I. Choose one word from the box for each blank.

stake optimal suits losses differences risk

diluting defaults exposing interest secured fixes

Sources of finance
What do you need to consider when choosing the source of new business finance?
A key consideration is to strike a balance between equity and debt to ensure the
funding structure (1) ………. the business.
The main (2) ………. between borrowed money (debt) and equity are that, with
debt, bankers request (3) ………. payments and capital repayments, and the borrowed
money is usually (4) ………. on business assets or the personal assets of shareholders
and/or directors. A bank also has the power to place a business into administration or
bankruptcy if it (5) ………. on debt interest or repayments or its prospects decline.
In contrast, equity investors take the (6) ………. of failure like other shareholders,
whilst they will benefit through participation in increasing levels of profits and on the
eventual sale of their equity (7)………..
The overall objective in raising finance for a company is to avoid (8) ……. the
business to excessively high borrowings, but without unnecessarily (9) ……. the share
capital. This will ensure that the financial risk of the company is kept at a(n) (10) …….
level.
II. Choose the best answers
1. What is the primary goal of production scheduling?
A. Increase product variety
B. Ensure timely delivery of products
C. Reduce employee turnover
D. Enhance marketing strategies
2. Batch production is best suited for which type of manufacturing?
A. Customized products
B. Single-use production
C. Large-scale, continuous production
D. Medium to large quantities with variations in product types
3. Lead time refers to:
A. The time required for product testing
B. The period between order placement and product delivery
C. The lifespan of a product
D. The time spent in research and development
4. A strategic vision for a company is important because it:
A. Focuses on long-term goals and growth direction
B. Guides daily operations
C. Deals with immediate customer service issues
D. Helps employees understand performance metrics
5. Linear workflow in production is characterized by:
A. Multiple tasks being performed simultaneously
B. Parallel processing of different tasks
C. Randomized task assignments
D. Work progressing in a straight line from one step to the next
6. The Just-in-Time (JIT) manufacturing strategy primarily focuses on:
A. Reducing lead time
B. Producing products in anticipation of future demand
C. Minimizing waste by producing only when there is demand
D. Maximizing inventory levels for emergency situations
7. A balance sheet provides a snapshot of:
A. A company's financial performance over a period of time
B. A company's assets, liabilities, and equity at a specific point in time
C. Cash inflows and outflows for a business
D. The production costs for a single project
8. A cash flow statement is useful for understanding:
A. The changes in a company’s cash position over a period of time
B. The profitability of a business
C. The total assets and liabilities of a company
D. The company’s strategic vision
9. A production bottleneck occurs when:
A. Production speeds up in one area
B. There are too many workers in one area
C. Finished goods exceed the storage capacity
D. A particular step in the production process slows down the entire workflow
10. Production yield refers to:
A. The time taken to complete a production cycle
B. The amount of finished products produced from raw materials
C. The percentage of defective products in a batch
D. The total number of products manufactured
11. What does a "level playing field" mean in business?
A. An environment where all companies have equal market share
B. A situation where competition is fair and everyone has the same opportunities
C. A market dominated by a few large firms
D. A marketplace with no government intervention
12. Why do people typically take out a mortgage loan?
A. To finance a house or real estate property
B. To purchase a vehicle
C. To start a new business
D. To buy stocks and bonds
13. What is a hedge fund known for?
A. Providing long-term fixed returns to investors
B. Focusing on socially responsible investing
C. Funding government projects
D. Using high-risk strategies to achieve high returns
14. Why is consumer spending an important economic indicator?
A. It reflects the amount of money businesses invest
B. It shows the level of government spending on public services
C. It indicates the total demand for goods and services in an economy
D. It measures the total income of households
15. What are industrial emissions?
A. The waste products released into the atmosphere by manufacturing plants
B. The amount of products a company manufactures annually
C. The total workforce employed by factories
D. The profits generated by industrial sectors
16. How are carbon credits used in environmental regulations?
A. To pay for renewable energy projects
B. To reward companies for producing sustainable products
C. To increase the efficiency of industrial production
D. To allow companies to legally emit a certain amount of carbon dioxide
17. What is the role of pressure groups?
A. Raising capital for businesses
B. Influencing the government and ordinary people's opinions
C. Creating new business ventures
D. Controlling interest rates in the financial market
18. What does restructuring in a business usually involve?
A. Expanding the product line
B. Relocating the company to another country
C. Redesigning the company’s organizational or financial structure
D. Increasing the number of employees in a department
19. What is deregulation?
A. Removing or reducing government rules and regulations in a sector
B. Increasing government control over industries
C. Imposing stricter environmental standards on businesses
D. Strengthening labor unions in a company
20. What is an acquisition in the business context?
A. A company increasing its workforce
B. A company taking over another company by purchasing a controlling interest
C. A company launching a new product
D. A company signing a merger agreement with another business
21. In ……………, products are often tailored to specific customer requirements
or specifications, allowing for greater flexibility and personalization.
A. batch production
B. mass production
C. unit production
D. process production
22. Managing the conversion process from inputs such as natural resources, raw
materials, human resources, and capital to outputs, products and services is the role
of ……………
A. performance management
B. brand management
C. line management
D. operarions management
23. Since job shops are set up for small-scale production, they can often reduce
__________ for unique or custom orders compared to mass production facilities.
A. production costs
B. lead times
C. industrial wastes
D. labor force
24. A ________ involves a straightforward, step-by-step process where each task
must be completed before moving on to the next one.
A. strategic vision
B. performance measurement
C. linear workflow
D. workflow process
25. Objectives management involves .................., making operational decisions
based on business goals and aligning operations to support overall company
objectives.
A. optimizing costs
B. perfoming tasks
C. running daily operations
D. setting priorities
26. Six Sigma is a quality improvement operations management system focused on
identifying product _________ and addressing them.
A. promotions
B. returns
C. deficiences
D. varieties
27. .................. is a specialized field of accounting that involves investigating
financial records to detect and prevent fraud, embezzlement, or other financial
crimes.
A. Creative accounting
B. Forensic accounting
C. Auditing
D. Bookkeeping

