Tiếng anh chuyên ngành Unit 16: Corporate finance I, Questions 1, What is corporate finance ? its functions? - Corporate finance is a broad term that is used to collectively identify the various financial dealings undertaken by a corporation - One main function of corporate finance is to make wise use of the financial resources available to the company - Also, another goal is to ensure that the company is achieving maximum benefits from available financial resources at the minimum costs 2, What does corporate finance involve ? - Corporate finance involves planning, raising, investing and monitoring the finance - The financial manager has to make decisions on sources of the finance and efficient use of the finance Also, he has to get the maximum return on the finance while minimizing the cost of finance, the wastage and misuse of the finance II, Sentences - Corporate finance / broad/ term / used/ collectively /identify / various/ financial /dealings/ undertake/ corporation - One/ core / function / responsible / corporate finance / make / wise use/ financial / resources/ available / company - Ultimately/ goal / ensure / corporation / achieve / maximum / benefit / available / financial / resource - Finance / be / collect / many sources / shares / debentures/ banks/ financial institution / creditors/etc - There / two / types / corporate finance/ : fixed / capital/ working / capital / - Fixed capital / use / purchase / fixed assets / like / land / buildings/ machinery / etc - While / working / capital/ use / purchase / raw materials/pay/day-to-day expenses III, Từ vựng Dividend (n) : cổ tức Profitability (n) : khả sinh lời Collective (adj) : chung Attempt (v) : cố gắng Procedure (n) : thủ tục Instance (n) : trường hợp Take on : bao gồm Process (n) : quy trình Merger : sáp nhập Day-to-day expences : chi thường xuyên Misuse : sd sai mục đích Mornitor : quản lý Plan : lập kế hoạch Approve : phê duyệt Shareholder : cổ đông Unit 17: FUNDING THE BUSINESS • Questions: 1, What are forms of equity? How are they created? 2, What are the advantage and the disadvantage of long-term loans? 3, How can a company raise its capital? • Answers: 1, There are forms of equity: Owner’s capital: this is the capital provided by the owner of the company Venture capital: this capital is provided by venture firms Unlisted securities market: This is money raised from outside investors (who don’t interfere in the running of the company) Stock exchange: This is the capital raised by issuing fresh shares (sold) to the public 2, The advantage of long-term loans is that companies can go to diffirent sources such as clearing banks, merchant banks and even pension funds to borrow money The disadvantage of the long-term loans is that companies have to secure the debts over fixed assets of the business and interest must be paid whether they make a profit or not 3, A company can raise its capital by issuing shares (equity financing) or borrowing from banks (debt financing); there are forms of equity: owner’s capital, venture capital, unlisted securities market and stock exchange Also, company can raise capital through long-term debts (from clearing banks, merchant banks or pension funds) but they have to secure the debts over fixed assets and interest must be paid • Sentences: 1, Gearing/ relationship/ between/ equity capital/ invest/ business/ long-term debts => 2, Successful time/ owners/ have/ claim/ all/ net profit/ company 3,Venture capital/ usually/ provide/ venture firms/ interest/ finance/ highgrowth/companies => 4, Venture capital/ company/ not/ usually/ interfere/ running/ company => 5, Least/ 25%/ equity/ must/ be/ public hands/ thereby/ reduce/ control/ original/ owners => 6, They/ will/ usually/ secure/ debt/ fixed assets/ business/ and/ of course/ interest/ must/ pay/ usually/ link/ bank/ base rate VOCABULARY: -equity financing (n) -debt financing (n) -earing (n) -overdraft (n) -prosperity (n) -venture capital (n) -exposed (adj) -interfere (v) +in -pension fund (n) -bankruptcy (n) -unlisted securities market Unit 18: Management of working capital I Questions 1.What are types of working capital? Its purposes? - There are types of working capital is permanent and temporary working capital - The permanent working capital is needed in keeping the business flowing during the year - The temporary working capital is needed from time to time to deal with cyclical, seasonal, unexpected fluctuation in the business What are major applications of working capital? -Firstly inventories include raw materials, work-in-progress and finished goods -Secondly debtors consist of payment due to supplier and payment owed by customers -Finally cash, which is needed for both normal and abnormal requirements What are main tasks of financial manage in managing working capital? Tasks of financial manages in managing working capital are: - Firstly in managing inventories, the job of financial manager is to minimize the level of raw materials, work in progress and