ESP111 Keyterm, Vocabulary and Unit review

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Unit 1: Management
1. Management: The process is used to accomplish organizational goals
through planning, organizing, leading, and controlling people and other
organizational resources.
2. Manager: An individual who is in charge of a certain group off tasks, or a
certain area or department of a business
3. Chief Executive Officer: The most senior manager responsible for the
overall performance and success of a company
4. Planning: A management function that includes anticipating trends and
determining the best strategies and tactics to achieve organizational goals
and objectives
5. Organizing: A management function that includes designing the structure of
the organization and creating conditions and systems in which everyone and
everything works together to achieve organization’s goals and objectives
6. Leading: Creating a vision for the organization and guiding, training,
coaching and motivating others to work effectively to achieve the
organization’s goals and objectives
7. Controlling: A management function that involves establishing clear
standards to determine whether or not an organization is progressing toward
its goals and objectives, rewarding people for doing a good job, and taking
corrective action if they are not

UNIT REVIEW
1. What is a manager?
- An individual who is in charge of a certain group off tasks, or a certain area or
department of business
2. What can a manager do with the subordinates when considering their performance,
and behaviors
- A manager has the authority and power to hire, promote, discipline and fire
employees based on those behaviors and performance
3. What is a leader
- Is the person show their passion and personal investment in the success of his or her
followers reaching their goals
4. Why is it possible for anyone to become a leader
- Everyone can become a leader without a formal title because the basis of leadership
is on the personal qualities of the leader
5. How is a manager different from a leader
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- The primary concern of managers is to accomplish organizational goals while the

leader will show passion and personal investment in the success of his or her
followers reaching their goals, which may be different from organizational goals.
- The employee will obey the manager, but people follow a leader, it is a voluntary
choice
- Leaders do not have to hold a management position.
6. What are the five common roles of a manager? Explain them briefly
- Planning: Setting aims and targets for the organization, plan for the resources
- Organizing: Managing people and resources effectively towards achieving the aims
of the organization, making sure staff do not perform overlapping tasks
- Intergrating: Bringing objectives to people and departments and motivating them to work together
towards common aims
- Measuring performance: Checking that the original aims are being met and appraising staff
- Developing people: Developing both themselves and their subordinates

- Hygiene factors: good labour relations, good working conditions, job security, good
wages, benefits such as pay, paid holidays, pension
- Motivators: a challenging and interesting job, recognition, responsibility, promotion

VOCABULARY
1. consultant: a person who provides expert advice to a company
2. crisis: a situation of danger or difficulty
3. innovation: a new idea or method
4. objective (N): something you plan to do or achieve
5. promotion: when someone is raised to a higher or more important
6. public sector: the section of the economy under government control
7. strategy: a plan for achieving success
8. subordinate: a person with a less important position in an organization

9. After an organization has set objectives, it has to make sure that it achieves them
10. Manager have to find the best way to allocate all the human, physical and capital
resources available to them
11. Some people perform tasks better on their own while others work better in teams
12. Managers supervise the work of their subordinates and try to develop their abilities
13. Managers measure the performance of their staff to see whether they are reaching
their targets
14. Top managers have to be prepared to deal with crisis if they occur and then have to
make quick decisions
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Unit 2: Work and motivation

1. Motivation: factors that influence the behaviour of workers towards
achieving goals. Motivation can be increased by:
- Monetary rewards: bonuses, compensation
- Non-monetary rewards: recognition and praise, training and development opportunities
2. Job satisfaction: The enjoyment a worker gets from feeling that they have
done a good job. There are 3 ways to motivate workers to be more committed
to their job and work more effectively:
+ Job rotation: swapping workers round and only doing a specific task
for a limited time before swapping round again
+ Job enlargement: extra tasks are added to the job
+ Job enrichment: adding tasks that require more skill and responsibility
3. Theory X: the average person does not like work. Workers must be
constantly supervised so they will work. Motivation is from external factors,
e.g. pay schemes where workers are paid more for increased output
4. Theory Y: the average person is motivated by internal factors. To motivate
workers, you need to find ways to help workers take an interest in their work,
e.g. give rewards, incentives.
5. Maslow’s hierarchy of needs: A theory of motivation which states that
five categories of human needs dictate an individual’s behaviour. Those
needs are psychological needs, safety needs, love and belonging needs,
esteem needs, and self-actualization needs
6. Frederick Herzberg’s motivation theory: humans have two sets of
needs: one is for the basic needs, which he called hygiene factors or needs,
and the second is for a human being to be able to grow psychologically, which
he called motivational needs or motivators.
7. Hygiene factors: the factors that must be present in the workplace to
prevent job dissatisfaction

UNIT REVIEW
1. What is motivation?
- Factors that influence the behaviour of workers towards achieving goals.
2. What are the most common ways to increase a worker’s motivation? Give
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examples of monetary and non-monetary rewards

Most common ways to motivate workers are: monetary & non-monetary
-
rewards.
Monetary rewards can be bonuses, profit sharing, promotion
+
Non-monetary reward can be: Recognizing workers by doing a great
+
job, or permit workers to have flexible working schedules
3. What is job satisfaction
- The enjoyment a worker gets from feeling that they have done a good job
4. How can companies raise job satisfaction of their workers (keyterm)
- Foster a positive work environment
- Provide opportunities for professional growth (job training, job promotion)
- Recognize and reward achievements
- Provide benefits and perks (health insurance, retirement plans, employee discounts)
5. Distinguish Theory X and Y ( nêu ra định nghĩa hai cái này)
- Theory X: people are lazy and will avoid work and responsibility if they can.
Workers have to be closely supervised and controlled, and told what to do.
They have to be both threatened (eg: losing their job) and rewarded with
incentives, probably monetary ones such as a pay rise or bunuses. Most
people are incapable of taking responsibility for themselves and have to be
looked after. It is applied by managers in factory workers in large-scale
manufacturing
- Theory Y: Most people have a psychological need to work, and given the right
conditions - job security, financial rewards - they will be creative, ambitious
and self-motivated by the satisfaction of doing a good job. This theory is
applied by skilled professionals and “knowledge workers” - managers,
specialists, programmers, scientists, engineers
6. What are hygiene factors and motivations? (key terms)
- Hygiene factors: good labour relations, good working conditions, job security, good
wages, benefits such as pay, paid holidays, pension
- Motivators: a challenging and interesting job, recognition, responsibility, promotion
7. Describe briefly Maslow’s Hierarchy of Needs (key terms )
- Physiological needs: air, food, clothing, shelter, sleep, warmth
- Safety needs: Security, protection, stability
- Love and belonging needs: Family, friendships, relationships, work groups
- Esteem needs: Achievement, status, recognition, reputation
- Self-actualization needs: Personal growth and fulfillment

VOCABULARY:
1. labor relations: interactions between employers and employees, or managers and
workers
2. job security: knowing that there is little risk of losing one’s employment
3. wages: money paid (per hour a day or week) to manual workers
4. benefits: advantages that come with a job, apart from pay
5. incentives: things that encourage people to do something
6. promotion: to be raised to a higher rank or better job
7. unskilled: without any particular abilities acquired by training
8. corporate culture: a company’s shared attitudes, beliefs, practices and work
relationships
9. Job rotation: regularly switching between different tasks
10. Job enrichment:
- Skill variety: The extent to which a job demands different skills
- Task identity: the degree to which a job has a visible outcome
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- Task significance: the degree to which a job has an impact on the work of others\
- Autonomy: The degree of freedom and choice that people have in scheduling their
work and determining procedures
- Feedback: The amount of direct and dear information that is received about
performance
11. Job enlargement: Combining a series of tasks into one challenging and interesting
assignment
12. Job rotation: moving employees from one job to another

Unit 3: Company structure

1. Organizational structure: the levels of management and division of
responsibilities within an organization
2. Hierarchy: the levels of management in any organization, from the highest
to the lowest. A level of hierarchy refers to managers and supervisors, other
employees who are given a similar level of responsibility in a organization
3. Chain of command: the structure in an organization which allows
instructions to be passed down from senior management to lower levels of
management
4. Span of control: the number of subordinates working directly under a
manager
5. Directors: Senior manager who lead a particular department or division of a
business
6. Line managers: people who have responsibility for people below them in
the hierarchy of an organization
7. Supervisors: junior managers who have direct control over the employees
below them in the organizational structure
8. Staff managers: specialists who provide support, information and
assistance to line managers
9. Delegation: giving a subordinate the authority to perform a particular task
[Link]: taking decision away from the centre of an organization -
way from the head office

