公司理财_财务管理_经管营销_专业资料
经管类专业介绍
经管类专业介绍————————————————————————————————作者：————————————————————————————————日期 :大学专业介绍与就业方向（经济管理类)一、专业设置学科门类招生专业二、专业详尽介绍(一）管理学类1．工商管理管理学经济学工商管理国际经济与贸易会计学人力资源管理经济学旅行管理金融学农林经济管理（ 1）专业介绍大学里建立工商管理专业，其培育目标 : 本专业主要培育德, 智，体 , 美全面发展 , 具备创新精神和实践能力, 拥有较高的英语和计算机应用能力, 掌握现代管理基本理论和基本技术，具备专业基本素质, 适应新经济，知识经济, 经济全世界化和国际化要求 , 从事公司管理, 策划，咨询 , 教课和培训 , 面向国际，国内人材市场需求的高级管理人材。
工商管理作为管理学的重要分支，它依照管理学、经济学的基本理论, 研究怎样运用现代管理的方法和手段来进行有效的公司管理和经营决议。
广义的工商管理包含的领域好多, 下设的二级专业各具特点, 主要包含工商管理、市场营销、会计学、财务管理、人力资源管理、旅行管理等。
培育目标本专业培育具备现代管理、经济、法律及公司管理方面知识，掌握现代管理的基本方法和技术 , 能在公司、事业单位和各级政府部门从事经济管理、市场营销、金融财会、政策研究以及教课、科研等方面工作的工商管理学科专业人材。
详细要求本专业学生主要学习管理学和经济学的基本理论和基本知识, 遇到检查、策划、技术经济剖析、计算机应用等方面的基本训练，掌握公司经营管理、市场营销、政策研究等方面的基本能力。
毕业生应获取以下几方面的知识和能力:①掌握管理学和经济学的基来源理和现代公司管理的基本理论、基本知识 ; ②掌握公司经营管理、技术经济剖析、经济核算、社会检查等基本方法；③拥有独立获取知识、计算机应用和信息办理、较好的语言和文字表达、组织协调、分析和解决实质问题等方面的基本能力；④熟习国家有关目标、政策和法律法例以及国际公司管理的老例与规则 ; ⑤认识本学科的理论前沿和工商管理的发展动向；⑥掌握文件检索、资料查问的基本方法，拥有必定的科学研究和实质工作能力 ; ⑦计算机、体育、外语及汉语语言文字达到学校有关要求。
《财务管理》财务管理总论
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第一章 财务管理总论
（三）金融市场环境 1.金融市场是指资金供应者和资金需求者双方通过 金融工具进行交易的场所。 2.金融市场与企业理财关系 金融市场是企业投资和筹资的场所 企业通过金融市场使长短期资金相互转化 金融市场为企业理财提供有意义的信息
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第一章 财务管理总论
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第一章 财务管理总论
四、财务管理与会计的联系与区别
（一）财务管理与会计的联系
1.财务管理与会计具有价值共性
2.两者在企业管理过程中相辅相成 （二）财务管理与会计的区别 1.对象不同:资金运动；资金运动的信息 2.职能不同:
计划、预测、决策、控制和分析；反映和监督 3.目标不同 确保企业价值最大化目标的实现；提供真实可靠的会计信 息，以满足相关利益主体的决策需要。
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第一章 财务管理总论
（二）每股收益最大化 优点 • 反映了创造利润与投入资本之间关系
缺点 • 没有考虑资金时间价值 • 没有考虑风险因素
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第一章 财务管理总论
取决于投资报酬率与风险
（三）企业价值最大化 什么时候最大？
企业价值不是企业资产账面价值；是全部资 产的市场价值，是未来现金流量的现值。
金用于经营
用于经营
筹集到资金
个人所得税
个人所得税
企业所得税和个人所 得税
存在所有者与经营者
之间的代理问题
低
居中
21
高
第一章 财务管理总论
【多选题】与独资企业和合伙企业相比，公司 制企业的特点有（ ）。
A.以出资额为限，承担有限责任 B.权益资金的转让比较困难 C.存在着对公司收益重复纳税的缺点 D.更容易筹集资金 【答案】ACD
第六章--资产管理
3.1中信证券的资产管理—产品 种类
/finance/index. html
集合理财 企业年金管理 贵宾理财 专项理财
可转换债券投资方面，综合分析可转债对应 的基础股票基本面、可转债的债券价值和可 转债的发行条款，选择出有着较好盈利能力 和成长前景的上市公司的可转债，并进行重 点投资
加强型投资组合保险策略 投资前期主要进行低风险类金融产品
（货币类、固定收益类产品及新股申购） 的投资，在获得一定收益后再进行高风险 类金融产品（权益类金融产品）的投资， 并动态调整委托资产在低风险类金融产品 和高风险类金融产品的投资比例，力争在 本金安全前提下实现长期稳健投资收益。
公司于2004年5月正式成立。提供多元化的资 产管理服务，包括社保基金、企业年金以及为 企业提供个性化的理财服务。
上投摩根投资流程图
股票投资决策流程
固定收益类资产投资决策
第三节 券商理财
券商的集合理财产品分类：
限定性券商集合理财对投资品种的比例限制较 多，一般来说，将其投资对象限定在现金、货 币市场基金、国债和企业债券等固定收益类资 产，而投资于权益类证券和股票的比例不超过 20％。
2.股票投资策略
1）行业配置 在行业配置方面，本集合计划采用数
量化模型确定各行业的投资权重。基于 沪深300指数各行业的市场权重，结合管 理人对各行业预期收益率的看法，在整 体风险水平可控的前提下，利用优化算 法实现各行业权重的合理配置和优化。
2）个股选择
选股策略 本集合计划根据对中国证券市场运行特征的
第二节 投资基金
罗斯公司理财Chap004全英文题库及答案
Chapter 04 Discounted Cash Flow Valuation Answer KeyMultiple Choice Questions1. An annuity stream of cash flow payments is a set of:A. level cash flows occurring each time period for a fixed length of time.B. level cash flows occurring each time period forever.C. increasing cash flows occurring each time period for a fixed length of time.D. increasing cash flows occurring each time period forever.E. arbitrary cash flows occurring each time period for no more than 10 years.Difficulty level: EasyTopic: ANNUITYType: DEFINITIONS2. Annuities where the payments occur at the end of each time period are called _____, whereas _____ refer to annuity streams with payments occurring at the beginning of each time period.A. ordinary annuities; early annuitiesB. late annuities; straight annuitiesC. straight annuities; late annuitiesD. annuities due; ordinary annuitiesE. ordinary annuities; annuities dueDifficulty level: EasyTopic: ANNUITIES DUEType: DEFINITIONS3. An annuity stream where the payments occur forever is called a(n):A. annuity due.B. indemnity.C. perpetuity.D. amortized cash flow stream.E. amortization table.Difficulty level: EasyTopic: PERPETUITYType: DEFINITIONS4. The interest rate expressed in terms of the interest payment made each period is called the _____ rate.A. stated