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Unit-review - word
English for Business (Trường Đại học Ngoại thương)
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Unit 1. Management
1. What is a manager ?
Manager is a person in an organization who is responsible for carrying out the four functions of
management, including planning, organizing, leading and controlling.
2. What can a manager do with the subordinates when considering their performance and behaviors ?
A manager has authority and power to hire, promote, discipline and fire employees based on those
behaviors and performance.
3. What is a leader ?
Any individual can become a leader if they effectively carry out their leadership responsibilities to
communicate, motivate, inspire and encourage employees toward a higher level of productivity.
4. Why is it possible for anyone to become a leader ?
Any individual can become a leader because the basis of leadership is on the personal qualities of the
leader.
5. How is a manager different from a leader ?
- A manager has subordinates while a leader has followers
- Managers are concerned with the bottom line, while leaders spend time looking at horizon.
Unit 2. Work and Motivation
1. What is motivation ?
Motivation is the factor that influences the behavior of workers towards achieving business goals.
2. What are the most common ways to increase a worker’s motivation ? Give examples of monetary and
nonmonetary rewards.
The most common ways to increase motivation are:
Monetary rewards: A salary increase is a common form of monetary reward
Non-monetary rewards: flexible working
Introducing ways to give job satisfaction
3. What is job satisfaction ?
Job satisfaction is the enjoyment a worker gets from feeling that they have done a good job.
4. How can companies raise the job satisfaction of their workers ?
There are 3 ways to motivate workers to be more committed to their job and work more effectively:
Job rotation
Job enlargement
Job enrichment
5. Distinguish Theory X and Theory Y
Theory X is the person who does not like to work and must be constantly supervised so they will work
Theory Y is the person who is motivated by internal factors
6. What are hygiene factors ?
Hygiene factors are the factors that must be present in the workplace to prevent job dissatisfaction.
7. Describe briefly Maslow’s hierarchy of needs.
Unit 3. Company structure
1. What is an organizational structure?
Organizational structure is the levels of management and division of responsibilities within an
organization
2. Define a chain of command
A chain of command is 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 the people in the organization know what decisions they are able to make, who their line manager ( or
boss) is ( to whom they report ) and who their immediate subordinates are.
4. Describe briefly a functional organizational structure.
Businesses are organized according to their roles and skills into smaller groups or departments. This may
include specialized production, finance, marketing, sales and human resources. This means, for instance,
that the production and marketing departments cannot take financial decisions without consulting the
finance department.
5. In what way can dividing a business functionally cause problems ?
A disadvantage of functional structure is that people are often more concerned with the success of their
own department than that of the company as a whole, so there are conflicts between finance and
marketing or marketing and production over what the objectives are.
6. Describe briefly a matrix organization.
Matrix organization is another way to get round hierarchies, in which people report to more than one
superior. For example, a product manager with an idea could deal directly with the manager responsible
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for a certain market segment and for a geographical region as well as managers in finance, sales and
production departments.
7. What is a potential disadvantage of matrix management systems ?
Matrices involving several departments can become quite complex, so it is sometimes necessary to give
one department priority in decision making.
8. What is centralization?
Centralization is the process by which the activities of an organization become concentrated within a
particular geographical location group.
9. Why is it not usually possible to organize a large organization in a single hierarchy ?
Because the activities of most organizations are too complicated to be organized in a single hierarchy
10. What factors might lead companies to flatten their hierarchies?
The modern tendency is to reduce the chain of command, take out the layers of management,
and make the organization much flatter. Advanced IT systems have reduced the need for
administrative staff and enabled companies to remove layers of workers from the structure.
Many companies have also been forced to cut back and eliminate jobs in recession.
11. Under what circumstances might the team not be effective?
Teams are not always very good at decision making and usually require a strong leader.
Unit 4: Managing across culture
1. Why is it important for companies to be aware of local cultures?
Companies that want to be successful in foreign markets have to be aware of the local cultural
characteristics that affect the way business is done.
3. What is culture? What factors are likely to be aware of local cultures ?
Culture may be defined as the complex system of values, traits, morals and customs shared by a society.
Companies that want to be successful in foreign markets have to be aware of the local cultural
characteristics that affect the way business is done.
4. What is context ?
Context refers to the stimuli, environment, or ambience surrounding an event.
5. Describe the major features of low-context and high-context cultures and give examples of countries
adopting low-context and high-context cultures.