UNIT REVIEW
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1, What is an organizational structure?
- the levels of management and division of responsibilities within an organization
2, Define a chain of command
- the structure in an organization which allows instructions to be passed down from
senior management to lower levels of management
3, What is the main advantage of a chain of command
- All people in the organization know what decisions they are able to make, who their
line manager is ( to whom they report), and who their immediate subordinates are
( over whom they have line authority and can give instructions to)
4, Describe briefly a functional organizational structure
- a functional structure includes specialized production, finance, marketing, sales, and
human resources departments.
5, In what ways can dividing a business functionally cause problem
- People often more concerned with the success of their own department than that of
the company as a whole, so there are conflicts between departments over what the
objectives are
6, Describe briefly the matrix organization
- In a matrix organization, people report to more than one superior. President and
R&D, manufacturing, marketing, HR, finance and procurement department and have
managers product
7, What is the potential disadvantage of matrix management systems
- Matrices involving several departments can become quite complex, so it is
sometimes difficult in making decisions.
8, What is centralisation
- Want to keep as much control over their business as possible
9, Why is it not usually possible to organize a large organization in a single hierarchy
- the activities of most organizations are too complicated to be organized in a single
hierarchy
10, What factors might lead companies to flatten their hierarchy
- A problem with very hierarchical organizations is that people at lower levels can’t take
important decisions, but have to pass on responsibility to their boss
the desire to save money and make decision making easier, the use of IT systems, and the
need to reduce costs during a recession.
11, Under what circumstances might teams not be effective?
- If they do not have a strong leader, and need to make a lot of decision
Vocabulary
1. autonomous: independent, able to take decisions without consulting someone at the
same level or higher in the chain of command.
2. hierarchy or chain of command: a system of authority with different levels, one
above the other e.g., a series of management positions whose holders can make
decisions, or give orders and instructions.
3. function: a specific activity in a company ( production, marketing, finance)
4. line authority: the power to give instructions to people at the level below in the chain
of command
5. to report to: to be responsible to someone and to take instructions from them
6. to delegate: to give someone else responsibility for doing something instead of you
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7. Production department: a factory working at full capacity, a standard product

without optional features, machines that give the possibility of making various
different products
8. Finance department: a strong cash balance, high profit margins, low research and
development spending, self-financing ( using retained earnings rather than
borrowing)
9. Marketing department: a large advertising budget, a large sales force earning high
commission, a strong market share for new products, generous credit facilities for
customers, large inventories to make sure that products are available

Unit 4: Managing across culture

1. Glocalization: a combination of the words “globalization” and “localization”.
The term is used to describe a product of service that is developed and
distributed globally but is also adjusted to accommodate the user or customer
in a local market
2. Culture: is defined as the complex system of values, traits, morals, and
customs shared by a society
3. Context: refers to the stimuli, environment, or ambience surrounding an
event
4. The Lewis Model: developed by linguist and leading cross-cultural
specialist [Link]. The model divides humans into 3 clear categories based
on BEHAVIOUR: Linear-active, Multi-active and Reactive
5. High-context culture: is a culture by which the rules of communication are
primarily and dominantly transmitted through the use of contextual elements.
These include specific forms of body language, the social or familiar status of
an individual, and the tone of voice employed during the speech. High-context
cultures usually do not have rules that are explicitly written or stated
6. Low-context culture: refers to a culture whereby most communications
take place through verbal language and rules are directly written out or stated
for all to view
7. Power distance: is the distribution of power among individuals within a
culture and how well unequal levels are accepted by those with less power
UNIT REVIEW
1, Why is it important for companies to be aware of local culture?
Because local cultural habits, beliefs and principles can easily affect the performance of their
business in each country
2, What are the differences between individualists and collectivists
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an individualist believes that personal goals and desires and interests are more important
than those of a group of people. A collectivist believes in the importance of a group of people
rather than separate individuals.
3, Who is more likely to think “ I’ll let them speak first”
People in reactive cultures
4, Who is more likely to say, about other people: “they can’t be trusted because they
will always help their friends or family” - universalistic or particularistic
universalists
5, Who is more likely to say “Oh, you can’t trust them, they wouldn’t even help a
friend?”
particularists
6, Describe the characteristics of business people from Multi-Active, Reactive and
Linear-Active culture
- Multi active cultures: attach more importance to feelings, emotions, and
intuition, and relationships and connections. People like to do many things
at the same time, they are flexible, good at changing plans and happy to
improvise. They believe in social and company hierarchy, and respect
status→ collectivists/ particularist: believe that personal relationships and
friendships should take precedence over rules and regulations
- Reactive: Prefer to listen to and establish the other’s position, and then react to it, try
to avoid confrontation, don’t want to lose face and cause someone else to. They
rarely interrupt speakers and often avoid eye contact, try formulate approaches which
suit both parties
- Linear active: are generally organized and rational, try to act logically
rather than emotionally, plan in advance, like to do one thing at a time,
believe in respecting rules, regulations and contracts→ universalists, apply
rules to everyone, they are not afraid of confrontation but will compromise
when necessary to achieve a deal→ individualists
7, What is culture? What factors are likely to be governed by cultures
Định nghĩa ở key terms. Culture is a powerful operating force that molds the way we think,
behave, and communicate
8, What is context (định nghĩa)
9, Describe the major features of low-context culture and high-context cultures and
give examples of countries adopting these cultures
- Low context: communicators depend little on the context of a situation and shared
experience to convey their meaning. They assume that messages must be explicit,
and listeners reply exclusively on the written or spoken word. Tend to be linear,
analytical and action oriented. Business communicators stress clearly articulated
messages that they consider to be objective, professional, and efficient, Words are
taken literally. Example: North America, Scandinavia, Germany
- High context: Communicators assume that the listeners do not need much
background information. Are more likely to be intuitive and contemplative.
Communicators in these cultures pay attention to more than spoken or written words.
They emphasize interpersonal relationships, nonverbal expression, physical settings,
and social context. Communication cues tend to be transmitted by posture, voice
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inflection, gestures and facial expression. Example: China, Japan, Eastern countries
10, What does Peter Distance Index measure
How people in different societies cope with inequality-in other words, how they relate to more
powerful individuals
11, Indicate the differences in the relationship between subordinates and their
supervisors in low context and high context cultures
- High context: subordinates expect formal hierarchies and embrace relatively
authoritarian, paternalistic, power relationships
- Low context: subordinates consider themselves as equals of their supervisors, they
confidently voice their opinions and participate in decision making
tend to be democratic, egalitarian, informal
12, Advantage and Disadvantage of top-down management structure
advantage of top-down management structure: Allow faster decision making, dis: prevent
subordinates from speaking up due to fear or resignation
Vocabulary
1. confrontation( đối đầu): a face to face disagreement or argument
2. improvise:(ứng biến) to do something when necessary without having already
planned it
3. collectivist: believing that the group is more important than the individual
4. compromise: reducing demands or changing opinions in order to agree
5. connections: people of influence or importance with whom you are associated
6. eye contact: looking directly at the people you are talking or listening to
7. interrupt: to cut into someone else’s turn to speak
8. logic: thought based in reason and judgment rather than feelings and emotions
9. lose face: to be humiliated or disrespected in public
10. status: respect, prestige( uy tín) or importance given to someone
11. Glocalization: an invented word combining worldwide and regional concerns
12. Business culture: the way that companies in general behave, the way business is
done in a particular place
13. company/corporate culture: the way a particular company works and the things that
its employees believe are important
14. Long-hours culture: where people are expected to work a long time each day
15. Macho culture: the values typically associated with men-strength
16. Sales culture: when selling is seen as the most important thing in an organization,
rather than other activities
17. Learning culture: when learning and innovation are seen as important
Unit 5: Recruitment
1. Recruitment: the process from identifying that the business needs to
employ someone up to the point at which applications have arrived at the
business
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2. Employee selection: the process of evaluating candidates for a specific

job and selecting an individual for employment based on the needs of the
organization
3. A job analysis: identifies and records the responsibilities and tasks relating
to a job
4. A job description: outlines the responsibilities and duties to be carried out
by someone employed to do a specific job
5. A job specification: a document which outlines the requirements,
qualifications, expertise, physical characteristics, etc., for a specific job.
6. External recruitment: when a vacancy is filled by someone who is an
existing employee and will be new to the business
7. Internal recruitment: when a vacancy is filled by someone who is an
existing employee of the business
8. Induction training: an introduction given to a new employee, explaining the
business’s activities, customs and procedures and introducing them to their
new fellow workers
9. On-the-job training: occurs by watching a more experienced worker doing
the job
[Link]-the-job training: involves being trained away from the workplace,
usually by specialist trainers
UNIT REVIEW
1, What are the different stages of the recruitment and selection process?
Vacancy arises→ Job analysis → Job description → Job specification → job
advertised in appropriate media → application forms and shortlisting →
interviews
and selection → vacancy filled
2, How do you draw up a job description and job specification
Once the job has been analyzed, a job description will be produced. A job description will be
produced. A job description has several functions: It is given to the applicants for the job so
they know exactly what the job entails. It will allow a job specification to be drawn up, to see
if the applicants “match up to the job”, so that people with the right skills will be employed.
Once someone has been employed, it can show whether they are carrying out the job
effectively. If a dispute occurs about the employee’s tasks, the job specification can be
referred to in order to settle these questions
Once a job description has been drawn up, the qualifications and qualities necessary to
undertake the job can be specified. This list of desirable and essential requirements for the
job is called a job, or person specification
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3, How do you choose suitable ways of advertising a vacancy - either internally or

externally
If the job is to be filled using internal recruitment, then the advertisement could be placed on
the staff notice board, emailed to all staff, or included in a workplace newsletter
If external recruitment is being used, then the advertisement could be placed in local or
national newspapers and specialist magazines, depending on the nature of the job. If it is for
middle and senior management jobs, or jobs requiring a specialist skill, then advertising
nationally will probably attract more, better quality, applicants than local advertising.
Unskilled or semi-skilled job vacancies will probably be filled from the local population, so
there is no need to advertise nationally
4, How important is training? And what are different types of training
Training is important to a business as it may be used to introduce a new process or new
equipment, improve the efficiency of the workforce, provide training for unskilled workers to
make them more valuable to the company, decrease the supervision needed, improve the
opportunity for internal promotion and decrease the chances of accidents
5, What is induction training? on the job training ? off the job training (Ở KEY TERMS)
Vocabulary (không có từ mới ở sách)
Unit 7: Classification of business
1. The primary sector: extracts and uses the natural resources of Earth to
produce raw materials used by other business
2. The secondary sector: manufactures goods using the raw materials from
the primary sector
3. The tertiary sector: provides services to customers and the other sectors
of industry
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4. A mixed economy: consists of both private sector and public sector

