财务管理英文版

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CashManagement(国际财务管理,英文版)

Bilateral Netting would reduce the number of foreign exchange transactions by half:
$10
$20 $25
$25
$10
$10
$10
18-17
Multilateral Netting
Bilateral Netting would reduce the number of foreign exchange transactions by half:
18-8
$30 $40
Multilateral Netting
Bilateral Netting would reduce the number of foreign exchange transactions by half:
$10 $35
$10
$40 $10
$25 $60
$20 $30
18-9
18-6
Multilateral Netting
Consider a U.S. MNC with three subsidiaries and the following foreign exchange transactions:
$10 $
$20 $30
$40 $10
$25 $60
$20 $30
$30 $40
Multilateral Netting
Bilateral Netting would reduce the number of foreign exchange transactions by half:
$10 $35
$10
$40 $10
$25 $60

财务管理(英文第十三版)ch 3_sheena

◦ PV0 = FVn (PV= $30,000 * 0.823
= $246,900
Your firm has been told that it needs $74,300 today to fund a $120,000 expense 6 years from now. What rate of interest was used in the computation?
FVn=PV0 (FVIFi,n) (FVIFi,8) = FV8/PV0
= 3,000/1,000
=3
i= 14.68%
How long would it take for an investment of $1,000 to grow to $1,900 if we invested it at a compound annual interest rate of 10 percent?
SI = P0(i)(n)
SI: Simple Interest P0: Deposit today (t=0) i: Interest Rate per Period n:Number of Time Periods
Assume that you deposit $1,000 in an account earning 7% simple interest for 2 years. What is the accumulated interest at the end of the 2nd year?
What is the Present Value (PV) of the previous problem?
The Present Value is simply the $1,000 you originally deposited. That is the value today!

企业财务管理基础知识英文版

The income statement includes items such as operating income, operating costs, taxes and surcharges, period expenses, operating profit, and total profit. Through these data, the profitability and operating efficiency of the enterprise can be understood.
Fundamentals of Enterprise Financial Management
CATALOGUE
目录
Overview of Enterprise Financial ManagementFinancial statements and analysisCapital budgeting and investment decision makingFundraising and Capital Structure ManagementWorking capital management
Financial ratio analysis: By calculating various financial ratios, such as current ratio, quick ratio, inventory turnover ratio, accounts receivable turnover ratio, etc., evaluate a company's debt paying ability, operating ability, and profitability.

E机械课件1财务管理(英文版)Financial Managementfmch19[1]

Cash Management
Managing Cash Inflow
• Preauthorized Checks (PACs)
Arrangement that allows firms to create checks to collect payments directly from customer accounts.
Ch. 19: Cash and Marketable Securities Management
2002, Prentice Hall, Inc.
Liquid Asset Management
CASH- motives for holding cash: • Transactions: to meet cash needs that arise from doing business. • Precautionary: having cash on hand for unexpected needs. • Speculative: to take advantage of potential profit-making situations.
Cash Management
Managing Cash Inflow
• Reducing Float can speed up cash receipts. • Transit float: time required for a check to clear through the banking system and become usable funds. • Disbursing float: occurs because funds are available in a firm’s bank account until its payment check has cleared through the banking system.

财务管理(英文第十三版)Ch 4_sheena

Cash Flow: only the face value received
at maturity.
Fundamentals of Financial
22
Management /12th Edition
Zero-Coupon Bond
and face value at maturity
V=
I
(1 + kd)1
I
I + MV
+ (1 + kd)2 + ... + (1 + kd)n
nI
=S t=1
(1 + kd)t
+
MV
(1 + kd)n
V = I (PVIFA kd, n) + MV (PVIF kd, n)
Fundamentals of Financial
Types of Bonds
A non-zero coupon-paying bond is a bond has a finite maturity and the bondholder receive interest payment and face value at maturity
Cash Flow: not only the fixed annual interest payment, but also the face value at maturity.
V = $120 (PVIFA10%, 30) + $1,000 (PVIF10%, 30) = $120 (9.427) + $1,000 (.057)
[Table IV]
[Table II]
= $1131.24 + $57

英文财务管理(1)

For students intending to do further work in Finance, this course will lay the basic foundation of concepts used in advanced courses.
英文财务管理(1)
Course content
The final section of book consist of five chapters that deal with financial forecasting, derivatives and risk management, multinational financial management, hybrid financing vehicles, and mergers(财务预测，衍生工具和风险管理，跨国财务管理，混合融资工具以及合并)。
企业、公司:（firm business enterprise company corporation venture）
英文财务管理(1)
Organization of the Financial Management Function: Figure 1-1
Board of Directors
President(CEO)
英文财务管理(1)
Chapter 1 Goals and Governance of the Firm Topics Covered： w Investment and Financing Decisions w What is a Corporation? w Who Is The Financial Manager? w Goals of the Corporation w Careers in Finance