annual interestB. compound annual interestC. effective annual interestD. periodic interestE. daily interestDifficulty level: EasyTopic: STATED INTEREST RATESType: DEFINITIONS5. The interest rate expressed as if it were compounded once per year is called the _____ rate.A. stated interestB. compound interestC. effective annualD. periodic interestE. daily interestDifficulty level: EasyTopic: EFFECTIVE ANNUAL RATEType: DEFINITIONS6. The interest rate charged per period multiplied by the number of periods per year is called the _____ rate.A. effective annualB. annual percentageC. periodic interestD. compound interestE. daily interestDifficulty level: EasyTopic: ANNUAL PERCENTAGE RATEType: DEFINITIONS7. Paying off long-term debt by making installment payments is called:A. foreclosing on the debt.B. amortizing the debt.C. funding the debt.D. calling the debt.E. None of the above.Difficulty level: EasyTopic: AMORTIZATIONType: DEFINITIONS8. You are comparing two annuities which offer monthly payments for ten years. Both annuities are identical with the exception of the payment dates. Annuity A pays on the first of each month while annuity B pays on the last day of each month. Which one of the following statements is correct concerning these two annuities?A. Both annuities are of equal value today.B. Annuity B is an annuity due.C. Annuity A has a higher future value than annuity B.D. Annuity B has a higher present value than annuity A.E. Both annuities have the same future value as of ten years from today.Difficulty level: MediumTopic: ORDINARY ANNUITY VERSUS ANNUITY DUEType: CONCEPTS9. You are comparing two investment options. The cost to invest in either option is the same today. Both options will provide you with $20,000 of income. Option A pays five annual payments starting with $8,000 the first year followed by four annual payments of $3,000 each. Option B pays five annual payments of $4,000 each. Which one of the following statements is correct given these two investment options?A. Both options are of equal value given that they both provide $20,000 of income.B. Option A is the better choice of the two given any positive rate of return.C. Option B has a higher present value than option A given a positive rate of return.D. Option B has a lower future value at year 5 than option A given a zero rate of return.E. Option A is preferable because it is an annuity due.Difficulty level: MediumTopic: UNEVEN CASH FLOWS AND PRESENT VALUEType: CONCEPTS10. You are considering two projects with the following cash flows:Which of the following statements are true concerning these two projects?I. Both projects have the same future value at the end of year 4, given a positive rate of return. II. Both projects have the same future value given a zero rate of return.III. Both projects have the same future value at any point in time, given a positive rate of return. IV. Project A has a higher future value than project B, given a positive rate of return.A. II onlyB. IV onlyC. I and III onlyD. II and IV onlyE. I, II, and III onlyDifficulty level: MediumTopic: UNEVEN CASH FLOWS AND FUTURE VALUEType: CONCEPTS11. A perpetuity differs from an annuity because:A. perpetuity payments vary with the rate of inflation.B. perpetuity payments vary with the market rate of interest.C. perpetuity payments are variable while annuity payments are constant.D. perpetuity payments never cease.E. annuity payments never cease.Difficulty level: EasyTopic: PERPETUITY VERSUS ANNUITYType: CONCEPTS12. Which one of the following statements concerning the annual percentage rate is correct?A. The annual percentage rate considers interest on interest.B. The rate of interest you actually pay on a loan is called the annual percentage rate.C. The effective annual rate is lower than the annual percentage rate when an interest rate is compounded quarterly.D. When firms advertise the