5. Public sector: organizations are owned and controlled by the government
6. Private sector: organization are owned and controlled by individuals
7. Privatisation: the sale of state-owned assets such as public corporations to
the private sector (tư nhân hóa)
8. Sole trader: a business owned and operated by one person
9. Limited liability: the liability of shareholders in a company is limited to the
amount they invest
10. Unlimited liability: the owners of a business can be held responsible for
the debts of the business they own. Their liability is not limited to the
investment they made in the business
11. Partnership: two or more than 2 people agree to jointly own a business
12. Shareholders: the owners of a company. They buy shares which represent
part-ownership of the company
13. Private limited company: businesses owned by shareholders but they
cannot sell shares to the public
14. Public limited company: businesses owned by shareholders but they can
sell shares to the public and their shares are tradable on the Stock Exchange
UNIT REVIEW
1, What are the different stages of economic/business activities
- Stage 1: is called the primary stage of production. This stage involves the Earth’s
natural resources. Activities in the primary sector of industry include farming, fishing,
forestry and the extraction of natural materials, such as oil and copper ore
- Stage 2: Is called the secondary stage of the production, This stage involves taking
the materials and resources provided by the primary sector and converting them into
manufactured goods. Activities in the this sector of industry include building and
construction, aircraft and car manufacturing, computer assembly, bread baking
- Stage 3: the tertiary stage of production, This stage involves providing services to
both consumers and other businesses. Activities include transport, banking, retail,
insurance, hotels and hairdressing
2, What business activities are included in the quaternary sector
The quaternary sector consists of information services such as computing, ICT (in4 and
communication technologies), consultancy (offering advice to businesses) and R&D
(research and development). Broader definitions add the news media, libraries, universities
and colleges, and other intellectual activities including culture generally
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3, How different is the private sector from the public sector in mixed economics
Private sector: businesses not owned by the government. These businesses will make their
own decisions about what to produce, how it should be produced and what price should be
charged for it. Most businesses in the private sector will aim to make a profit, also there are
likely to be some government controls over these decisions
Public sector: government (or state) owned and controlled businesses and organizations.
The government, or other public sector authority, makes decisions about what to produce
and how much to charge consumers. Some goods and services are provided free of charge
to the consumer, such as state health and education services. The money for these comes
not from the user but from the taxpayer khiếp áp lực thế
4, What are the features of different forms of business organizations: sole traders,
partnerships, Private and public limited companies, Franchises, and Joint ventures?
What are their advantages and disadvantages? (ad và dis chắc phải tự nghĩ)
Sole trader: the most common form of business organization. It is owned and operated by
just one person - the owner is sole proprietor. One of the reasons it is such a common form
of organization is because there are so few legal requirements to set it up
→ Ad: need only a few legal requirements to set up; take shorter time to make
decisions; owner does not have to share profits with anyone else
Dis: one-sided view on issues; more vulnerable to economic crises; slow development
A partnership: a group or association of at least two people who agree to own and run a
business together. The partners will contribute to the capital of the business, will usually
have a say in the running of the business and will share any profits made
→ Ad: two heads are better than one; business is easier to establish, start-up
costs are lower; more capital available for the company
Dis: conflicts between partners; take more time to make decisions
Shareholders: companies are jointly owned by the people who have invested in the
business. These people buy shares in the company and they are called shareholders
These shareholders appoint directors to run the business. In private limited company, the
directors are usually the most important and majority shareholders
→ Ad: ability to vote on company’s important issues; receive dividends either as
income or re-invest to buy more shares
Dis: disagreement between shareholders; if company underperforms, you might get back
less than you invested
Public limited companies: they have been able to raise the capital to expand nationally or
even internationally
→ Ad: raise capital through public issue of shares; transferability of shares; great
opportunity for growth, especially for small companies
Dis: require many regulatory requirements; higher levels of transparency required; more
susceptible to takeovers
Franchises: The franchisor is a business with a product or service idea that does not want
to sell to consumers directly. Instead, it appoints franchisees to use the idea or product and
to sell it to consumers( the body shop/ mcDonald’s restaurant)
→ Ad: franchisees receive assistance from franchisors; brand recognition → can
save time and money that would otherwise be used for branding
Dis: strict regulations from franchisors; lack of privacy
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A joint venture: is when two or more businesses agree to start a new project together,
sharing the capital, the risks and profits
→ chắc tương tự partnership
Vocabulary
1. exported goods: products sold to other countries
2. real estate: property: buildings such as offices, houses, flats or apartments
3. labor: work done in return for money
4. delocalize: to move your factories to another region or country
5. outsource: to use other companies to do work your company previously did itself.
Unit 8: Production
1. Production: the process of converting inputs such as land, labour and capital into
saleable goods, for example shoes and cell phones
2. Inventories: the stock of raw materials, work-in-progress and finished goods held by
a business
3. Lean production: the production of goods and services with the minimum waste of
resources
4. Job production: the production of items one at a time
5. Batch production: the production of goods in batches. Each batch passes through
one stage of production before moving onto the next stage.
6. Flow production: the production of very large quantities of identical goods using a
continuously moving process
7. Just-in-time (JIT): is a production method that involves reducing and virtually
eliminating the need to hold inventories of raw materials or unsold inventories of the
finished product
UNIT REVIEW
1. What is production and operation management?(Định nghĩa production ở trên)
Operation management: produce a specific product or service, on schedule, at minimum
cost (criteria: concentrating on quality and product reliability, producing the maximum
possible volume of output, fully utilizing the plant or the workforce, reducing lead time,
generating the maximum return on assets, ensuring flexibility for product or volume changes)
Involves production plants and factories or service branches, and the equipment in them,
parts (raw materials or supplies), processes ( the steps by which production or services are
carried out), planning and controlling system( the procedures used by management to
operate and monitor the system)
Involves people - the personnel or human resources
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2. What is lean production? How can lean production be achieved

