KEY for Mid-term test

Time allowance:...............
Name:............................................................................. Class:.........................................................
I. Choose the best answer
1. Vietnam is a rice-..................country.
A. exporter B. exports C. exported D. exporting
2. As far as I know, ……………is the work of checking that products match the specifications and
standards.
A. design control B. quantity control C. quality control D. price control
3. ………….’s market is when there are more goods for sale than there are people to buy them.
A. seller B. consumer C. buyer D. client
4. The difference between the cost of making something and the profit of selling it is the
profit……………
A. zone B. margin C. edge D. border
5. Things which are made and traded are called……….
A. markets B. money C. goods D. accounts
6. He works in the …………. department and is in charge of buying materials.
A. Production B. Marketing C. Purchasing D. Exporting
7. ................Director is the person who is responsible for managing product development,
promotion, customer service and sales.
A. Personnel B. Production C. Marketing D. Managing
8. What distinguishes a labor economist from an energy economist is the segment of
....................life in which each of them specializes in.
A. economical B. economically C. economic D. economy
9. If all businesses in an economy are doing well, there is a good business…...................
A. environment B. climate C. market D. atmosphere
10. Recruiting, hiring, training, evaluating are the specific activities of ...................function.
A. leading B. directing C. staffing D. controlling
11. We call the person who is responsible for markets in other countries ................Manager.
A. Exports B. Import C. Imports D. Exporting
12. The whole company is excited by ..............sales.
A. rose B. rises C. rising D. raised
13. He was very sad because his company………a big loss last year.
A. made B. did C. got D. took
14. If I………….her, I wouldn’t trust him.
A. were B. am C. was D. be

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15. While many workers get monthly salary, others are paid..................
A. daily B. a day C. dayly D. days
16. When we examine the buying behavior of a particular individual in an economy, our analysis
would be at the level of……………
A. microeconomics B. macroeconomics C. positive economics D. nominal economics
17. Because your guarantee………last month we can’t give you the refund.
A. expired B. died C. got D. went
18. He wasn’t accepted for PR (Public Relations) ……..because he wasn’t efficient.
A. position B. job C. work D. salary
19. Trade mark is an example of a company’s ...............asset.
A. big B. fixed C. tangible D. intangible
20. The………year is a period (normally 12 months) arbitrarily chosen for tax purposes.
A. fiscal B. economic C. tax D. politic
21. Income statement and balance sheet are examples of ..............statements.
A. monetary B. asset C. financial D. economic
22. The theory of commercial policy or ………..examines the reasons for and the effects of trade
restrictions.
A. protecting B. protectionism C. protector D. protection
23. The people who will be paid by a company in the future are called..............
A. shareholders B. debtors C. creditors D. stockholders
24. Depreciation is the …………in value of a fixed asset during the years it is in use.
A. increase B. reduction C. growth D. development
25. The third financial statement shows the flow of...............in and out of the business.
A. cash B. materials C. information D. people
26. .................into the restaurant, we saw our boss with his family.
A. Go B. To go C. Going D. Went
27. Microeconomics offers a detailed treatment of individual decisions about.................goods.
A. a lot of B. every C. all D. particular
28. Product standards are one form of .................barriers.
A. tax B. tariff C. non-tariff D. trade
29. Good………procedures are very important if you want to run a business successfully.
A. account B. accountants C. accounted D. accounting
30. ………..accounting is records assets at their original purchase price, minus depreciation
charges.
A. cost B. historical C. creative D. book value
31. The people who together own a company are called..............

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A. creditors B. debtors C. shareholders D. stockholder
32. Trade protection is used to .............or prevent trade between nations.
A. decline B. promote C. improve D. reduce
33. Organizing is one of the main...............of management.
A. functions B. function C. activities D. functional
34. Correct accounting procedures are very important if you want to run a ……………. profitably
and successfully.
A. enterprise B. account C. business D. contract
35. A promise to sell a product exactly as advertised is a………………
A. good offer B. guarantee C. promotion D. valuable order

II. Choose suitable word to fill in following sentences

Target market accounts payable intangible assets
Free samples exchange rate accounting standards
Salary negotiation trade deficit creative accounting

1. Trademark and copyright are examples of intangible assets of a company.

2. We call the situation in which imports is more than exports trade deficit.
3. In economic terms, creditors are sometimes called accounts payable.
4. Before trading officially, the company sent a lot of free samples to the target customers.
5. Creative accounting means trying to find the real financial status of an organization.
6. After deep trade deficit (recession) the growth rate has slowed down seriously.
7. The salary negotiation between the workers and their employers has not come to an end yet.
8. GAAP includes a set of accounting standards stating the commonly accepted ways of recording
and reporting financial information.

III. Give correct forms of words in bracket

1. I want you to give me a detailed (analyze) analysis before Thursday.
2. He lost job because of his irresponsible (responsible) behavior.
3. So far, corruption (corrupt) has been common among government officers.
4. Don’t be so pessimistic (pessimistic), try to look on the bright side.
5. They all approved of your business (propose) proposal.
6. His major at university was accounting, but he now works in an (advertise) advertising company.
7. You should try more, not be (depend) dependent so much on your parents.
8. They spent a lot of money on the (promote) promotion campaign last year.

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IV. Translation
1. Despite the obvious benefits of free trade, most countries around the world have exercised
trade protection historically and today.
Mặc dù lợi ích từ thương mại tự do là rất rõ rang nhưng từ xưa đến nay hầu hết các nước trên thế
giới vẫn thực hiện bảo hộ mậu dịch.
2. Tổng sản phẩm quốc dân cho chúng ta biết tổng giá trị của tất cả các hang hoá và dịch vụ
được sản xuất trong một quốc gia trong một năm.
GNP shows us the total value of all the goods and services produced in a nation in a single year.
3. Although he has to share his profits with others, in case the business operates
badly he has some ones to share the loss with.
Tuy hiện tại anh ta phải chia sẻ lợi nhuận với người khác nhưng trong trường hợp làm ăn không tốt/
công ty họat động không tốt thì anh ta lại có người chịu lỗ cùng.
4. Giám đốc Marketing là người chịu trách nhiệm quản lý việc phát triển sản phẩm, bán hàng,
xúc tiến bán hàng và dịch vụ khách hàng.
Marketing Director is the person who is responsible for managing product development,
promotion, sales and customer service.
5. The increase in prices often leads workers to require higher salaries in order to “keep up
with inflation”.
Giá cả tăng thường là nguyên nhân khiến người lao động yêu cầu mức lương cao hơn nhằm thích
ứng với tình hình lạm phát/ nhằm duy trì mức sống trong thời kỳ lạm phát.
6. Công ty mẹ là công ty kiểm soát các công ty nhỏ hơn (chi nhánh) của mình.
Parent company is the company which controls its smaller branches.
7. Hầu hết các quốc gia đều áp đặt (impose) các rào cản thương mại đối với một số mặt hang nhập
khẩu nhất định.
Almost all nations impose trade barriers on certain imported goods/ on certain goods from abroad.
8. Two important functions of government are: one is to provide domestic companies with
update information; the other is to establish and improve information service.
Chính phủ có/thực hiện hai chức năng quan trọng: một là cung cấp cho các doanh nghiệp trong
nước các thông tin cập nhật; hai là/ chức năng nữa là thiết lập và cải thiện dịch vụ cung cấp thông
tin.