unit 6 Bài giảng Anh văn chuyên ngành Tài chính Thư Viện Tài Liệu Tổng Hợp Com UNIT 6

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6 Financing international trade ƒ To learn about: letters of credit and bills of exchange; key vocabulary of letters AIMS: of credit and bills of exchange ƒ To learn how to: check and confirm information ƒ To practise: checking and confirming information about financial products Lead in o What are your country's main exports? o What are your country's main imports? o Which countries or regions are your country's major trading partners? o What are the most common ways for importers to pay exporters for goods? Vocabulary You are going to read about a common way of financing foreign trade Before you read, check your understanding of the terms in the box by using them to label the two definitions below Bill of exchange Letter of credit (1) ………………………… A method of payment for goods in which the buyer's bank guarantees to pay a specified amount of money to the seller on presentation of specific documents, before a certain date and according to the International Chamber of Commerce rules (2) ……………………… An order written by an exporter instructing an importer to pay a specified amount of money at a specified time Reading: How a letter of credit works Read about the first four steps in a transaction involving a letter of credit, and number the steps to 4, using the diagram opposite to help you ……… The advising bank authenticates the letter of credit and sends the beneficiary (the seller) the details The seller examines the details of the letter of credit to make sure that he or she can meet all the conditions If necessary, he or she contacts the buyer and asks for amendments to be made Unit 6: Financing international trade 50 ……… The applicant (the buyer) completes a contract with the seller ……… The issuing bank (the buyer's bank) approves the application and sends the letter of credit details to the seller's bank (the advising bank) ……… The buyer fills in a letter of credit application form and sends it to his or her bank for approval Now read about the next six steps, and number them to 10 using the diagram below …… If the documents are in order, the advising bank sends them to the issuing bank for payment or acceptance If the details are not correct, the advising bank tells the seller and waits for corrected documents or further instructions …… The advising/confirming bank pays the seller and notifies him or her that the payment has been made …… The issuing bank advises the advising (or confirming) bank that the payment has been made …… The issuing bank (the buyer's bank) examines the documents from the advising bank If they are in order, the bank releases the documents to the buyer, pays the money promised or agrees to pay it in the future, and advises the buyer about the payment (If the details are not correct, the issuing bank contacts the buyer for authorization to pay or accept the documents.) The buyer collects the goods …… The seller presents the documents to his or her bankers (the advising bank) The advising bank examines these documents against the details on the letter of credit and the International Chamber of Commerce rules Unit 6: Financing international trade 51 …… When the seller (beneficiary) is satisfied with the conditions of the letter of credit, he or she ships the goods Reading : Asking for information about bills of exchange An inexperienced exporter calls his bank's trade finance department, to get more information about bills of exchange Read the conversation, and answer the questions below In a standard bill of exchange, who are the drawer, the drawee and the payee? …………………………………………………………………………………………………… What is the difference between a bank draft and a trade draft? …………………………………………………………………………………………………… Why doesn't the seller of goods have to wait until the bill or draft matures before getting paid? …………………………………………………………………………………………………… Why isn't an endorsed bill paid at 100%? …………………………………………………………………………………………………… The caller uses several expressions that are commonly used to ask for repetition and clarification when you don't understand something What are they? …………………………………………………………………………………………………… Unit 6: Financing international trade 52 Unit 6: Financing international trade 53 Language focus Checking and confirming information Look at the phrases that were used for checking and confirming information in the Listening exercise Can you add any other phrases you could use in the following situations? You didn't hear what somebody has said You don't understand what somebody has said You don't think somebody is being clear or precise enough Asking for repetition If you didn't hear what somebody has said, you can use the following phrases The questions have a rising intonation at the end Sorry? Pardon? Excuse me? I didn't quite catch that I didn't hear what you said Could you repeat that, please? Would you mind repeating that, please? I didn't quite catch what you said I missed the first / last part Could you say that again, please? If you don't understand what somebody has said, you can use some of the phrases in the Conversation exercise, or you can say: I don't understand what you've said Could you explain that again, please? Could you rephrase that? Asking for clarification If you think somebody isn't being clear