财务管理分析英文版1

一、判断题(10*2’)( T )1、A company’s return on equity will always equal or exceed its return on assets.一个公司的权益收益率总是大于或等于其资产收益率。

( T)2、A company’s assets-to-equity ratio always equals one plus its liabilities-to-equity ratio.一个公司的资产权益比总是等于1加负债权益比。

( F )3、A company’s collection period should always be less than its payables period.一个公司的应收账款回收期总是小于其应付账款付款期。

( T )4、A company’s current radio must always be larger than its acid-test-radio.一个公司的流动比率一定大于速动比率。

( F )5、Economic earnings are more volatile than accounting earnings.经济利润比会计利润更加变动不定。

( F )6、Ignoring taxes and transactions costs , unrealized paper gains are less valuable than realized cash earnings.若不考虑税收和交易成本，未实现的纸上盈利不如已实现的现金盈利有价值。

( F)7、A company’s sustainable growth rate is the hi ghest growth rate in sales it can attain without issuing new stock.一家公司的可持续增长率是他在不增发新股情况下所能取得的最高的销售增长率。

CH10TheCostofCapital(财务管理,英文版)

10 - 22
What’s a reasonable final estimate of ks?
Method CAPM DCF kd + RP
Average
Estimate 14.2% 13.8% 14.0% 14.0%
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
Example:
10 - 12
kp = 9% kd = 10% T = 40%
kp, AT = kp – kp (1 – 0.7)(T) = 9% – 9%(0.3)(0.4) =
7.92%.
What’s the expected future g?
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
Retention growth rate:
10 - 19
g = (1 – Payout)(ROE) = 0.35(15%) = 5.25%.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
10 - 3
Should we focus on before-tax or after-tax capital costs?
Stockholders focus on A-T CFs. Therefore, we should focus on A-T capital costs, i.e., use A-T costs in WACC. Only kd needs adjustment.
Copyright © 2001 by Harcourt, Inc.

财务管理(英文版)Financial Management

(Time Value of Money - Ch. 5)
b) UNCERTAINTY of Returns
(Risk - Ch. 6)
Goal of the Firm
2) Shareholder Wealth Maximization?
this is the same as: a) Maximizing Firm Value b) Maximizing Stock Price
Government
The Corporation and Financial Markets
• Primary Market
The Corporation and Financial Markets
• Primary Market
– Market in which new issues of a security are sold to initial buyers.
Corporation Investors
Government
The Corporation and Financial Markets
Corporation
cash
Investors
Government
The Corporation and Financial Markets
Corporation
Cash flow
tax
Secondary markets
Government
The Corporation and Financial Markets
Corporation
reinvest
cash
securities
Investors
Cash flow
tax

CH01Fundamentals of Financial Management(财务管理,英文版)

Copyright © 2001 by Harcourt, Inc. All rights reserved.
1 - 12
Shareholders versus Managers Managers are naturally inclined to act in their own best interests. But the following factors affect managerial behavior: Managerial compensation plans Direct intervention by shareholders The threat of firing The threat of takeover
ISBN 0-03-031478-X
Copyright © 2001 by Harcourt, Inc. All rights reserved.
1-1
CHAPTER 1
An Overview of Financial Management
Career opportunities
Issues of the new millennium Forms of business organization Goals of the corporation Agency relationships
Factors that Affect Stock Price
Projected cash flows to shareholders
Timing of the cash flow stream
Riskiness of the cash flows
Copyright © 2001 by Harcourt, Inc.

E机械课件1财务管理(英文版)Financial Managementfmch22[1]

Exchange Rates
Exchange rates affect our economy and each of us because: • 2) When the dollar depreciates (weak dollar), the dollar falls in value relative to other currencies.
What Determines Exchange Rates?
Floating Rate Currency System: Since 1973, the world has allowed exchange rates to change daily in response to market forces. Exchange rates are affected by:
– Foreign products become more expensive for us, and
Eห้องสมุดไป่ตู้change Rates
Exchange rates affect our economy and each of us because: • 2) When the dollar depreciates (weak dollar), the dollar falls in value relative to other currencies.
– Foreign products become more expensive for us, and – U.S. products become cheaper overseas.
Spot Exchange Rates
£/ $ = .6284 (it takes .6284 pounds to = $1)

FinancialManagement(财务管理,英文版)

