Bộ câu hỏi thi vấn đáp TACN1 (HVTC)

Bộ câu hỏi ôn thi vấn đáp tiếng anh chuyên ngành 1 học viện tài chính

CÂU HỎI ORAL TEST CN1

UNIT 1: ECONOMICS

1 What is the definition of “economics”?

Economics is the study (n) of / Economics studies (v) how people choose to use resources the most effectively to produce goods and services in order to best satisfy human demand

2 Who is an economist?

An economist is a person who studies economics

3 What is the definition of well-being?

Well-being means the satisfaction that people gain from / gained from the consumption

of goods & services, the time shared with your relatives, friends,

4 What is productivity?

Productivity is the rate at which goods are produced

5 What are resources of a country?

A country's resources are the things that it has and can use to increase its wealth, such ascoal, oil, or land

6 What are resources of an organization?

The resources of an organization are the materials, money, and other things that theyhave and can use in order to function properly

7 What are 3 types of resources?

Resources can be divided into 3 types of natural resources, human resources and capital

8 How are all types of resources?

All types of resources are limited / scarce

9 Give some examples for natural resources.

Natural resources include land, water, wind, solar energy, mineral underground, etc

10 Give some examples for human resources.

Human resources include labor force, time, talent, inventions, patents, knowledge,experience, etc

11 Why is it necessary to study economics?

Because all types of resources are limited, while/ whereas the human demand isunlimited

12 What are 3 main (major) issues studied in economics?

They are production, distribution and consumption of goods and services

13 What are two branches/ types of economics?

Economics can be divided into microeconomics and macroeconomics

14 What is the economic theory of Adam Smith?

It is the Classical School

15 What is the economic theory of Adam Smith about?

It says that because of their own interests, people produce goods and wealth that benefitall society

16 Why did Adam Smith believe that the government (the visible hand) should not restrict or interfere in the market?

Because the market could regulate itself and could produce wealth at maximumefficiency

17 What is the economic theory of Karl Marx?

It is Marxism

18 What is the economic theory of Karl Marx about?

Marx believed that owners’ exploitation of labor leads to social unrest and class conflict,

so laborers should own and control means of production in order to ensure the social andeconomic stability

19 Why did Marx suggest that laborers should own and control means of production?

Because Marx believed that owners’ exploitation of labor leads to social unrest and classconflict

20 What is the economic theory of Keynes?

It is Keynesian School

21 What is the economic theory of Keynes about?

The theory of Keynes describes how governments use macroeconomic policies toregulate the economy, ensuring the social and economic stability

22 According to Keynes, what can the government do when the economy isn’t growing fast enough?

The government can reduce taxes or increase government spending to promote economicgrowth and reduce unemployment

23 According to Keynes, what can the government do when the economy becomes overly active?

The government can increase taxes and reduce government spending

24 How can studying economics help people?

Studying economics can help people understand human thought and behavior

UNIT 2: ECONOMIC SYSTEMS

1 What is a quota?

A quota is the limited number or quantity of something which is officially allowed

Hạn ngạch là số lượng giới hạn hoặc số lượng của một thứ gì đó được cho phép chính thức.

2 What are 3 types of economic systems/ models?

3 types of economic systems/ models are: market economy, planned economy and mixedeconomy

3 What is market economy? What is the definition of market economy?

Market economy is an economic system in which economic relations are regulated by

the law of supply and demand

The law of supply and demand explains the interaction between the supply of and

demand for a resource, and the effect on its price

4 What is the role of companies in market economy?

- Companies can compete freely/ there is free competition among companies in market economy

5 What is the role of the government in market economy?

- There is no direct government intervention, but the government influences the economy through its economic policies

6 What is planned economy? What is the definition of planned economy?

- Planned economy is an economic system in which all production, distribution and consumption quotas are fixed beforehand by the government (Nền kinh tế kế hoạch là một hệ thống kinh tế trong đó tất cả các hạn ngạch sản xuất, phân phối vàtiêu dùng đều do chính phủ ấn định trước.)

7 What is the role of companies in planned economy?

- There is no real competition among companies, and private ownership doesn’t exist

8 What is the role of the government in planned economy?

- The government controls all the means of production and channels of distribution

9 What is mixed economy? / What is the definition of mixed economy?

- It is an economic system in which some goods and services are produced by the

government and some by private enterprise

10 What is one of differences between market economy and planned economy?

In a market economy, economic relations are regulated by the S & D, but they are

determined by the government in a planned economy

Hoặc:

Companies can compete freely in market economy, but there is no real competition among companies in planned economy

