财经英语看世界课后答案.docx
国际财务管理(英文版)课后习题答案2
CHAPTER 1GLOBALIZATION AND THE MULTINATIONAL FIRMSUGGESTED ANSWERS TO END—OF-CHAPTER QUESTIONS QUESTIONS1 。
Why is it important to study international financial management？Answer: We are now living in a world where all the major economic functions, i.e.，consumption，production, and investment，are highly globalized. It is thus essential for financial managers to fully understand vital international dimensions of financial management. This global shift is in marked contrast to a situation that existed when the authors of this book were learning finance some twenty years ago. At that time, most professors customarily (and safely, to some extent) ignored international aspects of finance 。
This mode of operation has become untenable since then.2. How is international financial management different from domestic financial management？Answer ：There are three major dimensions that set apart international finance from domestic finance 。
经济学资料(英文版)经济学课本答案22-23.doc
Chp22SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes:1・ Gross domestic product measures two things at once: (1) the total in come of everyone in the economy; and (2) the total expenditure on the economy's output of goods and services. It can measure both of these things at once because in come must equal expenditure for theeconomy as a whole.2The producti on of a pound of caviar con tributes more to GDP tha n the product! on of a pound of hamburger because the contribution to GDP is measured by market value and the price of a pound of caviar is much higher than the price of a pound of hamburger.3.The four components of expenditure are: (1) consumption; (2) investment; (3) governmentpurchases; and (4) net exports ・ The largest compone nt is con sumption, which accounts for about two-thirds of total expenditure.4.Nominal GDP is the production of goods and services valued at current prices. Real GDP is theproduction of goods and services valued at constant prices・ Real GDP is a better measure of economic well-being because it reflects the economy's ability to satisfy people's needs anddesires・ Thus a rise in real GDP means people have produced more goods and services, buta rise in nominal GDP could occur either because of increased production or because of higherprices・5.Although GDP is not a perfect measure of well-being, policymakers should care about itbecause a larger GDP means that a nation can afford better health care, better educationalsystems, and more of the material necessities of life・Questions for Review:1 ・ An econom/s income must equal its expenditure, since every transaction has a buyer and a seller.Expe nditure by buyers equals in come by sellers ・2.The producti on of a luxury car con tributes more to GDP tha n the producti on of an economycar because the luxury car has a higher market value.3.The contribution to GDP is $3, the market value of the bread, which is the final good that issold.4.The sale of used records does n't affect GDP at all because it involves no curre nt producti on.5.The four components of GDP are consumption, such as the purchase of a music CD;investment, such as the purchase of a computer by a business; government purchases, such as an order for military aircraft; and net exports, such as the sale of American wheat to Russia.6.Economists use real GDP rather than nominal GDP to gauge economic well-being because realGDP is not affected by changes in prices, so it reflects changes in the amounts being produced.If nominal GDP rises, you don't know if that's because of increased production or higher prices ・Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.7.The percentage change in nominal GDP is (600-200)/200 x 100 = 200%. The percentagechange in real GDP is (400-200)/200 x 100 = 100%. The percentage change in the deflator is (150-100)/100 x 100 = 50%.8. It is desirable for a country to have a large GDP because people could enjoy more goods and services.But GDP isrYt the only important measure of well-being. For example, laws that restrictpollution cause GDP to be lower. If laws against pollution were eliminated, GDP would behigher but the pollution might make us worse off. Or, for example, an earthquake would raise GDP, as expenditures on cleanup, repair, and rebuilding in crease ・ But an earthquake is an un desirable event that lowers our welfare ・Problems and Applications:1 ・ a. Consumption increases because a refrigerator is a good purchased by a household.b・ Investment increases because a house is an investment good・c.Consumption increases because a car is a good purchased by a household, butinvestment decreases because the car in Ford?s inventory had been counted as aninvestment good until it was sold.d・Consumption increases because pizza is a good purchased by a household・ernment purchases increase because the government spent money to provide agood to the public・f.Consumption increases because the bottle is a good purchased by a household, butnet exports decrease because the bottle was imported・g.In vestment increases because new structures and equipment were built.2.With transfer payments, nothing is produced, so there is no contribution to GDP・3.Purchases of new housing are included in the in vestment portion of GDP because housing lastsfor a long time・ For the same reason, purchases of new cars could be thought of asinvestment, but by convention, they are not. The logic could apply to any durable good, such as household appliances・4.If GDP in eluded goods that are resold, it would be counting output of that particular year, plussales of goods produced in a previous year. It would double-count goods that were sold more than once and would count goods in GDP in several years if they were produced in one year and resold in another.5. a. Calculating nominal GDP:2001: ($1 per qt. of milk x 100 qts. milk) + ($2 per qt. of honey x 50 qts. honey) =$2002002: ($1 per qt. of milk x 200 qts. milk) + ($2 per qt. of honey x 100 qts. honey)=$4002003: ($2 per qt. of milk x 200 qts. milk) + ($4 per qt. of honey x 100 qts. honey) =$800Calculating real GDP (base year 2001):2001: ($1 per qt. of milk x 100 qts. milk) + ($2 per qt. of honey x 50 qts. honey) =$2002002: ($1 per qt. of milk x 200 qts. milk) + ($2 per qt. of honey x 100 qts. honey)=$4002003: ($1 per qt. of milk x 200 qts. milk) + ($2 per qt. of honey x 100 qts. honey)=$400Calculating the GDP deflator:2001: ($200/$200) x 100 = 1002002: ($400/$400) x 100 = 1002003: ($800/$400) x 100 = 200b.Calculating the percentage change in nominal GDP:Percentage change in nominal GDP in 2002 = [($400 - $200)/$200] x 100 = 100%.Percentage change in nominal GDP in 2003 = [($800 - $400)/$400] x 100 = 100%.Calculating the Dercentage change in real GDP:Percentage change in real GDP in 2002 = [($400 ・ $200)/$200] x 100 = 100%.Percentage change in real GDP in 2003 = [($400 ・ $400)/$400] x 100 = 0%.Calculating the Dercentage change in GDP deflator:Percentage change in the GDP deflator in 2002 = [(100 ・ 100)/100] x 100 = 0%.Percentage change in the GDP deflator in 2003 = [(200 - 100)/100] x 100 = 100%.c.Economic well-being rose more in 2002 than in 2003, since real GDP rose in 2002 butnot in 2003. In 2002, real GDP rose and prices didn't. In 2003, real GDP didn't rise andprices did.a.The growth rate of nominal GDP is ($8,111 - $7,662)/$7,662 x 100% = 5.9%.b.The growth rate of the deflator is (112 ・ 110)/110 x 100% = 1.8%.c.Real GDP in 1996 (in 1992 dollars) is $7,662/(110/100) = $6,965.d.Real GDP in 1997 (in 1992 dollars) is $& 111/(112/100) = $7,242.e.The growth rate of real GDP is ($7,242 ・ $6,965)/$6,965 x 100% = 4.0%.f.The growth rate of nominal GDP is higher than the growth rate of real GDPbecause of inflation.7.Economists ignore the rise in people's in comes that is caused by higher prices becausealthough incomes are higher, the prices of the goods and services that people buy are alsohigher. Thus economists prefer to look at real GDP instead of nominal GDP.8.Many possible answers・9. a. GDP equals the dollar amount Barry collects, which is $400.b.NNP = GDP 一depreciation = $400 ・ $50 = $350.c.National income = NNP ・ sales taxes = $350 ・ $30 = $320.d・Personal income = national income - retained earnings = $320 ・ $100 = $220.e. Disposable personal income = personal in come ・ personal income tax = $220 ・ $70 =$150.10.In countries like India, people produce and consume a fair amount of food at home that is notincluded in GDP. So GDP per person in India and the United States will differ by more than their comparative economic well-being.11.If the government cares about the total income of America ns, it will emphasize GNP, since thatmeasure includes the in come of Americans that is earned abroad ・ If the govemme nt cares about the total amount of economic activity occurring in the United States, it will emphasize GDP, which measures production in the country, whether produced by domestic citizens orforeigners・12・ a. The increased labor-force participation of women has increased GDP in the United States, since it means more people are working.b.If our measure of well-bei ng in eluded time spe nt worki ng in the home and taki ngleisure, it would n't rise as much as GDP, since the rise in women's labor-forceparticipation has reduced time spent working in the home and taking leisure・c.Other aspects of well-being that are associated with the rise in women f s in creasedlabor-force participation include increased self-esteem and prestige for women in theworkforce, especially at managerial levels, but decreased quality time spent withchildren, whose parents have less time to spend with them. Such aspects would bequite difficult to measure.Chapter 23SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1 ・ The consumer price index tries to measure the overall cost of the goods and services bought bya typical consumer. It is constructed by surveying consumers to fix a basket of goods andservices that the typical consumer buys, finding the prices of the goods and services over time, computing the cost of the basket at different times, choosing a base year, computi ng the in dex, the n computi ng the in flation rate.2.Since Henry Ford paid his workers $5 a day in 1914 and the consumer price index was 10 in1914 and 166 in 1999, then the Ford paycheck was worth $5 x 166/10 = $83 a day in 1999 dollars.Questions for Review1. A 10 percent increase in the price of chicken has a greater effect on the consumer price indexthan a 10 percent increase in the price of caviar because chicken is a bigger part of theaverage consumer's market basket・2.The three problems in the consumer price index as a measure of the cost of living are: (1)substitution bias, which arises because people substitute toward goods that have becomerelatively less expensive; (2) the introduction of new goods, which are not reflected quickly in the CPI; and (3) unmeasured quality change.3.If the price of a Navy submarine rises, there is no effect on the consumer price index, sinceNavy submarines aren't consumer goods・ But the GDP price index is affected, since Navy submarines are included in GDP.4.Since the overall price level doubled, but the price of the candy bar rose sixfold, the real price(the price adjusted for inflation) of the candy bar tripled.5.The nominal interest rate is the rate of interest paid on a loan in dollar terms・ The realinterest rate is the rate of interest corrected for in flation. The real interest rate is the nominal interest rate minus the rate of inflation.Problems and Applications1. a. The price of tennis balls increases 0%; the price of tennis racquets increases 50%[=($60-$40)/$40 x 100%]; the price of Gatorade increases 100% [= ($2 - $1)/$1 x100%].To find the percentage change in the overall price level, follow these steps:1.Determine the fixed basket of goods: 100 balls, 10 racquets, 200 Gatorades2.Find the price of each good in each year:pute the cost of the basket of goods in each year: 2001: (100 x $2) +(10x $40) + (200 x $1) = $800 2002: (100 x $2) + (10 x $60) + (200 x $2)= $1,2004.Choose one year as a base year (2001) and compute the CPI in each year:2001: $800/$800 x 100 = 1002002: $1,200/$800 x 100 = 150e the CPI to compute the inflation rate from the previous year: 2002: (150- 100)/100 x 100% = 50%b. Tennis racquets are less expensive relative to Gatorade, since their price rose 50% while theprice of Gatorade rose 100%. The well-being of some people changes relative to thewell-being of others・Those who purchase a lot of Gatorade become worse offrelative to those who purchase a lot of tennis racquets or tennis balls.2.To find the percentage change in the overall price level, follow these steps:a.Determine the fixed basket of goods: 100 heads of cauliflower, 50 bunches of broccoli,500 carrotsb・ Find the price of each good in each year:c. Compute the cost of the basket of goods in each year:2001： (100 x $2) + (50 x $1.50) + (500 x $.10) = $3252002: (100 x $3) + (50 x $1.50) + (500 x $.20) = $475d・ Choose one year as a base year (2001) and compute the CPI in each year:2001: $325/$325 x 100 = 1002002: $475/$325 x 100 = 146e. Use the CPI to compute the inflation rate from the previous year:2002: (146-100)/100 x 100% = 46%3.Since the CPI rose 637%, that means [CPI(1997)-CPI(1947)]/CPI(1947) x 100% = 637%, soCPI(1997)/CPI(1947) -1 = 6.37, so CPI(1997)/CPI(1947) = 7.37. So if an item costs under7.37 times as much in 1997 than it did in 1947, then it's relatively less expensive・ The easiestway to see this is to take the 1947 price, multiply it by 7.37, and compare it to the 1997 price.University of Iowa tuition: $130 x 7.37 = $958 < $2,470, so the 1997 cost is highergallon of gasoline: $0.23 x 7.37 = $1.70 > $1.22, so the 1997 cost is lower phone call: $2.50 x 7.37 = $18.42 > $0.45, so the 1997 cost is lower day in hospital: $35 x 7.37 = $258 < $2,300, so the 1997 cost is higher hamburger: $0.15 x 7.37 = $1.11 > $0.59, so the 1997 cost is lower4. a. Since the in crease in cost was considered a quality improvement, there was noin crease registered in the CPI.b・ The argument in favor of this is that consumers are getting a better good than before, so the price increase equals the improvement in quality. The problem is that theincreased cost might exceed the value of the improvement in air quality, soconsumers are worse off. In this case, it would be better for the CPI to at leastpartially reflect the higher cost.5. a. introduction of new goods; b・ unmeasured quality change; c. substitution bias; d.unmeasured quality change; e. substitution bias6. a. ($0.75 - $0.15)/$0.15 x 100% = 400%.b.($13.84 - $3.35)/$3.35 x 100% = 313%.c.In 1970: $.15/($3.35/60) = 2.7 minutes. In 1999: $.75/($13.84/60) = 3.3 minutes.d・ Workers1 purchasing power fell in terms of newspapers・7. a. If the elderly consume the same market basket as other people, Social Securitywould provide the elderly with an improvement in their standard of living each yearbecause the CPI overstates in flation and Social Security payments are tied to the CPI.b・ Since the elderly consume more health care than younger people, and since health care costs have risen faster than overall inflation, it's possible that the elderly are worse off.To investigate this, you'd need to put together a market basket for the elderly, whichwould have a higher weight on health care・ You'd then compare the rise in the costo f the "elderly” basket with that of the general basket for CPI.8.Many answers are possible. A common answer may be that as students, they spend a greaterproportion of their in come on tuiti on and books than the typical household ・ Since theprices of tuition and books have risen faster than average prices, students face a higherinflation rate than the typical household・9.Whe n bracket creep occurred, inflatio n in creased people's nominal in comes, pushi ng theminto higher tax brackets, so they had to pay a higher proportion of their in comes in taxes, eve n though they were n't getting higher 如/incomes. As a result, real tax revenue rose.10.In decidi ng how much in come to save for retireme nt, workers should con sider the realinterest rate, since they care about their purchasing power in the future, not the number of dollars theyll have.11 ・ a. When inflation is higher than was expected, the real interest rate is lower thanexpected・ For example, suppose the market equilibrium has an expected realinterest rate of 3% and people expect inflation to be 4%, so the nominal interestrate is 7% ・ If in flation turns out to be 5%, the real in terest rate is 7% minus 5% equals 2%, which is less than the 3% that was expected・b・ Since the real interest rate is lower than was expected, the lender loses and the borrower gains. The borrower is repaying the loan with dollars that are worth less than wasexpected.c. Homeowners in the 1970s who had fixed-rate mortgages from the 1960s benefited from theunexpected inflation, while the banks who made the mortgage loans lost a lot ofmoney.。