Lean production can be achieved by using the following methods
- Kaizen (continuous improvement): focusing on the elimination of waste,
The improvement does not come from the investing in new technology or
equipment but through the ideas of the workers themselves → Small
Groups of workers meet regularly to discuss the problems and possible
solutions because no one knows the problems that exist better than
workers. Kaizen eliminates waste, inventory, reduces the amount of time
taken for workers to walk between jobs so that they eliminate unnecessary
movements.
- JIT: production method focusing on reducing and eliminating the need to hold
inventories of raw materials or components and on reducing work in progress and
inventories off the finished product. The raw materials and components are delivered
just in time to be used in the production process, the making of any parts is taken just
in time to be used in the next stage of production and the finished product is made
just in time to be delivered to the customers
→ reduce the costs of holding inventory, as no raw materials and
components are ordered to keep in the warehouse just in case they are
needed
→ Warehouse space is not needed
→ the finished product is sold quickly → money come back to the business
quickly
→ need very reliable suppliers and an efficient system of ordering raw
materials or components
- Cell production: the production line is divided into separate, self-contained
units(cells), each making an identifiable parts of product → improve the
morale of the employees and makes them work harder→ the employees
feel valued and are less likely to strike orr cause disruption
3. What is job production, batch production and flow production (ở trên)
Examples:
Job production: bridges, ships, made-to-measure suits, cinema films, individual computer
programs that perform specialized tasks
Batch production: bakery making batches of bread, several houses built together using the
same design, furniture production, clothing
Flow production: cars, cameras, televisions, packaged foods and drinks
4. What are the benefits and limitations of different production methods
- Job production:
+ Ad: can customize products; unique, distinct goods; no need of product recall on a
large scale if one single product is defective
+ Dis: take longer production time; production costs may be high; require specialist
equipment
- Batch production:
+ Ad: flexibility; possibility to create product variants; greater quality control; low
manufacturing costs
+ Dis: high WIP inventory levels; increased idle time
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- Flow production:
+ Ad: high productivity; can achieve better uniformity; low manufacturing costs
+ Dis: risk of product recall on a large scale if one product is defective; possible high
inventory costs
Vocabulary
1, inventory: A business ‘s stock of materials, component parts, work in progress, or
finished product
Inventory or Stock: is a company's reserves(dự trữ) involved in producing and delivering
goods or a service
2, component: That make up a product or machine
3, Capacity(công suất): is the (maximum) rate of output that can be achieved from a
production process.
4, Plant: is a collective word for all the buildings, machines, equipment, and other facilities
used in the production process
5, Location: mean the geographical situation of a factory or other facility
6, Supply chain: is a network of organizations involved in producing and delivering goods or
a service
7, Outsourcing: buying products or processed materials form other companies rather than
manufacturing them
8, Economies of scale: are the cost savings arising from large-scale production
9, Lead time: is the time needed to perform an activity such as manufacturing a product or
delivering it to a customer.
10, depreciation: the process of losing value
11, obsolescence: becoming out of date, being replaced by something newer and better or
more fashionable
12, production run: a period of producing one particular product without adapting the
production equipment
13, storage: keeping things for the future
14, theft: taking something that belongs to someone else, stealing thing
15, delivery: supply the customer with something that has been ordered
16, opportunity cost: the benefits or advantages lost by spending money in one way rather
than another
17, discounts: price reductions
18, shortages: insufficient supply to meet demand
19, risk premium: ( trong bài) the potential cost of taking a chance ( chi phí bảo hiểm rủi ro)
20, equity(vốn chủ sở hữu): the value of a business activity
21, disruptive: causing trouble and stopping something from continuing as usual
22, prosperity:the state of being successful and having a lot of money
23, stability: the situation when something is not likely to change
24, exponentially: increasing or decreasing more and more quickly as time passes ( nhanh
chóng, tăng giảm số mũ)
25, embedded ( in) : firmly fixed in something or part of something
26, the quality of people’s lives: standards of living
27, founder: someone who establishes the company
28, procurement: the obtaining of supplies
29, Unless our supplier reduces its lead time (cycle time), we will have to radically change
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the way we operate (the length of time that lapses between placing an order for something
and receiving it)
30, The recession has led to a drop in overall purchasing power, which means that we
have to reduce output on some of our less popular lines (the quantity of goods or services
which can be bought by a group of people, a sector, an organization, etc)
31, We are currently operating at optimum capacity, which means that we can afford to
keep prices lower for our clients (the most efficient level of production or output, with the
result that production costs are kept to a minimum)
32, She works on an assembly line in a factory that makes electronic goods (a production
system where a product moves slowly through a factory as new parts are added to it)
33, We do not allow visitors to come onto the factory floor, but you can view our range of
finished goods in the showroom (completed products that are ready to sell)
34, The company had to put out a product recall to its customers when several potentially
dangerous faults were discovered (the removal form sale of an item that might be dangerous
to the people who have bought it)
35, We will unable to compete successfully in the domestic market unless we reduce our
costs by taking advantage of offshore production (the manufacture of goods in another
country for import to the domestic market)
36, Our company builds planned obsolescence into most of its electronic products, so that
our customers are forced or obliged to update them more often (designing products so that
they have a limited lifespan and so need to be replaced more often)
37, We make packaging for frozen food, and are an important part of the supply chain for
the industry (the manufacturers, wholesalers, distributors, etc, who make, deliver and sell
products to customers
38, None of our products are allowed to leave the factory unless there are zero defects
present (having no faults)
39, Without effective resource allocation, we will not able to produce enough goods to keep
up without demand (assigning people and machines to projects in a way that optimizes
production and results)
40, The manufacture of most items relies on a reliable source of raw materials such as
wood, iron ore or crude petroleum (basic items which have to be treated in some way before
they can be used)
41, If manufacturing cost can be kept to a minimum, we can keep market prices at a
minimum (the money needed to make a product)
42, We don’t check every item before we send it for sale. We usually find that random
sampling us a good idea of quality (testing a few items from one batch of products before
they are sent for sale)
43, Our company takes capacity planning very seriously: we never start a project without
working out how many people it will need, and the equipment they will require (measuring
the amount of work that can be done with a certain amount of time, and how many people,
machines, etc, it will need)
44, In a continuous process there is a network of complex, capital-intensive machinery
through which WIP flows without interruption. One example would be steel making
45, In a mass process, there is an assembly line where WIP moves along the line past
workstations carrying out fixed operations. One example would be automobile plant
46, In batch process, machinery and equipment are located in “cells around the plant, and
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WIP moves in groups to different cells, in each cell a variety of specialized operations can be
carried out. One example would be clothing manufacture
47, In job production, there is a fixed position layout where the WIP does not move, instead
operations are scheduled in sequence on it. One example would be aircraft manufacture
48, In a large-scale project, the WIP is often off-site, or at the Customer’s own premises.
One example would be construction of a building
Unit 9: Logistics
1. Logistics: the marketing activities that involves planning, implementing, and
controlling the physical flow of materials, final goods, and related information from
points of origin to point of consumption to meet customer requirements at a profit
2. Inbound logistics: the area of logistics that involves bringing raw materials,
packaging, other goods and services, and information from suppliers to producers
3. Outbound logistics: the area of logistics that involves managing the flow of finished
products and information to business buyers and ultimate consumers
4. Materials handling: the movement of goods within a warehouse, from warehouses
to the factory floor, and from the factory floor to the various workstations
5. Reverse logistics: the area of logistics that involves bringing goods back to the
manufacture because of defects or for recycling
UNIT REVIEW
1. What is logistics? (key terms)
2. What is supply chain?
- a network of facilities that performs the function of procurement of materials,
transformation of these materials into finished products, and the distribution of these
products to customers
3. What is inbound logistics (key terms)
4. What is outbound logistics (key terms)
5. What is logistics management
- the management of the flow of goods, information and other resources, between the
point of origin and the point of consumption
Vocabulary
1. accurate: correct, exact and without any mistakes
2. agile( nhanh nhẹn): able to move quickly and easily
3. estimate: a guess of what the size of amount of something might be
4. forecast: a statement of what is expected to happen in the future
5. lean ( of production): using small quantities and avoiding any waste
6. logistics: designing and managing the flow of goods, information and other
resources; The management of the flow of goods, information and other resources,
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between the point of origin and the point of consumption

7. manual: done with the hands ( thủ công)
8. replenish: to fill something up again ( bổ sung)
9. conveyor belt: băng chuyền
10. Supply chain: a network of facilities that performs the functions of procurement of
materials, transformation of these materials into finished products and the distribution
of these products to customers
11. Logistics management: that part of supply chain management, which plans,
implements, and controls the flow and storage of goods between the point of origin
and the point of consumption
12. Logistician: a specialist in logistics
13. Provider: someone whose business is to supply a particular service or commodity
14. Reverse logistics: all the operations related to the reuse of products and materials
15. Cargo: goods carried by a ship, aircraft, or other vehicle
16. Customs clearance: the act of passing goods through customs so that they can
enter or leave the country
17. Customer service:
- Ensuring the right product is at the right place at the right time
- Demand forecasting and planning
- Determining the quantity of goods that need to be ordered in the future
Inventory management and materials handling
- Keeping the supply chain flowing, with no bottlenecks, by balancing the
quantity of items at different locations and different stages in the process
Communication technology
- Linking the organization to its suppliers with IT, for example to provide
information about demand patterns to facilitate JIT delivery
Transportation
- Selecting the best means of transportation (air, rail, ship, truck)
Purchasing
- Negotiating with suppliers about price, availability, quality, etc
Warehousing
- Locating and designing facilities that allow efficient storage and distribution
Nếu không phối hợp với nhau sẽ xảy ra trade-offs
18. Pull strategy: company manufacture depending on current demand, which is
satisfied from a small inventory. This is a replenishment strategy: both production and
supplies are constantly reacting to the actual consumption of components, rather
than planning ahead
19. Push strategy: include lean production, stockless production, continuous flow
manufacturer and agile manufacturing, nothing is bought or produced until it is
needed, production is based on estimates of future demand, and begins according to
the planned production lead time
Unit 10: Quality
1. Quality: to produce a good or a service which meets customers expectations
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2. Quality control: the checking for quality at the end of the production process,
whether it is the production of a product or a service
3. Quality assurance: the checking for quality standards throughout the production
process, whether it is the production of a product or a service
4. Total quality management (TQM): the continuous improvement of products and
processes by focusing on quality at each stage of production
UNIT REVIEW
1, What does the word “quality” mean to you? Brainstorm as many ideas as possible
- Định nghĩa ở key teams
- meaning that has to do with features, reliability, performance, durability, aesthetics,
value for money and conformance to requirements
2, What is quality control and quality assurance? (phía trên)
3, What is TQM? (phía trên)
4, How does TQM affect business?
- This approach to quality requires the involvement of all employees in a
business→ based on the principle that everyone within a business has a
contribution to make to the overall quality off the finished product or
service
- Change in the culture of the organization: everyone has responsibilities →
the search for quality must affect the attitudes and actions of every
employee. Every department is obliged to meet the standards expected by
its internal customers, relationship between each department is called
quality chains
- Has revolutionized the way workers view quality, the concept of TQM is
explained and training given to all [Link] should be empowered
with the responsibility of checking this quality level before passing their
work on to the next production stage → fit Herzberg principles of job
enrichment
5, How do companies spend time and money to ensure quality
- Engineers have to spend time with marketers during the development of new
products to facilitate design-for manufacture. There have to be supplier capability
surveys to make sure that suppliers can achieve the quality levels that they claim.
There have to be regular meetings, education and training about quality improvement
- The company has to inspect and test incoming material, material that is being
processed, and the finished product. There is also the cost of buying and servicing
any equipment used for measuring and testing
- There may be scrap, re-work, reinspection, re-testing, etc. If these continue at a high
level, then perhaps there will be a fundamental review of suppliers and materials
- Time is needed to process customer complaints, to process customer returns, to deal
with warranty claims and to handle product recalls
Vocabulary
1. bountiful: providing a large amount of good things
2. headaches: things that cause difficulties
3. regulation: official rules or the act of controlling something
4. reworking: changing or improving a product or service
5. Scrapping: getting rid of things which are no longer useful or wanted
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6. service: to examine a machine and repair any faulty parts