Japanese yen
111.11
Australian dollar
1.5385
Yen:
1/0.009 = 111.11.
A. Dollar: 1/0.650 = 1.5385.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
What is a cross rate?
domestic financial management?
1. Different currency denominations.
2. Economic and legal ramifications.
3. Language differences.
4. Cultural differences.
1 Unit
Japanese yen
0.009
Australian dollar
0.650
Are these currency prices direct or indirect quotations?
Since they are prices of foreign currencies expressed in dollars, they are direct quotations.
the dollar profit on the sale?
250 yen = 250(0.0138) = 3.45 A. dollars. 6 – 3.45 = 2.55 Australian dollar profit. 1.5385 A. dollars = 1 U. S. dollar. Dollar profit = 2.55/1.5385 = $1.66.

财务管理2(全英文)

14
Outline of Chapter 2
A. Creditors supply debt capital to the firm.
1. Debt capital is obtained mainly by buying on credit from suppliers or borrowing from banks and other institutions.
13
Outline of Chapter 2
II. Any business, irrespective of its organizational form, must have assets to operate. The capital raised to acquire these assets comes in two basic forms.
4
Outline of Chapter 2
of the business are taxed as personal income. 3. Limitations: 1) A sole proprietorship is limited in its ability to raise large sums of capital,liability for business debts, and 3) it
17
Outline of Chapter 2
must be paid before any dividends can be paid on common stock. This also holds true in the event of bankruptcy. 2. Common stockholders have a claim on the residual income

财务管理的英语介绍

财务管理的英语介绍英文回答：Financial management is the process of planning, organizing, directing, and controlling the financial activities of an organization. It involves the efficient and effective use of financial resources to achieve the organization's goals. Financial management is a critical function in any organization, regardless of its size or industry. It helps organizations to maximize theirfinancial performance and achieve their long-term objectives.The primary goals of financial management are to:Ensure the availability of financial resources to meet the organization's needs.Allocate financial resources efficiently and effectively.Manage financial risks.Maximize the organization's financial performance.Financial management is a complex and multifaceted field. It involves a wide range of activities, including:Financial planning and analysis.Budgeting.Capital budgeting.Cash flow management.Investment management.Credit management.Risk management.Financial managers play a vital role in the success of any organization. They are responsible for making sound financial decisions that help the organization achieve its goals. Financial managers must have a strong understanding of financial principles and practices, as well as a deep understanding of the organization's business.中文回答：财务管理是指规划、组织、指导和控制组织财务活动的过程。