财金英语教程参考答案
财金英语教程参考答案Chapter 1: Introduction to Finance1. What is finance?- Finance is the management of money and includesactivities such as investing, borrowing, lending, budgeting, saving, and forecasting.2. What are the three main functions of finance?- The three main functions of finance are planning, acquiring, and managing financial resources.3. What is the time value of money?- The time value of money is the concept that a sum of money is worth more now than the same sum in the future dueto its potential earning capacity.4. How does inflation affect the value of money?- Inflation erodes the purchasing power of money over time, meaning that the same amount of money will buy fewer goodsand services in the future.5. What is the difference between a bond and a stock?- A bond is a debt instrument where an investor lends money to an entity in exchange for interest payments, while a stock represents ownership in a company and offers thepotential for capital gains and dividends.Chapter 2: Financial Statements1. What are the four main financial statements?- The four main financial statements are the balance sheet, income statement, cash flow statement, and statement of changes in equity.2. What is the purpose of a balance sheet?- The balance sheet provides a snapshot of a company's financial position at a specific point in time, showing its assets, liabilities, and equity.3. How is net income calculated?- Net income is calculated by subtracting all expensesfrom the total revenue of a company during a specific period.4. What does the cash flow statement show?- The cash flow statement shows the inflow and outflow of cash within a business over a period of time, categorizedinto operating, investing, and financing activities.5. What is the statement of changes in equity?- The statement of changes in equity shows the changes in the equity accounts of a company over a period of time, including retained earnings, capital contributions, and other comprehensive income.Chapter 3: Financial Analysis1. What are the main types of financial analysis?- The main types of financial analysis are ratio analysis,horizontal analysis, vertical analysis, and trend analysis.2. What is the purpose of ratio analysis?- Ratio analysis is used to evaluate a company's financial health by comparing various financial ratios such asliquidity, profitability, and leverage ratios.3. What is horizontal analysis?- Horizontal analysis involves comparing financial statement items over multiple periods to identify trends and changes in performance.4. What is vertical analysis?- Vertical analysis, also known as common-size analysis,is a method of financial statement analysis where each itemis expressed as a percentage of a base figure, typicallytotal assets or total revenue.5. What is trend analysis?- Trend analysis involves examining the historical data of financial metrics over time to predict future trends and performance.Chapter 4: Risk Management1. What is risk management?- Risk management is the process of identifying, assessing, and prioritizing potential risks to an investment or project, and taking steps to mitigate or avoid these risks.2. What are the types of risks in finance?- The types of risks in finance include market risk,credit risk, liquidity risk, operational risk, and legal risk.3. What is diversification?- Diversification is a risk management strategy that involves spreading investments across various financial instruments, industries, or geographic regions to reduce overall risk.4. What is hedging?- Hedging is a risk management technique used to reducethe risk of price fluctuations in an asset by taking an offsetting position in a related security.5. What is the role of insurance in risk management?- Insurance is a risk management tool that providesfinancial protection against potential losses or damages by transferring the risk to an insurance company in exchange for a premium.Chapter 5: Investment Strategies1. What are the different types of investment strategies?- Types of investment strategies include passive investing, active investing, value investing, growth investing, and income investing.2. What is the difference between passive and active investing?- Passive investing involves a "set it and forget it" approach, typically using index funds, while active investingrequires regular buying and selling of individual securities based on market research and analysis.3. What is value investing?- Value investing is an investment strategy that involves buying stocks that are considered undervalued by the market, with the expectation that their true value will eventually be recognized.4. What is growth investing?- Growth investing focuses on companies that are expected to grow at an above-average rate compared to the market, often investing in companies with strong competitive advantages and high growth potential.5. What is income investing?- Income investing is an investment strategy aimed at generating a steady stream of income from investments, typically through dividends or interest payments.Chapter 6: International Finance1. What is international。
财经英语答案
财经英语答案【篇一：浙江财经学院英语翻译大赛试卷和答案】txt>考核方式：闭卷考试时间：120分钟第一题：汉译英 15% 1.市场需求_____________________________________________________ 2.社会主义市场经济______________________________________________ 3.可持续发展战略________________________________________________ 4.深化改革______________________________________________________ 5.人寿保险公司__________________________________________________ 6.综合国力______________________________________________________ 7.消费者物价指数_________________________________________________ 8.社会主义和谐社会_______________________________________________ 9.九年制义务教育__________________________________________________ 10.中国人民政治协商会议___________________________________________ 第二题：英译汉 15% 1. intellectual propertyrights_________________________________________ 2. future exchange_____________________________________________ ____ 3. closingprice_________________________________________________ ____ 4. loan and trustcompany____________________________________________ 5. extensiveeconomy______________________________________________ __ 6. export quota_____________________________________________________ 7. certified publicaccountant_________________________________________ 8.at sixes andsevens_______________________________________________ __ 9. cast pearls before theswine__________________________________________10. scientific outlook ondevelopment___________________________________第三题：句子翻译 20%1.根据协议，所有的经济政策应该不加歧视地适用于所有人______________________________________________________ ______________________________________________________ ________________________________ 2.我们已争取到了政府强有力的支持，使公共场所吸烟成为违法行为。
财务会计英语版课后答案
Chapter 1Page 81.Classify following items as either an expense (E),a revenue(R),an asset(A),or a liability( L);Cash, buildings, salaries of the sales force, $5 owed to a company for work performed, Mortgage to a bank, sales.Answer:Cash—A Buildings—A Salaries of the sales force—E$5 owed—L Mortgage to a bank—L Sales—R2. Classify each of the following as n operating (O), bank (I) , or financing (F) in a statement of cash flows; Wage paid to workers, Cash received form a bank in the form of a mortgage, cash dividends paid to a supplier of inventory, Cash paid to purchase a new machine.Answer:Wage paid—O Cash of mortgage-- F Cash dividends paid -- FCash paid to supplier of inventory—O Cash paid to purchase a machine—IPage111.List several economic decisions that rely on accounting information.Answer:·Whether to grant a loan·How much to pay for a share of common stock.·Whether to grant a rate increase to an electric utility·How much in damages the loser of a lawsuit must pay ·How much of a bonus to pay a plant manager·Whether to enter a new market2. Why do financial statements have footnotes, and what kinds of information might you find in them?Answer:Financial statements have footnotes because financial disclosure is a complex business. The notes tell us some of the specifics about the company environment , what accounting methods the company has used, what the accounting numbers might be if alternative methods had been used, and some of the major contingencies that are not formally included in the statement proper.Page 201.Describe the process of setting accounting standards. What are the roles of all the parties you mention?Answer:The FASB, a private, not-for-profit organization ,sets GAAP in the U.S. It publicly declares an agenda, promulgates "ExposureDrafts" of proposed standards, holds open meetings, and invites input from interested parties. The FASB has been delegated this authority by the SEC, a government agency with legal authority to determine GAAP.2.Think of an example, like the executive compensation example in the chapter, where incentives might exist to bias accounting numbers one way or another.Answer:There are other examples, but here is one that is different. A taxpayer has incentives to bias reported income downward in order to minimize income tax payments. However, it is important to understand that tax accounting rules are different from GAAP, and this book is about GAAP. Chapter 14 covers GAAP for taxes in more detail.Other examples include:·An entrepreneur seeking a loan from a bank or funding from a venture capitalist might have incentives to bias accounting numbers to look favorable.·A firm that is subject to scrutiny for earning excess profits(e.g.,an oil company）might have incentives to bias accounting numbers to look less favorable.·A utility subject to rate regulation might have an incentive tobias accounting numbers to look less favorable in order to gain more generous increases in its rates. (At this writing, there is a rather severe controversy about whether electric utilities in California are genuinely in financial difficulty and should be allowed to continue to impose large rate increase.)Chapter 2Page 381 Define assets, liabilities, and equities.Gave an example ofeach. How are assets valued? How are liabilities valued? Answer:An asset is a probable future economic benefit obtained or controlled by an entity as a result of a past transaction. Cash marketable securities, accounts receivable, inventories, prepaid expenses, patents, copyrights, trademarks, and property, plant and equipment are all examples of assets. A liability isa probable future sacrifice of economic benefits arisingfrom present obligations of an entity to transfer assets or provide services as a result of a past transaction or event.Accounts payable, accrued liabilities, unearned revenues, warranties, and bonds payable are all examples of liabilities.Accounting valuation of assets uses severaldifferent methods, including market value, expected realizable value, lower of cost or market, present value of future cash flows, and historical cost. Accounting valuation of liabilities is the expected amount that will be paid, perhaps adjusted for the time value of money.2. Explain what is meant by the entity concept. Answer:The entity is the person or organization about which accounting's financial history is being written.3 .A company signs a ten-year employee contract with a vicepresident. The salary is $ per year, guaranteed. Is this contract an asset? Would it appear on the balance sheet?Explain.Answer:The rights conveyed by the contrat may be an asset from an economic point of view, but they are not an asset under GAAP. The contract would not appear on the balance sheet as an asset, because GAAP does not record executory contracts, which are contracts that require future performance form both parties. That is ,GAAP views the contract as determining what services will be provided, no asset is recognized under GAAP.(Neither is a liability for payment recognized until services have beenperformed.)4 .A company purchased a parcel of land 10 years ago at a cost of $.The land has recently been appraised at $. At what value is the land carried in the balance sheet? How does the appraisal affect the carrying value in the balance sheet? Answer:The land is on the balance sheet at its historical cost of $.The carrying value of the land is unaffected by the appraisal. Page 421、Define debit and credit .What kind of balance ,debit or credit ,would you expect to find in the inventory T-account？In the Common Stock T-account?Answer:A debit is an entry on the left side of a T-account. A credit is an entry on the right side of a T-account. We would except to find a debit balance in Inventory, and credit balances in Bonds Payable and Common Stock. The reason is the convention that increases in assets are debits and increases in liabilities and equities are credits.2、If the trial balances, it means that you have analyzed all the effects of transactions correctly. True or false？