annual percentage rate they are violating U.S. truth-in-lending laws.E. The annual percentage rate equals the effective annual rate when the rate on an account is designated as simple interest.Difficulty level: MediumTopic: ANNUAL PERCENTAGE RATEType: CONCEPTS13. Which one of the following statements concerning interest rates is correct?A. The stated rate is the same as the effective annual rate.B. An effective annual rate is the rate that applies if interest were charged annually.C. The annual percentage rate increases as the number of compounding periods per year increases.D. Banks prefer more frequent compounding on their savings accounts.E. For any positive rate of interest, the effective annual rate will always exceed the annual percentage rate.Difficulty level: MediumTopic: INTEREST RATESType: CONCEPTS14. Which of the following statements concerning the effective annual rate are correct?I. When making financial decisions, you should compare effective annual rates rather than annual percentage rates.II. The more frequently interest is compounded, the higher the effective annual rate.III. A quoted rate of 6% compounded continuously has a higher effective annual rate than if the rate were compounded daily.IV. When borrowing and choosing which loan to accept, you should select the offer with the highest effective annual rate.A. I and II onlyB. I and IV onlyC. I, II, and III onlyD. II, III, and IV onlyE. I, II, III, and IVDifficulty level: MediumTopic: EFFECTIVE ANNUAL RATEType: CONCEPTS15. The highest effective annual rate that can be derived from an annual percentage rate of 9% is computed as:A. .09e - 1.B. e.09 ⨯ q.C. e ⨯ (1 + .09).D. e.09 - 1.E. (1 + .09)q.Difficulty level: MediumTopic: CONTINUOUS COMPOUNDINGType: CONCEPTS16. The time value of money concept can be defined as:A. the relationship between the supply and demand of money.B. the relationship between money spent versus money received.C. the relationship between a dollar to be received in the future and a dollar today.D. the relationship between interest rate stated and amount paid.E. None of the above.Difficulty level: EasyTopic: TIME VALUEType: CONCEPTS17. Discounting cash flows involves:A. discounting only those cash flows that occur at least 10 years in the future.B. estimating only the cash flows that occur in the first 4 years of a project.C. multiplying expected future cash flows by the cost of capital.D. discounting all expected future cash flows to reflect the time value of money.E. taking the cash discount offered on trade merchandise.Difficulty level: EasyTopic: CASH FLOWSType: CONCEPTS18. Compound interest:A. allows for the reinvestment of interest payments.B. does not allow for the reinvestment of interest payments.C. is the same as simple interest.D. provides a value that is less than simple interest.E. Both A and D.Difficulty level: EasyTopic: INTERESTType: CONCEPTS19. An annuity:A. is a debt instrument that pays no interest.B. is a stream of payments that varies with current market interest rates.C. is a level stream of equal payments through time.D. has no value.E. None of the above.Difficulty level: EasyTopic: ANNUITYType: CONCEPTS20. The stated rate of interest is 10%. Which form of compounding will give the highest effective rate of interest?A. annual compoundingB. monthly compoundingC. daily compoundingD. continuous compoundingE. It is impossible to tell without knowing the term of the loan.Difficulty level: EasyTopic: COMPOUNDINGType: CONCEPTS21. The present value of future cash flows minus initial cost is called:A. the future value of the project.B. the net present value of the project.C. the equivalent sum of the investment.D. the initial investment risk equivalent value.E. None of the above.Difficulty level: EasyTopic: PRESENT VALUEType: CONCEPTS22. Find the present value of $5,325 to be received in one period if the rate is 