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 familial status of an individual, and the tone of voice employed during speech. High-context
cultures usually do not have rules that are explicitly written or stated. ( Eg: North America, Germany)
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 (Eg: China, Japan and Middle Eastern
countries)
6. What does the Power Distance Index measure?
The Power Distance Index measures how people in different societies cope with inequality- in other
words, how they relate to more powerful individuals.
7. Indicate the differences in the relationship between subordinates and their supervisors in low-context
cultures and high-context cultures
In high-power- distance countries, subordinates expect formal hierarchies and embrace relatively
authoritarian, paternalistic power relationships.
In low- power-distance cultures, however, subordinates consider themselves as equals of their
supervisors. They confidently voice opinions and participate in decision making
Unit 5. Recruitment
1. What are the different stages of the recruitment and selection process ?
Vacancy arises -> Job analysis -> Job description -> Job specification -> Job advertised inappropriate
media -> Application forms and shortlisting -> Interviews and selection -> Vacancy filled
2. How do you draw up job description and job specification ?
3. How do you choose suitable ways of advertising a vacancy- either internally or externally ?
- An internal recruitment would be suitable for an employee who seeks promotion within the business
and when a business is happy to recruit someone from its existing workforce.
- If a business decides that none of its current employees has the necessary skills or expertise to fill a
vacancy, or they want to increase the choices of candidates for a job, then they will use external
recruitment.
4. How important is training ? And what are the 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
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- Decrease the supervision needed
- Improve the opportunity for internal promotion
- Decrease the chances of accidents
There are 3 main types of training:
- Infection training
- On-the-job training
- Off-the-job training
5. What are induction training, on-the-job training and off-the-job training
- Induction training is an introduction given to a new employee, explaining the business's activities,
custom and procedures and introducing them to their fellow workers
- On-the-job training occurs by watching a more experienced worker doing the job
- Off-the-job training involves being trained away from the workplace, usually by specialist trainers.
Unit 7. Classification of businesses
1. What are the different stages of economic/ business activities ?
- Primary stage
- Secondary stage
- Tertiary stage
2. What business activities are included in the quaternary sector ?
- Computing
- ITC (information and communication technologies)
- Consultancy (offering advice to business)
- R&D (research and development
3. How different is the private sector from the public sector in a mixed economy ?
- Private sector: businesses not owned by the government. Most businesses in the private sector will aim
to make a profit.
- Public sector: government (or state) owned and controlled businesses and organizations. Some goods
and services are provided free of charge to consumers, such as state health and education.
4. What are the features of different forms of business organizations: Sole traders, Partnership, Private
and Public Limited Companies, Franchises, and Joint Ventures? What are their advantages and
disadvantages ?
- Sole traders: is a business owned and operated by just 1 person - the owner is the sole proprietor.
- Partnership: is a group or association of at least 2 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.
- Private limited companies: the directors are usually the most important or majority shareholders.
- Public limited companies: have been able to raise the capital to expand nationally even internationally.
- 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.
- Joint Ventures: is when 2 or more businesses agree to start a new project together, sharing the capital,
the risks and the profits.
Unit 8: Production
1. What is production and operation management ?
2. What is lean production ? How can lean production be achieved ?
Lean production covers a variety of techniques used by businesses to cut down on waste of resources,
including time, and therefore increase efficiency.
Lean production can be achieved by using the following methods:
- Kaizen: focus on the elimination of waste
- Just-in-time (JIT): is a production method which focuses on reducing or virtually eliminating the need
to hold inventories of raw materials or components and on reducing work-in-progress and inventories of
the finished product.
3. What is job production, batch production and flow production ?
- Job production: the production of items one at a time
- Batch production: the production of goods in batches. Each batch passes through one stage of
production before moving onto the next stage.
- Flow production: the production of very large quantities of identical goods using a continuously moving
process
4. What are the benefits and limitations of different production methods?
Pros
Cons
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Job production
• The customer gets exactly
what they want and this can
increase their satisfaction.
• High prices can often be
charged because a unique/oneoff product is being made.
• Designs can be changed to
suit each customer’s own
requirements.
• Specialist tools and
equipment might be needed,
which can be expensive to buy.
• Can take a long time to make
a unique product and this
might mean the employee
loses motivation.
• Can’t always buy raw
materials in bulk and might
miss out on cost savings from
bulk buying.
Batch production
• Batches can be changed to
suit the requirements of the
customer, which results in
higher customer satisfaction.
• Raw materials can be bought
in bulk, therefore saving
money.
• No need for highly skilled
workers, so costs are kept
down.
• Equipment and employees
might not have anything to do
between batches, which costs
money.