28. ……………. involves 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.
A. Tax accounting
B. Cost accounting
C. Managerial accounting
D. Equity accounting
29. ............... is a type of intangible asset that is associated with the purchase of
one company, including reputation, loyal customers, solid customer service, good
employee relations, etc.
A. Pattern
B. Trademark
C. Goodwill
D. Equity
30. A(n) _________ is a payment made by a corporation to its shareholders, typically
as a distribution of profits.
A. dividend
B. interest
C. principal
D. debt
31. A __________ allows homeowners to finance the purchase of a property by
borrowing money from a lender, with the property itself serving as collateral.
A. short-term loan
B. bad loan
C. long-term loan
D. mortgage loan
32. …………… is money that a company borrows from banks, investors, etc. which
is calculated as part of the company’s total capital.
A. Debt capital
B. Equity capital
C. Fixed capital
D. Human capital
33. Members of the British Parliament who do not have official positions in the
government or in an opposing political party are ……………
A. statement
B. politicians
C. backbenchers
D. protagonists
34. The Federal Government has responded to industry pressure and ________ the
budget plan to impose a tax increase on backpacker workers.
A. offset
B. dumped
C. implemented
D. pinpointed
35. New legislation was .............. to address environmental concerns, aiming to
reduce carbon emissions and promote sustainable practices across industries.
A. carried
B. enacted
C. spelt out
D. let on
36. The company's recent decision to ................ on its returns policy has generated
mixed reactions from customers alike. According to the new policy, to be elegible
for returns, customers must report problems to their orders within 3 days instead of
a month as stipulated earlier.
A. compromise
B. recoup
C. impose
D. backflip
37. Due to budget constraints (hạn chế ngân sách), we had to our travel
accommodations from a luxury hotel to a budget-friendly hostel for the
upcoming business trip to meet cost-saving targets.
A. relaunch
B. reassess
C. downsize
D. downgrade
38. Critics argued that plans to ............... control on environmental protections
could lead to increased pollution and harm to ecosystems.
A. deregulate
B. decentralize
C. deactivate
D. deduct
39. The company's investment in advanced technology, such as artificial intelligence,
gave them a significant .............. in the marketplace by allowing them to offer faster
and more accurate services compared to their competitors.
A. exclusive agency
B. rising margin
C. competitive edge
D. acquisition opportunity
40. The startup identified a(n) _________ market in rural areas, where there was a
growing demand for eco-friendly products, but competition was still minimal due
to limited distribution channels and awareness.
A. mass
B. untapped
C. niche
D. free
III. Reading
KEEPING YOUR BALANCE WITH CUSTOMERS
Adapted from Robert S. Kaplan and David P. Norton
From product push to customer pull, technology has vastly reshaped the business
transaction—and in turn, the customer's place in the value chain. Today, managing the
customer relationship has become the single most important dimension of enterprise
strategy. Here, Kaplan and Norton analyze the four-component processes of the
Customer Management theme—customer selection, acquisition, retention, and growth—
demonstrating their importance in maximizing customer value and, ultimately, in value
creation itself.
Customer management (CM) reflects much of what is new in modern business
strategy. In the Industrial Era, product innovation and operations management
predominated. Product innovation ensured the continuous flow of new products that
would sustain growth or market share or both. Operations management ensured that costs
and quality were managed so that competition could be based on price and profits could
be derived from scale. Customer management was relegated (bị chuyển sang vai trò ít
quan trọng hơn) to selling and promoting the company's products. The customer
relationship was seldom the issue.