6.5%.A. $5,000.00B. $5,023.58C. $5,644.50D. $5,671.13E. None of the above.Difficulty level: EasyTopic: PRESENT VALUE - SINGLE SUMType: PROBLEMS23. If you have a choice to earn simple interest on $10,000 for three years at 8% or annually compounded interest at 7.5% for three years which one will pay more and by how much?A. Simple interest by $50.00B. Compound interest by $22.97C. Compound interest by $150.75D. Compound interest by $150.00E. None of the above.Simple Interest = $10,000 (.08)(3) = $2,400;Compound Interest = $10,000((1.075)3 - 1) = $2,422.97;Difference = $2,422.97 - $2,400 = $22.97Difficulty level: EasyTopic: SIMPLE & COMPOUND INTERESTType: PROBLEMS24. Bradley Snapp has deposited $7,000 in a guaranteed investment account with a promised rate of 6% compounded annually. He plans to leave it there for 4 full years when he will make a down payment on a car after graduation. How much of a down payment will he be able to make?A. $1,960.00B. $2,175.57C. $8,960.00D. $8,837.34E. $9,175.57$7,000 (1.06)4 = $8,837.34Difficulty level: EasyTopic: FUTURE VALUE - SINGLE SUMType: PROBLEMS25. Your parents are giving you $100 a month for four years while you are in college. At a 6% discount rate, what are these payments worth to you when you first start college?A. $3,797.40B. $4,167.09C. $4,198.79D. $4,258.03E. $4,279.32Difficulty level: EasyTopic: ORDINARY ANNUITY AND PRESENT VALUEType: PROBLEMS26. You just won the lottery! As your prize you will receive $1,200 a month for 100 months. If you can earn 8% on your money, what is this prize worth to you today?A. $87,003.69B. $87,380.23C. $87,962.77D. $88,104.26E. $90,723.76Difficulty level: EasyTopic: ORDINARY ANNUITY AND PRESENT VALUEType: PROBLEMS27. Todd is able to pay $160 a month for five years for a car. If the interest rate is 4.9%, how much can Todd afford to borrow to buy a car?A. $6,961.36B. $8,499.13C. $8,533.84D. $8,686.82E. $9,588.05Difficulty level: EasyTopic: ORDINARY ANNUITY AND PRESENT VALUEType: PROBLEMS28. You are the beneficiary of a life insurance policy. The insurance company informs you that you have two options for receiving the insurance proceeds. You can receive a lump sum of $50,000 today or receive payments of $641 a month for ten years. You can earn 6.5% on your money. Which option should you take and why?A. You should accept the payments because they are worth $56,451.91 today.B. You should accept the payments because they are worth $56,523.74 today.C. You should accept the payments because they are worth $56,737.08 today.D. You should accept the $50,000 because the payments are only worth $47,757.69 today.E. You should accept the $50,000 because the payments are only worth $47,808.17 today.Difficulty level: MediumTopic: ORDINARY ANNUITY AND PRESENT VALUEType: PROBLEMS29. Your employer contributes $25 a week to your retirement plan. Assume that you work for your employer for another twenty years and that the applicable discount rate is 5%. Given these assumptions, what is this employee benefit worth to you today?A. $13,144.43B. $15,920.55C. $16,430.54D. $16,446.34E. $16,519.02Difficulty level: MediumTopic: ORDINARY ANNUITY AND PRESENT VALUEType: PROBLEMS30. You have a sub-contracting job with a local manufacturing firm. Your agreement calls for annual payments of $50,000 for the next five years. At a discount rate of 12%, what is this job worth to you today?A. $180,238.81B. $201,867.47C. $210,618.19D. $223,162.58E. $224,267.10Difficulty level: MediumTopic: ORDINARY ANNUITY AND PRESENT VALUEType: PROBLEMS31. The Ajax Co. just decided to save $1,500 a month for the next five years as a safety net for recessionary periods. The money will be set aside in a separate savings account which pays 3.25% interest compounded monthly. It deposits the first $1,500 today. If the company had wanted to deposit an equivalent lump sum today, how much would it have had to