财务管理基础英文版选择题

第一章1 CORRECTWhich of the following are microeconomic variables that help define and explain the discipline of finance? DA) risk and returnB) capital structureC) inflationD) all of the aboveFeedback: All of the above are relevant in explaining finance.2 CORRECTOne primary macroeconomic variable that helps define and explain the discipline of finance? CA) capital structureB) inflationC) technologyD) riskFeedback: Technology is very important in explaining the field of finance.3 CORRECTThe money markets deal with _________. BA) securities with a life of more than one yearB) short-term securitiesC) securities such as common stockD) none of the aboveFeedback: The money markets are concerned with short-term securities, those with a life less than one year.4 CORRECTThe ability of a firm to convert an asset to cash is called ___A_________.A) liquidityB) solvencyC) returnD) marketabilityFeedback: Liquidity also means how close an asset is to cash.5 CORRECTEarly in the history of finance, an important issue was: AA) liquidityB) technologyC) capital structureD) financing optionsFeedback: Maintaining liquidity was a major concern historically.6 INCORRECTThe __________C_________ is the most common form of business organization in the U.S.A) corporationB) partnershipC) sole proprietorshipD) none of the aboveFeedback: There are more sole proprietorships than any other form of business organization.7 CORRECTThe _________C___________ has more sales in dollars than any other form of business organization.A) sole proprietorshipB) partnershipC) corporationD) none of the aboveFeedback: The corporation is the most important in terms of dollars.8 CORRECTOne major disadvantage of the sole proprietorship is _____B___________.A) simplicity of decision-makingB) unlimited liabilityC) low operational costsD) none of the aboveFeedback: The owners of a sole proprietorship are personally liable.9 CORRECTThe appropriate firm goal in a capitalist society is ______B__________.A) profit maximizationB) shareholder wealth maximizationC) social responsibilityD) none of the aboveFeedback: The goal is to maximize the wealth of shareholders.10 CORRECTThe agency problem will occur in a business firm if the goals of ______C______ and shareholders do not agree.A) investorsB) the publicC) managementD) none of the above第二章Feedback: The goals of management may be different from those of shareholders.The accounting statements that a firm is required to file include all but one of these. BA) Balance SheetB) Statement of Accounts ReceivableC) Income StatementD) Statement of Cash FlowsFeedback: The required statements include the income statement, balance sheet and statement of changes in cash flows. The statement of changes in owners equity (or retained earnings) is also required by Generally Accepted Accounting Principles but is not covered in this text.2 CORRECTThe _______A________ shows the firm's operating results over a period of time.A) Income StatementB) Statement of Cash FlowsC) Balance SheetD) None of the aboveFeedback: The Income Statement represents a moving picture of a firm's revenues and expenses.3 CORRECTAll of the following except one are tax-deductible expenses. CA) interest expenseB) depreciationC) common stock dividendsD) income taxesFeedback: Common stock dividends are not tax deductible to a firm.4 CORRECTAll of the following are non-operating expenses except ______B_______.A) interest expenseB) cost of goods soldC) preferred stock dividendsD) taxesFeedback: The cost of goods sold is an operating expense.5 CORRECTBondholders receive _____C________ from the business firm.A) preferred dividend paymentsB) common stock paymentsC) interest paymentsD) royaltiesFeedback: Bondholders are typically paid interest semi-annually.6 CORRECTThe ratio of net income to common shares outstanding is called _____B_________.A) price/earnings ratioB) earnings per shareC) dividends per shareD) none of the aboveFeedback: This is called the earnings per share (EPS).7 CORRECTUsually, firms with high price/earnings ratios are _____A_______ firms.A) growthB) decliningC) matureD) none of the aboveFeedback: A high p/e ratio indicates a firm with strong growth prospects8 CORRECTOne of the limitations of the _____C_______ is that it is based on historical costs.A) income statementB) statement of cash flowsC) balance sheetD) none of the aboveFeedback: The balance sheet uses historical costs.9 INCORRECTA source of funds is a: DA) decrease in a current assetB) decrease in a current liabilityC) increase in a current liabilityD) a and c aboveFeedback: A decrease in current assets is equivalent to an increase in current liabilities.10 INCORRECTShort-term financing for a business firm includes: BA) bondsB) accounts payableC) stockholder's equityD) mortgagesFeedback: The other three answers represent long-term financing.第三章Trend analysis allows a firm to compare its performance to: DA) other firms in the industryB) other time periods within the firmC) other industriesD) all of the aboveFeedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare a firm’s performance against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company--both in and outside of their industry.2Ratio analysis allows a firm to compare its performance to: DA) other firms in the industryB) other time periods within the firmC) other industriesD) all of the aboveFeedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare a firm’s performance against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company--both in and outside of their industry.3Usually, a firm's suppliers are most interested in its ___D_____ ratios.A) profitabilityB) debtC) asset utilizationD) liquidityFeedback: The suppliers are most interested in getting paid, as shown by the liquidity of thefirm.4 CORRECT__________D_____ would be most interested in a firm's debt utilization ratios.A) bondholdersB) stockholdersC) short-term creditorsD) Both A and BFeedback: Debt is indicated by a firm issuing bonds but is also a function of the debt to equity relationship or the degree of financial leverage. Both bond holders and stockholders are interested in this relationship although frof opposing viewpoints.5 CORRECTThe _______C______ ratio indicates the return firm