11 What is the economic model of Vietnam?

- The market economy under the government’s control/ state control

- The market economy under socialism orientation

12 What are its main features?

The economy of Vietnam is considered a multi-sector economy (kinh tế nhiều thành

13 What are different economic sectors in Vietnam’s economy?

Different sectors such as

1 What are 3 important themes of microeconomics?

- 3 important themes of microeconomics are: the allocation of scarce resources, the role

of prices and the role of markets

2 Why do people (consumers, workers and firms) have to make trade-offs?

All of resources are scarce, while human demand is unlimited

3 What is the first theme studied in microeconomics?

It is the allocation of scare resources

4 What are limited resources of consumers?

The limited resources of consumers are their incomes

5 Give an example for trade-offs made by consumers?

Consumers may trade off the purchase of more of some goods with the purchase of less

of others

Or: Another example for a trade-off of consumers may be trading off current

consumption for future consumption

6 What does the consumer theory describe?

The consumer theory describes how consumers can best make trade-offs based on their

limited resources and preferences

7 What are limited resources of workers?

Resources of workers are their time and talent, knowledge, working experience, etc

8 Give an example for trade-offs made by workers?

They have to decide when to enter the workforce, which job to do, who to work for

9 What are resources of firms?

Resources of firms are human resources, financial resources, production capacity,

technology, management ability, reputation (trade mark), brands, and so on

10 Give an example for trade-off made by firms?

Firms have to decide what to produce, how to produce and for whom to produce

11 What does the theory of the firm describe?

The theory of the firm describes how companies can best make trade-offs

12 Who makes decisions on the allocation of resources in the planned economy?

The Government fixes all production, distribution and consumption quotas beforehand

13 Why is it true to say producers have little flexibility of choices in the planned

economy?

Because in the planned economy, firms are told by the government what and how much

to produce, and how to produce it

14 What are trade-offs?

A trade-off (n): an exchange; esp., a giving up (từ bỏ) of one benefit, advantage, etc in order to gain another regarded as more desirable

Trade-offs are exchanges involving people’s choices to maximize their benefits

15 What do consumers make trade-offs normally based on?

Consumers make trade-offs normally based on their incomes and their preferences

16 What is the major role of prices?

All of the trade-offs made by consumers, workers and firms are based on the prices

17 How are prices set in the planned economy?

In the planned economy, prices are set by the government

18 How are prices set in the market economy?

In the market economy, prices are determined by the interactions of consumers, workers and firms

UNIT 4: MACROECONOMICS

1 What are two major macroeconomic policies?

They are monetary policy and fiscal policy

2 Who supervises monetary policy?

The Central Bank of each country supervises monetary policy

3 What does monetary policy control?

4 Who supervises fiscal policy?

The Ministry of Finance supervises fiscal policy

5 What does fiscal policy control?

It controls the government’s revenue and spending

6 What are the main objectives of macroeconomic policies?

The main objectives of macroeconomic policies are: to promote economic growth, to control inflation and to reduce unemployment rates

7 What is the definition of macroeconomics?

- Macroeconomics is the branch of economics that studies overall economic trends within one economy and interactions among different economies in the world

8 What do economic trends include?

Economic trends include employment levels, economic growth, balance of payments, inflation and so on

9 What does GDP stand for?

GDP stands for Gross Domestic Products

10 Why are microeconomics and macroeconomics actually interdependent and

complement one another?

They are actually interdependent and complement one another because there are many overlapping issues between the two fields

11 What is the definition of “economic trends”?

Economic trends refer to changes or developments in economies

12 What is a country's balance of payments?

The balance of payments of a country is the difference between the payments it makes toother countries for imports and the payments it receives from other countries for exportsover a period of time

13 When is the balance of payments of a country in surplus?

It is in surplus when the country exports more than it imports

14 When is the balance of payments of a country in deficit?

It is in deficit when the country imports more than it exports

15 What is the money supply?

The money supply is the total amount of money in a country's economy at any one time

UNIT 5: SUPPLY & DEMAND

1 What is demand?

Demand refers to all possible quantities of goods and services that buyers are able and willing to buy at all possible prices

2 What are shift factors of demand?

Shift factors of demand are society’s income, prices of other goods, expectations of consumers and tastes

3 What is quantity demanded?

Quantity demanded is the specific amount of goods and services that buyers are willing and able to buy at a certain price

4 What is supply?

Supply refers to all possible quantities of goods and services that sellers are able and willing to sell at all possible prices

5 What are shift factors of supply?

Shift factors of supply are prices of inputs, technology, taxes and suppliers’ expectations

6 What is quantity supplied?

Quantity supplied is the specific amount of goods and services that sellers are willing andable to sell at a certain price

7 When is a market in equilibrium?

A market is in equilibrium when the quantity demanded is equal to quantity supplied at a certain price

8 How do prices of a good influence its quantity demanded?

When other things are constant, if price of goods increases, the quantity demanded will decrease and vice versa

9 How do prices of a good influence its quantity supplied?

When other things are constant, if price of goods increases, the quantity supplied will increase and vice versa

10 What is the definition of shift factors?

Shift factors are things other than prices that cause shift of a demand curve or supply curve to the right or to the left

11 What is market price?

Market price is the price at which buyers and sellers trade the item in an open market place

12 What does the term “expectation” mean?

“Expectation” means strong hope or belief that something will happen

13 What is demand curve?

Demand curve is a graphic representation of the relationship between product price and the quantity of the product demanded

14 What is supply curve?

Supply curve is a graphic representation of the relationship between product price and the quantity of the product supplied

15 What is market mechanism?

Market mechanism is the manner in which consumers and producers can determine the price and the quantity the things produced.