deposit?A. $82,964.59B. $83,189.29C. $83,428.87D. $83,687.23E. $84,998.01Difficulty level: MediumTopic: ANNUITY DUE AND PRESENT VALUEType: PROBLEMS32. You need some money today and the only friend you have that has any is your ‘miserly' friend. He agrees to loan you the money you need, if you make payments of $20 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 1.5% interest per month. How much money are you borrowing?A. $113.94B. $115.65C. $119.34D. $119.63E. $119.96Difficulty level: MediumTopic: ANNUITY DUE AND PRESENT VALUEType: PROBLEMS33. You buy an annuity which will pay you $12,000 a year for ten years. The payments are paid on the first day of each year. What is the value of this annuity today at a 7% discount rate?A. $84,282.98B. $87,138.04C. $90,182.79D. $96,191.91E. $116,916.21Difficulty level: MediumTopic: ANNUITY DUE AND PRESENT VALUEType: PROBLEMS34. You are scheduled to receive annual payments of $10,000 for each of the next 25 years. Your discount rate is 8.5%. What is the difference in the present value if you receive these payments at the beginning of each year rather than at the end of each year?A. $8,699B. $9,217C. $9,706D. $10,000E. $10,850Difference = $111,040.97 - $102,341.91 = $8,699.06 = $8,699 (rounded)Note: The difference = .085 $102,341.91 = $8,699.06Difficulty level: MediumTopic: ORDINARY ANNUITY VERSUS ANNUITY DUEType: PROBLEMS35. You are comparing two annuities with equal present values. The applicable discount rate is 7.5%. One annuity pays $5,000 on the first day of each year for twenty years. How much does the second annuity pay each year for twenty years if it pays at the end of each year?A. $4,651B. $5,075C. $5,000D. $5,375E. $5,405Because each payment is received one year later, then the cash flow has to equal: $5,000 (1 + .075) = $5,375Difficulty level: MediumTopic: ORDINARY ANNUITY VERSUS ANNUITY DUEType: PROBLEMS36. Martha receives $100 on the first of each month. Stewart receives $100 on the last day of each month. Both Martha and Stewart will receive payments for five years. At an 8% discount rate, what is the difference in the present value of these two sets of payments?A. $32.88B. $40.00C. $99.01D. $108.00E. $112.50Difference = $4,964.72 - $4,931.84 = $32.88Difficulty level: MediumTopic: ORDINARY ANNUITY VERSUS ANNUITY DUEType: PROBLEMS37. What is the future value of $1,000 a year for five years at a 6% rate of interest?A. $4,212.36B. $5,075.69C. $5,637.09D. $6,001.38E. $6,801.91Difficulty level: EasyTopic: ORDINARY ANNUITY AND FUTURE VALUEType: PROBLEMS38. What is the future value of $2,400 a year for three years at an 8% rate of interest?A. $6,185.03B. $6,847.26C. $7,134.16D. $7,791.36E. $8,414.67Difficulty level: EasyTopic: ORDINARY ANNUITY AND FUTURE VALUEType: PROBLEMS39. Janet plans on saving $3,000 a year and expects to earn 8.5%. How much will Janet have at the end of twenty-five years if she earns what she expects?A. $219,317.82B. $230,702.57C. $236,003.38D. $244,868.92E. $256,063.66Difficulty level: EasyTopic: ORDINARY ANNUITY AND FUTURE VALUEType: PROBLEMS40. Toni adds $3,000 to her savings on the first day of each year. Tim adds $3,000 to his savings on the last day of each year. They both earn a 9% rate of return. What is the difference in their savings account balances at the end of thirty years?A. $35,822.73B. $36,803.03C. $38,911.21D. $39,803.04E. $40,115.31Difference = $445,725.65 - $408,922.62 = $36,803.03Note: Difference = $408,922.62 .09 = $36,803.03Difficulty level: MediumTopic: ANNUITY DUE VERSUS ORDINARY ANNUITYType: PROBLEMS41. You borrow $5,600 to buy a car. The terms of the loan call for monthly payments for four years at a 5.9% rate of interest. What is the amount of each payment?A. $103.22B. $103.73C. $130.62D. $131.26E. $133.04Difficulty level: EasyTopic: ORDINARY ANNUITY PAYMENTSType: PROBLEMS42. You borrow $149,000 to buy a house. The