Explain.Answer:False. A balanced means that the trial balance is consistent, not necessarily correct. For example. If an arbitrary entry is made that debits Cash and credits Common Stock for an equal amount, the trial balance will balance but it will be wrong. An accounting can receipt of cash and the issuance of common stock, but it alone can not make cash or additional common shares.3﹑Suppose Web sell leases a portion of its space to another company. Web sell’s accounts are debited and credited to record this transaction?Answer:Web sell would debit Cash and a liability, Rent Received in Advance, for the prepayment.Chapter 3Page 571. Define revenue and expense. How does one decide to list an item as revenue in an income statement? What is matching? Answer:Revenues are increases in net assets resulting from operations over a period of time .Expense are decreases in net assets resulting from operations over a period of time .Revenue isrecognized the earnings process is substantially complete , a transaction2. Give an example not found in the text , of an expense that is paid for in cash in a prior accounting period .In a subsequent accounting period.Answer:There are many allowable responses . An example is a patent that is purchased and paid for in one year and used in next .3. Give an example, not found in the text , of a revenue that is received in cash in a prior accounting period . In a subsequent accounting period .Answer:An example is a house painting contractor that receives payment for one-third of the contract price before beginning the painting .4. Explain why it is right to think of an asset as a cost and an expense as an expired cost .Answer:An asset is a future benefit . And there is an opportunity cost associated with not selling it for cash or exchanging it to settleChapter 6Page 120:1.The following table lists the adjustments and has an X in thecolumn indicating the approach:2. We first take adjustment for prepaid insurance and insurance expense. It would be easy to think of this adjustment as focusing on how much of the insurance coverage remained, as opposed to how much was used. In fact, the same type of logic could be used---computing a monthly rate for the coverage and applying that to the months reminding, instead of the months used.Now take adjustment for depreciation expense and accumulated depreciation. Estimating the value of the equipment at year end might be easy, for example, if there is a market for used equipment, or very difficult, for example, if the equipment was specially designed for Websell. Once a value estimate for the equipment at year end is obtained, depreciation expense would be the change in value over the year.Page 1231.$5000×(1+0.06)^10=$5000×1.79085=$8954.242.$5000×(1+0.06/2)^(10×2)=$5000×(1+0.03)^20=$5000×1.80611=$9030.563. $1000×(1.05)^3+$1000×(1.05)^2+$1000×(1.05)^1=$3310.134. ($1000×0.05/5)^13+$1000×(1+0.05/5)^10+$1000×(1+0.05/5)^5=($1000×(1.01)^15)+($1000×(1.01)^10)+($1000×(1.01)^5) =$1160.97+$1104.62+$1051.01=$3316.6Page 1241.x×.(1.07)^3=$3000 x=$3000/(1.07)^3=$2448.892. Calculate the present value at 10% of $1300 received two years from now. If that is greater than $1000, you are better offwith the $1300 to be received in two years. If its present value is less that $1000, you better off with $1000 now. $1300/(1.10)^2=$1074.38Therefore, you are better off receiving $1300 two years from now.Another way to do this problem is to take the future value at 10% of $1000. At the end of two years, the $1000 would compound up to:$1000×(1.10)^2=$1210,Which is less than you would have at that point if you took the $1300.3．The most I would be willing to pay is the present value at 8% of the stream of $1000 payment:$1000/(1.08)^1+$1000/(1,08)^2+$1000/(1,08)^3=$925.926+857.339+793.832=$ 2577.1(rounded)Chapter 8Page 1681.Aging takes the balance in accounts receivable at the end of the year, and sorts it by how long ago the transaction occurred that gave rise to that receivable. Experience has shown that “older” accounts have less likelihood of ever being collected.Percentages of likely uncollectibles for each category are applied to the totals in that category , and the results added to obtain an estimate of the allowance for uncollectibles required to value properly the estimated amount that will be collected from the accounts receivable. The bad debts expense then falls out as a “plug” in the allowance for uncollectibles.The percentage-of-sales method just estimates bad debt expense as a percent of sales, and plug the balance in the allowance account.2. Cash (118)Accounts receivable (118)12/31/2003(to recognize collection of cash from companies owing service co. from 2002 sales)Allow ance for doubtful accounts (7)Accounts receivable (7)12/31/2003(to write off accounts we know will not be collected) Ac counts receivable (125)Sales reven ue (125)12/31/2003(to recognize revenue and to anticipate collection of the receivable)If we focus on recording the bad debts expense that is associated with billings for 2003, we would record.06×$=$7500 in baddebts expense.B ad debts expense………………………………………7.5 Allowan ce for doubtful accounts…………………………7.5 12/31/2003(to record bad debt expense in anticipation of not collecting 100% of receivables)Method one: focus on the percentage of sales expected not to be collected.Allowance for doubtful accounts(10.5 is the “plug”,i.e., the number that drops out)Now we move to 2004, where events now proceed as expected . Collections are $117.5 thousand. Cash………………………………………………..117.5 Accounts receivable…………………………………117.512/31/2004(to recognize collection of cash form companies owing service co. from 2003 sales)Allowance for doubtful ac counts………………………7.5 Accounts receivable………………………………….7.512/31/2004(to write off accounts we know will not be collected)Accounts receivable (125)Sales revenue (125)12/31/2004(to recognize revenue and to anticipate collection of the receivable)If we focus on recording the bad debts expense that is associated with billings for 2004, we would record.06×$=$7500 in bad debts expense.Bad debts expense……………………………………7.5 Allowance for doubtful acco unts…………………………7.5 12/31/2003(to record bad debt expense in anticipation of not collecting 100% of receivables)The allowance for doubtful accounts using the peentage-of-sales method looks like this:Method one: focus on the percentage of sales expected not to be collected.Allowance for doubtful accountsOnly the entries recording bad debt expense are different using the aging method. Instead of the above entries recording bad debt expense, we would have the following analysis: Each year, we would adjust the balance in the allowance for doubtful accounts so that the net receivable ends up at $. That is, we would solve $-X=$,and find that the ending balance in the allowance for doubtful accounts must be $7500.Analyzing the account, we would determine that at 12/31/2003 we must add $4500 to the allowance for doubtful accounts: Bad debts expense………………………………..4.5 Allowanc e for doubtful accounts…………………….4.512/31/2004(to record bad debt expense in anticipation of not collecting 100% of receivables)At 12/31/2004, we must add $7500 to the allowance for doubtful accounts:Bad debts expense………………………………..7.5 Allowan ce for doubtful accounts…………………….7.512/31/2004(to record bad debt expense in anticipation of not collecting 100% of receivables)Using aging, the allowance for doubtful accounts T-account looks like this:Method two: focus on the ending balance in the allowance for doubtful accounts.Allowance for doubtful accountsChapter 9Page 1831.LIFO is last-in first-out. It means that in computing ending inventoryand cost of goods sold, the cost of items sold is assigned in reverse chronological order of their purchase, beginning from the most regent items purchased in a period. FIFO is first-in, first-out .It means that in computing ending inventory and cost of goods sold, the cost of items sold is assigned in chronological order of their purchase, beginning from the goods on hand at the beginning of the period. Average cost means that in computing ending inventory and cost of goods sold, the average unit cost of the beginning inventory and items purchased in a period is used to determine the cost of goods sold and remaininginventory.2.Yes, it is still a positive net present value project. In fact, its netpresent value is higher than when the purchase was made at$1.05 per unit, since the cash outflow is reduced but the cash inflow remains the same. The cash outflow on 12/31/01 when purchases are at $0.95 per unit is $114.This means the net cash flow at 12/31/01 is ($4) instead of ($16),and the NPV for Widget Company is:NPV=-100-$4/1.1+$10/ (1.1^2) +$144/ (1.1^3) =$12.82First, we redo the case of FIFO. The inventory T-account is:Widget Co. Inventory Account under FIFO Flow AssumptionInventory (FIFO)Ending inventory values can be read from the above T-account. Net incomes are:Widget Incomes using FIFONow we redo the case of FIFO. First, the inventory T-account is: Widget Co. Inventory Account under FIFO Flow AssumptionInventory (FIFO)Ending inventory values can be read from the above T-account. Net incomes are:Page 186To calculate the market-to-book ratios and accounting returns on equity: Market-to-book Ratios under Average CostAccounting Rates of Return under Average CostCollecting the results for FIFO from the chapter and these results for average cost, we have:Market-to-book Ratios under Various Cost Flow AssumptionAccounting Rates of Return under Various Cost Flow AssumptionAs is apparent, the market-to-book ratios and accounting rates of return for average cost are between for LIFO and FIFO.2. Because it has more recent costs on the balance sheet in the inventory account, FIFO has market-to-book ratios closer to 1regardless of whether prices rise or fall.Chapter 10Page 1961. The total profit on the transaction is the sales price of $880.00 less the original cost of $734.03:Sales price of securities $880.00Less : original cost ($735.03)Profit on transaction $144.97The cash flows were: $735.03 out on January1, 2001, and $880.00 in on January 3, 2003.There were profit in 2001, 2002, and 2003.In 2001, therewas a profit of $81.17.In 2003,there was a profit of $5.00.2. The unadjusted book value of the security on December 31,2002 was $793.83.If the market value of the security on that date was $790.00,an adjustment reducing its carrying value by $3.83 is required to write it down to its market value: Unrealized loss on market value securities-trading ……3.83 Marketable securities –trading ………… 3.83 If the security were sold for $810.00 on January 3, 2003, the entry would be:Cash ………………………………810.00Marketable securities –trading ………………790.00Gain on marketable securities-trading …………20.001/03/2003(To record the sale of the Marketable securities—trading )Page 1981. When a securities is classified as trading security, profits or losses show up on the income statement in every period from when the security is purchased until when it is sold. when a security is classified as available-for-sale ,profits or losses only show up on the income statement in the period in which the security is sold.2. the unadjusted book value of the security on December31,2002 was $793.83.If the market value of the security on that date was $790.00,an adjustment reducing it’s carrying value by $3.83 is required to write it down to it’s market value. however unlike the trading security case ,the unrealized loss is an equity account ,not a temporary account:Unrealized loss on marketable securities-available-for-sale 3.38 Marketable securities –trading ………………3.83To record the sale of the security for $810.00 on January 3,2003: Cash ………810.00Unrealized gain on marketable securities-available-for-sale(58.80-3.83) ………54.97Marketable securities-trading …………790.00Realized gain on marketable securities-available-for-sale ……………74.9712/31/2002(To mark-to-market the Marketable securities—available-for-sale)Chapter 111．a. Under straight-line depreciation, the depreciation expense each year is$600-$100/5 years=$100 per year.b. Under double-declining balance depreciation, the depreciation expense each year is given in the following table:c. Under sum-of-year’-digits depreciation, the depreciation expense each year is given in the following table:Sum-of years’-digits depreciation2. Intangible assets are most often shown in one line that is cost net of amortization. Tangible assets are sometimes shown in three lines: cost , accumulated depreciation, and net .3. Economic depreciation is the change in the economic value of the asset. Economic depreciation can be appreciation when the asset increases in value. We seen this already with marketable debt securities, which sometimes increase in valuebecause of unpaid interest4.It is easy and fulfills the requirement of GAAP to provide depreciation using a systematic and rational method. No GAAP depreciation method likely correctly reflects economic depreciation anyway ,so a simple expedient may be good enough.1．Sraight-line depreciation is $100 per year ($300/3 years).Double-declining balance depreciation is given in the following table:2.For straight-line depreciation,the entry is the same each year:Depreciation expense (100)Accumulateddepreciation (100)For double-declining balance depreciation,the entries are: Year1Depr eciation expense (200)Accu mulated depreciation (200)Year2Depreciation expense………………………………66.67 Acc umulated depreciation………………………66.67 Year3.declining balance because depreciation expense under straight-line is only $100,while under double-declining balance depreciation expense is $200.4.If the company buys one asset every year and each asset lasts three years,then in year 4 it will have three assets.Under straight-line depreciation,each of those assets generates a depreciation expense of $100;therefore total depreciation expense would be 3*$100,or $300.Under double-declining balance depreciation,total depreciation expense depends on the age of each asset.The company would have one asset in its first year of life,one in its second year of life,and one in its third year.Therefore,totaldepreciation expense would be:$200+$66.67+$33.33=$300,the same as under straight-line.Both depreciation methods give the same total depreciation because:1.Both methods fully depreciate the assets over their lives.2.The cost of the assets has remained constant.3.The company is in a steady state in which the number ofnew assets purchased in a period equals the number ofold assets being retired in that period.。
财经专业英语(第二版)unit1译文、课后答案、课件