shareholders are earning.A) return on assetsB) return on investmentC) return on equityD) net profit marginFeedback: The shareholders represent equity, or ownership in the firm.6 CORRECTWhich of the following is an example of a profitability ratio? CA) Quick ratioB) Average collection periodC) Return on equityD) Times interest earnedFeedback: This is the only profitability ratio that is listed. All profitability ratios have net income in the denominator.7Total asset turnover will indicate if there is a problem with the ___C______ ratio.A) debt to assetsB) times interest earnedC) fixed asset turnoverD) currentFeedback: Fixed asset turnover is part of total asset turnover.8 CORRECTAll of the following are asset utilization ratios except: DA) average collection periodB) inventory turnoverC) receivables turnoverD) return on assetsFeedback: Return on assets is a profitability ratio. Any ratio with net income in the denominator is a profitability ratio.9 CORRECTIf a firm's debt ratio is 55%, this means ____C__ of the firm's assets are financed by equity financing.A) 55%B) 50%C) 45%D) not enough information to answer questionFeedback: The equity portion plus the debt portion must add up to 100%.10 CORRECTAll of the following can present problems for ratio analysis except: DA) inflationB) inventory accounting methodsC) disinflationD) all of the aboveFeedback: These all may cause problems.第四章Planning for future growth is called: CA) capital budgetingB) working capital managementC) financial forecastingD) none of the aboveFeedback: This involves looking ahead to the future.2 INCORRECTWhich one of the following is NOT a tool of financial forecasting? BA) cash budgetB) capital budgetC) pro forma balance sheetD) pro forma income statementFeedback: The other three are all tools used by an analyst.3 CORRECTThe first step in developing a pro forma income statement is to: AA) build a sales forecastB) determine the production scheduleC) determine cost of goods soldD) none of the aboveFeedback: A sales forecast begins the process.4 INCORRECTPro forma statements are _B______ statements.A) actualB) projectedC) a previous year'sD) none of the aboveFeedback: Pro forma statements are based on estimates or projections.5 INCORRECTAll of the following compose cost of goods sold except ______D__________.A) raw materialB) laborC) overheadD) all of the above are part of cost of goods soldFeedback: The cost of good sold involves all three of these items.6 INCORRECTFinancial managers use the ______B_______ to plan for monthly financing needs.A) capital budgetB) cash budgetC) pro forma income statementD) none of the aboveFeedback: The cash budget allows for planning cash needs.7 INCORRECTThe payments that a firm collects from its customers are called _______C________.A) cash disbursementsB) cash outflowsC) cash receiptsD) none of the aboveFeedback: Cash receipts represent cash coming into the firm.8 INCORRECTExamples of cash disbursements are all but _________B________.A) payment for materials purchasedB) collection of accounts receivableC) payment of dividendsD) payment of taxesFeedback: The collection of accounts receivable is an example of a cash receipt, not a cash disbursement.9 CORRECTIn developing the pro forma balance sheet, we get common stock from__________A_______.A) the firm's previous balance sheetB) the firm's cash budgetC) the firm's income statementD) none of the aboveFeedback: Common stock appears on the balance sheet.10 INCORRECTThe percent of sales method of financial forecasting shows us the relationship between________D___ and financing needs.A) changes in the level of liabilitiesB) changes in the level of assetsC) changes in debtD) changes in the level of salesFeedback: It compares the relationship between balance sheet items and sales.第五章An example of a semi-variable cost is: DA) rentB) raw materialC) depreciationD) utilitiesFeedback: The other three represent fixed or variable costs.2 CORRECT_________A____ is the point at which firm profit is equal to zero.A) breakevenB) operating breakevenC) financial leverageD) combined breakevenFeedback: This is the point where the firm's revenues equal its expenses.3 INCORRECTIn breakeven analysis, if fixed costs rise, then the breakeven point will _____B_____.A) fallB) riseC) stay the sameD) none of the aboveFeedback: This implies that a larger quantity will have to be sold in order to break even.4 INCORRECTIn the breakeven formula, Price - Variable Cost is called the___C__________.A) breakeven pointB) leverageC) contribution marginD) none of the aboveFeedback: This implies that a larger quantity will have to be sold in order to cover the additional fixed costs and still break even.5 INCORRECTWhich of the following types of firms may operate with high operating leverage? BA) a doctor's officeB) an auto manufacturing facilityC) a mental health clinicD) none of the above would have high operating leverageFeedback: This implies a high break-even point and high operating expenses.6 INCORRECTThe __________C__________ is the percentage change in operating income that results from a percentage change in sales.A) degree of financial leverageB) breakeven pointC) degree of operating leverageD) degree of combined leverageFeedback: This is called the degree of operating leverage (DOL).7 CORRECTIf interest expenses for a firm rise, we know that firm has taken on more ______A________.A) financial leverageB) operating leverageC) fixed assetsD) none of the aboveFeedback: Financial leverage refers to interest expense on debt.8 INCORRECTThe ________B________ is the percentage change in earnings per share that results from a percentage change in operating income.A) degree of combined leverageB) degree of financial leverageC) breakeven pointD) degree of operating leverageFeedback: This is known as the degree of financial leverage (DFL).9 INCORRECTCombined leverage is the percentage change in relationship between sales and______C______.A) operating incomeB) operating leverageC) earnings per shareD) breakeven pointFeedback: This combines operating leverage and financial leverage.10 INCORRECTA highly leveraged firm is ____B______ risky than its peers.A) lessB) moreC) the sameD) none of the aboveFeedback: Leverage is equivalent to risk, because it implies a higher level of fixed costs.