16 What factors cause the whole demand curve shift to the right or the left?

Shift factors cause the whole demand curve shift to the right or the left

17 If there is an increase in production costs of a good, what will happen to its supply curve?

The supply curve will shift to the left./ There will be a decrease in its supply

18 What does the law of demand describe?

When other things are constant, if price of goods increases, the quantity demanded will decrease and vice versa

19 What does the law of supply describe?

When other things are constant, if price of goods increases, the quantity supplied will increase and vice versa

20 How does a successful advertising campaign of a company influence demand of theirgoods?

A successful advertising campaign of a company causes an increase in demand of their goods

Or

A successful advertising campaign of a company causes the whole demand curve of theirgoods shift to the right

21 If the national income increases, what will happen to demand of a good?

If national income increases the aggregate demand of a good will increase

Or

An increase in national incomes will cause the whole demand curve shift to the right

22 If the national income decreases, what will happen to demand of a good?

If national income decreases the aggregate demand of a good will decrease

Or

A decrease in national incomes will cause a shift of the whole demand curve to the left

23 What will happen to demand of a particular good if prices of its substitute goods decrease?

If prices of substitute goods of a particular good demand of that particular good will decrease

Or

This is illustrated in a graph as a shift of the whole demand curve to the left

24 When the government imposes higher tax rates on imported cars, what will happen tothe supply of these imported cars?

When the government imposes higher tax rates on imported cars, the supply curve ofthese imported cars will shift to the left

25 How does high technology influence supply of a good or service?

High technology can help companies to produce more goods and services, so the

aggregate supply will increase

Or

This is illustrated in a graph as the shift of the whole supply curve to the right

UNIT 6: PUBLIC FINANCE

1 Where do the government revenues come from?

Or: What are sources of the government revenues?

- The government revenues mostly come from taxation

2 What are 2 types of funds generated from taxation?

They are trust funds and federal funds

3 What are trust funds?

Trust funds are the government revenues generated from payroll taxes including social (national) insurance and health insurance / Trust funds are the government revenue

coming from payroll taxes

4 What are trust funds used for?

Trust funds are used for social security and medicare

(Quỹ ủy thác được sử dụng cho an sinh xã hội và y tế.)

5 What are federal funds?

Federal funds are the government revenues generated from income taxes, customs duty,

excise tax and so on

6 What are federal funds used for?

Federal funds are used for building infrastructure, paying salaries for state employees,

running the government body

Or:

Federal funds are used for the government projects and programs

Federal funds are spending funds coming from income taxes,

7 How can the government borrow money?

The government borrows more money by issuing and selling bonds or other types ofgovernment securities

8 What are 2 ways for the treasury to sell government securities?

The treasury can sell government securities directly through its website or indirectlythrough banks or brokers

9 Who does the government borrow money from?

The government borrows money from itself and from the public

10 What is the money that the government borrows from itself called?

It is called debts held by federal accounts

11 What is the money that the government borrows from the public called?

It is called debts held by the public

12 What is debt held by federal accounts?

Debt held by federal accounts is the amount of money that the Treasury borrows fromthe surplus of trust funds

13 What is debt held by the public?

Debt held by the public is the total amount the government owes to all of its creditors in the general public

14 Who are the government’s creditors in the general public?

They are domestic investors and international investors

15 Who do domestic investors include?

Domestic investors include private domestic investors, the central bank and local

governments

16 What is individual income tax?

Individual income tax is the tax (which is) imposed/ levied on individual incomes

17 What is corporate income tax?

Corporate income tax is the tax imposed on corporate incomes

18 What is customs duty?

Customs duty is the tax imposed on imports/ imported goods

19 What is excise tax?

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

20 What are payroll taxes?

Payroll taxes are taxes are based on payroll including social insurance and health

insurance paid jointly by workers and employers

UNIT 7: FISCAL POLICY

1 What is fiscal policy?

Fiscal policy is a government policy related to taxation and public spending

Chính sách tài khóa là chính sách của chính phủ liên quan đến thuế và chi tiêu công.