finished goods - Secondly in managing debtors, the financial manager has to achieved a balance between getting and giving goods credit term with supplier and customers - Finally sound cash management is needed for both normal and abnormal requirements II/sentences Profitability/determined/ part/ way/company/ manage/ working capital Principal/functions/financial/management/provide/correct/amount/working capital/right/time/right/place/realize/greatest/return/investment Working capital/initially/broken down/2 types/permanent/temporary Job/financial/manager/minimize/stocks/raw materials/level/work-inprogress/quantity/finished/goods What are the main tasks of financial manager in managing working capital? Three applications of working capital Firstly, inventories which include raw materials, working in progress and finished goods Secondly, debts which consists of payment due to suppliers and payment owed by customers Finally, cash which needed for both normal and abnormal requiment Main tasks of manager in working capital Firsly, managing investories It is job of the financial manager to minimize the level of the raw materials, work-inprogress and finished goods Secondly, in managing debts, the fob of financial in to achieve a balance betwen getting and giving credit terms with suppliers and customers Finally, in managing cash, sound cash managerment insured that cash is available for both normal and abnormal requiment III KEY WORDS Permanent working capital : vốn lưu động thường xuyên Temporary working capital : vốn lưu động không thường xuyên At the right time In the right place Be broken down Tie up =use to The business flowing Take account of = deal with Cyclical Divided into Goodwill : lòng tin Abnormal : bất thường (to) meet the debt Unit 19: Marketing I Questions What are Ps in the Marketing Mix? There are 4Ps in the Marketing mix: Product, Place, Promotion and Price - Aspects to be considered in marketing products include: quality, features, style, brand name, size, packaging, services and guarantee - Place includes such factors as distribution channels, locations of points of sales, transport, inventory size, etc - Promotion includes advertising, publicity, sales promotion and personal selling - Price includes the basic list price, discounts, credit terms, the length of payment period II Sentences As well/satisfy/ existing needs, marketers/ also anticipate/create /new ones Once /target market be/ identify/ company/ have to/ decide /what/ goods or services/offer marketing concept/ have to/ understand /throughout/company,/production department/ as much/ in /marketing department itself Rather/ risk/ launch/ product or service/ the basic/ guesswork,/ most companies /undertake/ market research Companies/ collect / analyze/ information / size / potential market/ or /consumers’ reactions/ particular product features… It / be/job /product manager / brand manager / look for ways/ increase sales/ by/ change/ marketing mix As well as satisfying existing needs, marketers can also anticipate and create new ones Once the target market has been identified, a company has to decide what goods or services to offer The marketing concept has to be understood throughout the company, in the production department as much as in the marketing department itself 4 Rather than risk launching a product or service on the basic of guesswork, most companies undertake market research Companies collect and analyze information about the size of the potential market or the consumers’ reactions to particular product features… It is the job of a product manager or a brand manager to look for ways to increase sales by changing the marketing mix III Key words: - To look for market opportunities - To do/undertake market research - To launch a product or service - To identify/anticipate a consumer need - Target customers/market - Market segment/segmentation - Distribution channels - Various elements in a marketing program - Etc … Unit 20: SETTING THE PRICE I/ Questions • What is the important role of price? Price is the amount of money given in payment for goods or services Price has operated as a major determinant of buyers’ choice, apart from other non-price factors Price is one of the most important elements in the marketing mix determining company market share and profitability Price is the only element in the marketing mix that produces revenue • What are the common mistakes when setting price? Pricing is too cost-oriented Pricing is not revised often enough to capitalize on market changes Pricing is set independently of the rest of the Marketing mix Pricing is not varied enough for different products items or market segments • How companies handle pricing? - In small companies, prices are set by top management - In large companies, prices are set by divisional and product line managers Top management sets the general pricing objectives and policies and approves proposed prices - In industries where prices are set by a pricing department