第六章Working capital management involves the financing and management of the __C_____ assets of the firm.A) fixedB) totalC) currentD) none of the aboveFeedback: Working capital management deals with the financing and management of current assets.2 INCORRECTAn asset sold at the end of a specified time period is called a ______B_______ asset.A) temporary currentB) self-liquidatingC) currentD) permanent currentFeedback: A self-liquidating asset is one that will be sold after a certain amount of time.3 CORRECTFixed assets are usually financed with _______A______ funds.A) long-termB) short-termC) permanentD) none of the aboveFeedback: Fixed assets are by definition long-term assets.4 INCORRECT_________B_____ is usually used to finance self-liquidating assets.A) Long-term financingB) Short-term financingC) Permanent financingD) none of the aboveFeedback: These are short-term or temporary assets.5 INCORRECTShort-term interest rates, in a normal economy, are generally ____C____ than long-term rates.A) higherB) the sameC) lowerD) none of the aboveFeedback: Long-term interest rates are normally higher than short-term interest rates to compensate for uncertainty or risk.6 INCORRECTThe expectations hypothesis says that _____B____ interest rates are a function of _______ interest rates.A) short-term; long-termB) long-term; short-termC) short-term; short-termD) none of the aboveFeedback: This theory says that long-term interest rates reflect the average of short-term expected rates.7 INCORRECTInsurance companies would tend to invest in ______C____ securities.A) short-termB) intermediate termC) long-termD) not enough information to answerFeedback: An insurance company would prefer long-term securities because they are more conservative or safer.8 INCORRECTThe _________D_____ theory says that investors must be paid a premium to hold long-term securities.A) expectations hypothesisB) time value theoryC) segmentationD) liquidity premiumFeedback: This is the liquidity premium.9 INCORRECTShort-term financing plans with high liquidity have: BA) high return and high riskB) moderate return and moderate riskC) low profit and low riskD) none of the aboveFeedback: This is known as a "middle-of-the-road" approach.10 INCORRECTLong-term financing plans with low liquidity have: BA) high return and high riskB) moderate return and moderate riskC) low return and low riskD) none of the aboveFeedback: This is also known as a "middle-of-the-road" approach.第七章The transaction motive for holding cash is for BA) a safety cushionB) daily operating requirementsC) compensating balance requirementsD) none of the aboveFeedback: This is money for everyday transactions.2 CORRECTWhich of the following motives for holding cash is required by the bank before loaning money? AA) compensating balance motiveB) transactions motiveC) precautionary motiveD) none of the aboveFeedback: This can be considered a form of collateral.3 INCORRECTThe difference between the cash balance on the firm's books and the balance shown on the bank's books is called: BA) the compensating balanceB) floatC) a safety cushionD) none of the aboveFeedback: Float implies that it takes time for checks to clear.4 CORRECTElectronic funds transfer has _____A_____ the use of float.A) reducedB) increasedC) had no effect onD) none of the aboveFeedback: Electronic funds transfer (EFT) has moved cash more quickly and reduced float.5 INCORRECTThe most utilized marketable security by most firms is the: DA) Treasury bondB) Agency securityC) Certificate of DepositD) Treasury billFeedback: Treasury bills (T-Bills) are very safe, popular investments.6 INCORRECTOf the following marketable securities, which are guaranteed by the Federal government? DA) agency securitiesB) negotiable certificates of depositC) banker's acceptancesD) none of the aboveFeedback: None of these are backed by the government.7 INCORRECTThe 5 C's of credit include: DA) conditionsB) collateralC) characterD) all of the aboveFeedback: The other two C's of credit are capacity and capital.8 INCORRECT BThe use of safety stock by a firm will:A) reduce inventory costsB) increase inventory costsC) have no effect on inventory costsD) none of the aboveFeedback: Safety stock is extra inventory a firm keeps in case of unforseen circumstances.9 INCORRECTAll of these factors are used in credit policy administration except: CA) credit standardsB) terms of tradeC) dollar amount of receivablesD) collection policyFeedback: The other three choices are the primary policy variables to consider.10 CORRECTFirms aim to hold ___A___ cash balances since cash is a non-interest earning asset.A) lowB) averageC) highD) none of the aboveFeedback: A firm does not want to keep too much cash on hand because it will lose interest (by not keeping the money in a bank).第八章The largest provider of short-term credit for a business is: BA) banking organizationsB) suppliers to the firmC) commercial paperD) EurodollarsFeedback: This is also known as trade credit.2 INCORRECTThe number of days until the firm is past due to a supplier is called the: CA) discount periodB) term to creditC) payment periodD) none of the aboveFeedback: The payment period is the number of days a firm has to pay its bill.3 INCORRECTIf a firm is given trade credit terms of 2/10, net 30, then the cost of the firm failing to take the discount is: CA) 2%B) 30%C) 36.72%D) 10%Feedback: This is calculated using formula 8-1 in this chapter.4 CORRECTThe interest rate given by a bank to its most creditworthy customers is the: AA) prime rateB) LIBOR rateC) federal funds rateD) discount rateFeedback: This is the "best" interest rate charged to people with excellent credit.5 INCORRECTWhich of the following types of bank loans generally have the highest effective rate of interest? DA) simple interest loanB) discount interest loanC) loan with a compensating balanceD) installment loanFeedback: Installment loans tend to be the most expensive.6 INCORRECTIf a firm needs to borrow $100,000, at 8% interest, to finance working capital needs and a 20% compensating is required, then the firm should borrow ____C______.A) $100,000B) $80,000C) $125,000D) $108,000Feedback: The formula to calculate this is: amount