Unit 1Passage: What Does It Take to Become a Successful Manager?[Para 1]Successful managers come from a wide variety of backgrounds and possess an equally wide variety of traits and skills. No sure–fire formula exists for getting to the top of the managerial ladder, but there are at least three general preconditions for achieving lasting success as a manager: ability (A), motivation to manage (M), and opportunity (O).Together, they constitute a basic formula for managerial success (S): S=A×M×O. Notice that success depends on a balanced combination of ability, motivation to manage, and opportunity. A total absence of one factor can cancel out strength in the other two. (Hence, the use of multiplication rather than addition signs.) For example, high ability and motivation are useless without opportunity.1. Ability[Para 2] As used here, the term managerial ability is the demonstrated capacity to achieve organizational objectives both effectively and efficiently. Actually, today's successful manager needs a whole package of conceptual, technical, and interpersonal abilities. According to recent work by the American Assembly of Collegiate Schools of Business (AACSB), an accrediting agency, business school graduates should be able to demonstrate certain skills and personal characteristics. AACSB's package of skills and characteristics can help everyone better understand the term ability to manage. They include1.Leadership.2.Oral communication and presentation skills.3.Written communication.4.Planning and organizing.rmation gathering and problem analysis.6.Decision making.7.Delegation and control.8.Self-objectivity (being aware of one's strengths and limitations).9.Disposition to lead (a willingness and desire to lead others in new directions).2. Motivation to Manage[Para 3] Uplifting stories about disabled persons and adventurers who succeed despite seemingly insurmountable odds are often summed up in one word: desire. The same force drives successful managers. All the ability in the world will not help a future manager succeed if he or she does not possess a persistent desire to move ahead. Linda Wachner, the only woman chief executiveofficer of a Fortune 500 company (garment maker Warnaco), is an inspiring case in point. Fortune magazine calls her America's most successful businesswoman:From the time she was 11 and growing up in Forest Hills, New York, Wachner knew she wanted to run something. That was the year she lay flat on her back, encased in a plaster cast from her head to her knees, the first step in a surgical procedure to correct severe scoliosis.Hardly able to move and facing the possibility that she would never walk again, Linda became determined that whatever she did in life, she would call the shots–––not doctors, or parents, or physical therapists. "The focus I have today comes from when I was sick," she says. "When you want to walk again, you learn how to focus on that with all your might, and you don't stop until you do it."That brand of determination was evident from the first day Wachner hit the job market in 1966.After graduating at age 20 from the University of Buffalo with a bachelor's degree in business administration, she landed at Associated Merchandising Corp, the New York City buying arm of Federated and other department stores. Her pay: $ 90 a week....A former boss remembers her: “Linda used to come flying through my door every morning hitting me with ideas on how we could run the business better. She wanted to tell our manufacturers how they could do more business with the stores.”[Para 4] Until the mid-1960s, this kind of desire was an intangible trait that could be measured only subjectively. Then a management researcher named John B. Miner developed a psychometric instrument to measure objectively an individual's motivation to manage. Miner's test, in effect, measures one's desire to be a manager.[Para 5] The Seven Dimensions of Motivation to Manage. Miner's measure of motivation to manage is anchored to the following seven dimensions:1.Favorable attitude toward those in positions of authority, such as superiors.2.Desire to engage in games or sports competition with peers.3.Desire to engage in occupational or work–related competition with peers,4.Desire to assert oneself and take charge.5.Desire to exercise power and authority over others.6.Desire to behave in a distinctive way, which includes standing out from the crowd.7.Sense of responsibility in carrying out the routine duties associated with managerial work. The higher the individual scores on each trait, the greater is the motivation to manage. (Although the complete instrument is not given here, you can readily gauge your own motivation to manage as low, moderate, or high.) Miner's research indicates that this concept can accurately predict how fast and how far one will move up the hierarchy.[Para 6] Motivation to Manage among Business Students. Miner and his colleagues wenton to track motivation–to–manage scores for business students at two major U.S. universities over a twenty–year period and came to some interesting conclusions. First, although the steady decline of motivation to manage during the 1960s and early 1970s had stopped, students' motivation to manage still was very low. Generally speaking, students continued to show a distaste for authority, competitiveness, assertiveness, and routine managerial duties. Miner believed this situation foreshadowed a shortage of managerial talent over the coming years. A second conclusion was that female students no longer lagged behind their male counterparts in motivation to manage.[Para 7] More recently, Miner's research has focused on international differences in motivation to manage. His student samples from Mexico, Japan, China, Korea, and Taiwan all scored consistently higher than did his samples from the United States. Miner perceives this pattern as a potential threat to America's global competitiveness.3. Opportunity to Manage[Para 8] Judging from headlines in recent years about corporate downsizings, middle manager layoffs, and the dramatic scaling back of the U. S. defense industry, students might be tempted to throw up their hands in frustration over the prospect of ever landing a management position. Indeed, from the perspective of large American companies, the market for managers has tightened considerably since the 1980s. But the broader picture presented by Business Week, seemingly gloomy at first glance, offers hope for future managers:In the U.S. some 13.5 million workers in private industry are classified as executives, administrators, and managers, and most are employed in the service sector --the focus of intensive restructuring in recent years. The upshot is that managerial jobs, which surged at a5.6% annual rate from 1984 through 1989, have shown no net growth at all sincethen––eliminating about 2.25 million jobs that would have been created if the earlier growth trend had been maintained.Even though the growth rate for the managerial slice of the U. S. labor pie slowed and even shifted into reverse during the early 1990s, it still is a huge slice: 13.5 million managers! Normal turnover–––through deaths, retirements, and career changes–––will open millions of managerial positions in the years ahead. Anticipated economic growth will create additional managerial opportunities.[Para 9] Significantly, the statistics in the preceding quote tell only part of the story for managerial job seekers. Not counted among the 13.5 million are the millions of administrators and managers in military, government, and nonprofit organizations. Also, there is the mushrooming small-business sector. One quick way to become a manager is to start your own business.[Para 10] Despite periodic ups and downs in job markets, there will continue to be a worldwide need for those with the right combination of ability and motivation to manage. The timeto start working out your own S= A×M×O formula is now.New Words*** accredit [☯❒♏♎♓♦]vt. 委派出任* anchor [ ✌☠☯] n.vt. 锚抛锚；依靠* anticipate [✌⏹♦♓♦♓☐♏♓♦] vt. 预见* assembly [☯♦♏❍♌●] n. 集会* assertiveness [☯♦♏♦♓⏹♓♦] n. 断定* brand [br✌⏹♎] n. 商标；烙印；印记* cast [k ♦♦] n. 浇铸*** collegiate [k☯●♓ ♎✞♓♦] adj. 专科学校的；学院的；大学的* conceptual [k☯⏹♦♏☐♦☞◆☯●] adj. 思维的，抽象的；概念的* counterpart [ ♋◆⏹♦☯☐ ♦] n. 对应的人（或物）* delegation [ ♎♏●♓ ♑♏♓☞☯⏹] n. 派遣** dimension [di ❍♏⏹☞☯⏹] n. 度量方法* disposition [disp☯♓☞☯⏹] n. 倾向** downsize [ ♎♋◆⏹ ♦♋♓] v. 减小；减少* encase [in ♏♓♦] vt. 包围；包裹* favorable [ ♐♏♓☯❒☯♌●] adj. 赞同的** foreshadow [f ☞✌♎☯◆] vt. 预示* frustration [fr✈♦♦❒♏♓☞☯⏹] n. 灰心* garment [ ♑❍☯⏹♦] n. 服装*** gauge [♑♏♎✞] vt. 估计，判断n. 方法，手段；标准* gloomy [ ♑●◆❍♓] adj. 黑暗的，昏暗的* headline [ ♒♏♎●♋♓⏹] n. 标题* hierarchy [ ♒♋♓☯❒♓] n. 等级制度；领导层*** insurmountable[ ♓⏹♦☯ ❍♋◆⏹♦☯♌●]adj. 不能克服的* intangible [in ♦✌⏹♎✞☯♌●] adj. 无形的，无法接触的* interpersonal[ ♓⏹♦☯ ☐☯♦☯⏹●]adj. 人际的；交际的** layoff [ ●♏♓ ♐] n. 下岗，失业期间** merchandise[ ❍☯♦☞☯⏹♎♋♓] n.vt.商品；货品劝人购物* motivation[ ❍☯◆♦♓♏♓☞☯⏹]n. 动机；动力* multiplication[ ❍✈●♦♓☐●♓♏♓☞☯⏹]n. 乘法** mushroom [ ❍✈☞❒◆❍] vi. 迅速生长* objectivity n. 客观[ ♌♎✞♏ ♦♓♓♦♓]* odds [ ♎] n. 有可能出现的麻烦事* peer [pi☯] n. 同龄人；同等地位的人* perspective [p☯ ♦☐♏♦♓] n. 观点，看法；视角；* plaster [ ☐● ♦♦☯] n. 灰泥；石膏* presentationn. 赠送；引见；介绍；呈现[ ☐❒♏♏⏹ ♦♏♓☞☯⏹]adj. 心理测量的* psychometric[ ♦♋♓☯◆ ❍♏♦❒♓]*** restructuring [ri ♦♦❒✈♦☞☯] n. 重新组建*** scoliosis [ ♦ ●♓☯◆♦♓♦] n. 脊柱侧凸* superior [sju ☐♓☯❒♓☯] n. 上级，长官*** surefire [ ☞◆☯♐♋♓☯] adj. 确定的* surge [s☯♎✞] vi. 上升* surgical [ ♦☯♎✞♓☯●] adj. 外科的* therapist [ ♏❒☯☐♓♦♦] n. 治疗者* trait [treit] n. 特性，特征* turnover [ ♦☯⏹☯◆☯] n. 移交* uplifting [✈☐●♓♐♦] adj. 使人振奋的* upshot [ ✈☐☞ ♦] n. 结局注: *为基础词汇**为常用的财经专业词汇***为非常用的基础和财经词汇，以下各课同Special Termsaccrediting agency 授权机构assert oneself 坚持自己的权利，显示自己的权威business administration 企业管理career changes 跳槽chief executive officer 董事长corporate downsizing 公司滑坡defense industry 国防工业dimensions of motivation to manage 管理动机的度量方法disposition to lead 有领导倾向favorable attitude 赞同态度Fortune 500 company 500强企业job market 劳务市场job seeker 求职者managerial position 管理岗位motivation to manage 管理动机nonprofit organization 非赢利组织oral (written) communication 口头（书面）交流organizational objective 管理目标presentation skill 交际技巧private industry 私人企业self-objectivity 自知之明sense of responsibility 责任感show a distaste for 表现不喜欢…A w hole package of…全面的…Abbreviation(s)AACSB the American Assembly of Collegiate Schools of Business 美国盎瑟贝财经学院Notes to the Passage1.[Para 1] A total absence of one factor can cancel out strength in the other two.管理成功的公式里共三个要素，如果其中的一个是零的话（即a total absence），那就会取消(cancel out)另外的两个要素的力量之和（strength in the other two）。
财经英语试题及答案
财经英语试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a financial instrument?A. StockB. BondC. CommodityD. Insurance policyAnswer: D2. In financial markets, what is the term for the difference between the buying and selling prices of a security?A. SpreadB. DividendC. YieldD. Interest rateAnswer: A3. What is the term used to describe the risk of a security's value changing due to market fluctuations?A. Credit riskB. Market riskC. Liquidity riskD. Operational riskAnswer: B4. Which of the following is not a type of financial statement?A. Balance sheetB. Income statementC. Cash flow statementD. Profit and loss statementAnswer: D5. What is the term for the process of evaluating an investment based on various factors to determine its potential return and risk?A. Due diligenceB. Portfolio managementC. Financial analysisD. Risk assessmentAnswer: C6. What does GDP stand for in economics?A. Gross Domestic ProductB. Gross Domestic ProfitC. Gross Domestic PerformanceD. Gross Domestic PriceAnswer: A7. In the context of finance, what does the acronym "IPO" stand for?A. Initial Public OfferingB. International Profit OrganizationC. International Portfolio OrganizationD. International Product OfferingAnswer: A8. What is the term for a financial contract that gives the buyer the right, but not the obligation, to buy or sell anunderlying asset at a specified price on or before a certain date?A. Call optionB. Put optionC. Forward contractD. Futures contractAnswer: A9. Which of the following is not a component of the financial system?A. BanksB. Securities exchangesC. Insurance companiesD. Manufacturing companiesAnswer: D10. What is the term used to describe the process of determining a company's value based on its financial performance and potential for future growth?A. ValuationB. ForecastingC. BudgetingD. AuditingAnswer: A二、填空题（每题2分，共20分）1. The process of converting cash into other assets is known as ____________.Answer: investing2. A __________ is a financial institution that acceptsdeposits, offers loans, and provides other financial services. Answer: bank3. The __________ is a document that outlines the terms and conditions of a loan, including the interest rate and repayment schedule.Answer: loan agreement4. __________ is the risk that a borrower may default ontheir loan payments.Answer: credit risk5. A __________ is a financial statement that shows acompany's financial position at a specific point in time. Answer: balance sheet6. __________ is the process of evaluating a company'sfinancial health by analyzing its financial statements. Answer: financial analysis7. The __________ is a financial statement that shows a company's revenues, expenses, and net income over a specific period.Answer: income statement8. __________ is the risk that a security's value maydecrease due to a decline in the overall market.Answer: market risk9. A __________ is a financial instrument that represents an ownership interest in a company.Answer: stock10. __________ is the risk that a security may be difficult to sell at a desired price.Answer: liquidity risk三、简答题（每题10分，共20分）1. Explain the difference between a stock and a bond. Answer: A stock represents ownership in a company and typically offers the potential for capital appreciation and dividends. A bond, on the other hand, is a debt instrument issued by a company or government, promising to pay periodic interest and return the principal at maturity.2. What are the main factors that influence a company'scredit rating?Answer: The main factors that influence a company's credit rating include its financial stability, debt levels, profitability, management quality, industry position, and economic conditions. Credit rating agencies assess these factors to determine the likelihood of the company meetingits financial obligations.四、论述题（每题15分，共30分）1. Discuss the importance of diversification in an investment portfolio.Answer: Diversification is crucial in an investment portfolio as it helps to spread risk across a variety of investments, reducing the impact of a poor-performing asset on the overall portfolio. By investing in different asset classes, sectors, and geographical regions, investors can potentially achievebetter returns and lower volatility. Diversification also allows for the exploitation of different market opportunities and can protect against unforeseen events that may affect specific investments.2. Explain the role of financial statements in business decision-making.Answer: Financial statements play a vital role in business decision。
财经英语看世界课后答案.docx
财经英语看世界课后答案.docx财经英语看世界课后答案问：对中国的企业来说，最重要的不是经营权改⾰，是所有权改⾰。
（）答：正确问：对中国电影的主要意识形态叙述错误的是答：⾮主流意识形态问：对中国⽽⾔，⼀个典型的倾销的产品是（）答：彩⾊胶卷问：对中国法学做出巨⼤贡献的是谁？答：沈家本问：对中国古代商业的分布和发展影响最⼤的因素是（）。
答：制度因素问：对中国古代书法特点叙述不正确的是答：书法是为后⼈⽽创造问：对中国古代⽂明起源时间的确定有重要意义的遗址是答：东⼭村遗址问：对中国科学技术史研究最好的是（）答：李约瑟问：对中国历史发展的⾃然和地理条件的叙述正确的是：（）答：上述三项都是问：对中国明清时代的天⽂仪器的制作及天⽂观测起过较⼤影响的西⽅天⽂学家是（）。
答：第⾕问：对中国企业来说,最重要的是()。
答：所有权改⾰问：对中国清明时代的天⽂仪器的制作及天⽂观测起过较⼤影响的西⽅天⽂学家是：答：第⾕问：对中国⼊仕官员影响很⼤的是⽼⼦的思想。
（）答：错问：对中国三个产业利⽤外商直接投资情况分析不正确的是（）。
答：第⼀第⼆第三产业利⽤外资分布⽐较均衡问：对中国⽂化性格的塑造起最⼤作⽤的是？答：儒教与道家问：对中国学界⽽⾔，⽐较⽂学研究最突出的重点是（）。
答：⽂学间性问：对中国政治的分析,⾸先要对中国的哪⼀个因素进⾏分析?()答：社会结构问：对中华传统道德的继承我们可以采取历史虚⽆主义。
答：错问：对中间商的营业推⼴⽅式包括（）答：现⾦折扣问：对中世纪欧洲⼤学影响最⼤的事件是？答：宗教改⾰。
金融学原理(英文版)课后翻译及答案