• Any mistakes in one item can
result in the whole batch being
wasted, which costs money
and wastes time.
• The cost of each item might
be high if the batch size is
small so the price charged to
the customer might be higher.
Flow production
• Large amounts of identical
products are made.
• Raw materials can be bought
in bulk, saving the business
money.
• Flow production often uses
lots of machinery that can
work for longer and without
breaks compared to humans.
• The individual customer’s
requirements cannot be met
because each product is
identical.
• If a fault occurs during
production this can cause the
whole production line to stop.
• Large demand for products is
needed because they are made
in large quantities.
Unit 9: Logistics
1. What is logistics?
It is the marketing activity that involves planning, implementing, and controlling the
physical flow of materials, final goods, and related information from points of origin to
points of consumption to meet customer requirements at a profit.
2. What is the supply chain?
It is 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?
It is the area of logistics that involves bringing raw materials, packaging, other goods and
services, and information from suppliers to producers.
4. What is outbound logistics?
It is the area of logistics that involves managing the flow of finished products and information to
business buyers and ultimate consumers.
5. What is logistics management?
It is the management of the flow of goods, information and other resources, between the pint of
origin and the point of consumption
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Unit 10: Quality
1. What does quality mean to you, brainstorm as many ideas as possible?
To me, quality means the standard of something as measured against other things of a similar
kind; the degree of excellence of something. It also means a characteristic or feature of someone
or something.
2. What are quality control and quality assurance?
Quality control is the checking for quality at the end of production process, whether it is the
production of product or service
Quality assurance is the checking for quality standards throughout the production process,
whether it is the production of product or service
3. What is TQM?
Total quality management (TQM) is a philosophy that was very popular in the 1980s and 90s. It
aims to put an awareness of quality at the heart of all organizational processes and not just
production. It puts an emphasis on a continual increase in customer satisfaction combined with
lowering costs by eliminating waste.
4. How does TQM affect business?
TQM often involves a significant change in the culture of an organization. Employees can no
longer think that quality is someone else’s responsibility. The search for quality must affect the
attitudes and actions of every employee.
5. How do companies spend time and money to ensure quality?
Unit 12: Marketing
1. What is marketing?
Marketing can be defined as a human activity which is directed at satisfying needs and wants by
creating and exchanging goods and value with others.
2. What are the four stages of a product life cycle?
The standard cycle life includes introduction, growth, maturity and decline stages
 Introduction stage: In this stage the product is promoted to create awareness. It has low
sales and will still be making a loss due to the heavy advertising, distribution and sales
promotions expenses. If the product has few competitors, a skimming price strategy can
be used (a high price for similar offerings which is then gradually lowered).
 Growth stage: In the Growth phase sales are rising rapidly and profits are high. However,
competitors are attracted to the market with early adopters. The market is characterized
by alliances, joint ventures and takeovers. Advertising budgets are large and focus on
building the brand.
 Maturity phase: In this phase growth slows and then stabilizes. Producers attempt to
differentiate products and brands are key to this. Price wars and competition occur as the
market reaches saturation.
 Decline phase: In the Decline phase there is a downturn in the market. The product is
starting to look old-fashioned or consumer tastes have changed. There is intense pricecutting and many products are withdrawn from the market.
3. Discuss marketing strategies.
Marketing strategies are sets of principles designed to achieve long-term objectives obviously
depend on its size and position in the market. Other determining factors are the extent of
company’s resources, the strategies of its competitors, the behavior of the consumers in the target
market, the stage in the product life cycle of the products it markets, and the overall
macroeconomic environment
A thorough marketing strategy covers the four P’s of marketing: product, price, place and
promotion
Creating a marketing strategy requires a few steps: Identify your goals, know your clients, create
your message, define your budget, determine your channels, measure your success.
Benefits:
 It helps companies to satisfy customer needs. So their products will be accepted
by many people, they will make large profits
 If the company has the strong, firm marketing strategies, they will have absolute
advantages over their rivals
4. Discuss market segments.
Market segments are parts of a market; a group of customers with specific needs, defined in
terms of geography, age, sex, income, lifestyles, etc
There are 4 types of market segmentation such as demographic, psychographic, behavioral and
geographic. This method can help you to define and better understand your target audiences and
ideal customers. Therefore, you can meet their expectations with ease
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Unit 13: Advertising
1. What do you think makes ads memorable?
In my opinion, humor is the thing that makes ads memorable since it is easier to remember an
interesting ad than an boring one.
2. Do you find the ads on television generally?
I often find ads on television as an annoying interruption to the program and not useful.