which sets prices or assists other department in determining prices II/ Sentences Through/most/history/price/set/buyer/seller/negotiate/each other Through/most/history/price/operate/major determinant/buyer/choice Non-price/factors/become/relatively/more/important/buyerchoice/behavior/recent/decades Price/still/remains/one/the most/important /elements/determine/ company/market share/profitability Small companies/ prices/ often/set/ top management/rather/ marketing /sales department Top management/set/general/pricing/ objectives/policies/often/approve/ prices/ propose/ lower levels/management III/ Key words to capitalize part of the profit: handle general pricing objectives and policies managers exert on influence product item approve divisional and product line manager independent Unit 21:What is accounting? I Questions 1.What are types of accounting information? Financial accounting information refers to information describing financial resources,obligations and activities of an economic entity This information is used by investors,creditors,managers or tax authorities,ect Management accounting information involves the development and interpretation of accounting information to a assist management in running the business This information is used by managers ,employees in setting general objectives and evaluating the performance of departments and individuals and in making all types of managerial decisions Tax accounting information: Two important aspects of tax accounting are the preparation of income tax returns and tax planning, therefore this accounting onformation is often adjusted or reorganized to conform with income tax reporting requirements This information is used by tax authorities 1a.What are differences between financial accounting and management accounting? 1b.How is tax accounting information different from financial accounting information? II Sentences 1.Financial accounting information/design/primarily/assist/investors/creditor/decide/where/place/scar ce/investment resources FCI is designed primarily to assist investors and creditors in deciding where to place their scarce investment resources 2.Managers/use/information/set/company’s overall goals/evaluate/performance/departments/individuals Managers use the information in setting the company’s overall goals,evaluating the performance of departments and individuals 3.Information/often/adjust/reorganize/conform/income/tax reporting requirements The Information is often adjusted and reorganized to conform with income tax reporting requirements III.Key words 1.Income tax return: kê khai thuế thu nhập Obligation: trách nhiệm 3.To adjust or reorganize to conform:điều chỉnh,tổ chức lại cho phù hợp 4.Record in journal entries containing at least two accounts(one debited and one credited) ghi vào mục chứa tài khoản có,nợ 5.Correcting entries: điều chỉnh mục 6.Post ledger: ghi vào sổ 7.Current balances: số dư 8.Unadjusted trial balance:cân đối thử chưa điều chỉnh 9.Temporary accounts: Permanent accounts: tài khoản tạm thời tài khoản thường xuyên 10.Cost accounting: hạch toán chi phí 11.Accounting cycle: chu kì kế toán Accounting process: quy trình kế toán UNIT 22: FINANCIAL STATEMENTS I Questions 1.What are responsibilities of accountant? Responsibilities of an accountant are: - In daily business operations, an accountant records all business transactions in a journal - Periodically, the accountant transfers figures from journal to ledger (it’s a book containing all the accounts on the company) - The accountant uses the information in the accounts to construct financial statements What are types of financial statements? types of financial statements are: Income statement which shows the company's earnings and expenditure It usually gives figures for total sales (turnover) and costs (overhead) Balance sheet which shows a company’s financial situation on a particular date (the last day of fiscal year) It lists the company’s assets, liabilities, shareholders’ funds The statement of changes in financial position (cashflow statement) which shows the flow of cash out and in the business between balance sheet dates II Sentences All business/ need/ maintain/ financial records/ in order / find out/ if/ they/ make/ profit Daily/ business operations / record/ business transactions/ be/ first/ made/ journal Periodically/ bookkeepers/ transfer/ figures/ journals/ ledgers Ledger/ be/ book/ contain/ all/ account/ company An account/ be/ financial record/ contain/ information/ about/ group/ similar/ transactions Design/ maintenance/ interpretation/ information/ record/ accounts/ refer/ as/ accounting Accountant/ use/ information/ account/ construct/ financial/ statements Balance sheet/ show/ company’s financial situation/ particular date/ generally/ last day/ financial year Balance sheet/ list/ company’s assets/ its liabilities/ shareholders’ fund 10.Application of fund/ include/ purchases/ fixed assets/ financial asset/ payment of dividend/ repayment of loans/ in a bad year- trading losses Unit 25: FINANCIAL ANALYSIS • what is financial analysis and its functions? Financial analysis is the selection, evaluation and interpretation of financial data, along with other pertinent information, to assist in investment and financial decision-making Financial analysis may be used internally to evaluate issues such as employee performance, the efficiency of operations and credit policies, and externally to evaluate potential investments and the credit-worthiness of borrowers, among other things • what are sources of financial data? Data provided by the company in its annual reports and other required disclosures Economic data, such as GDP, CPI…, and market data Event explaining the company’s present condition and its future prospects • classification of financial ratio By construction, ratios can be classified into: • a coverage ratio • a return ratio • a turnover ratio • a component percentage To evaluate the operating performance and financial condition, there are financial ratios: • a liquidity ratio • a profitability ratio • an activity ratio • a financial leverage ratio • a shareholder ratio • a return on investment ratio NEW WORDS Interpretation: giải thích, thuyết minh Along with other pertinent informations: với thông tin hữu ích khác Efficiency of operations: tính hiệu hoạt động Credit policy: sách tín dụng To evaluate potential investment: đánh giá tiềm đầu tư The credit-worthiness of borrowers: khả chi trả khách hàng Internally: bên nội bộ, externally: bên nội Required to disclose: tài liệu bắt buộc công bố A chain of retail outlets: chuỗi cửa hàng bán lẻ Future prospect: viễn cảnh tương lai Extraordinary losses: Những tổn thất bất thường Classification of financial ratios: phân loại hệ số tài Classify into: phân loại thành To meet financial obligations: đáp ứng nghĩa vụ tài In terms of: liên quan đến A coverage ratio: hệ số toán A return ratio: tỷ suất sinh lời A turnover ratio: tỷ suất doanh thu A component percentage: tỷ suất thành phần ( tỷ lệ phần trăm cấu thành) A liquidity ratio: khả trả nợ ngắn hạn A profitability ratio: tỷ suất khả sinh lời ( thuộc nhóm hệ số hiệu hoạt động, giáo trình TCDN/116 :3) An activity ratio: tỷ suất hoạt động A financial leverage ratio: tỷ suất đòn bẩy tài A shareholder ratio: hệ số cổ phần A return on investment ratio: tỷ suất lợi nhuận vốn đầu tư… ************* UNIT 26: AUDITING 11.Internal audit (v): kiểm toán nội 12.Continously (adv): liên tục 13.Completeness (n): hoàn toàn, đầy đủ 14.Accuracy (n): độ xác, đắn 15.Irregularity (n): bất thường Answer the questions a What is auditing? Auditing is an accouting function that involves the review and evaluation of financial records b.What are roles of internal auditors? - Auditors continously review operating procedures and financial records and report to management on current financial state of the company - They also make suggestions to management for improvements in the standard operating procedures - Finally, they check the completeness and accuracy of accouting records to make sure that all irregularities are corrected II building sentences Auditing/ accounting/ function/ that/ involve/ the review/ evaluation/ financial records Even/ those companies/ that/ not/ conduct/ internal audit/ need/ maintain/ system/ internal control Many/ companies/ employ/ their own accoutants/ maintain/ internal audit Unit 27: International business QUESTION What are advantages of world trade? Advantages of world trade are: - Countries can develop their economics, increase production of goods & meet market demands - Also, world trade has provided increased business opportunities Why (&how) Gov try to restrict import? - One of reason for restricting imports is to protect domestic industries, which provide employment to the population - To restrict imports, Gov impose taxes & quotas on certain products Also Gov enact protectionist controls or measures STRUCTURE: 1.In order to/import /export bproducts/needs /to be/system /international monetary exchange => In order to import and export products, there needs to be a system of international monetary exchange 2.Most currencies /now /exchang/a floating rate basic/.There are /no official exchange rates =>Most currencies are now exchanged on a floating rate basic.There are no official exchange rates 3.Sometime/ these great fluctuations/ value threaten economic stability => Sometime these great fluctuations in value threaten economic stability Unit 29: Trade barriers I Questions 1) What are trade barriers? Its advantage and disadvantage? Trade barriers are any of a number of government-placed restrictions on trade between nations Advantages of trade barriers: trade barriers can be benificial to the aggregate domestic economy Domestic firms benefit higher sales, greater profits and more income to resource owners Disadvantage of trade barriers are increasing domestic price, restricting access to imports can be harmful to domestic comsumers 2) What are common