionary monetary policy/ be/ increasing/ money supply/ increase realGDP

………

………

II> Translate into Vietnamese.

1 Recall that most central banks operate under a dual mandate to encourage fullemployment and control inflation If the central bank believes that theunemployment rate is lower than the natural rate of unemployment and there isinflation, it might take action to counteract what the government is doing tocontrol inflation For example, if the government engages in expansionary fiscalpolicy that leads to inflation, the central bank might decrease the money supply

UNIT 8 TAXATION VOCABULARY

Different types of taxes

- Payroll tax refers to national (social) insurance and compulsory health insurance which are computed based on payrolls

- Individual (personal) income tax is the tax imposed on individual incomes

- Individual (personal) income tax is the tax imposed on the money that

individuals/ households make

- Corporate (business) income tax is the tax imposed on business (firms’) incomes

- Customs duty is the tax imposed on imports

- Excise tax is the tax imposed on specific goods or services such as beer, wine, restaurants, hotels and so on.

- Sales tax is the tax imposed on sales of goods and services.

- VAT (value-added-tax) is the tax collected at each stage of production, excluding the already-taxed costs from previous stage.

- Capital gain tax is the tax imposed on profits from selling the company’s assets.

- Capital transfer tax = inherited tax = inheritance tax is the tax imposed on gifts or inheritances of over a certain value

- Progressive taxes refer to taxes levied (imposed) at higher rates on higher

Examples for progressive taxes are: personal/ business income taxes

- Regressive taxes refer to taxes which are imposed at the same tax ratesfor both the poor and the rich (everyone), so that poorer people need tospend a larger proportion of their incomes than the rich

- Examples for regressive taxes are: VAT, sales taxes (thuế hàng hóa), etc

- Direct taxes: A direct tax is a tax which a person or organization pays

directly to the government, for example income tax.

- Indirect taxes: A indirect tax is a tax on certain manufactured goods,imports, etc that is paid indirectly by the consumer because it is included

in the price (The producers/ importers contribute these tax bills to thegovernments on behalf on consumers.)

- Examples for indirect taxes are VAT, customs duty, excise taxes

Thuật ngữ kế toán liên quan đến thuế

– Sales tax (hoặc VAT value added tax): a tax collected at each stage of production, excluding the already-taxed costs from previous stages

Thuế giá trị gia tăng: loại thuế được thu ở mỗi khâu sản xuất, trừ những khoản đã thu thuế ở các công đoạn trước.

– Tax point: this determines when the transaction has taken place for sales tax purposes It is normally the invoice date.

Điểm thuế: xác định thời điểm giao dịch diễn ra, nhằm tính thuế giá trị gia tăng.

Nó thường là ngày được ghi trên hóa đơn.

– Input sales tax: thuế GTGT đầu vào

– Output sales tax: thuế GTGT đầu ra

– Income tax: thuế thu nhập

– corporate income tax: thuế thu nhập doanh nghiệp

– Progressive tax: a tax levied at a higher rate on higher incomes

Thuế lũy tiến: thuế đánh ở tỉ suất cao hơn đối với thu nhập cao hơn

– capital transfer tax: thuế chuyển nhượng vốn

– export/ import tax: thuế xuất, nhập khẩu

– licence tax : thuế môn bài

– registration tax: thuế trước bạ

– excise/ luxury tax: thuế đánh vào hàng hóa xa xỉ, hay thuế tiêu thụ đặc biệt

– excess profits tax: thuế siêu lợi nhuận

– direct tax: thuế trực thu

– indirect tax: thuế gián thu

– levy/ impose a tax: đánh thuế

– lift a tax: bãi bỏ thuế

– tax abatement : sự khấu trừ thuế

– tax adjustment: sự điều chỉnh thuế

– tax allowance: trợ cấp thuế

– tax exemption: sự miễn thuế

– tax cut: giảm thuế

– register of tax: sổ thuế

– tax inspector: thanh tra thuế

– tax incentives: ưu đãi thuế

– self assessment: tự khai tự nộp

– tax return: tờ khai thuế

– tax rate: thuế suất

– tax type: sắc thuế

– taxable income: thu nhập chịu thuế

– assessment period: kỳ tính thuế

– tax refund: hoàn thuế

– tax fraud: gian lận thuế

– Tax avoidance/ loophole: tránh thuế (hợp pháp)