7. warranties: guarantees written promises to repair or replace products that develop a
fault
8. Cycle time: how long various activities take to complete (eg one production run)
9. Design-for: Looking at how easy it is to make a new product, not just the features
10. Design-for manufacturer: Asking questions to find out if your suppliers are able to
meet quality standards
11. Scrap: Materials or small parts that are no longer useful
12. Product recalls: The return of products, for example because they’re faulty or
dangerous
13. Defect: A fault or imperfection or deficiency
14. Warranty: A promise that goods will meet a certain specified quality level, or be
repaired or replaced
15. Goodwill: Customers’ satisfaction with and loyalty to a company
16. Serviceability: ease of maintenance and repair
17. Benchmarking: going outside the firm to see what excellent competitors are doing
and adopting the best practices
Measuring your performance against other companies that are best in class and then
using the information to improve
18. Durability: performance over a long period of time
19. To scrap: to sell defective goods for the price of the recyclable materials they contain
20. Reliability: Regular performance according to specification
21. Tolerance: the amount by which a parameter (size) can vary from the norm before
the piece becomes a defect
22. ISO 9000: a set of international standards of quality. Companies can be audited for
compliance with one of the standards, and then publicly state that they’re ISO9000-
certified
23. Nonconformance: when a requirement has not been met. It does not need to be a
serious defect, it could be a simple mark on the surface that spoils the appearance
24. Six sigma: the name of a well-known quality methodology. It takes a highly
disciplined approach to eliminating defects in manufacturing. This term originally
comes from statistics
25. Leading indicators: are those that are a future outcome. For example, predict levels
of staff satisfaction are often a leading indicator of quality. A more motivated
workforce will make fewer mistakes
26. Lagging indicators: are those that show a result. For example, warranty claims are
a lagging indicator of quality. Fewer claims means that earlier actions to improve
quality are now working (a lag is a delay between two events)
27. Key performance indicators (KPI): are statistical measures of how well an
organization is doing in particular areas. This term is particularly common in
production and operations, but is used throughout business
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Unit 12: Marketing