or precise enough, you can say: What exactly you mean by ? Could we have some more details, please? Could you go into more detail about ? Can you be more specific? Unit 6: Financing international trade 54 Could you elaborate on that a little? Do you have any examples? Can you say a little bit more about , please? Asking for verification If you want to check that you have understood what somebody has said, you can repeat the end of their sentence with a rising intonation, and a stress on the important word: The flight is cancelled? Or ask a question, with a rising intonation, and a stress on the important word: Did you say 'cancelled'? If someone is asking you questions to verify information, you can reply with phrases like these, to reassure them, or to clarify or rephrase something: Yes, that's right Yes, that's exactly what it means No, it's not cancelled, only delayed No, 'put back' means delayed Your flight will now depart at midnight I'm sorry, let me rephrase that Let me explain that again Now decide how you would reply to the following: Choose the correct answer ………… is a statement that shows what changes have occurred in regard to equity It shows the money the owners have put in or taken out of the business A An income statement C A balance sheet B A cash flow statement Unit 6: Financing international trade D A statement of owners’ equity 55 Three basic types of businesses in terms of operations are _ A Large size, medium size and small size company B Service, merchandising, and manufacturing C Service, private, nonprofit organization D Individual proprietorship, partnership and corporation Profit from sales after direct costs for producing the goods or service have been deducted is called ………… A Cost accounting B Managerial accounting C Gross income D Net profit If a company has liabilities of $ 17.000 and owner’s equity of $ 59.000, the assets of the company are …………………… A $42.000 B $76.000 C $59.000 D $17.000 The gradual decline in value of a fixed asset is ………………… A Real estate B Land C Depreciation D Cash The operations statement is also referred to as ………… A owner’s equity statement B a balance sheet C income statement D statement of changes in financial position …………… shows an increase or decrease in working capital for the year and how this change arose A An income statement C An operation statement B A statement of changes in financial position General or selling expenses are …………… A direct costs B indirect costs D A statement of owners’ equity C factory costs D allocating costs ………………is prepared after the sales budget is completed and after the existing inventory of goods for sales has been evaluated A The cash budget B The purchases budget C The operating-expenses budget D The capital-expenditures budget 10 Sales budgets are designed to be both ………………… and ……………… A flexibility / complete B flexible / complete C flexible / completely D flexibly / completely 11 ………….is a period of rising prices in which more money becomes available in relation to fewer goods A Accounting period B Inflationary period C Deflationary period D Oscillation period 12 ………….is a period of reduced general economic activity marked by a decline in employment, profits, production, and sales A Recession B Inflationary period C Deflationary period D Oscillation period Unit 6: Financing international trade 56 Unit 6: Financing international trade 57 New words: − finance (v) : cung cấp vốn − bill of exchange (n) : hối phiếu − letter of credit (n) : tín dụng thư − method (n) : phương pháp − specified (adj) : theo danh nghĩa, định, cụ thể − chamber of commerce : phòng thương mại − advising bank = notifying bank : ngân hàng thông báo − authenticate (v) : xác nhận, chứng minh − examine (v) : kiểm tra − amendment (n) : việc sửa đổi, việc bổ sung − issuing bank (n) : ngân hàng phát hành cổ phiếu − confirming bank : ngân hàng xác nhận, ngân hàng bảo chi − contract (n) : hợp đồng − approve (v) : chấp thuận − approval (n) : việc chấp thuận − in order : hợp lệ − notify (v) : thông báo − confirm (v) : xác nhận − release (v) : tung ra, hủy bỏ − authorization (n) : giao quyền, ủy quyền, cho phép − ship (v) : chuyên chở, vận chuyển − drawer (n) : người lĩnh tiền − drawee (n) : người toán − draft (v) : rút tiền − endorse (v) : chứng thực − clarify (v) : lọc, làm cho sáng tỏ dễ hiểu − bill of lading : vận đơn − master (adj) : chính, chủ yếu, tổng, tinh thong, thành thạo − master (n) : chủ nhân − acknowledge (v) : thừa nhận − customs clearance : việc thông quan, thủ tục khai hải quan Unit 6: Financing international trade 58 − premise (n) : nhà cửa, sở ( kinh doanh) − formality (n) : việc theo thủ tục, quy cách − alongside : dọc theo, kề bên (bến, mạn tàu) − deliver (v) : giao hàng − transit (v) : vận chuyển, chuyên chở − freight (n) : việc vận chuyển hàng hóa, cước vận chuyển − frontier (n) : biên giới − quay (n) : bến tàu, bến cảng ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………… 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completely D flexibly / completely 11 ………….is a period of rising prices in which more money becomes available in relation... Recession B Inflationary period C Deflationary period D Oscillation period Unit 6: Financing international trade 56 Unit 6: Financing international trade 57 New words: − finance (v) : cung cấp
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