reasons/Justifications for trade barriers? Firstly, to protect domestic employment Secondly, to protect young domestic industries until they are strong enough to compete internationally Thirdly, to avoid unfair trade practices of foreign companies Fourthly, to avoid the practices of “dumping” Finally, to protect firms and industries that produce outputs vital to natin securities and defense 3) What are common forms of trade barriers? Tariffs which are taxes placed on imports Quota which is a quantity restrictions placed on a good, service, or actvity Subsidies which are intended simply to make certain key goods affordable to citizens of the nation and make import non-competitive Embagose which prohibit the import and export of anything with another country and it’s a form of punishment II Sentences Trade barriers/any/number/government-placed/restrictions/trade/between nations term/free/trade/refers/thereotical/removal/all/trade barriers/allow/for/competely/free /unfettered trade practice/howerver/no nation/ fully/embraces/free/trade/all/nations/untilize/some/ assortment/trade barriers/their/own/benefit One/most/common/justification/trade/barriers/protect/domestic/employment This/practice/“dumping”/may/undertaken/drive/domestic/procedures/out/business/ lessen/competition/increase/market/share/foreign/producers A/last/note/argument/that/trade barriers/often/need/protect/firms/industries/that /produce/output/vital/security/defense/nation Tariffs /simply/taxes/place/import/They/work/like/any/other taxes/ A tariff/add/price/import/goods second/trade barriers/design/restrict/imports/promote/exports/quotas/imports subsidies/another/common/trade barriers/often/place/protect/domestic/industries 10 A number/free trade bodies exist/world /try/curtail /use/trade barriers/nations => Fully formed sentences: Trade barriers are any of a number of government-placed restrictions on trade between nations 2.The term free trade refers to the thereotical removal of all trade barriers, allowing for competely free and unfettered trade In practice, howerver, no nation fully embraces free trade, as all nations untilize some assortment of trade barriers for their own benefit One of the most common justification for trade barriers is to protect domestic employment This practice of “dumping” might be undertaken to drive domestic procedures out of business, lessen competition, and increase the market share of the foreign producers A last noted argument is that trade barriers are often needed to protect firms and industries that produce output vital the security and defense of the nation Tariffs are simply taxes placed on import They work like any other taxes A tariff is added to the price of the imported goods the second trade barriers designed to restrict imports and promote exports is quotas in imports subsidies are another of the common trade barriers, and are often placed to to protect domestic industries 10 A number of free trade bodies exist in the world to try to curtail the use of trade barriers by nations III- Key word Trade barriers: rào cản thương mại, hàng rào mậu dịch Balance of trade: cán can thương mại Balance of payment: cán cân toán Trade deficit: thâm hụt thương mại Trade surplus: thặng dư thương mại Domestic industries: ngành công nghiệp nước Unfettered trade: tụ thương mại Government-placed restrictions on trade:chính phủ áp đặt hạn chế thương mại Tariffs = taxes charged on imports: thuế quan To raise tariffs bariers: lập hàng rào thuế quan Embargoes (embargo on something): lệnh cấm vận To lay an embargo on something: lệnh cấm vận To place something under embargo: đưa vào lệnh cấm vận To lift/raise/remove an embargo on something: bỏ lệnh cấm vận To increase/reduce the level of subsidy: tăng/giảm mức trợ cấp Unit 30: Trade surpluses and deficits I Questions What are the measures of country’s trade? Measures of a country’s trade are: - Merchandise trade balance which only looks at “Visible” or “tangible” goods - Current account which includes the imports and exports of services in addition to its visible trade - Capital account which includes all the payments and transfers of funds of a country - Balance of payments which include not only payment abroad, but also goods, services and transfers of funds crossing international borders II Sentences Just like any business, a country has to keep track of its inflow and outflow of goods, services, and payments The narrownest measure of a country’s trade, the merchandise trade balance, looks at “visible” goods The current account tells us which countries have been profitable traders, running a current account surplus with money in the bank at the end of the year Trade deficits and surpluses are balanced by payments that make up the difference All of these payments and transfers of funds are added up in a country’s capital account Balance of payments includes not only payments abroad, but also the goods, services, and all transfers of funds that cross international borders The balance of payments adds up everything in a country’s current account and capital account III Key words - to keep track of sth/sb - to run a current account surplus/ deficit - To extra money to invest abroad - To put it in its cookie jar - Foreign currency reserves - Current account - Capital account - Balance of payments - The international transfers of funds [...]