1. Market: is a set of all actual and potential buyers of a good or a service, the place
where people buy and sell, the people who trade in a particular good, to make goods
available to buyers and to encourage them to buy it
2. Market nicher: a small company that concentrates on one or more particular niches
or small market segment
3. Market leader: the company with the largest market share
4. Market research/ marketing research: the collection, analysis and reporting of data
relevant to a specific marketing situation
5. Market segment: part of a market, a group of customers with specific needs, defined
in terms of geography, age, sex, income, occupation, life-style, etc
6. Market segmentation: the act of dividing market into distinct groups of buyers with a
specific needs, who have different requirements or buying habits
7. Market share: the sales of company expressed as a percentage of total sales in
marketing
8. Marketing channel: the set of intermediaries that company use to get ít goods to
their ultimate users
9. Marketing mix: the set of all elements in a marketing programme, and the way a
company integrates them
10. Marketing strategy: a plan or principle designed to achieve marketing objectives
11. Product life cycle: the standard pattern of sales of a product over the period that it
is marketed
Unit review:
1. What is marketing?
Marketing can be defined as any human activity which is directed as satisfying needs
and wants by creating and exchanging goods and values with others
2. What are 4 stages of a product life cycle?
The introduction stage: following a product’s launch, generally involves slow
growth. There are probably no profits because of the heavy advertising, distribution
and sales promotions expenses involved in introducing a product onto the market.
Customers must be aware of the product’s existence and persuaded to buy it. Some
producers will apply a market-skimming strategy, selling product at as low price as
possible, to attain a large market share
The growth period: early adopters’ join the innovators who were responsible for the
first sales, so sales rise quickly, producing profits. Competitors will probably enter the
market, reduce prices but the competition will increase the market’s awareness and
speed up the adoption process
The maturity stage: When the majority of potential buyers have tried or accepted a
product, the market is saturated. Sales will stabilize at the replacement purchase
rate, or will only increase if the population increases, the marketing manager has to
turn consumers’ brand preference into brand totally. Most products available at any
given time are in the maturity stage of the life cycle, this stage lasts many years, and
contains many ups and downs due to the use of a succession of marketing strategies
and tactics. Product managers can attempt to convert non-users, search for new
markets and market segments to enter, or to try to stimulate increased usage by
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existing customers. they also modify, add new features, sizes, models or simply to
introduce stylistic modifications, they can also modify the new distribution mix, ans
cut prices, increase advertising, undertake aggressive sales promotions, seek new
distribution channels
The decline period: the product begins to be replaced by other ones, due to
advances in technology, or changes in fashions and tastes. Some manufacturers will
abandon it to invest their resources in more profitable or innovative products
3. Discuss marketing strategies
- Sets of principles designed to achieve long term objectives depend on its size
and position in the market
- Factors affect: customer’s behavior, the stage of the product life cycle, the
overall macroeconomic environment
- Market leader: remain the leader→ increase market share, attempt
to protect its current market share, finding new users for a product,
more usage, innovate product, customer services, distribution
channels, cost reductions, intensive advertising
- Market followers: reduce prices, improve products and services →
market niches to gain big profits
4. Discuss marketing segments
- Small companies that do not establish their own niche → k cạnh
tranh được. Nếu sản phẩm k có USP thì k có người mua
- Concentrate on a niche that is large enough to be profitable and the
niche could be a specialized product, a particular group of end-users
→ not to be attacked by market leader and large companies
Vocabulary
1. distribution channel: all the companies or individuals ( middlemen) involved in
moving goods or services from producers to consumers ( kênh phân phối)
2. wholesaler (người bán buôn): an intermediary (trung gian) that stocks
manufacturers goods or merchandise, and sells it to retailers and professional buyers
3. market segmentation (phân khúc thị trường): dividing a market into distinct groups
of buyers who have different requirements or buying habits
4. product differentiation: making a product ( appear to be) different from similar
products offered by other sellers, by product differences, advertising, packaging,etc
5. market opportunities: possibilities of filling unsatisfied needs in sectors in which a
company can profitably produce goods or services
6. market skimming: setting a high price for a new product, to make maximum
revenue before competing products appear on the market (hớt váng thị trường)
7. sales representative: someone who contacts existing and potential customers, and
tries to persuade them to buy goods or services
8. product features: the attributes or characteristics of a product, such as size, shape,
quality, price, reliability, etc
9. price elasticity: the extent to which supply or demand ( the quantity produced or
bought) of a product responds to changes of price
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10. market penetration: the strategy of setting a low price to try to sell a large volume
and increase market share.
Unit 13: Advertising
1. Advertorial: A paid for advertisement which includes editorial content, normally
identified in a print magazine with the word “advertisement” printed as a head across
the top of the page to distinguish it from genuine editorial content
2. Advertising agency: the organization that takes care of advertising for clients
3. Advertising campaign: a time-lister set of ads - campaigns may run across different
media, and for one month or ten years, but can be categorized together as they are
the execution of a central idea
4. Demographics: describing an audience by age, gender, ethnicity, or location - facts
about them
5. Focus groups: small, select groups representing a target audience who are paid to
answer questions at the behest of a market research organization
6. Product placement: the practice of paying for a branded product to be used by a
character in a movie - like James Bond driving a BMW Z3
7. Product positioning: establishing the market niche of a product - which may not be
as the brand leader - and advertising to the appropriate segment of the audience
8. USP (Unique Selling Proposition/Point): a highlighted benefit of a product that
makes it stand out from all rival brands
Unit 13 review: (personal opinions)
1. What do you think makes an advertisement memorable: humor, originality, the use of
famous actors and personalities, endless repetition, nudity, other elements?
2. Do you find advertisements on television generally: informative, persuasive, amusing,
well-made, artistic, worth watching, an annoying interruption to the programmes,
sometimes better than programmes
3. Give examples of ads that you have enjoyed
4. Give examples of ads persuaded you to purchase the product
5. Have you passed on (pass on hiểu là kiểu truyền đạt lại) advertising material by
email or discussed product in blogs or online forums, thereby helping an organization
advertise their products or services
Vocabulary
1. advertising agencies: companies that design advertising for clients
2. advertising campaign: the advertising of a particular product or service during a
particular period of time
3. a brief: the statement of objectives that a client works out with an advertising agency
4. target customers: a defined set of customers whose needs a company plans to
satisfy
5. advertising budget: the amount of money a company plans to spend in developing
its advertising and buying media time or space
6. media plan: the choice of where to advertise in order to reach the right people
7. comparative parity: choosing to spend the same amount on advertising as one’s
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competitors
8. free sample: a small amount of a product given to customers to encourage them to
try it
9. Word-of-mouth advertising: free advertising, when satisfied customers recommend
products to their friends
10. viral marketing: trying to get customers to forward an online marketing message to
other people
Unit 14: Banking
1. Deposit: to place money in a bank, or money placed in a bank
2. Liquidity: available cash, and how easy assets can be converted into cash
3. Collateral: anything that can ensure for a loan (properties, land, supercars,
etc)
4. A mortgage: a type of loan is used to purchase or maintain a home, land or
other types of real estate
5. Overdraft: something that occurs when you make a purchase with your debit
card or write a check for an amount that exceeds your checking account’s
available balance
6. A current account: an account at bank against which checks can be drawn
by the account depositor, a checking account
7. A savings account: a deposit account that generally earns higher interest
than any interest-bearing checking account. Savings accounts limit the
number of certain types of transfers of withdrawals you can make from the
account each monthly statement cycle
8. A deposit account: a bank account maintained by a financial institution in
which customer can deposit and withdraw money
9. Solvency: when banks have enough money to cover potential losses. Banks
are expected to maintain a sufficient level of capital to remain solvent and
avoid failure. The FDIC and other federal regulators work with banks to
maintain standards for solvency
10. Maturity date: this is the date for expiration for the contractual obligation of a
financial instrument
Unit 14 review:
1. Which of the banking facilities that you use?
2. What services do commercial banks offer in your country?
3. What changes have there been in personal banking recently?
4. Give the definition of a commercial bank
A commercial bank borrows money from the public, creating them with a deposit.
This deposit is a liability of the bank. It is money owed to depositors. In turn the bank
lends money to firms, households, or governments wishing to borrow.
( nói đơn giản là: receive deposits from and make loans to, individuals and small
companies)
5. Give the definition of a investment bank
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Investment bank: work with big companies, giving financial advice, raising capital by
issuing stocks or shares and bonds, arranging mergers and takeover bids, and so on.
(They also generally offer stockbroking and portfolio management services to rich
corporate and individual clients)
Vocabulary
1. deposits: tiền gửi: money placed in a bank
2. loan: a sum of money borrowed from a bank
3. capital: the money invested in a business
4. stocks or shares: certificates representing part-ownership of a company (cổ phiếu
hoặc cổ phần)
5. bonds: certificates of debt issued by governments or companies to raise money (trái
phiếu)
6. merger: when one company combines with another one (sáp nhập)
7. takeover bid: when one company offers to buy or acquire another one
8. stockbroking: buying and selling stocks or shares for clients (môi giới chứng khoán)
9. portfolio: all the investments owned by an individual or organization (danh mục đầu
tư)
10. returns: the profits made on investments (lợi nhuận)
11. bankrupt: unable to pay debts or continue to do business (phá sản)
12. deregulation: the ending or relaxing of legal restrictions
13. conglomerate: a group of companies, operating in different fields, which have joined
together
14. interest: the price paid for borrowing money, paid to the lenders (lãi suất)
15. credit rating: estimates of people’s ability to fulfill their financial commitments (xếp
hạng tín dụng)
16. default: failure to repay a loan (phá sản)
17. collateralized: with property or another asset used as a guarantee of payment (thế
chấp)
18. cash flow: the money generated by an investment
19. write off: cancel a bad debt or a worthless asset from an account (xóa nợ)
20. In the USA, “quarters” and “dimes” are types of coin
21. In the UK, a tenner means a ten pound note
22. The US dollar, the Yen and the Euro are types of currency
23. Hundred dollar bills and twenty pound notes are banknotes
24. 2 tr Swiss francs is a large sum of money
25. I need to change Some Euros into australian dollars
26. My friend borrowed a hundred pounds from me
27. I lent a hundred pounds to my friend. When she can, she’ll pay me back
28. I buy a lottery ticket every week, but I never win
29. Most dentists earn at least 30000 a year
30. Wages are paid to employees weekly, salary are paid to employees monthly
31. In business, you have to spend money to make money
32. Bank account
33. Eating in expensive restaurants is a waste of money
34. Spain now uses the euro, pesetas are no longer legal tender
35. I bought a TV which doesn’t work. I’ll take it back to the shop to get a refund
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36. In a shop to get a refund, you usually have to show the receipt
37. I’m paying for my new car in 36 monthly instalments
38. I earn a lot of money, but I have a lot of expenses
39. Famous paintings are usually sold by auction
40. In an auction the item is sold to the person who makes the highest bid
41. In Japan, The us dollar is a foreign currency
42. In britain it is not usual to discuss your personal finances
43. You can rent a house and rent or hire a car
44. Here is the 50 dollars I owe you
45. The best things in life are free
Unit 19: Accounting and financial statements
1. Cost accounting: calculating all the expenses involved in producing
something, including materials, labour, and all other expenses
2. Tax accounting: calculating how much an individual or a company will have to
pay to the local and national governments (and reduce this to minimum)
3. Auditing: inspecting and reporting on accounts and financial records
4. Accounting: preparing financial statements showing income and expenditure,
assets & liabilities
5. Managerial or management accounting: providing information that will allow a
business to make decision
6. “Creative accounting”: using all available accounting procedures and trick to
disguise the true financial position of a company
7. Bookkeeping: writing down the details of transactions (debits and credits)
8. Cash flow statement: a statement giving details of coming into and leaving the
business, divided into day-to-day operations, investing and financing
9. Income statement: a statement showing the difference between the revenues
and expenses of a period
10. Balance sheet: a statement showing the value of a business’s assets, its
liabilities, and its capital of shareholders’s equity
Unit 19 review:
1. What is management’s responsibility for the financial statements?
- Management is responsible for the integrity and objectivity of the information
in financial statements. Some of the information in the financial statements is
based on management’s estimates and judgment
- Management is also responsible for maintaining an effective system of
internal control over financial reporting
- Management seeks to ensure the objectivity and integrity of data in its
financial statements through careful selection
2. What are the limitations of the balance sheet?
The three limitations to balance sheets are assets being recorded at historical
cost, use of estimates, and the omission of valuable non-monetary assets
3. Why is the cash flow statement useful to the users of financial statements?
The statement of cash flows summarizes cash inflows and outflows for a firm
over a period of time. It is a flow statement that is used to explain the change
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in cash and cash equivalents. The statement is also useful in explaining and
reconciling many other significant changes in balance sheet items, particularly
when the statement is used with the other financial statements and related
footnote disclosures
4. What is financial statement articulation?
Articulation is the relationship in which the income statement, balance sheet,
retained earnings statement, and statement of changes in financial position
are all linked together.
Vocabulary
1. income: all the money received from business activities during a given period
2. expenditure: all the money that a business spends on goods or services during a
given period (chi phí)
3. Financial statement: a financial operating plan showing expected income and
expenditure
4. asset: anything owned by a business - cash, buildings, machines, equipment, etc (tài
sản)
5. liabilities: all the money that a company will have to pay to someone else in the
future, including debts, taxes, and interest payments
6. debit: an entry in an account, recording a payment made (ghi nợ)
7. credit: an entry in an account, recording a payment received (tín dụng)
8. intangible: (a) describing something without a material existence, which you can’t
touch (vô hình)
9. accrued (a): describing a liability which has been incurred(phát sinh) but not yet
invoiced (Hóa đơn) to the company (tích lũy)
10. deferred: delayed or postponed until a later time (trì hoãn)
11. transaction: giao dịch
12. cost accounting: calculating all the expenses involved in producing something,
including materials, labour and other expenses
13. tax accounting: calculating how much an individual or a company will have to pay to
the local and national governments ( and trying to reduce this to a minimum)
14. auditing: inspecting and reporting on accounts and financial records
15. accounting: preparing financial statements showing income and expenditure, assets
and liabilities
16. managerial or management accounting: providing information that will allow a
business to make decisions, plan future operations and develop business strategies
17. creative accounting: using all available accounting procedures and tricks to
disguise (cải trang, che đậy) the true financial position of a company
18. bookkeeping: writing down the details of transactions (debits and credits)
19. Balance sheet (or Statement of financial position): a statement showing the value
of a business’s assets, its liabilities, and its capital or shareholders’s equity (money
the business has that belongs to its owners)
20. Cash flow statement: A statement giving details of money coming into and leaving
the business, divided into day to day operations, investing and financing
21. Income statement (of statement of income, profit and loss statement, or profit and
loss account): a statement showing the difference between the revenues and
expenses of a period
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22. Operating income: Money earned from a company’s normal activities, not including
exceptional items
23. Depreciation: The gradual loss in value of a fixed asset that wears out over a number
of years or needs to be replaced regularly
24. Goodwill: the value that company has in addition to its assets such as a good
reputation with its customers
25. Dividend: A part of the profits of the company for a particular period of time that is
paid to shareholders for each share that they own
26. Operation profit: Profit relating to a company’s normal activities of providing goods
and services, before tax is deducted
27. Operation expense: Costs relating to a company’s normal activities of providing
goods and services
28. Auditing: checking an organization’s activities or performance or examining a
person’s or organization’s accounts to make sure that they are true and honest
29. Tax accounting: preparing a person’s or company’s financial information in order to
calculate the proportion of their profit that they must pay to their government
30. Insolvency: an accountant working in this area acts for a person or company that is
no longer able to pay its debts or a company whose liabilities exceed its assets
31. Forensic accounting: when a company’s financial records are officially checked
because the illegal activity is suspected
32. Revenue: income/ turnover/ sales/ the top line
33. Cost of goods sold: (direct cost) includes manufacturing costs, salaries of
manual(= blue-collar) workers etc
34. EBITDA: Standards for Earnings Before Interest, Tax, Depreciation and Amortization
35. Operating expenses: (indirect costs/overhead) include salaries of sales and office
staff, marketing costs, utility bills etc
36. Retained profit: is transferred to the Balance Sheet, where it joins the amounts from
previous years
37. Intangible assets: include patents, trademarks, goodwill (reputation, contacts,
expertise of companies that have been bought)
38. Inventory: the value of raw materials and stock
39. Current assets: may also include “marketable securities” (shares intended for
disposal within one year)
40. Fixed assets: may also include long-term financial investments
41. Accrued items: are those where an expense has been incurred, but the money is
not yet paid
42. Shareholders’ Equity: all the money belonging to the company’s owners
43. Intangibles: assets whose value can only be turned into cash with difficulty
(reputation, patents, trademarks)
44. Additional paid-in capital: capital that shareholders have contributed to the
company above the nominal or par value of the stock
45. Accrued expenses: expenses such as wages, taxes and interest that have not yet
been paid at the date of the balance sheet
46. Total receivables: money owed by customers for goods or services purchased on
credit
47. Account payable: money owed to suppliers for purchases made on credit
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48. Prepared expenses: money paid in advance for goods and services
49. Retained Earnings: profits that have not been distributed to shareholders
50. Property/ Plant/ Equipment: tangible assets such as offices, machines, etc
51. Goodwill: the difference between the purchase of acquired companies and their net
tangible assets
52. Total liabilities: the total amount of money owed that the company will have to pay
out
Unit 23: The business cycle
1. Business cycle model: a model showing the increases and decreases in national
GDP overtime,
2. Expansion: the phase of the business cycle during which the output is increasing
3. Recession: the phase of the business cycle during which the output is falling
4. Depression: a deep and prolonged recession
5. Peak: the turning point of a business cycle between an expansion and a contraction,
during a peak in the business cycle, output has stopped increasing and begins to
decrease
6. Trough: the turning point of a business cycle between a recession and an expansion,
during a trough in the business cycle, output that had been falling during the
recession stage of the business cycle bottoms
7. Recovery: when GDP begins to increase following a contraction and trough in the
business cycle, an economy: the level of output of an economy can achieve when it
is producing at full employment, when an economy is producing at its potential
output, it experiences only its natural rate of unemployment, no more or no less
8. Grow trend: the straight line in the business cycle model, which is usually upwardsloping and
shows the long-run patterns of changes in real GDP overtime
9. Positive output gap: the difference between actual output and potential output when
an economy is producing more than full employment output, when there is a positive
output gap, the rate of unemployment is less than the natural rate of unemployment
and an economy is operating outside of its PPC
10. Negative output gap: the difference between actual output and potential output when
an economy is producing less than full employment output, when there is a negative
output gap, the rate of unemployment is greater than the natural rate of
unemployment and an economy is operating inside of its PPC
Unit 23 review
1. Why does the unemployment rate rise during the recession phase of the business
cycle?
2. What is the difference between recession and depression?
3. If a country is producing beyond its production possibilities curve, what phase of the
business cycle will it most likely to experience?
4. During a downturn, to what extent should the government intervene in the economy,
by creating demand or jobs? How could it do these things?
Vocabulary: (chưa có từ ở phiếu đâu, đây mới là ở sách giáo trình thôi)
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1. balance of payments: the difference between the funds a country receives and
those it pays for all international transactions
2. consumption: purchasing and using goods and services
3. demand: the willingness and ability of consumers to purchase goods and services
4. downturn: a decline in economic activity
5. expectations: beliefs about what will happen in the future
6. gross domestic product (GDP): the total market value of all the goods and services
produced in a country during a given period
7. save: to put money aside to spend in the future
8. supply: the willingness and ability of businesses to offer goods and services
9. upturn: an increase in economic downturn
10. equilibrium: a state of balance, for example when supply is the same as demand
11. deficit: an amount of money that is smaller than is needed
12. surplus: an excess: a quantity that is larger than is needed
13. fiscal policy: government actions concerning taxation and public expenditure
14. monetary policy: government or central bank actions concerning taxation and public
expenditure
15. money supply: the total amount of money available in an economy at a particular
time
16. Keynesianism: the economic theory that government monetary and fiscal policy
should stimulate business activity and increase employment in a recession
17. A downturn begins when the demand for goods and services decline
18. People spend, and borrow money when economic times are good or when people
feel confident about the future
19. People tend to spend less when people are worried about the possibility of losing
their jobs in the near future
20. When interest rates rise, people find themselves paying more than they anticipated
on their mortgage or rent
21. Companies only invest while consumption is increasing
22. Creative destruction means that innovations destroy established companies or
industries
23. Basic materials: steel, chemicals
24. Capital goods: machinery, equipment
25. Commercial services: employment agencies, auditing
26. Consumer discretionary: hotels, restaurants
27. Consumer staples: household goods, food retailing
28. Energy: oil production, gas production
29. Financials: insurance, banking
30. Technology: software, communication equipments
31. Transportation: airlines, logistics
32. Utilities: electricity, water
33. The consumer discretionary sector of the economy starts to recover when interest
rates are low, and just before the general economy picks up
34. Investors favour the consumer staples sector at the end of the growth cycle, just as
the markets are turning down
35. If a government or company wants to borrow money, it can be issue a
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[Link] receive fixed rate of interest over a fixed period of time and then get
their original investment bank at the end
36. A rise in interest rates makes borrowing more expensive. This cools the economy
37. Stock markets tend to anticipate to change in the real economy
38. A rising market is called a bull market. People who think that a particular market is
going to rise in the future are described as being bullish on that market
39. Central banks lower interest rates if they think the economy is likely to contract and
will act aggressively if they think there is a danger of a recession
Unit 24: Corporate social responsibility
1. Ethical standard: a rule for moral behaviour in a particular area
2. Ethical behaviour: doing things that are morally right
3. Ethical lapse: temporary failure to act in the correct way
4. Ethical dilemma: a choice between two actions that might both be morally wrong
5. Ethical stance: a stated opinion about the right things to do in a particular situation
6. Ethical issue: an area where moral behaviour is important
7. Business ethics: standards of business behaviour that promote human welfare and
“the good”
8. Corporate Social Responsibility (CSR): a company’s commitment to improving and
enhancing community well-being through discretionary contributions of corporate
resources. There are 5 dimensions of CSR: environment, social, economic,
stakeholder and volunteerism
Unit 24 review:
1. What is corporate responsibility?
2. What do companies have to do to show that they exercise good corporate
responsibility?
3. Do you think that making big profits means companies can never be responsible?
4. Which of the following things that you think they are interesting for a company to
highlight as part of its CSR
- Good working environment for employees
- A good environmental policy
- Policy of not using child labour, products testes on animals, etc
- Donating a percentage of profits to good causes
- Employing people at risk of exclusion (for instance, people with disabilities,
single mothers, and unemployed people over the age of 45)
Vocabulary (đây là từ trong sách vàng, chưa có ở phiếu)
1. discrimination: treating some people in a worse way than you treat other people
2. undermining: making something weaker
3. free enterprise: an economic system in which anyone can raise capital, form a
business and offer goods and services
4. conforming to: complying with or following (rules)
5. embodied: expressed, given a material form
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6. ethical: according to generally accepted beliefs based morals