1．答案可以不一样．答案示例：共产主义制度与亚当斯密的看不见得手是完全相反的.但是最近我们已经注意到了世界范围内许多共产主义国家的失败.在共产主义国家里,据信政府可以做出与私人相比更好的决策去推动经济的繁荣.但是很明显,这种制度没能推动经济的繁荣.亚当斯密认为，完全竞争的市场体制(而不是政府) 一般而言可以更好得配置资源从而推动经济的繁荣.但是,一个完全没有束缚的资本主义社会比如18世纪晚期的西方世界国家可能并不是一个完美的体制.看不见的手使富人更富同时穷人却得不到任何正式的帮助,于是政府计划最终建立了起来促进社会福利和公平.2．在资本主义社会,价格机制有利于做出正确的资源配置决策.资本流向那些能利用它获得最高回报率的部门.从而这样把资本分配到生产率最高的用处,借以增进社会经济的繁荣.而且,金融体系有自己的市场和调解机构,它们可以把风险从最不愿意承担的人那里转移到最愿意承担风险的人那里.一般而言,这将使社会受益而不会有任何的代价.并且,通过允许私人减少或者消除风险,可以形成一个承担商业冒险的社会氛围,这将使社会受益.3．清算和支付:在亚当斯密的时代,正如现在一样有纸币和硬币.但是,由于技术革新(主要是电脑技术的应用与发展)现在有许多其它不同形式的支付手段,例如个人支票,信用卡,资金的借方卡以及电子转帐.而且,某些信用卡和旅行支票在世界上的任何地方都可以被受理,使货币兑换成为过去的一种遗留物.聚集资源和分散股权:在亚当斯密的时代,大部分商业贸易规模都很小,并且由独资企业投资.因此,聚集资源进行大规模投资的需求不像今天这样普遍和重要.而且,电脑和电话技术的革命把全球的资本市场联系起来为更大规模的贸易融资.今天这些公司能进入全世界范围巨大的资产并且找到为大规模工程投资的最便宜的资源转移经济资源：在当代，世界范围内的金融体系使资源和风险及时的从一个人转移到另一个人，从一个地方转移到另一个地方变得更加容易.而在亚当斯密的时代,尽管有金融市场,但是作用有限, 与今天的相比它们都是区域性的,规模小,缺乏效率和创新.风险管理:在亚当斯密的时代,私人和商业都会面对许多与今天相同的风险(财产损毁的风险,金融损失的风险,粮食歉收风险等等)但是,过去只有有限的方法去化解风险.那时虽然有一些保险公司,但主要是管理商业风险而非个人风险,因此也就没有同类型保险去管理个人风险.比如,失业保险.在亚当斯密的时代,农场主几乎没有办法去降低粮食歉收以及粮食价格降低的风险.现在有大量的市场和部门去化解个人及商业风险,还有大量的网络保险公司去把风险从那些想减少的人那里转移到那些想承担更多风险的人那里.价格信息:在亚当斯密的时代,信息传播的速度很慢.当然,那时没有电话,电视和收音机等工具.信息只能通过报纸和信件进行传播.现在,信息可以在世界范围内及时传播.由于电脑和电话技术的发展和创新,安全的价格信息同时在世界范围内通过各种虚拟的途径获得.激励问题:正如上面所讨论的,当代的金融体系是大规模,创新和全球性的.在亚当斯密的时代,如果出现道德风险和逆向选择问题就没有像今天这样高效的金融体系去处理.4. 亚当斯密谈论的自由竞争市场作为一个完整的体系可以把资本分配到使用效率最高和最有价值的地方.在一个自由竞争的股票市场,股票的价格是由供给和需求决定的.那些得到最高回报的公司将会得到最高的价格(或者是最便宜的金融资本).而一些公司将得不到足够的资本因为他们是没有效率的.由于世界范围内的合意投资是巨大的以及有时对于投资者而言很难识别哪个公司是资本最有效率的雇佣者,因此规则应该被制定出来以保证相关的和合乎标准的信息传递给潜在的投资者.这将包括公开和内部的交易以及股票操作方面的规则.但是从市场效率方面而言,一些其它形式的市场规则可能就不是那末重要甚至将有碍整个社会福利的实现.5. 由于大部分学生现在还不能挣钱,也没有积蓄或其它的资本,所以没有哪个中间人会在任何合意的利率水平上承担这样的信用风险.6例如：医药公司；儿童安全设备生产公司；航空公司；银行；医院；环保咨询公司；危险性垃圾处理公司7 我用自己的钱投资的20000美元是（企业主的）股本，其他的80000美元是负债。
英语职业模块(财经、商贸及服务类)答案
Unit 1 ReceptionSection A Warm Up1. rest room2. reception room3. waitress4. registration form5. bellboy6. guest bookSection B Listening and SpeakingWork AloneⅠ. 1. F 2. T 3. TⅡ.1. guide 2. coming to meet 3. AttentionⅢ. reservation, single room, of course, ninth, staySection C ReadingPost-readingⅠ. 1. T 2. F 3. TⅡ.1. basic2. attract3. approached4. respect5. Communication6. repeat Ⅲ.1.first name2. shake hands3. look forward to4. Stand up5. talk to Section D WritingⅠ.Ⅱ.Unit 2 Make an AppointmentSection B Listening and SpeakingWork AloneⅠ. 1. T 2. F 3. TⅡ. 1. be free 2. as soon as 3. messageⅢ. make an appointment, afraid, earlier, shall, a lotSection C ReadingPost-readingⅠ1. People may invite others by telephone or an invitation letter.2. You may say “Thank you for inviting me, but I will not be able to come”.3. Send a thank-you note or give a telephone call to inviter to express the appreciation for the invitation.Ⅱ1. idiom 2. wise 3. refuse 4. appropriate 5. consider 6. appreciationⅢ1.drop in2. in advance3. was unable to4. invitation letter5. a thank-you noteSection D WritingⅠFoundAn MP5 was found at the entrance to the Dahua Cinema on the evening of February 6th. Will the owner please contact the manager of Dahua Cinema?ⅡAn English Editor WantedOur school newspaper is looking for an editor for its English edition. The job mainly includes two parts: One is to choose proper English articles from other newspapers, magazines or Internet for us students. The other is to pick out articles form those written by students in our school and edit them for use.We hope that he/she could meet the following requirements: First, he/she is willing to devote some of his/her spare time to serving the others. Second, it’s necessary for him/her to be good at both English and fine arts. Besides, the ability to use the computer is important.Those who are interested in the job, please get in touch with the Students’ Union this week.Students’ UnionUnit 3 Bank ServiceSection A Warm Up1. passbook2. A TM3. banknote4. debit card5. coin6. queue machine7. currency counter8. check Section B Listening and SpeakingWork AloneⅠ1. F 2. T 3. FⅡ. 1. ordinary 2. overdraw 3. pick it upⅢpersonal check take cable charges instruct return cableSection C ReadingPost-readingⅠ.1. F 2. F 3. TⅡ1. password 2. overdraft 3. issued 4. deposit 5. plastic 6. stolenⅢ1. insteading of 2. Fill in 3. a large amount of 4. waiting for 5. from time to timeSection D WritingⅠ.ⅡUnit 4 Hotel ServiceSection B Listening and SpeakingWork AloneⅠ. 1. T 2. F 3. TⅡ1. hotel services 2. sign 3. luggageⅢcheck out, total, credit card, receipt, pleasureSection C ReadingPost-readingⅠ1. direct-dial telephone, 24-hour room service, color TV, controls for lights and air-conditioning, minibar, tea and coffee-making facilities and a personal safe.2. On the 19th floor.3. It is open from 8 am to 11 pm.Ⅱ1. gym 2. safe 3. lounge 4. control 5. facilities 6. availableⅢ1.less than 2. a range of 3. are equipped with 4. check outSection D WritingⅠ尊敬的张老师，由于我得了重感冒，所以我今天不能来上课，为此我感到非常抱歉。
国家开放大学电大专科《财经英语》期末试题标准题库及答案(2655号)
最新国家开放大学电大专科《财经英语》期末试题标准题库及答案（试卷号：2655）考试说明：木人汇总了历年来该科的试题及答案，形成了一个完整的标准考试题库，对考生的复习和考试 起着非常重要的作用，会给您节省大量的时间。
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《财经英语》题库一第一部分交际用（共计10分）】一5 ■:阅读下面的小对话.从A 、B 、C 三个选顼中堆出一个蛇填入空白处的■佳选项，井在 答JS 蛾上写出所选的字毋符号。
（每JS2分.共10分）1. — Would you like to see the menu?A. I hear the food here is tasty. R Your menu is very clear.Q No. thanks. I already know what to order- 2. — I think it getting late>C. No. Il's not.3. — 1 think the Internet is very helpfuLB. That's a very good idea.C. Neither do L4. —Thank you very much for the present.C. Yes# please. I like presents. 5. —Please give me A receipt.C Yes. You Are nghu第二部分 词汇与结构（共计30分）6-15小■:阅读下面的句子，从A.B.C.D 四个选项中选出一个能填入空白处的馈佳迭项.并A. Why do you think so?B. Yes. Let's go home.A. Yes. so do I. A. Don y f mention it.& Oh. thank you too.A. Okay. Thin's finesB. Sure. Here you are.8. She work” nt the hnnkhead office is in Londun.At which C. whose11 to finishC ・ finishe* 1(X Three timcH twoA ・ equals five C in MX在答鹿蜓上写出所选的字毋符号.（每112分.共20分）6. you not tired lost night? A. AreC. Were7. Impruvinx rfficicncy shouldthe bottom line.A. prrfccntB. preserveC reserve1 L He telephuned(or the report.A. to aukB. askC.AaknD. n»krd12. How do you twiy 17145 in En/inh?A ・ A quarter before »even< EL Forty five pafit five. C A quarter to nix. D. Six before ・ qunrtcr>13.1 went toyettlcrchiy.A. the meetingB. metC meet14. He said the agentwont to buy at that price.A. doB. hasn't C didn'tD. had15. Cash flow increasesA. deposits C interest9. I wantthe report by Friday.A. finishedB. makes five16—20 ■:将左栏所列英文财经术僵与右栏中文意思相匹配,弁将答*廓在答flft±o （9«2分，共10分）«£»分n«aiM（共计40分）21 — 25小HL街读以下短文,从AJkC三个选项中出一个正•答案.并在答■纸上写出所逸的字母符号.（每赠4分.共20分）Mr M/icCullnn read Franco's finAncial stAtcmenU The assets include A lot of prime real estatCe The land alone is worth f 235.000・ and on this land lhe restaurant is worth more than £158 >000. Franco hn»H very high cosh flow with more than £ 15 >000 going in And out every months hut not much extra left over at the end of each months Since there in only a little Jeftt then he wouldn f l have enough to pay the interest on a loam "Why don91 you apply for « mortgage?19 Mr MacCalhn suggested. M Tbe restaurant in good collAteraL isn f f it? So you would eaeiily get a mortgage of £ IQOt 000. H He O1M）suggested a start up I OAH thnt hns 0% interest for the first five yenni. °Surt-up loans «re suitable for businesses that need high investment without any strings attached he explained.Franco decided to apply for both. Then he would be able to expand the restnurant»21. What did Franco want to do?A・ To deposit some money. B. To save some money,C To borrow some money.22. What do* the financial statement say?A・ The land siic. B» The land value.C The land price.23a How much are Franco*s expenditures each month?A* J ust less than income* B. The same as income.C. More than income.24. What did the manager suggest?A. A mortgage.B. A loan.GBoth 4A* and F'.25. What will n ntnrt-up loan give Franco?A> No mortgage B Spending money.C. More interest.26—30小・：88读以下短文,并根据短文内容判断其后的句于是否正确（T）、错煤（F）,并将答累琦在答1S纸上.（««4分,共20分）Expanding her businessJill h" a small shop which 8c!ls clothes. She buys them wholesale« nnd then puts one of each in hrr shop where customers can look at oil her rmg She rcntH A large wArehouse to keep her slock. All her dresses are selling well# Her business is making a good profit which she wants to invest to expand her buftincHS. Jill asked her bank manAger for udviee< He suggested having a homepage on the Internet• and sellin g her clothes online.Internet shopping suits her business model> because she buys many dresses all the same color to get a low price. She can reach more customers online^ and sell more dresses. 1 his will increase her business quickly without buying a larger shop»26. Jill has a lot of dresses in stock.27. Jill buys her dresses very cheaply.28. She asks her bank manager for a loan.29. The bank manager suggests selling her business.30. The Internet will expand her business-第四部分■!译（共计2。
财经英语答案
财经英语答案【篇一：浙江财经学院英语翻译大赛试卷和答案】txt>考核方式：闭卷考试时间：120分钟第一题：汉译英 15% 1.市场需求_____________________________________________________ 2.社会主义市场经济______________________________________________ 3.可持续发展战略________________________________________________ 4.深化改革______________________________________________________ 5.人寿保险公司__________________________________________________ 6.综合国力______________________________________________________ 7.消费者物价指数_________________________________________________ 8.社会主义和谐社会_______________________________________________ 9.九年制义务教育__________________________________________________ 10.中国人民政治协商会议___________________________________________ 第二题：英译汉 15% 1. intellectual propertyrights_________________________________________ 2. future exchange_____________________________________________ ____ 3. closingprice_________________________________________________ ____ 4. loan and trustcompany____________________________________________ 5. extensiveeconomy______________________________________________ __ 6. export quota_____________________________________________________ 7. certified publicaccountant_________________________________________ 8.at sixes andsevens_______________________________________________ __ 9. cast pearls before theswine__________________________________________10. scientific outlook ondevelopment___________________________________第三题：句子翻译 20%1.根据协议，所有的经济政策应该不加歧视地适用于所有人______________________________________________________ ______________________________________________________ ________________________________ 2.我们已争取到了政府强有力的支持，使公共场所吸烟成为违法行为。
世界经济概论英文版答案
世界经济概论英文版答案Chapter I3. What are the stages of the formation and development of the world economy?The formation of the world economy has generally gone through three historical stages:(1) Budding period. The discovery of geography began in the middle and late 18th century and lasted for nearly 300 years.(2) Initial formation period. This period began with the British industrial revolution around the 1860s and completed the establishment of industrial society in European and American countries around the 1870s, including the whole period of capitalism, which lasted about 100 years. The formation of the world economy in this period was based on the large machinery industry, mainly marked by the establishment of the international division of labor system and the development of the world market.(3) Final formation period. From the 1870s to the beginning of the20th century, with the deepening of international division of labor and the expansion of the scope of the world market, especially the great progress of production and capital internationalization characterized by capital export, and the completion of the division of world territory, the real world economy finally took shape.Chapter II1. How to understand the process and connotation of economic globalization?Process: economic globalization is a process and a state of the development of the world economy to a higher level. Economic globalization is driven by the contemporary scientific and technological revolution, the market economy and the great development of multinational corporations. The great development of international trade, international finance, international investment, international transportationand communication, as well as the migration of international population, has led to the large-scale flow of production factors all over the world, and expanded the internal division of labor of enterprise production into a global division of labor, It is a state and process of unprecedented acceleration and deepening of interdependence and integration of countries by optimizing the combination and allocation of production factors on a global scale.Connotation: (1) economic globalization is the unity of economic category and historical category(2) Economic globalization is a concept related to time and space(3) The essence of economic globalization is the globalization of capital and its carrier expansion(4) Economic globalization is dominated by developed countries, and there are many asymmetries in its structure.2. Reasons and manifestations of the accelerated process of post-war economic globalization.Reasons: (1) the great development of scientific and technological revolution(2) The market economy system expands to the whole world(3) The development of trade, investment and financial liberalization in western countries(4) The great development of multinational corporations.Performance: (1) trade liberalization and global networking: with trade liberalization and information networking, the scope and scale of world trade have expanded sharply(2) Globalization of financial, monetary and investment markets: globalization of financial markets, currency circulation and investment activities(3) Globalization of human resource flow: the number and scope of worldwide immigrants have expanded, the transnational training and flowof talents have increased significantly, and the trend of "hidden transnational flow" of talents has increased.(4) The formation of global industrial chain and the globalization of international production system: the development of global industrialization and the formation of industrial chain followed by echelons around the world; Formation of global production system(5) The international economic coordination mechanism has gradually taken shape.3. How to understand the opportunities and challenges brought by economic globalization to developing countries?Opportunities: developing countries and regions adapt to the general trend of economic globalization, actively take advantage of the opportunities of deepening international division of labor and worldwide industrial structure adjustment, adopt opening-up strategies and policies in line with their national conditions, introduce foreign capital, technology and management experience, and improve their industrial structure and product quality, We should improve the competitiveness of our national enterprises as soon as possible, vigorously develop foreign trade, fully and reasonably allocate domestic resources and realize the rapid development of our economy. Economic globalization can also promote political reform in developing countries and accelerate the process of democratization.Challenges: (1) developing countries are at a disadvantage in the current process of economic globalization. With the rapid development of Global trade and global production system, the national economy of developing countries is facing great pressure and impact, and its dependence on developed countries is also increasing.(2) Economic globalization has led to and exacerbated the further imbalance of world economic development, and developing countries lag behind developed countries, especially those at the bottom.(3) the unbalanced development of China's developing countries is also increasing, which poses a potential threat to investment, stimulatesthe development of the bubble economy, and lays hidden danger for the financial crisis.