The New Economy has changed all of this. With the evolution of computer and
communications technologies, particularly the Internet and database software, the
customer can now initiate the business transaction, not simply respond to the
salesperson's overture. Instead of being on the end of the value chain ("product push"),
the customer is now at the beginning ("customer pull"). Organizations must therefore
establish a "relationship" that allows them to maintain contact with their customers over
the long term. Recognizing this new reality and dealing with it proactively is the single
most important dimension of enterprise strategy. It's within the Customer Management
theme that this is accomplished.
The Customer Management theme is made up of four processes—customer
selection, customer acquisition, customer retention, and customer growth—all of
which, when strategically integrated maximize the value of the customer, and therefore
of value creation in general. Yet, when formulating any CM strategy, organizations must
consider each process individually. Each requires a proactive approach.
Read the text and choose the best answer for each question.
1. What has become the most important dimension of enterprise strategy in the New
Economy?
A. Product innovation
B. Customer relationship management
C. Operations management
D. Price competition
2. How has the role of the customer changed in the value chain due to new technologies?
A. Customers respond to the salesperson’s overtures
B. Customers are now at the end of the value chain
C. Customers initiate the business transaction
D. Customers are solely responsible for product quality
3. Which of the following processes is NOT part of the Customer Management theme?
A. Customer selection
B. Customer retention
C. Customer communication
D. Customer growth
4. What did customer management primarily involve during the Industrial Era?
A. Managing customer relationships over the long term
B. Selling and promoting the company’s products
C. Focusing on customer acquisition and retention
D. Maximizing customer value creation
Decide if each of the following statements is True (T), False (F), or Not Given (NG).
5. In the Industrial Era, customer management was primarily focused on long-term
customer relationships.
6. The Internet and database software have allowed customers to take a more active role
in initiating business transactions.
7. Customer growth is the most important process in the Customer Management theme.
8. Kaplan and Norton argue that companies should prioritize customer feedback over
product innovation.
Find an appropriate word from the text to complete the following sentences.
9. Customer management was primarily focused on ………… and marketing the
company’s products, with little attention given to the customer relationship.
10. As a result, organizations need to build a ………… that enables them to stay
connected with their customers over an extended period.
IV. Listening 1
Part 1. Listen to the recording and choose the correct answer.
1. Why did he choose Business Angels?
A. They have a good reputation.
B. They offer their experience as well as cash.
C. They had helped him in the past.
D. They want only a small return for their investment.
2. What did the funding selection process involve?
A. keeping the business running
B. asking relevant questions
C. researching the competition
D. producing a business plan
3. The result of the process was an offer of
A. more than he had expected to receive.
B. nothing as he had hoped to get
C. enough to fund an advertising campaign.
D. not sufficient to achieve his original goals.
4. After receiving the funding, John Hamilton
A. opened new retail outlets.
B. expanded into a new market
C. developed his product range.
D. investigated a publicity drive.
5. What has made private investors consider funding small businesses?
A. It is part of their investment portfolio.
B. The rewards are likely to be high.
C. They can exert influence over the business.
D. There is uncertainty in the financial market.
Part 2. Listen to the recording and complete the summary below. Write ONE
WORD ONLY for each answer.