– Tax evasion: sự trốn thuế

– tax account information: thông tin về chương mục thuế – tax auditor: nhân viên kiểm toán hồ sơ thuế

– tax bill: hóa đơn tính thuế

– tax computation: việc tính thuế

– tax dispute: các tranh chấp về vấn đề liên quan đến thuế – tax form: mẫu đơn khai thuế

– tax liability: nghĩa vụ thuế

– tax penalty: tiền phạt thuế

– tax policy: chính sách thuế vụ

– tax preparer: người giúp khai thuế

– tax relief: thuế được miễn

– tax year: năm tính thuế

– taxpayer: người đóng thuế; người khai thuế

– taxpayer advocate: người biện hộ cho người đóng thuế

– tax authorities: hội đồng thuế

– term: thời hạn, kỳ hạn

Yêu cầu:

- Viết đinh nghĩa cho các thuật ngữ ở trên.

- Give examples for progressive taxes/ regressive taxes

- Give examples for direct taxes/ indirect taxes

Impose + taxes + on sth = levy taxes on sth = tax sth

1 Functions of taxation: Chức năng của thuế

1.1 What are functions of taxation?

- The primary function of taxation is to raise revenues for the government

spending

- Different types of taxes have different functions For example, …

(tự chọn ví dụ để viết câu trả lời)

What are functions of income taxes? Payroll taxes? Customs duty? Excise taxes?

1.2 What are functions of income taxes?

- The function of income taxes is to redistribute wealth The governments

impose taxes on incomes of individuals and firms to raise more money tospend on infrastructure that benefits every citizen Corporate income

taxes also encourage capital investment (Đầu tư vào tài sản cố định) with

different methods of depreciation accounting that allow companies deductmore of the cost of investments from their taxable incomes, and so that

their tax bills will reduce (topic)

- The function of payroll taxes is to ensure social security

- Customs duty has a function of protecting local producers of the same

goods because local production of goods creates jobs for local people /

Customs duty aims at helping local producers of the same goods toincrease their competitiveness by imposing taxes on imports to makeimports more expensive compared with locally (domestically) producedgoods

- The function of excise taxes is to dissuade people from consuming some

specified goods and services / to limit the consumption of some specified goods and services

2 The fairness and unfairness of the tax systems

What is the unfairness in the tax system?

There often exists unfairness in the tax system/ Tax systems are often

considered as unfair (Topic sentence)

Supporting sentences (examples for illustration/ explanations/ …)

For example, corporate income tax is unfair because the business owners have

to pay taxes twice, first via taxes on the company’s profits, and second via taxes

on dividends of shareholders Another problem with these progressive taxes isthat the marginal rates are always high that discourages people to work harder

or firms to invest more Whereas/ On the other hand, regressive sales taxes orVAT are unfair to the poorer people when they have to pay the same amounts oftaxes for goods and services consumed as the richer ones

3 Tax avoidance: tránh thuế

3.1 What is tax avoidance?

Tax avoidance means the use of legal methods to pay the smallestpossible amount of taxes./ Tax avoidance means reducing the tax bills(the amounts of taxes you pay) to a legal minimum

- 3.2 How can individuals avoid paying taxes?

Another way of avoiding taxes is that …

+ People can invest a part/ proportion of their incomes in life insurance

policies, pension plans and other investments by which they can postponethe payment of tax

In addition/ Moreover, Besides,

+ They can donate a part of their incomes to charities which are

subtracted (deducted) from their taxable incomes, thus they reduce theirtax bills

3.3 How can firms avoid paying taxes?

Câu topic tương tự ở 3.2

One way of avoiding taxes is + to + do sth/ that + clause

+ Firms can bring forward capital expenditure so that at the end of yearmost of their profits have been used up Thus their taxable incomes are

minimized, leading to a decrease in their tax bills/ liabilities/ obligations.