(4) The biggest problem or threat brought by economic globalization to developing countries is that their national sovereignty has been impacted and weakened, and their national economic security has been challenged.(5) It has brought enormous pressure on the reform of developing countries. Economic globalization has strengthened the economic transmission and synchronization. How to accept the positive transmission and curb the negative transmission has become a major problem urgently needed to be solved by developing countries.5. What impact has economic globalization had on national sovereignty and the world pattern?Economic globalization has impacted national sovereignty, and mutual coordination has become the main theme of the times. Originally a unique right of a country, it has increasingly become a common power of the international community. National economic activities are increasingly operating in accordance with international treaties, agreements, norms and practices; The improvement of the status of multinational corporations in the economic life of various countries weakens the intervention of the state in industrial policy.Economic globalization is one of the decisive factors in the development, evolution and final formation of the world pattern after the cold war. As economic globalization has greatly strengthened the role of the law of unbalanced development, the status of some countries in the world pattern has declined, while the influence and role of others in the world pattern have increased. In this way, the world pattern, as the global core structure, will undergo a major adjustment in the balance of power. Economic globalization has promoted world multipolarization, which has enhanced human harmony.In economic globalization, with the accelerated transfer and movement of production factors in the world, the problem of global public hazards has become increasingly prominent. Their harm involves not only developing countries, but also developed countries, and even the whole world. Therefore, the process of economic globalization will inevitably bring many international political and economic frictions.Chapter III1. What are the basic characteristics of the post-war scientific and technological revolution? What impact does it have on the development of national economy and world economy?Basic features of the post-war scientific and technological revolution:1) Comprehensive and worldwide. 2) The scientific revolution and the technological revolution have developed simultaneously and formed the integration of science, technology and production.3) The machine system, labor style and lifestyle have been innovated. 4) the development of science and technology and its application in production have been strongly supported by the government.Impact: the post-war scientific and technological revolution has brought about great development of social productive forces and great changes in the structure of productive forces:(1) The great development of productive forces. It has greatly improved labor productivity, expanded capital accumulation and expanded the commodity market.(2) The transformation of the substantive elements of productivity: the workers are becoming more and more intelligent, the labor tools are becoming more and more automatic, and the labor objects are becoming more and more artificial.(3) Strengthening of non substantive elements of productivity: Science and technology has become the first productivity, and education has become an important reinforcing element in modern productivity.(4) Changes in industrial structure. The basic feature of its change is the shift of the focus of industrial structure. The proportion of material production sectors such as industry and agriculture in the national economy decreased, while the proportion of non-material production sectors such as service industry increased.The third scientific and technological revolution raised the level of world productivity and accelerated the recovery and development of the world economy after the war; Promoted the development of international trade; It has promoted the development of multinational corporations and international economic integration, widened the gap between the rich and the poor all over the world, and promoted the changes of social production relations all over the world(5) The third scientific and technological revolution not only brought about the modernization of things, caused changes in the way of labor and life, and gradually modernized people's ideas, ways of thinking, ways of behavior and ways of life.。
财经职业英语课后习题答案
财经职业英语课后习题答案财经职业英语课后习题答案在学习财经职业英语的过程中，课后习题是巩固知识、提高技能的重要环节。
本文将为大家提供一些常见的财经职业英语课后习题的答案，帮助大家更好地掌握这门学科。
一、选择题1. The term "GDP" stands for:A. Gross Domestic ProductB. General Development PlanC. Global Demand ProjectionD. Government Debt Policy答案：A. Gross Domestic Product2. What does the abbreviation "CFO" stand for?A. Chief Financial OfficerB. Corporate Financial OperationsC. Credit and Finance OrganizationD. Customer-Focused Operations答案：A. Chief Financial Officer3. Which of the following is NOT a type of investment?A. StocksB. BondsC. Real estateD. Insurance答案：D. Insurance4. The exchange rate is the:A. Price at which one currency can be exchanged for anotherB. Interest rate set by central banksC. Rate of inflation in a countryD. Percentage of taxes on imports and exports答案：A. Price at which one currency can be exchanged for another5. What does the term "ROI" stand for?A. Return on InvestmentB. Rate of InterestC. Risk of InflationD. Revenue from Operations答案：A. Return on Investment二、填空题1. The ____________ is the total value of all goods and services produced within a country in a specific period of time.答案：Gross Domestic Product (GDP)2. A ____________ is a financial institution that accepts deposits from individuals and businesses and provides loans.答案：Bank3. The ____________ is the difference between a country's exports and imports.答案：Trade balance4. ____________ is the process of buying and selling goods and services over the internet.答案：E-commerce5. A ____________ is a type of financial instrument that represents ownership in a company.答案：Stock三、解答题1. What are the main factors that affect exchange rates?答案：Exchange rates are influenced by a variety of factors, including interest rates, inflation rates, political stability, economic performance, and market speculation. Changes in these factors can cause a currency to appreciate or depreciate in value relative to other currencies.2. Explain the concept of supply and demand in the context of the stock market. 答案：In the stock market, supply and demand refers to the relationship between the number of shares available for sale (supply) and the number of shares that investors want to buy (demand). When there is high demand for a particular stock and limited supply, the price of the stock tends to increase. Conversely, when there is low demand and a large supply of shares, the price of the stock tends to decrease. This relationship between supply and demand is a key factor in determining stock prices.3. What are the main functions of a central bank?答案：The main functions of a central bank include controlling the money supply, setting interest rates, acting as a lender of last resort to commercial banks, and maintaining financial stability. Central banks also play a role in regulating the banking industry, managing foreign exchange reserves, and formulating monetary policy to promote economic growth and stability.总结：通过完成这些财经职业英语课后习题，我们可以更好地理解和掌握相关的知识和技能。
大学财经英语教材答案
大学财经英语教材答案Unit 1: Introduction to Finance1. Multiple Choice Questions:a) Ab) Cc) Dd) Be) A2. True or False:a) Trueb) Falsec) Trued) Falsee) True3. Definitions:a) Equity: Ownership interest in a company.b) Capital: Financial resources used to fund a company's operations.c) Dividend: Distribution of a portion of a company's earnings to its shareholders.d) Liquidity: Ability to convert an asset into cash quickly.e) Risk: Possibility of loss or failure.4. Fill in the blanks:a) Financial statementsb) Balance sheetc) Income statementd) Cash flow statemente) AssetsUnit 2: Financial Markets1. Short Questions:a) What are the two main types of financial markets?b) What is the difference between primary and secondary markets?c) What are the three main types of securities traded in financial markets?d) What is the role of a stock exchange?e) What determines the value of a bond?2. Essay Questions:a) Discuss the importance of financial markets in a modern economy.b) Explain the concept of price discovery in financial markets.c) Compare and contrast stocks and bonds as investment options.d) Discuss the role of financial intermediaries in financial markets.e) Analyze the impact of interest rates on financial markets.Unit 3: International Finance1. True or False:a) Falseb) Truec) Falsed) Truee) False2. Matching:a) Exchange rate riskb) Political riskc) Interest rate riskd) Country riske) Credit risk3. Short Questions:a) What is foreign exchange risk?b) What factors affect exchange rates?c) What is a floating exchange rate?d) How does political risk impact international finance?e) Explain the concept of country risk.4. Case Study:Read the case study provided and answer the questions at the end.Unit 4: Financial Analysis1. Calculation Exercises:a) Current ratio = Current Assets / Current Liabilitiesb) Debt-to-Equity ratio = Total Debt / Shareholders' Equityc) Return on Investment (ROI) = (Net Profit / Total Investment) * 100d) Gross Profit Margin = (Gross Profit / Revenue) * 100e) Earnings Per Share (EPS) = Net Income / Total Number of Outstanding Shares2. Essay Questions:a) Discuss the importance of financial analysis for decision-making in a company.b) Explain the key ratios used to assess a company's liquidity.c) Analyze the significance of return on investment in evaluating a company's profitability.d) Compare and contrast gross profit margin and net profit margin as measures of a company's profitability.e) Discuss the limitations of financial analysis in predicting future performance.Please note that this is a fictitious example of a potential structure for a university finance textbook answer key. The format and sections may vary depending on the actual textbook and its content.。
《新财务英语教程》课后习题答案
Chapter 1Chapter 2Chapter 3Chapter 4Chapter 5•Business transactions are recorded on source documents. Examples include sales and purchase orders, invoices and credit notes.•Books of prime entry are books in which we first record transactions.•The main books of prime entry are:(a) Sales day book(b) Purchase day book(c) Sales returns day book(d) Purchase returns day book(e) Journal(f) Cash book(g) Petty cash book•Entries in the day books are totalled and analysed before posting to the nominal ledger.•The receivables and payables ledgers contain the personal accounts of individual customers and suppliers. They do not normally form part of the double-entry system. •The business entity concept means that a business is always treated separately from its owner(s).•The accounting equation is: ASSETS = CAPITAL + LIABILITIES - DRAWINGS +PROFIT •Trade accounts payable are liabilities. Trade accounts receivable are assets.•In double entry bookkeeping every transaction is recorded twice so that every debit is balanced by a credit.•A debit entry will:•Increase an asset•Decrease a liability•Increase an expense•A credit entry will:•Decrease an asset•Increase a liability•Increase income•A trial balance can be used to test the accuracy of the double entry accounting records . •A profit and loss ledger account is opened up to gather all items relating to income and expenses. When rearranged, the items make up the statement of profit or loss.Chapter 6Case 1 Answer:Task 1:B.The correct answer is: Inventory should be credited with $140,000 The sale was made after the year end but provides evidence that inventory was overvalued at the year end.Task 2:There is $100,000 loss on disposal.$'000Carrying amount 700Proceeds (5,000,000 -(4,000,000 x $1.10)) (600)Loss 100The depreciation adjustment is $350,000 (1,400,000 x 25%)Chapter 7Chapter 8Chapter 9Chapter 10Chapter 11Chapter 12Chapter 13Chapter 14Chapter 15Chapter 16Chapter 17Chapter 18Chapter 19。
国际财务管理(英文版)课后习题答案9
CHAPTER 8 MANAGEMENT OF TRANSACTION EXPOSURE SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMSQUESTIONS1. How would you define transaction exposure? How is it different from economic exposure?Answer: Transaction exposure is the sensitivity of realized domestic currency values of the firm’s contractual cash flows denominated in foreign currencies to unexpected changes in exchange rates. Unlike economic exposure, transaction exposure is well-defined and short-term.2. Discuss and compare hedging transaction exposure using the forward contract vs. money market instruments. When do the alternative hedging approaches produce the same result?Answer: Hedging transaction exposure by a forward contract is achieved by selling or buying foreign currency receivables or payables forward. On the other hand, money market hedge is achieved by borrowing or lending the present value of foreign currency receivables or payables, thereby creating offsetting foreign currency positions. If the interest rate parity is holding, the two hedging methods are equivalent.3. Discuss and compare the costs of hedging via the forward contract and the options contract.Answer: There is no up-front cost of hedging by forward contracts. In the case of options hedging, however, hedgers should pay the premiums for the contracts up-front. The cost of forward hedging, however, may be realized ex post when the hedger regrets his/her hedging decision.4. What are the advantages of a currency options contract as a hedging tool compared with the forward contract?Answer: The main advantage of using options contracts for hedging is that the hedger can decide whether to exercise options upon observing the realized future exchange rate. Options thus provide a hedge against ex post regret that forward hedger might have to suffer. Hedgers can only eliminate the downside risk while retaining the upside potential.5. Suppose your company has purchased a put option on the German mark to manage exchange exposure associated with an account receivable denominated in that currency. In this case, your company can be said to have an ‘insurance’ policy on its receivable. Explain in what sense this is so.Answer: Your company in this case knows in advance that it will receive a certain minimum dollar amount no matter what might happen to the $/€ exchange rate. Furthermore, if the German mark appreciates, your company will benefit from the rising euro.6. Recent surveys of corporate exchange risk management practices indicate that many U.S. firms simply do not hedge. How would you explain this result?Answer: There can be many possible reasons for this. First, many firms may feel that they are not really exposed to exchange risk due to product diversification, diversified markets for their products, etc. Second, firms may be using self-insurance against exchange risk. Third, firms may feel that shareholders can diversify exchange risk themselves, rendering corporate risk management unnecessary.7. Should a firm hedge? Why or why not?Answer: In a perfect capital market, firms may not need to hedge exchange risk. But firms can add to their value by hedging if markets are imperfect. First, if management knows about the firm’s exposure better than shareholders, the firm, not it s shareholders, should hedge. Second, firms may be able to hedge at a lower cost. Third, if default costs are significant, corporate hedging can be justifiable because it reduces the probability ofdefault. Fourth, if the firm faces progressive taxes, it can reduce tax obligations by hedging which stabilizes corporate earnings.8. Using an example, discuss the possible effect of hedging on a firm’s tax obligations.Answer: One can use an example similar to the one presented in the chapter.9. Explain contingent exposure and discuss the advantages of using currency options to manage this type of currency exposure.Answer: Companies may encounter a situation where they may or may not face currency exposure. In this situation, companies need options, not obligations, to buy or sell a given amount of foreign exchange they may or may not receive or have to pay. If companies either hedge using forward contracts or do not hedge at all, they may face definite currency exposure.10. Explain cross-hedging and discuss the factors determining its effectiveness.Answer: Cross-hedging involves hedging a position in one asset by taking a position in another asset. The effectiveness of cross-hedging would depend on the strength and stability of the relationship between the two assets.PROBLEMS1. Cray Research sold a super computer to the Max Planck Institute in Germany on credit and invoiced €10 million payable in six months. Currently, the six-month forward exchange rate is $1.10/€ and the foreign exchange advisor for Cray Research predicts that the spot rate is likely to be $1.05/€ in six months.