needed/(1-c), where c = the compensating balance percentage.7 CORRECTIf a bank offers a firm a simple interest loan of $1000 for 120 days at a cost of $60 interest, what is the effective rate of interest on the loan? AA) 18.00%B) 6.00%C) 20.00%D) none of the aboveFeedback: This is calculated by using formula 8-2 in this chapter.8 INCORRECTIf a company raises money to finance short-term needs by selling its accounts receivable to another party, this is called ___________. CA) pledgingB) warehousingC) factoringD) none of the aboveFeedback: Factoring means selling the accounts receivable outright.9 INCORRECTThe most restrictive policy for using inventory as collateral for short-term borrowing is called: BA) blanket inventory lienB) warehousing inventoryC) trust receiptD) factoringFeedback: This is a complex method of inventory financing wherein the lender takes control of the inventory.10 CORRECTA type of accounts receivable financing where a firm uses its receivables as collateral is called: AA) pledgingB) securitizationC) factoringD) warehousingFeedback: Pledging means using accounts receivable as collateral.第九章Both the future and present value of a sum of money are based on: CA) interest rateB) number of time periodsC) both a and bD) none of the aboveFeedback: These two factors are used in time value of money calculations.2 INCORRECTAn annuity is ___________________. CA) more than one paymentB) a series of unequal but consecutive paymentsC) a series of equal and consecutive paymentsD) a series of equal and non-consecutive paymentsFeedback: An annuity is a stream of equal payments to be received in the future.3 CORRECTIf you have $1000 and you plan to save it for 4 years with an interest rate of 10%, what is the future value of your savings? AA) $1464.00B) $1000.00C) $1331.00D) cannot be determinedFeedback: This is calculated by using formua 9-1 in this chapter.4 INCORRECTTime value of money is an important finance concept because: DA) it takes risk into accountB) it takes time into accountC) it takes compound interest into accountD) all of the aboveFeedback: Time value of money incorporates all of these concepts.5 INCORRECTThe present value of a dollar to be received in the future is: CA) more than a dollarB) equal to a dollarC) less than a dollarD) none of the aboveFeedback: The reason is because you can earn interest on the money.6 CORRECTThe future value of a dollar that you invest today is: AA) more than a dollarB) equal to a dollarC) less than a dollarD) none of the aboveFeedback: Again, the reason is because the money can earn interest.7 INCORRECTThe future value of an annuity is: CA) less than each annuity paymentB) equal to each annuity paymentC) more than each annuity paymentD) none of the aboveFeedback: The reason has to do with compound interest (or interest earning more interest).8 INCORRECTThe concepts of present value and future value are:DA) directly related to each otherB) not related to each otherC) proportionately related to each otherD) inversely related to each otherFeedback: They are essentially opposite sides of a coin.9 INCORRECTIf you win the lottery and you choose to have your proceeds distributed to you over a twenty-year time period, with the first payment coming to you one year from today, which calculation would you use to calculate the worth of those proceeds to you today? DA) future value of a lump sumB) future value of an annuityC) present value of a lump sumD) present value of an annuityFeedback: This is shown by formula 9-4 in this chapter. But this is not a typical situation. Most lotteries (let’s say $1 Million over 20 years), will pay you the first payment today and $50,000 each year for the next 19 years. This is actually an “annuity due” which is notcovered in this text. You’d have to calculate the present value of the annuity for 19 years and add the initial $50,000 you received today.10 CORRECTYou have $1000 you want to save. If four different banks offer four different compounding methods for interest, which method should you choose to maximize your $1000? AA) compounded dailyB) compounded quarterlyC) compounded semi-annuallyD) compounded annuallyFeedback: The more often interest is compounded the faster it will grow because you will begin to earn interest on the interest sooner.第十章In valuing a financial asset, you use these variables: DA) present value of future cash flowsB) discount rateC) required rate of returnD) all of the aboveFeedback: All of these are needed in order to value an asset.2 CORRECTThe principal amount of a bond at issue is called: AA) par valueB) coupon valueC) present value of an annuityD) present value of a lump sumFeedback: This is also known as the face value or stated value.3 INCORRECT BIf a bond's value rises above its par value during its life, interest rates have:A) gone upB) gone downC) stayed the sameD) there is no correlation with interest ratesFeedback: There is an inverse relationship between bond prices and interest rates (or yields).4 INCORRECTThe basic "rent" that you are charged when you borrow money is called: CA) inflation premiumB) risk premiumC) real rate of returnD) none of the aboveFeedback: This is known as the opportunity cost in economics.5 INCORRECTAs time to maturity draws near, a bond's value approaches: BA) zeroB) parC) the coupon paymentD) none of the aboveFeedback: The bond price gets closer to its face value the closer it is to maturity (see figure 10-2 in this chapter).6 INCORRECTOne characteristic of preferred stock is that:DA) it has no maturity dateB) it is a hybrid security with characteristics of both common stock and debtC) it pays a fixed dividend paymentD) all of the aboveFeedback: Preferred stock is described by all of the above characteristics.7 CORRECTCommon stock that has no growth in dividends is valued as if it were: AA) preferred stockB) a bondC) an optionD) none of the aboveFeedback: It is treated the same as preferred stock.8 INCORRECTA high price/earnings ratio usually indicates that a firm is a: BA) value stockB) growth stockC) convertible securityD) constant securityFeedback: A high p/e ratio indicates a stock that is growing and has positive future expectations.9 INCORRECTA low price/earnings ratio usually means that a firm: C。