mortgage rate is 7.5% and the loan period is 30 years. Payments are made monthly. If you pay for the house according to the loan agreement, how much total interest will you pay?A. $138,086B. $218,161C. $226,059D. $287,086E. $375,059Total interest = ($1,041.83 ⨯ 30 ⨯ 12) - $149,000 = $226,058.80 = $226,059 (rounded) Difficulty level: MediumTopic: ORDINARY ANNUITY PAYMENTS AND COST OF INTERESTType: PROBLEMS43. The Great Giant Corp. has a management contract with its newly hired president. The contract requires a lump sum payment of $25 million be paid to the president upon the completion of her first ten years of service. The company wants to set aside an equal amount of funds each year to cover this anticipated cash outflow. The company can earn 6.5% on these funds. How much must the company set aside each year for this purpose?A. $1,775,042.93B. $1,798,346.17C. $1,801,033.67D. $1,852,617.25E. $1,938,018.22Difficulty level: EasyTopic: ORDINARY ANNUITY PAYMENTS AND FUTURE VALUEType: PROBLEMS44. You retire at age 60 and expect to live another 27 years. On the day you retire, you have $464,900 in your retirement savings account. You are conservative and expect to earn 4.5% on your money during your retirement. How much can you withdraw from your retirement savings each month if you plan to die on the day you spend your last penny?A. $2,001.96B. $2,092.05C. $2,398.17D. $2,472.00E. $2,481.27Difficulty level: MediumTopic: ORDINARY ANNUITY PAYMENTS AND PRESENT VALUEType: PROBLEMS45. The McDonald Group purchased a piece of property for $1.2 million. It paid a down payment of 20% in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 7.75% compounded monthly. What is the amount of each mortgage payment?A. $7,440.01B. $8,978.26C. $9,036.25D. $9,399.18E. $9,413.67Amount financed = $1,200,000 (1 - .2) = $960,000Difficulty level: MediumTopic: ORDINARY ANNUITY PAYMENTS AND PRESENT VALUEType: PROBLEMS46. You estimate that you will have $24,500 in student loans by the time you graduate. The interest rate is 6.5%. If you want to have this debt paid in full within five years, how much must you pay each month?A. $471.30B. $473.65C. $476.79D. $479.37E. $480.40Difficulty level: MediumTopic: ORDINARY ANNUITY PAYMENTS AND PRESENT VALUEType: PROBLEMS47. You are buying a previously owned car today at a price of $6,890. You are paying $500 down in cash and financing the balance for 36 months at 7.9%. What is the amount of each loan payment?A. $198.64B. $199.94C. $202.02D. $214.78E. $215.09Amount financed = $6,890 - $500 = $6,390Difficulty level: MediumTopic: ORDINARY ANNUITY PAYMENTS AND PRESENT VALUEType: PROBLEMS48. The Good Life Insurance Co. wants to sell you an annuity which will pay you $500 per quarter for 25 years. You want to earn a minimum rate of return of 5.5%. What is the most you are willing to pay as a lump sum today to buy this annuity?A. $26,988.16B. $27,082.94C. $27,455.33D. $28,450.67E. $28,806.30Difficulty level: MediumTopic: ORDINARY ANNUITY PAYMENTS AND PRESENT VALUEType: PROBLEMS49. Your car dealer is willing to lease you a new car for $299 a month for 60 months. Payments are due on the first day of each month starting with the day you sign the lease contract. If your cost of money is 4.9%, what is the current value of the lease?A. $15,882.75B. $15,906.14C. $15,947.61D. $16,235.42E. $16,289.54Difficulty level: MediumTopic: ANNUITY DUE PAYMENTS AND PRESENT VALUEType: PROBLEMS50. Your great-aunt left you an inheritance in the form of a trust. The trust agreement states that you are to receive $2,500 on the first day of each year, starting immediately and continuing for fifty years. What is the value of this inheritance today if the applicable discount rate is 6.35%?A. $36,811.30B. $37,557.52C. $39,204.04D. $39,942.42E. $40,006.09Difficulty level: MediumTopic: ANNUITY DUE PAYMENTS AND PRESENT VALUEType: PROBLEMS51. Beatrice