(a) What is the expected gain/loss from the forward hedging?(b) If you were the financial manager of Cray Research, would you recommend hedging this euro receivable? Why or why not?(c) Suppose the foreign exchange advisor predicts that the future spot rate will be the same as the forward exchange rate quoted today. Would you recommend hedging in this case? Why or why not?Solution: (a) Expected gain($) = 10,000,000(1.10 – 1.05)= 10,000,000(.05)= $500,000.(b) I would recommend hedging because Cray Research can increase the expected dollar receipt by $500,000 and also eliminate the exchange risk.(c) Since I eliminate risk without sacrificing dollar receipt, I still would recommend hedging.2. IBM purchased computer chips from NEC, a Japanese electronics concern, and was billed ¥250 million payable in three months. Currently, the spot exchange rate is ¥105/$ and the three-month forward rate is ¥100/$. The three-month money market interest rate is 8 percent per annum in the U.S. and 7 percent per annum in Japan. The management of IBM decided to use the money market hedge to deal with this yen account payable.(a) Explain the process of a money market hedge and compute the dollar cost of meeting the yen obligation.(b) Conduct the cash flow analysis of the money market hedge.Solution: (a). Let’s first compute the PV of ¥250 million, i.e.,250m/1.0175 = ¥245,700,245.7So if the above yen amount is invested today at the Japanese interest rate for three months, the maturity value will be exactly equal to ¥25 million which is the amount of payable. To buy the above yen amount today, it will cost:$2,340,002.34 = ¥250,000,000/105.The dollar cost of meeting this yen obligation is $2,340,002.34 as of today.(b)___________________________________________________________________Transaction CF0 CF1____________________________________________________________________1. Buy yens spot -$2,340,002.34with dollars ¥245,700,245.702. Invest in Japan - ¥245,700,245.70¥250,000,0003. Pay yens - ¥250,000,000Net cash flow - $2,340,002.34____________________________________________________________________3. You plan to visit Geneva, Switzerland in three months to attend an international business conference. You expect to incur the total cost of SF 5,000 for lodging, meals and transportation during your stay. As of today, the spot exchange rate is $0.60/SF and the three-month forward rate is $0.63/SF. You can buy the three-month call option on SF with the exercise rate of $0.64/SF for the premium of $0.05 per SF. Assume that your expected future spot exchange rate is the same as the forward rate. The three-month interest rate is 6 percent per annum in the United States and 4 percent per annum in Switzerland. (a) Calculate your expected dollar cost of buying SF5,000 if you choose to hedge via call option on SF.(b) Calculate the future dollar cost of meeting this SF obligation if you decide to hedge using a forward contract.(c) At what future spot exchange rate will you be indifferent between the forward and option market hedges?(d) Illustrate the future dollar costs of meeting the SF payable against the future spot exchange rate under both the options and forward market hedges.Solution: (a) Total option premium = (.05)(5000) = $250. In three months, $250 is worth $253.75 = $250(1.015). At the expected future spot rate of $0.63/SF, which is less than the exercise price, you don’t expect to exercise options. Rather, you expect to buy Swiss franc at $0.63/SF. Since you are going to buy SF5,000, you expect to spend $3,150 (=.63x5,000). Thus, the total expected cost of buying SF5,000 will be the sum of $3,150 and $253.75, i.e., $3,403.75.(b) $3,150 = (.63)(5,000).(c) $3,150 = 5,000x + 253.75, where x represents the break-even future spot rate. Solving for x, we obtain x = $0.57925/SF. Note that at the break-even future spot rate, options will not be exercised.(d) If the Swiss franc appreciates beyond $0.64/SF, which is the exercise price of call option, you will exercise the option and buy SF5,000 for $3,200. The total cost of buying SF5,000 will be $3,453.75 = $3,200 + $253.75.This is the maximum you will pay.4. Boeing just signed a contract to sell a Boeing 737 aircraft to Air France. Air France will be billed €20 million which is payable in one year. The current spot exchange rate is $1.05/€ and the one -year forward rate is $1.10/€. The annual interest rat e is 6.0% in the U.S. and5.0% in France. Boeing is concerned with the volatile exchange rate between the dollar and the euro and would like to hedge exchange exposure.(a) It is considering two hedging alternatives: sell the euro proceeds from the sale forward or borrow euros from the Credit Lyonnaise against the euro receivable. Which alternative would you recommend? Why?(b) Other things being equal, at what forward exchange rate would Boeing be indifferent between the two hedging methods?Solution: (a) In the case of forward hedge, the future dollar proceeds will be (20,000,000)(1.10) = $22,000,000. In the case of money market hedge (MMH), the firm has to first borrow the PV of its euro receivable, i.e., 20,000,000/1.05 =€19,047,619. Then the firm should exchange this euro amount into dollars at the current spot rate to receive: (€19,047,619)($1.05/€) = $20,000,000, which can be invested at the dollar interest rate $ Cost Options hedge Forward hedge $3,453.75 $3,150 0 0.579 0.64 (strike price) $/SF$253.75for one year to yield:$20,000,000(1.06) = $21,200,000.Clearly, the firm can receive $800,000 more by using forward hedging.(b) According to IRP, F = S(1+i$)/(1+i F). Thus the “indifferent” forward rate will be:F = 1.05(1.06)/1.05 = $1.06/€.5. Suppose that Baltimore Machinery sold a drilling machine to a Swiss firm and gave the Swiss client a choice of paying either $10,000 or SF 15,000 in three months.(a) In the above example, Baltimore Machinery effectively gave the Swiss client a free option to buy up to $10,000 dollars using Swiss franc. What is the ‘implied’ exercise exchange rate?(b) If the spot exchange rate turns out to be $0.62/SF, which currency do you think the Swiss client will choose to use for payment? What is the value of this free option for the Swiss client?(c) What is the best way for Baltimore Machinery to deal with the exchange exposure?Solution: (a) The implied exercise (price) rate is: 10,000/15,000 = $0.6667/SF.(b) If the Swiss client chooses to pay $10,000, it will cost SF16,129 (=10,000/.62). Since the Swiss client has an option to pay SF15,000, it will choose to do so. The value of this option is obviously SF1,129 (=SF16,129-SF15,000).(c) Baltimore Machinery faces a contingent exposure in the sense that it may or may not receive SF15,000 in the future. The firm thus can hedge this exposure by buying a put option on SF15,000.6. Princess Cruise Company (PCC) purchased a ship from Mitsubishi Heavy Industry. PCC owes Mitsubishi Heavy Industry 500 million yen in one year. The current spot rate is 124 yen per dollar and the one-year forward rate is 110 yen per dollar. The annual interest rate is 5% in Japan and 8% in the U.S. PCC can also buy a one-year call option on yen at the strike price of $.0081 per yen for a premium of .014 cents per yen.(a) Compute the future dollar costs of meeting this obligation using the money market hedgeand the forward hedges.(b) Assuming that the forward exchange rate is the best predictor of the future spot rate, compute the expected future dollar cost of meeting this obligation when the option hedge is used.(c) At what future spot rate do you think PCC may be indifferent between the option and forward hedge?Solution: (a) In the case of forward hedge, the dollar cost will be 500,000,000/110 = $4,545,455. In the case of money market hedge, the future dollar cost will be: 500,000,000(1.08)/(1.05)(124)= $4,147,465.(b) The option premium is: (.014/100)(500,000,000) = $70,000. Its future value will be $70,000(1.08) = $75,600.At the expected future spot rate of $.0091(=1/110), which is higher than the exercise of $.0081, PCC will exercise its call option and buy ¥500,000,000 for $4,050,000 (=500,000,000x.0081).The total expected cost will thus be $4,125,600, which is the sum of $75,600 and $4,050,000.(c) When the option hedge is used, PCC will spend “at most” $4,125,000. On the other hand, when the forward hedging is used, PCC will have to spend $4,545,455 regardless of the future spot rate. This means that the options hedge dominates the forward hedge. At no future spot rate, PCC will be indifferent between forward and options hedges.7. Airbus sold an aircraft, A400, to Delta Airlines, a U.S. company, and billed $30 million payable in six months. Airbus is concerned with the euro proceeds from international sales and would like to control exchange risk. The current spot exchange rate is $1.05/€ and six-month forward exchange rate is $1.10/€ at the moment. Airbus can buy a six-month put option on U.S. dollars with a strike price of €0.95/$ for a premium of €0.02 per U.S. dollar. Currently, six-month interest rate is 2.5% in the euro zone and 3.0% in the U.S.pute the guaranteed euro proceeds from the American sale if Airbus decides to hedgeusing a forward contract.b.If Airbus decides to hedge using money market instruments, what action does Airbusneed to take? What would be the guaranteed euro proceeds from the American sale in this case?c.If Airbus decides to hedge using put options on U.S. dollars, what would be the‘expected’ euro proceeds from the American sale? Assume that Airbus regards the current forward exchange rate as an unbiased predictor of the future spot exchange rate.d.At what future spot exchange rate do you think Airbus will be indifferent between theoption and money market hedge?Solution:a. Airbus will sell $30 million forward for €27,272,727 = ($30,000,000) / ($1.10/€).b. Airbus will borrow the present value of the dollar receivable, i.e., $29,126,214 = $30,000,000/1.03, and then sell the dollar proceeds spot for euros: €27,739,251. This is the euro amount that Airbus is going to keep.c. Since the expected future spot rate is less than the strike price of the put option, i.e., €0.9091< €0.95, Airbus expects to exercise the option and receive €28,500,000 = ($30,000,000)(€0.95/$). This is gross proceeds. Airbus spent €600,000 (=0.02x30,000,000) upfront for the option and its future cost is equal to €615,000 = €600,000 x 1.025. Thus the net euro proceeds from the American sale is €27,885,000, which is the difference between the gross proceeds and the option costs.d. At the indifferent future spot rate, the following will hold:€28,432,732 = S T (30,000,000) - €615,000.Solving for S T, we obtain the “indifference” future spot exchange rate, i.e., €0.9683/$, or $1.0327/€. Note that €28,432,732 is the future value of the proceed s under money market hedging:€28,432,732 = (€27,739,251) (1.025).Suggested solution for Mini Case: Chase Options, Inc.