7. custom: a usual way of behaving
8. insofar as: to the degree or extent that
9. harms: causes damage to
10. proponents: supporters, people who are argued in favour of something
UNIT 25: EFFICIENCY AND EMPLOYMENT
1. Job insecurity: The fear that you might lose your job
2. Employability: the extent to which a person has skills that employers want
3. Downsizing: Decreasing the number of permanent employees
4. Core: The central part of something (e.g: a company’s workforce)
5. Efficiency: a situation in which a person, company, factory, etc, uses resources such
as time, materials, or labour well, within wasting any
6. Rationalization: to make a company, way of working, etc, more effective, usually by
combining or stopping particular activities, or by employing fewer people
7. Redundancy package: all the payments and advantages that a company gives to
workers who have lost their jobs because they are no longer needed
8. Restructuring: to organize a company, business, or system in a new way to make it
operate more effectively (noun)
9. Delocalization: to move the location of an enterprise (noun)
Unit 25 review:
1. Do you think restructuring can make a business become more efficient?
2. What is delocalization?
3. How can you interpret the term “business efficiency”?
4. What is the purpose of “rationalization”?
5. What does “redundancy package” mean?
6. What notable cases of restructuring and downsizing or delocalizing have there been
in the news recently? What was the reaction?
7. In a situation where there is growing unemployment, what are the advantages and
disadvantages of the following partial solutions?
- Job sharing
- Decreasing working hours
- Lowering the age of retirement
- Staff training programmes
- Increasing the number of public sector jobs (làm nhà nước)
Vocabulary
1, contract work: temporary employment by an organization to do a specific project or piece
of work
2, casual work: temporary employment that is not regular or fixed
3, delayering: removing unproductive parts of the management hierarchy to make
organizations more flexible and efficient
4, downsizing: decreasing the number of permanent employees working for an organization
5, flexible labour market: a situation in which it is easy for companies to hire nonpermanent staff
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6, job sharing: employing two or more people on a part-time basis to perform a job normally
available to one person working full time
7, outsourcing or contracting-out: using other business as subcontractors to supply
components or services
8, rationalization and restructuring: reorganizing a company, business or system in a new
way to reduce costs and improve efficiency and effectiveness
9, relocation or delocalization: moving some of a business’s activities to another place or
country
10, rightsizing: another way of downsizing that is not regular of fixed also describe
increasing the size of an organization, perhaps as an attempt to correct a previous
downsizing
11, As an IT specialist, I mainly do contract work for local companies, two or three months
at a time
12, Job sharing is expensive for employers, as having two members of staff instead of one
involves extra costs
13, Big companies abolished a lot of middle management positions by delayering in the
1980s
14, We sourced or contracted out our accounting and IT services to Indian companies last
year, but we would never relocate or localize our manufacturing
15, When they downsize/rightsize the company, 1000 people were made redundant
16. Flexible labour market: A situation in which it is easy for companies to hire nonpermanent staff
17. Downsizing: Decreasing the number of permanent employees working on an
organization
18. Outsourcing or contracting out: Using other businesses as subcontractors to supply
components or services
19. Job sharing: Employing two or more people on a part time basis to perform a job
normally available to one person working full time
20. Relocation and delocalization: Moving some of a business’s activities to another place
or country
21. Delayering: Removing unproductive parts of the management hierarchy to make
organization more flexible and efficient
22. Rationalization or restructuring: Reorganizing a company, business or system in a
new way to reduce costs and improving efficiency and effectiveness
23. Contract work: Temporary employment by an organization to do a specific project or
piece of work
24. Casual work: Temporary employment that is not regular or fixed
25. Rightsizing: Another way of saying downsizing, though it could also describe increasing
the size of an organization, perhaps as an attempt to correct a previous downsizing
26. Reasons why companies might need fewer staff
- They have taken over, or be taken over by, or merged with another company, in
which case existing jobs can often be combined
- They are suffering from declining sales in a recession
- Because hiring temporary staff - people doing occasional, casual, part-time work,
people on short,... allows a company to respond to fluctuations in demand
- They are experiencing greater competition following deregulation and the
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globalization of the world economy