... 9.Temporary accounts: Permanent accounts: tài khoản tạm thời tài khoản thường xuyên 10.Cost accounting: hạch toán chi phí 11.Accounting cycle: chu kì kế toán Accounting process: quy trình kế toán UNIT 22 : FINANCIAL STATEMENTS I Questions 1.What are responsibilities of accountant? Responsibilities of an accountant are: - In daily business operations, an accountant records all business transactions in... - The accountant uses the information in the accounts to construct financial statements 2 What are 3 types of financial statements? 3 types of financial statements are: 1 Income statement which shows the company's earnings and expenditure It usually gives figures for total sales (turnover) and costs (overhead) 2 Balance sheet which shows a company’s financial situation on a particular date (the last... số tài chính Classify into: phân loại thành To meet financial obligations: đáp ứng được những nghĩa vụ tài chính In terms of: liên quan đến A coverage ratio: hệ số thanh toán A return ratio: tỷ suất sinh lời A turnover ratio: tỷ suất doanh thu A component percentage: tỷ suất thành phần ( tỷ lệ phần trăm cấu thành) A liquidity ratio: khả năng trả nợ ngắn hạn A profitability ratio: tỷ suất khả năng sinh... động A financial leverage ratio: tỷ suất đòn bẩy tài chính A shareholder ratio: hệ số cổ phần A return on investment ratio: tỷ suất lợi nhuận vốn đầu tư… ************* UNIT 26 : AUDITING 11.Internal audit (v): kiểm toán nội bộ 12. Continously (adv): liên tục 13.Completeness (n): sự hoàn toàn, đầy đủ 14.Accuracy (n): độ chính xác, sự đúng đắn 15.Irregularity (n): sự bất thường 1 Answer the questions a... involve/ the review/ evaluation/ financial records 2 Even/ those companies/ that/ not/ conduct/ internal audit/ need/ maintain/ system/ internal control 3 Many/ companies/ employ/ their own accoutants/ maintain/ internal audit Unit 27 : International business QUESTION 1 What are advantages of world trade?... international monetary exchange 2. Most currencies /now /exchang/a floating rate basic/.There are /no official exchange rates =>Most currencies are now exchanged on a floating rate basic.There are no official exchange rates 3.Sometime/ these great fluctuations/ value threaten economic stability => Sometime these great fluctuations in value threaten economic stability Unit 29 : Trade barriers I Questions... barriers by nations III- Key word Trade barriers: rào cản thương mại, hàng rào mậu dịch Balance of trade: cán can thương mại Balance of payment: cán cân thanh toán Trade deficit: thâm hụt thương mại Trade surplus: thặng dư thương mại Domestic industries: các ngành công nghiệp trong nước Unfettered trade: tụ do thương mại Government-placed restrictions on trade:chính phủ áp đặt hạn chế về thương mại Tariffs... 3.Information/often/adjust/reorganize/conform/income/tax reporting requirements The Information is often adjusted and reorganized to conform with income tax reporting requirements III.Key words 1.Income tax return: kê khai thuế thu nhập 2 Obligation: trách nhiệm 3.To adjust or reorganize to conform:điều chỉnh,tổ chức lại cho phù hợp 4.Record in journal entries containing at least two accounts(one debited and one credited) ghi vào mục... statement) which shows the flow of cash out and in the business between balance sheet dates II Sentences 1 All business/ need/ maintain/ financial records/ in order / find out/ if/ they/ make/ profit 2 Daily/ business operations / record/ business transactions/ be/ first/ made/ journal 3 Periodically/ bookkeepers/ transfer/ figures/ journals/ ledgers 4 Ledger/ be/ book/ contain/ all/ account/ company... world trade? Advantages of world trade are: - Countries can develop their economics, increase production of goods & meet market demands - Also, world trade has provided increased business opportunities 2 Why (&how) do Gov try to restrict import? - One of reason for restricting imports is to protect domestic industries, which provide employment to the population - To restrict imports, Gov impose taxes ... hạch toán chi phí 11.Accounting cycle: chu kì kế toán Accounting process: quy trình kế toán UNIT 22 : FINANCIAL STATEMENTS I Questions 1.What are responsibilities of accountant? Responsibilities... on investment ratio: tỷ suất lợi nhuận vốn đầu tư… ************* UNIT 26 : AUDITING 11.Internal audit (v): kiểm toán nội 12. Continously (adv): liên tục 13.Completeness (n): hoàn toàn, đầy đủ 14.Accuracy... Sentences: 1, Gearing/ relationship/ between/ equity capital/ invest/ business/ long-term debts => 2, Successful time/ owners/ have/ claim/ all/ net profit/ company 3,Venture capital/ usually/ provide/