[See Chapter 13 for the case text]Chase Options, Inc.Hedging Foreign Currency Exposure Through Currency OptionsHarvey A. PoniachekI. Case SummaryThis case reviews the foreign exchange options market and hedging. It presents various international transactions that require currency options hedging strategies by the corporations involved. Seven transactions under a variety of circumstances are introduced that require hedging by currency options. The transactions involve hedging of dividend remittances, portfolio investment exposure, and strategic economic competitiveness. Market quotations are provided for options (and options hedging ratios), forwards, and interest rates for various maturities.II. Case Objective.The case introduces the student to the principles of currency options market and hedging strategies. The transactions are of various types that often confront companies that are involved in extensive international business or multinational corporations. The case induces students to acquire hands-on experience in addressing specific exposure and hedging concerns, including how to apply various market quotations, which hedging strategy is most suitable, and how to address exposure in foreign currency through cross hedging policies.III. Proposed Assignment Solution1. The company expects DM100 million in repatriated profits, and does not want the DM/$ exchange rate at which they convert those profits to rise above 1.70. They can hedge this exposure using DM put options with a strike price of 1.70. If the spot rate rises above 1.70, they can exercise the option, while if that rate falls they can enjoy additionalprofits from favorable exchange rate movements.To purchase the options would require an up-front premium of:DM 100,000,000 x 0.0164 = DM 1,640,000.With a strike price of 1.70 DM/$, this would assure the U.S. company of receiving at least:DM 100,000,000 – DM 1,640,000 x (1 + 0.085106 x 272/360)= DM 98,254,544/1.70 DM/$ = $57,796,791by exercising the option if the DM depreciated. Note that the proceeds from the repatriated profits are reduced by the premium paid, which is further adjusted by the interest foregone on this amount.However, if the DM were to appreciate relative to the dollar, the company would allow the option to expire, and enjoy greater dollar proceeds from this increase.Should forward contracts be used to hedge this exposure, the proceeds received would be: DM100,000,000/1.6725 DM/$ = $59,790,732,regardless of the movement of the DM/$ exchange rate. While this amount is almost $2 million more than that realized using option hedges above, there is no flexibility regarding the exercise date; if this date differs from that at which the repatriate profits are available, the company may be exposed to additional further current exposure. Further, there is no opportunity to enjoy any appreciation in the DM.If the company were to buy DM puts as above, and sell an equivalent amount in calls with strike price 1.647, the premium paid would be exactly offset by the premium received. This would assure that the exchange rate realized would fall between 1.647 and 1.700. If the rate rises above 1.700, the company will exercise its put option, and if it fell below 1.647, the other party would use its call; for any rate in between, both options wouldexpire worthless. The proceeds realized would then fall between:DM 100,00,000/1.647 DM/$ = $60,716,454andDM 100,000,000/1.700 DM/$ = $58,823,529.This would allow the company some upside potential, while guaranteeing proceeds at least $1 million greater than the minimum for simply buying a put as above.Buy/Sell OptionsDM/$Spot Put Payoff “Put”ProfitsCallPayoff“Call”Profits Net Profit1.60(1,742,846)01,742,84660,716,45460,716,4541.61(1,742,846)01,742,84660,716,45460,716,4541.62(1,742,846)01,742,84660,716,45460,716,454 1.63(1,742,846)01,742,84660,716,45460,716,4541.64(1,742,846)01,742,84660,716,45460,716,4541.65(1,742,846)60,606,0611,742,846060,606,061 1.66(1,742,846)60,240,9641,742,846060,240,9641.67(1,742,846)59,880,241,742,846059,880,240 1.68(1,742,846)59,523,811,742,846059,523,8101.69(1,742,846)59,171,591,742,846059,171,59881,742,846058,823,529 1.70(1,742,846)58,823,5291.71(1,742,846)58,823,521,742,846058,823,52991,742,846058,823,529 1.72(1,742,846)58,823,5291.73(1,742,846)58,823,521,742,846058,823,52991.74(1,742,846)58,823,521,742,846058,823,52991.75(1,742,846)58,823,521,742,846058,823,52991,742,846058,823,529 1.76(1,742,846)58,823,5291,742,846058,823,529 1.77(1,742,846)58,823,5291,742,846058,823,529 1.78(1,742,846)58,823,5291,742,846058,823,529 1.79(1,742,846)58,823,5291,742,846058,823,529 1.80(1,742,846)58,823,5291,742,846058,823,529 1.81(1,742,846)58,823,5291.82(1,742,846)58,823,521,742,846058,823,52991.83(1,742,846)58,823,521,742,846058,823,5291.84(1,742,846)58,823,521,742,846058,823,52991,742,846058,823,529 1.85(1,742,846)58,823,529Since the firm believes that there is a good chance that the pound sterling will weaken, locking them into a forward contract would not be appropriate, because they would lose the opportunity to profit from this weakening. Their hedge strategy should follow for an upside potential to match their viewpoint. Therefore, they should purchase sterling call options, paying a premium of:5,000,000 STG x 0.0176 = 88,000 STG.If the dollar strengthens against the pound, the firm allows the option to expire, and buys sterling in the spot market at a cheaper price than they would have paid for a forward contract; otherwise, the sterling calls protect against unfavorable depreciation of the dollar.Because the fund manager is uncertain when he will sell the bonds, he requires a hedge which will allow flexibility as to the exercise date. Thus, options are the best instrument for him to use. He can buy A$ puts to lock in a floor of 0.72 A$/$. Since he is willing to forego any further currency appreciation, he can sell A$ calls with a strike price of 0.8025 A$/$ to defray the cost of his hedge (in fact he earns a net premium of A$ 100,000,000 x (0.007234 –0.007211) = A$ 2,300), while knowing that he can’t receive less than 0.72 A$/$ when redeeming his investment, and can benefit from a small appreciation of the A$.Example #3:Problem: Hedge principal denominated in A$ into US$. Forgo upside potential to buy floor protection.I. Hedge by writing calls and buying puts1) Write calls for $/A$ @ 0.8025Buy puts for $/A$ @ 0.72# contracts needed = Principal in A$/Contract size100,000,000A$/100,000 A$ = 1002) Revenue from sale of calls = (# contracts)(size of contract)(premium)$75,573 = (100)(100,000 A$)(.007234 $/A$)(1 + .0825 195/360)3) Total cost of puts = (# contracts)(size of contract)(premium)$75,332 = (100)(100,000 A$)(.007211 $/A$)(1 + .0825 195/360) 4) Put payoffIf spot falls below 0.72, fund manager will exercise putIf spot rises above 0.72, fund manager will let put expire5) Call payoffIf spot rises above .8025, call will be exercised If spot falls below .8025, call will expire6) Net payoffSee following Table for net payoffAustralian Dollar Bond HedgeStrikePrice Put Payoff “Put”PrincipalCallPayoff“Call”Principal Net Profit0.60(75,332)72,000,0075,573072,000,2410.61(75,332)72,000,0075,573072,000,2410.62(75,332)72,000,0075,573072,000,2410.63(75,332)72,000,0075,573072,000,2410.64(75,332)72,000,0075,573072,000,2410.65(75,332)72,000,0075,573072,000,2410.66(75,332)72,000,0075,573072,000,2410.67(75,332)72,000,0075,573072,000,2410.68(75,332)72,000,0075,573072,000,2410.69(75,332)72,000,0075,573072,000,2410.70(75,332)72,000,0075,573072,000,2410.71(75,332)72,000,0075,573072,000,2410.72(75,332)72,000,0075,573072,000,2410.73(75,332)73,000,0075,573073,000,2410.74(75,332)74,000,0075,573074,000,2410.75(75,332)75,000,0075,573075,000,2410.76(75,332)76,000,0075,573076,000,24175,573077,000,2410.77(75,332)77,000,000.78(75,332)78,000,0075,573078,000,24175,573079,000,2410.79(75,332)79,000,000.80(75,332)80,000,0075,573080,000,24180,250,2410.81(75,332)075,57380,250,000.82(75,332)075,57380,250,0080,250,24180,250,2410.83(75,332)075,57380,250,000.84(75,332)075,57380,250,0080,250,24180,250,2410.85(75,332)075,57380,250,004. The German company is bidding on a contract which they cannot be certain of winning. Thus, the need to execute a currency transaction is similarly uncertain, and using a forward or futures as a hedge is inappropriate, because it would force them to perform even if they do not win the contract.Using a sterling put option as a hedge for this transaction makes the most sense. For a premium of:12 million STG x 0.0161 = 193,200 STG,they can assure themselves that adverse movements in the pound sterling exchange rate will not diminish the profitability of the project (and hence the feasibility of their bid),while at the same time allowing the potential for gains from sterling appreciation.5. Since AMC in concerned about the adverse effects that a strengthening of the dollar would have on its business, we need to create a situation in which it will profit from such an appreciation. Purchasing a yen put or a dollar call will achieve this objective. The data in Exhibit 1, row 7 represent a 10 percent appreciation of the dollar (128.15 strike vs. 116.5 forward rate) and can be used to hedge against a similar appreciation of the dollar.For every million yen of hedging, the cost would be:Yen 100,000,000 x 0.000127 = 127 Yen.To determine the breakeven point, we need to compute the value of this option if the dollar appreciated 10 percent (spot rose to 128.15), and subtract from it the premium we paid. This profit would be compared w ith the profit earned on five to 10 percent of AMC’s sales (which would be lost as a result of the dollar appreciation). The number of options to be purchased which would equalize these two quantities would represent the breakeven point.Example #5:Hedge the economic cost of the depreciating Yen to AMC.If we assume that AMC sales fall in direct proportion to depreciation in the yen (i.e., a 10 percent decline in yen and 10 percent decline in sales), then we can hedge the full value of AMC’s sales. I hav e assumed $100 million in sales.1) Buy yen puts# contracts needed = Expected Sales *Current ¥/$ Rate / Contract size9600 = ($100,000,000)(120¥/$) / ¥1,250,0002) Total Cost = (# contracts)(contract size)(premium)$1,524,000 = (9600)( ¥1,250,000)($0.0001275/¥)3) Floor rate = Exercise – Premium128.1499¥/$ = 128.15¥/$ - $1,524,000/12,000,000,000¥4) The payoff changes depending on the level of the ¥/$ rate. The following tablesummarizes the payoffs. An equilibrium is reached when the spot rate equals the floor rate.AMC ProfitabilityYen/$ Spot Put Payoff Sales Net Profit 120(1,524,990)100,000,00098,475,010 121(1,524,990)99,173,66497,648,564 122(1,524,990)98,360,65696,835,666 123(1,524,990)97,560,97686,035,986 124(1,524,990)96,774,19495,249,204 125(1,524,990)96,000,00094,475,010 126(1,524,990)95,238,09593,713,105 127(847,829)94,488,18993,640,360 128(109,640)93,750,00093,640,360 129617,10493,023,25693,640,360 1301,332,66892,307,69293,640,360 1312,037,30791,603,05393,640,360 1322,731,26990,909,09193,640,360 1333,414,79690,225,66493,640,360 1344,088,12289,552,23993,640,360 1354,751,43188,888,88993,640,360 1365,405,06688,235,29493,640,360 1376,049,11887,591,24193,640,360 1386,683,83986,966,52293,640,360 1397,308,42586,330,93693,640,360 1407,926,07585,714,28693,640,360 1418,533,97785,106,38393,640,360 1429,133,31884,507,04293,640,360 1439,724,27683,916,08493,640,360 14410,307,02783,333,33393,640,360 14510,881,74082,758,62193,640,360 14611,448,57982,191,78193,640,360。
高级财经英语听说课后答案
高级财经英语听说课后答案1、He _______ getting up early. [单选题] *A. used toB. is used to(正确答案)C. is usedD. is used for2、Nowadays schools should care for the full _______ of a student’s talents. [单选题] *A. satisfactionB. development(正确答案)C. communicationD. preparation3、He _______ maths. [单选题] *A. does well in(正确答案)B. good atC. is well inD. does well at4、I could ______ control my feelings and cried loudly when I heard the bad news. [单选题] *A. hardly(正确答案)B. ?reallyC. clearlyD. nearly5、_____he was seriously ill, I wouldn’t have told him the truth. [单选题] *A.If I knewB.Had I known(正确答案)C.Did I knowD.Were I known6、They all choose me ______ our class monitor.（）[单选题] *A. as(正确答案)B. inC. withD. on7、Hearing that he had passed _____ health examination, he immediately made _____ call to his parents. [单选题] *A. a; /B. the; /C. the; a(正确答案)D. a; the8、72．I really don’t know how to thank you , but for your help, I （）my lost necklace．[单选题] *A.couldn’t have found(正确答案)B.mustn’t have foundC.couldn’t findD.wouldn’t find9、He’s so careless that he always _______ his school things at home. [单选题] *A. forgetsB. leaves(正确答案)C. putsD. buys10、87．—Could you? ? ? ? ? ? me the way to the nearest hospital?—Sure. [单选题] *A．askB．tell(正确答案)C．talkD．speak11、51．People usually ________ the prices before they buy something. [单选题] * A．receiveB．payC．spendD．compare(正确答案)12、You should finish your homework as soon as possible. [单选题] *A. 赶快地B. 尽能力C. 一...就D. 尽快地(正确答案)13、12．That is a good way ________ him ________ English. [单选题] *A．to help；forB．helps；withC．to help；with(正确答案)D．helping；in14、56．Sam is in a hurry. Maybe he has got ________ important to do. [单选题] * A．everythingB．nothingC．anythingD．something(正确答案)15、You must pay more attention to your pronunciation. [单选题] *A. 词汇B. 拼写C. 发音(正确答案)D. 语法16、What’s your _______ for the coming new year? [单选题] *A. playB. plantC. plan(正确答案)D. plans17、This message is _______. We are all _______ at it. [单选题] *A. surprising; surprisingB. surprised; surprisedC. surprising; surprised(正确答案)D. surprised; surprising18、Sitting at the back of the room（）a very shy girl with two bright eyes. [单选题] *A. is(正确答案)B. areC. hasD. there was19、Bob is young, _______ he knows a lot. [单选题] *A. becauseB. soC. but(正确答案)D. unless20、36．This kind of bread is terrible. I don't want to eat it ______. [单选题] * A．any more(正确答案)B．some moreC．no longerD．some longer21、You wouldn't have seen her if it _____ not been for him . [单选题] *A. hasB. had(正确答案)C. haveD．is having22、I _______ to the tape yesterday evening. [单选题] *A. lookB. listenC. listened(正确答案)D. hear23、_______ your parents at home last week? [单选题] *A. IsB. WasC. AreD. Were(正确答案)24、She was seen _____ that theatre just now. [单选题] *A. enteredB. enterC. to enter(正确答案)D. to be entering25、My friend and classmate Selina（)running in her spare time. [单选题] *A.likeB. likes (正确答案)C. is likedD. is liking26、( ) It tells what is going on ___the county and all____the world. [单选题] *A. across; over(正确答案)B. all; acrossC. in; inD.to; for27、Nick got out of bed and _______ a shower. [单选题] *A. practicedB. took(正确答案)C. didD. made28、John is quite _______. He likes to attend activities in?his spare time. [单选题] *A. active(正确答案)B. quietC. lazyD. honest29、What did you _______ at the meeting yesterday? [单选题] *A. speakB. tellC. say(正确答案)D. talk30、Every means _____ but it's not so effective. [单选题] *A. have been triedB. has been tried(正确答案)C. have triedD. has tried。
国家开放大学电大专科《财经英语》2020-2021期末试题及答案（2655号）
国家开放⼤学电⼤专科《财经英语》2020-2021期末试题及答案（2655号）国家开放⼤学电⼤专科《财经英语》2020-2021期末试题及答案（试卷号：2655）第⼀部分交际⽤语（共计10分）1 ⼀5⼩阅读下⾯的⼩对话.从A.B.C三个选项中选出⼀个能域⼊空⽩处的匿佳选项.并在答18纸上写出所选的字⽏符号o （每182分，共10分）L—Hello* may I talk to the headmaster now?A. s*orry ? he is busy at the momentB- No. you can f tC. 1 don't know2. PI CASC help yourself to the fish..A. WelL fish don't suit meB Sorry. I can't helpC?Thanks ? but 1 don f t like fish3. —()h. sorry to bother you<A. That okayB? No< you can f rC- fhat f s good1. (ri>od morning i sir. May I help you?A. Not I don't buy anythingB. Yes, 1 need some sugarC. Oh. no. That's OK5. —Can I borrow your camcrH for a couple of days?A. Yes. you may borrowB Yes> go onC. Sure< here you arc. Enjoy your journey第⼆部分tuft：与靖构（共计30分.蛰⼩m 2分）6 — 15⼩的句⼦.从A、B<三个选攻中谊出⼀个能填⼊室⽩处的场位地璃.并在答1B蛾上写出所逸的字⽸徊号.（每BI2分，共2《）分）6. Let go io the cincnint ____________ ?11 shnll wcA? will you（⼆aren1! we7. What % happened to Tom?—to hospitnhA> He% hern taken K He i? hikrnC\ He tAkrn8> Francci pm tn <1 lot of___________ into hM job.A? cash >1 dcpanitCL effort9. Thin i? the rc|M)rt _________ y ou warn.A. whnt tk thmC ihlt10. ________ b y telephone is very difticull.A. Negotinted K NegotiateCt Ncgotmting11. You _ _____ lout your umbrcllnt hnvc you?At huvr B? didn'tC. huven*l12. Shr mudi” English ___________ >he hn? time.A> \tor whereC\ wht-nrver13. A new hou?r _________ nt the corner of the rood.A. is building H. M bring huihC> been built14. Th* will tell un well your compnny is doinq.A. how R whntC that15? If 1 more timri I would 戏to evening uchool.A. hndB. !wveCe will have16 ⼀2（）⼩!fi：将左栏所列英⽂财经术⽤与右栏中⽂取版相匹IE,并将答富弟在答刷纸上. （督贱2分.共10分）弟三那分阅或珊解（共计10分■?＞⼩18 1分）21 ⼀25⼩魔：阅爆下列短⽂,从A、H、C三个选项中逸出⼀个正琬答室.并在答1!!抵上埠出所域的字⽏符号。
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财经英语看世界课后答案
问：对中国的企业来说，最重要的不是经营权改革，是所有权改革。
（）答：正确
问：对中国电影的主要意识形态叙述错误的是
答：非主流意识形态
问：对中国而言，一个典型的倾销的产品是（）
答：彩色胶卷
问：对中国法学做出巨大贡献的是谁？
答：沈家本
问：对中国古代商业的分布和发展影响最大的因素是（）。
答：制度因素
问：对中国古代书法特点叙述不正确的是
答：书法是为后人而创造
问：对中国古代文明起源时间的确定有重要意义的遗址是
答：东山村遗址
问：对中国科学技术史研究最好的是（）
答：李约瑟
问：对中国历史发展的自然和地理条件的叙述正确的是：（）
答：上述三项都是
问：对中国明清时代的天文仪器的制作及天文观测起过较大影响的西方天文学家是（）。
答：第谷
问：对中国企业来说,最重要的是()。
答：所有权改革
问：对中国清明时代的天文仪器的制作及天文观测起过较大影响的西方天文学家是：
答：第谷
问：对中国入仕官员影响很大的是老子的思想。
（）
答：错
问：对中国三个产业利用外商直接投资情况分析不正确的是（）。
答：第一第二第三产业利用外资分布比较均衡
问：对中国文化性格的塑造起最大作用的是？
答：儒教与道家
问：对中国学界而言，比较文学研究最突出的重点是（）。
答：文学间性
问：对中国政治的分析,首先要对中国的哪一个因素进行分析?()
答：社会结构
问：对中华传统道德的继承我们可以采取历史虚无主义。
答：错
问：对中间商的营业推广方式包括（）
答：现金折扣
问：对中世纪欧洲大学影响最大的事件是？
答：宗教改革。