5 capital raising strategies for a startup

1. Business loans

+ Loan (1) …………… is not guaranteed.

+ meeting specific (2) ……………

+ having an excellent credit score

+ being in business for a certain period of time.

2. Angel investments

+ (3) ……………, accredited individuals

+ requiring a solid business (4) …………… and pitch ready

3. Personal contacts

+ raising money through their friends and family members

+ (5) …………… family and business. The results is make more stress to the capital
raising (6) …………….

4. Venture capitalists

+ invest in more (7) …………… companies

+ operate out of a firm, rather than working alone.

+ lower (8) …………… of businesses - but more money.

5. Private equity

+ raise funds from investors

+ use this capital to (9) …………… stakes in companies.

6. The goal

+ to improve the value of these companies over time

+ eventually selling the investment at a (10) …………

V. Listening 2
Part 1: Listen to the recording and choose the correct answer.
1. What is the primary purpose of accounting in business?
A. To hire employees
B. To record, analyze, and interpret financial information
C. To market products
D. To manage customer relationships
2. Which financial statement shows a company’s financial position at a specific point
in time?
A. Note statement
B. Equity statement
C. Balance sheet
D. Profit statement
3. How does accounting help in business decision-making?
A. By tracking customer preferences
B. By determining market trends
C. By managing employee performance
D. By analyzing financial data
4. Which of the following is a key role of accounting in ensuring compliance?
A. Filing accurate financial reports for tax authorities
B. Creating new products
C. Recording customer satisfaction
D. Managing social media accounts
5. What is the benefit of adhering (according to standardized accounting principles
like GAAP or IFRS)?
A. Better employee retention
B. Improved customer service
C. Consistency and comparability in financial reporting
D. Faster production processes
Part 2: Listen to the recording and complete the summary below. Write ONE
WORD ONLY for each answer.
Businesses in Vietnam are influenced by various external factors, including economic
conditions, government, global market (1) …………, and environmental issues. The
country’s strong economic (2) ………… and rising middle class offer opportunities, but
challenges such as (3) ………… and currency fluctuations require careful cost
management. Government (4) ………… aimed at attracting foreign investment can
create (5) ………… but bureaucratic hurdles and inconsistent regulation enforcement
pose obstacles. (6) ………… trade agreements like the CPTPP provide access to new
markets but also increase competition from foreign firms, pushing local businesses to
innovate. Additionally, (7) ………… challenges, including climate change and natural
disasters, particularly impact (8) ………… and manufacturing sectors, necessitating
sustainable practices and disaster management strategies.
In summary, adaptability and proactive strategies are essential for Vietnamese (9)
………… to navigate the influences of economic, regulatory, global, and environmental
(10) ………… effectively.