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Less: Acc. Depr. g
(329) to cash within 1 year.
Net Fix. Assets $ 701 f. Original amount paid.
Investment, LT Other Assets, LT 223 Total Assets b
50 g. Acc. deductions for $2,169 wear and tear.
c. Sales comm., adv., officers’ salaries, etc.
d. Operating income. e. Cost of borrowed funds. f. Taxable income. g. Amount earned for
shareholders.
Ⅱ.Framework for Financial Analysis
财务管理英文版
Examples of Internal Uses of Statement Analysis
Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
402
EBITd
$ 210
Interest Expensee
59
EBT f
$ 151
Income Taxes
60
EATg
$ 91
Cash Dividends
38
Increase in RE
$ 53
a. Measures profitability over a time period.
b. Received, or receivable, from customers.
A summary of a firm’s revenues and expenses over a specified period, ending with net income or loss for the period.
Basket Wonders’ Balance Sheet (Asset Side)
Basket Wonders Balance Sheet (thousands) Dec. 31, 2007a
Cash and C.E.
$
a. How the firm stands on
90 Acct. Rec.c
a specific date.
394 Inventories
b. What BW owned.
Control -- Focus on return on investment for various assets and asset efficiency.
Understand -- Focus on understanding how suppliers of funds analyze the firm.
1. Analysis of the funds needs of the firm.
2. Analysis of the financial condition and profitability of the firm.
3. Analysis of the business risk of the firm.
d. Unpaid wages, salaries, etc.
e. Debts payable < 1 year. f. Debts payable > 1 year. g. Original investment. h. Earnings reinvested.
Basket Wonders’ Income Statement
210
Total Equity $1,139
Total Liab/Equitya,b $2,169
a. Note, Assets = Liabilities + Equity.
b. Whaion.
c. Owed to suppliers for goods and services.
Ⅰ.Primary Types of Financial Statements
Balance Sheet
A summary of a firm’s financial position on a given date that shows total assets = total liabilities + owners’ equity. Income Statement
16
Other Accrued Liab. d 100
Current Liab. e $ 500
Long-Term Debt f
530
Shareholders’ Equity
Com. Stock ($1 par) g
200
Add Pd in Capital g
729
Retained Earnings h
696 Prepaid Exp c. Amounts owed by
d
5 Accum Tax customers.
Prepay
10
d. Future expense items
Current Assetse $1,195 already paid.
Fixed Assets (@Cost)f 1030 e. Cash/likely convertible
Basket Wonders Statement of Earnings (in thousands) for Year Ending December 31, 2007a
Net Sales
$ 2,211
Cost of Goods Sold b 1,599
Gross Profit $ 612
SG&A Expenses c
Basket Wonders’ Balance Sheet (Liability Side)
Basket Wonders Balance Sheet (thousands) Dec. 31, 2007
Notes Payable
$ 290
Acct. Payablec
94
Accrued Taxes d