2 What is the main objective of fiscal policy?

The main objective of fiscal policy is to maintain economic growth, high employmentand low inflation

3 What is expansionary fiscal policy?

Fiscal policy is expansionary when taxation is reduced or public spending is increased

4 What is contractionary fiscal policy?

Fiscal policy is contractionary when taxation is increased or public spending is reduced

5 What is deficit?

Deficit is the total amount by which money spent is more than money received

Thâm hụt là tổng số tiền chi tiêu nhiều hơn số tiền nhận được

6 What is deficit spending?

Deficit spending is a situation in which a company or especially a government spendsmore money than it collects for a given period of time

Or

What is government’s deficit spending?

Government’s deficit spending means spending funds obtained by borrowing or printinginstead of taxation

7 What is budget deficit?

Budget deficit is the difference between a government’s income and how much it spends

8 What is revenue?

Revenue is the income that a government or company receives regularly

9 What is inflation?

Inflation is the rise in prices resulting from an increase in the supply of money

Lạm phát là sự gia tăng giá cả do lượng tiền cung ứng tăng lên

10 What is inflation rate?

Inflation rate is the rate at which prices increase overtime causing the value of money tofall

Tỷ lệ lạm phát là tỷ lệ giá cả tăng quá mức làm cho giá trị của tiền giảm xuống

11 What is grant?

Grant is an amount of money given, usually by a government or nonprofit organization

to fund certain projects

12 What is solvency?

Solvency is the ability to pay all the money that is owed

Government revenue is the money received from taxation, fees, fines, securities sales aswell as any sales that are made.

14 How do government spending and taxation affect the economy?

Government spending and taxation affect the economy directly

15 When is deficit spending helpful for the economy?

Deficit spending is helpful for the economy when unemployment is high or economicgrowth is low

16 When is deficit spending harmful for the economy?

Deficit spending is harmful for the economy when unemployment is low or inflation ishigh

17 Under what circumstances can fiscal policy be expansionary?

Fiscal policy can be expansionary when the economy is not growing fast enough orunemployment is too high

18 Under what circumstances can fiscal policy be contractionary?

Fiscal policy can be contractionary when the economy is growing too fast or inflation ishigh

19 What factors should be considered in making decisions on the fiscal policy?

They are the level of economic growth or unemployment likely in the future, politicalconsiderations, fiscal policies of other countries and the requirements of the IMF

20 How can deficits be financed?

Deficits can be financed by borrowing or printing more money

21 What may happen when deficits are financed by borrowing?

The interest rates may rise

22 What may happen when deficits are financed by printing money?

Prices and inflation may rise

23 How can the government generate its revenue?

The government generates its revenue by collecting taxes and borrowing more money

24 What are the purposes of expansionary fiscal policy?

It is used for creating jobs and developing the economy

25 What are the purposes of contractionary fiscal policy?

It is used for slowing down the economy and reducing inflation

26 What are the main tools of fiscal policy?

They are government spending and taxation

27 Why should the government consider fiscal policies of other countries?

Because fiscal policies of other countries may tempt multinational corporations torelocate their subsidiaries by offering them generous tax programs or other government-controlled benefits

UNIT 8: TAXATION

1 What is the primary function of taxation?

The primary function of taxation is to raise revenue to finance government expenditure

2 What is the function of indirect excise duties?

The function of indirect excise duties is to dissuade people from consuming unnecessarygoods and services

3 What is the function of income taxes?

Income tax is one of the ways in which government can redistribute wealth

4 Why is it said that business profits are generally taxed twice?

Business profits are generally taxed twice: companies pay tax on their profit and theshareholders pay income tax on dividends

5 What is the marginal rate?

The marginal rate is the tax people pay on any additional income

6 What does national insurance mean?

National insurance means a tax on payrolls that pays for sickness benefit, unemploymentbenefit and old-age pensions

7 How do individuals evade tax?

Self- employed people and people with part-time jobs don’t declare their incomes to thetax offices

8 How can highly-paid employees reduce their income tax liability?

To reduce income tax liability, highly-paid employees receive lots of perks instead oftaxable money such as company cars, free health insurance and subsidized lunches

9 What is consumption?

Consumption is defined as the use of goods and services by a household

10 What is one of the ways for companies to avoid tax on profits?

Companies can bring forward capital expenditure on new factories, machines and so on

so that at the end of the year all the profits have been used up

11 Where should multinational companies set up their subsidiaries?

Multinational companies should set up their subsidiaries in countries where taxes are low/ tax havens.

12 How do criminal organizations launder money/ disguise the origin of money from tax inspectors and the police?

Criminal organizations tend to pass money through a series of companies in verycomplicated transactions

Các tổ chức tội phạm có xu hướng chuyển tiền qua hàng loạt công ty trong các giao dịchrất phức tạp

13 What is a progressive tax?

A progressive tax is the tax levied a higher rate on higher incomes