Another way is that

+ Multinational corporations can set up their subsidiaries in countrieswith low tax rates, so that they can reduce their tax bills

Finished goods/ products: thành phẩm

Spare parts: linh kiện

Vocab:

Perks = non-pay benefits: lợi ích ngoài lương như: ô tô của công ty, bảo hiểm y

tế miễn phí (do công ty chi trả), trợ cấp ăn trưa, trợ cấp (phụ cấp) nghề độc hại,

…

Perks can be company’s cars, …

Loopholes in tax laws are/ refer to legal ways of avoiding tax such as receivingperks instead of taxable money

Tax shelters mean to postpone/ delay the payment of tax by investing in lifeinsurance policies, pension plans and so on

Tax deductibles refer to amounts of money which are subtracted from taxablemoney

Bring forward capital expenditure: tính hao mòn TSCĐ theo PP giảm dần

Tax loss

Tax havens are countries with low tax rates

Heavens

4 Tax evasion: trốn thuế, lậu thuế

- What is tax evasion?

Tax evasion means making false declarations to the tax offices (theauthority)

- How can individuals (self-employed people/ freelancers); or part-time

workers or firms evade taxes?

Topic sentence: The higher the tax rate, the more people (individuals and

firms) are tempted to cheat/ make fraud/ to be fraudulent

For example, self-employed people or part-time workers don’t declare/undeclare or make false declarations on their incomes to the tax offices, thusthey don’t pay any taxes or don’t pay enough taxes to the government

Not only persons, but firms also want to cheat They often make false

declarations on costs in order to minimize their taxable incomes, so that they

can reduce their tax liabilities

Translate into Vietnamese

Who doesn't want to avoid taxes? Judge Billings Learned Hand famouslysummed up the American tax situation, saying, "anyone may arrange his affairs

so that his taxes shall be as low as possible for nobody owes any public duty

to pay more than the law demands." Avoiding taxes is one thing, but income taxevasion is another Tax evasion occurs when a person or business uses illegalmeans to escape paying taxes, whereas tax avoidance is the practice of usinglegal means in order to lower the amount of taxes owed These famous taxevaders found ingenious (and illegal) ways to avoid paying up Find out howmuch they owed, and how they were caught

Walter Anderson

Anderson's case is the largest tax evasion case in the history of the United

States This former telecommunications executive was accused of hiding his earnings through the use of aliases, offshore bank accounts, and shell

companies In 2006, Anderson entered a guilty plea in which he admitted tohiding approximately $365 million worth of income He was sentenced to nineyears in prison, and restitution of $200 million

A typographical error in the amount of the federal government's judgmentagainst Anderson has prevented him from having to pay the majority of thetaxes owed The IRS conceded taxes and penalties from three years included in

Anderson's case, however, Anderson is still responsible for $23 million owed tothe government of the District of Columbia.

Leona Helmsley

Dubbed the "Queen of Mean," this hotel operator reportedly told a formerhousekeeper, "We don't pay taxes Only the little people pay taxes." Helmsleyand her husband, Harry, accumulated a multi-billion dollar real estate portfolio.Despite their immense wealth, they were accused of billing millions of dollars

in personal expenses to their business in order to escape taxes

In 1989, Helmsley was convicted on three counts of tax evasion She served 18months of federal prison time Coincidentally, she was ordered to report toprison on income tax deadline day, April 15, 1992

Conclusion

Some people go to creative lengths to save money, but there is a clear linebetween creativity and breaking the law Avoiding taxes is legal andunderstandable, but tax evasion comes with tough consequences As we can seefrom the troubles of these five people, what you may save now will not beworth what you have to pay later

What Nike can learn from corporate evaders: Apple case study

If Nike were to take a lesson from other major US corporations caught evading

or avoiding taxes — like Starbucks, Google, Apple, or Amazon it wouldunderstand the severity of such scandals and avoid the headlines at all costs Let’s take Apple, for example Apple has a longstanding history of tax evasion

In 2012, prosecutors found that Apple was shifting profits to subsidiaries inIreland deemed ghost companies, and in 2013, Apple was charged for it by the

US Senate Investigative Subcommittee While Apple agreed to pay $15.4billion back in taxes in the EU, it was then revealed through leaked documents

in 2017 that Apple had moved billions of untaxed dollars to the Island of Jersey.What were the consequences? Apple’s Reputation and Governance scores havebeen in steady decline since 2011 But interestingly, in both 2013 and 2018,which were post-tax evasion scandal outbreak, Apple saw the most significantReputation and Governance score declines, as seen in Figure 3 Repeated taxavoidance offenses have hurt Apple’s credibility With a low average