- Delayering might make decision quicker and easier
- Many companies finds it cheaper to concentrate on their central or core activities and
to contract out or outsource other services from external companies
UNIT 27: INTERNATIONAL TRADE
1. International trade: Purchase, sale, or exchange of goods and services across
national borders
2. Free trade: a trade policy that does not restrict imports or exports. It can also be
understood as the free market idea applied to international trade
3. Protectionism: The economy policy of restraining trade between nations,
through methods such as tariffs on imported goods, restrictive quotas, and a variety
of other restrictive government regulations designed to discourage imports, and
prevent foreign take-over of local markets and companies
4. Trade barriers: Government laws, regulations, policies or practices that either
protect domestic products from foreign competition or artificially stimulate exports
of particular domestic products
5. Tariff: A duty (or tax) levied upon goods transported from one Customs area to
another, for either protective or revenue purposes. Tariff raises the prices imported
goods, thus making them generally less competitive within the market of the
importing country, unless that country does not produce the items so tariffed (thuế
thông quan)
6. Quota: Restriction on the amount (measured in units or weight) of a good that
can enter or leave a country during a certain period of time (hạn ngạch)
7. Absolute advantage: Ability of a nation to produce a good more efficiently than
any other nation
8. Comparative advantage: Inability of a nation to produce a good more efficiently
than other nations, but an ability to produce that good more efficiently than it does
any other good
9. An infant industry: a new industry, which in its early stages experiences
relative difficulty or is absolutely incapable of competing with established
competitors abroad
10. A strategic industry: an industry which is essential for the
promotion or stabilization of the growth of the locality in which that industry is
situated
Unit 27 review:
1. Discuss whether imposing tariffs will benefit the domestic economy?
Imposing tariff will benefit because of some reasons:
- To make imports more expensive than home - produced substitutes, and
thereby reduce a balance of payment deficits
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- As protection against dumping (the selling of goods abroad at below-cost

price in order to destroy or weaken competitors or to earn foreign currency to
pay for necessary imports
- To retaliate against restrictions imposed by other countries
- To protect “infant industries” until they are large enough to achieve economies
of scale and strong enough to compete internationally
( it is impossible to know the quantity that will be imported, because the price will be elastic)
2. Explain the difference between international trade and free trade
(key terms)
3. Identify 3 methods of trade protection that a country could use
4. Explain 2 benefits of free trade
5. Describe 2 disadvantages of international trade
6. Explain 2 reasons why countries might decide to trade with each other
Vocabulary
1, free trade: without any government restrictions
2, protectionism: by way of trade barriers such as tariffs and quotas
3, trade barriers: government policies or regulations that restrict international trade
4, tariff: a tax charged on imports
5, quota: a maximum quantity of goods of a specific kind that can be imported into a country
6, absolute advantage: produce goods at a lower cost than any other country
7, comparative advantage: produce particular goods more efficiently (using fewer
resources and at a lower cost) than some other countries
8, infant industry: in an early stage of development and which cannot survive competition
from foreign companies
9, strategic industry: particular important to a country’s company
10, copyright: the legal right to control the production and selling of a book, play. film.
photograph, piece of music, etc
11, dumping: selling unwanted goods very cheaply, usually in other countries
12, generic: a cheaper copy of product that is not marked with the producer’s name
13, subsidize: to pay part of the cost of something
14, trademark: a name or a symbol showing that a product is made by a particular producer
and which can not be legally used by anyone else
1. Autarky: the (impossible) situation in which a country is completely self-sufficient and
has no foreign trade
2. Deficit: a negative balance of trades or payments
3. Quotas: quantitative limits on the import of particular products or commodities
4. Balance of payments: the difference between what a country receives and pays for
its exports and imports of goods
5. Dumping: selling goods abroad at (or below) cost prices
6. Surplus: a positive balance of trades or payments
7. Balance of trade: the difference between a country’s total earnings from exports and
its total expenditure on imports
8. Invisible imports and exports: trade in services (banking, insurance, tourism)
9. Tariffs: taxes charged on imports
10. Visible trade (GB) or merchandise trade (US): trade in goods
11. Barter or counter-trade: direct exchanges of goods, without the use of money
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12. Protectionism: imposing trade barriers to restrict imports

13. Barriers to trade: Obstructions to free trade, imposed by a government to safeguard
national interests by reducing the competitiveness of foreign firms
14. Dumping: the act of selling exports ả artificially low prices, below those charged by
domestic firms, and often at less than the costs of production
15. Embargo: a type of trade protectionist measure banning the trade of a certain good,
or banning trade with a particular country
16. Free trade: International trade without any protectionist barriers between countries
17. Globalization: the process by which the world’s economies become increasingly
interdependent and interconnected
18. Infant industries: new, unestablished businesses that need protection from foreign
competitors
19. International trade: the exchange of goods and services beyond national borders
20. A multinational corporation (MNC): an organization that operates in two or more
countries
21. Protection: the use of trade barriers to safeguard a country from excessive
international trade and foreign competition
22. Quota: a type of protectionist measure that sets a numerical limit on the imports
allowed into a country over a specified time period
23. Subsidies: financial support from the government to lower the production costs of
domestic firms, thereby improving their competitiveness
24. Tariffs: import taxes imposed on foreign goods and services
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1. Cấu trúc bài kiểm tra cuối kỳ:

Part 1 Reading - TFNG (5 câu)
+ Part 2 Writing - Điền từ (5 câu - thường là điền từ -> Học cả định nghĩa), trả lời câu
hỏi unit review (5 câu) => Tổng 10 câu
+ Part 3 Essays (Ôn lại phần essay cô gửi đầu năm trong nhóm Zalo, ideas from
textbooks)
+
+ Thời gian làm bài 75 phút
2. Tips:
+ Học thuộc hết các key terms và definition của nó
+ Hiểu được general context của từng unit
+ Chú ý đến tên những phương pháp, tên học
thuyết, tên quy luật và nội dung của nó.
Ví dụ: Thang Maslow, Theory X và Theory Y,
Six sigma, KPI, etc. +
Phần essays nên ôn lại kỹ
+ Ôn lại unit review
Trong đề sample đã có bài Unit 1 - Management,
- Unit 2 - Work & motivation
và bài essay thuộc Unit 8 - Production
- Bỏ Unit 19 -23-25-27 ->chú ý các bài từ 3,6,5, 7,8, 12,13
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