3. Give examples of ads you have enjoyed.
4. Give example of ads that have persuaded you to buy the product
5. Have you ever passed on advertising material by email or discussed products in blogs or
online forums, thereby helping advertise an organization’s products or services?
Unit 14: Banking
1. Which of the banking facilities do you use?
I’m using a deposit account: A bank account maintained by a financial institution in which a
customer can deposit and withdraw money
2. What services do commercial banks offer in your country?
The service offered: a savings account (An account that generally earns higher interest than an
interest-bearing checking account. Savings account limit the number of certain types of transfers
or withdrawals you can make from the account each monthly statement cycle)
3. What changes have there been in personal banking recently?
Making Use of Fintechs to Improve Customer Experience: Banks may provide their customers
with value-added solutions that are outside of their areas of competence by collaborating with
fintechs, and demand for such partnerships should keep rising. Banks may expand their offers at
low cost while accelerating time to market, from utilizing alternative data sets and models for
improved underwriting to providing customers with rapid money transfers.
4. Give the definition of a commercial bank
Commercial banks are financial intermediaries with a government license to make loans and
issue deposits, including deposits against which cheques can be written. They receive deposits
from and make loans to individuals and small companies.
5. Give the definition of an investment bank
Investment banks 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.
Unit 19: Accounting and financial statements
1. What is management’s responsibility for the financial statements?
The management of a firm is ultimately responsible for the preparation and presentation of the
financial statements. In order to emphasize this point and hold management accountable, the
annual report of a publicly traded entity must include certifications from management that the
officers have reviewed the financial report, a statement that the financial statements do not
contain any material omissions or untrue or misleading statements, a statement that the financial
statements fairly present the financial condition and results of the entity, a list of deficiencies in
the internal controls, a statement that the officers are responsible for and have evaluated the
internal controls, information on any fraud that involves employees and a discussion of any
significant changes in internal controls.
2. What are the limitations of the balance sheet?
The balance sheet has been criticized due to significant limitations. These limitations include the
fact that, although there are exceptions, the balance sheet generally does not employ market
values in measuring economic resources and obligations. In addition, there are a significant
number of unrecorded assets and liabilities, such as human capital. Finally, many of the accounts
reported on the balance sheet are based on estimates as opposed to determinable amounts.
3. Why is the cash flow statement useful to the users of the 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 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?
Financial statement articulation refers to the interaction between assets, liabilities and equity
elements with revenues and expenses. It refers to the relationships among financial statements
and financial statement elements and is a critical concept in understanding financial statements.
The elements of the financial statements are interrelated
Unit 23: The business cycle
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1. Why does unemployment rise during the recession phase of the business cycle?
Unemployment rises during the recession phase of the business cycle because the aggregate
supply is typically more than the aggregate demand so there is less of a need for employees, less
goods and services are being produced. Cyclical unemployment increases because businesses
began laying off workers in the need to save money because of low demand for their products.
2. What is the difference between a recession and a depression?
The difference between a recession and a depression is that a recession is when an economy is on
a more gradual decline and lasts more than 6 months while a depression is when an economy is
on a steep downturn more than the recession and lasts for a year or two
3. If a country is producing beyond its production possibilities curve, what phase of the
business cycle is it most likely experiencing?
If a country is producing beyond its production possibilities curve it is likely experiencing an
expansion, where unemployment is significantly decreasing and inflation is increasing. This is
typically an unsustainable period that leads to the peak where the economy starts slowly
receding.
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?
Creating jobs: some employment has been created in the economy, there shall be a need to recruit
employees. This labor shall receive their salaries for their work and then the creation of a
currency flow in the market is ensured. When cash construction is removed, people start to
purchase more which is an increase in demand. For corresponding supply, manufacturing is
necessary. This shall ensure the re-start of the closed manufacturing units and open up of new
units.
Unit 24: Corporate social responsibility
1. What is corporate responsibility?
A company’s commitment to improving or enhancing community well-being through
discretionary contributions of corporate resources. There are five dimensions of CSR:
Environment, Social, Economic, Stakeholder, and Volunteerism.
2. What do companies need to do to show they exercise good corporate responsibility?
To be seen as good corporate citizens, companies need to:
 Pay attention to things that affect the well-being of everyone, not just their
employees or in the areas where the company has its plants, offices and other
activities
 Conduct business in ways that protect the environment, such as ensure that
companies do not cause pollution, contribute to the climate change and
endangered plant or animal life
 Get business without engaging in corruption, for example: offering bribesmoney given to someone so that they behave unethically
3. Do you think making huge profits means companies can never be responsible?
Every organization is established with a target to make profits for the
owner/entrepreneur/shareholders. In order to make profits, there are many people who are given
specific responsibilities. Therefore, no company lacks responsibility, even when there are losses.
4. Can a company survive if it shows no corporate responsibility?
CSR can influence customer perceptions on a product or service offering and in the end affect
company performance and customers are ready to boycott companies that do not behave socially
responsible. Therefore, companies can hardly survive without showing any CAR.
5. Which of the following do you think are especially interesting for a company to
highlight as part of its CSR: (good working environment; a good environmental policy;
policy of not using child labour, products tested on animals, etc; donating a percentage of
profits to good causes; employing people at risk of exclusion)
Policy of not using child labour: Child labour is view as inconsistent with company values, a
threat to their image and ability to recruit and retain top employees, as well as to the
sustainability of their supply chain. Since business enterprises have significant role in the
society, they must comply with applicable law and respect children’s rights including by
eliminating the child labour in their business activities. Therefore, it is the responsibility of
the business enterprises to protect children’s rights and eradicate child labour in their
business activities
Unit 25: Efficiency and employment
1. Do you think restructuring can help a business become more efficient?
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Restructuring businesses could help to increase its efficiency by shutting down unprofitable areas
of your business and focus on enhancing profits in other areas.
2. What is delocalization?
Delocalization or relocalization: moving some of a business’s activities (eg: accounting,
production) to another place or country
3. How can you interpret the term “business efficiency”?
a business's efficiency measures how well it can transform things like materials, labor and capital
into services and products that produce revenue.
4. What is the purpose of rationalization?
The purpose of rationalization is to reorganize a company, business, system in a new way to
reduce costs and improve efficiency and effectiveness
5. What does “redundancy package” mean?
Redundancy package: all the payments and advantages that a company gives to workers who
have lost their jobs because they are no longer needed
6. What notable cases of restructuring or downsizing or delocalizing have there been in the
news recently? What was the reaction?
Most recently, Disney announced a corporate restructuring to help it capitalize on U.S. and
international growth opportunities. Under the new structure, the company organized into four
key business segments, a move that was intended to position the company for global expansion,
more technological innovation, and the creation of more diverse content for its audiences. This
restructuring expanded individual responsibilities, created jobs and helped the company achieve
long range strategic goals.
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 recruitment; staff training programmes; increasing the number of
public sector jobs)
Retiring at a younger age, or working fewer years of one's life, perhaps taking some years off, for
example when your children are young, as many women already do, equally involves a reduction
of income. The burden on current workers to pay the pensions of the previous generation is
already increasing; many countries want to raise the retirement age.
Unit 27: International trade
1. Discuss whether imposing tariffs will benefit the domestic economy?
Imposing tariffs (taxes on imports) helps to raise tax revenues for the government. This will
benefit the economy as the money can be spent on healthcare and education etc. Also, tariffs
raise the price of imports and so may reduce the demand for imports. Tariffs can also be used to
protect infant industries. allowing them to grow and become internationally competitive.
2. Explain the difference between international trade and free trade
International trade refers to the exchange of goods and services beyond national borders. It
entails the sale of exports (goods and services sold to overseas buyers) and imports (foreign
goods and services bought by domestic households and firms). Free trade means that
international trade can take place without any forms of protection, i.e. barriers to international
trade, such as quantitative limits or taxes being imposed on exports.
3. Identify three methods of trade protection that a country could use
 Quota: a type of protectionist measure that sets a numerical limit on the imports allowed
into a country over a specified time period
 Embargo: a type of trade protectionist measure banning the trade of a certain good, or
banning trade with a particular country
 Tariff: A duty (or tax) levied upon goods transported from one Customs area to another,
for either protective or revenue purposes. Tariffs raise the prices of 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
4. Explain two benefits of free trade
- Increased competition can force firms to reduce costs (lower prices) and/or increase their
productivity.
- Access to larger global markets enables firms to take advantage of economies of scale
5. Describe two disadvantages of international trade
- Domestic firms can go out of business if products from foreign firms are more competitively
priced and/or of better quality, which can lead to domestic unemployment.
- International trade may allow the import of harmful products, which adversely affects the
economy and the well-being of a country's people.
6. Explain two reasons why countries might decide to trade with each other.
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- International specialization and trade can benefit consumers as there is more competition,
leading to more choices and improved quality of products.
- Employment opportunities can also arise from international trade and greater volumes of
output.
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