invests $1,000 in an account that pays 4% simple interest. How much more could she have earned over a five-year period if the interest had compounded annually?A. $15.45B. $15.97C. $16.65D. $17.09E. $21.67Ending value at 4% simple interest = $1,000 + ($1,000 ⨯ .04 ⨯ 5) = $1,200.00; Ending value at 4% compounded annually = $1,000 ⨯ (1 +.04)5 = $1,216.65;Difference = $1,216.65 - $1,200.00 = $16.65Difficulty level: EasyTopic: SIMPLE VERSUS COMPOUND INTERESTType: PROBLEMS52. Your firm wants to save $250,000 to buy some new equipment three years from now. The plan is to set aside an equal amount of money on the first day of each year starting today. The firm can earn a 4.7% rate of return. How much does the firm have to save each year to achieve its goal?A. $75,966.14B. $76,896.16C. $78,004.67D. $81.414.14E. $83,333.33Difficulty level: MediumTopic: ANNUITY DUE PAYMENTS AND FUTURE VALUEType: PROBLEMS53. Today is January 1. Starting today, Sam is going to contribute $140 on the first of each month to his retirement account. His employer contributes an additional 50% of the amount contributed by Sam. If both Sam and his employer continue to do this and Sam can earn a monthly rate of ½ of 1 percent, how much will he have in his retirement account 35 years from now?A. $199,45.944B. $200,456.74C. $249,981.21D. $299,189.16E. $300,685.11Difficulty level: MediumTopic: ANNUITY DUE PAYMENTS AND FUTURE VALUEType: PROBLEMS54. You are considering an annuity which costs $100,000 today. The annuity pays $6,000 a year. The rate of return is 4.5%. What is the length of the annuity time period?A. 24.96 yearsB. 29.48 yearsC. 31.49 yearsD. 33.08 yearsE. 38.00 yearsDifficulty level: MediumTopic: ORDINARY ANNUITY TIME PERIODS AND PRESENT VALUEType: PROBLEMS55. Today, you signed loan papers agreeing to borrow $4,954.85 at 9% compounded monthly. The loan payment is $143.84 a month. How many loan payments must you make before the loan is paid in full?A. 29.89B. 36.00C. 38.88D. 40.00E. 41.03Difficulty level: MediumTopic: ORDINARY ANNUITY TIME PERIODS AND PRESENT VALUEType: PROBLEMS56. Winston Enterprises would like to buy some additional land and build a new factory. The anticipated total cost is $136 million. The owner of the firm is quite conservative and will only do this when the company has sufficient funds to pay cash for the entire expansion project. Management has decided to save $450,000 a month for this purpose. The firm earns 6% compounded monthly on the funds it saves. How long does the company have to wait before expanding its operations?A. 184.61 monthsB. 199.97 monthsC. 234.34 monthsD. 284.61 monthsE. 299.97 monthsDifficulty level: MediumTopic: ORDINARY ANNUITY TIME PERIODS AND FUTURE VALUEType: PROBLEMS57. Today, you are retiring. You have a total of $413,926 in your retirement savings and have the funds invested such that you expect to earn an average of 3%, compounded monthly, on this money throughout your retirement years. You want to withdraw $2,500 at the beginning of every month, starting today. How long will it be until you run out of money?A. 185.00 monthsB. 213.29 monthsC. 227.08 monthsD. 236.84 monthsE. 249.69 monthsDifficulty level: MediumTopic: ANNUITY DUE TIME PERIODS AND PRESENT VALUEType: PROBLEMS58. The Bad Guys Co. is notoriously known as a slow-payer. It currently needs to borrow $25,000 and only one company will even deal with Bad Guys. The terms of the loan call for daily payments of $30.76. The first payment is due today. The interest rate is 21% compounded daily. What is the time period of this loan?A. 2.88 yearsB. 2.94 yearsC. 3.00 yearsD. 3.13 yearsE. 3.25 yearsDifficulty level: MediumTopic: ANNUITY DUE TIME PERIODSType: PROBLEMS59. The Robertson Firm is considering a project which costs $123,900 to undertake. The project will yield cash flows of $4,894.35 monthly for 30 months. What is the rate of return on this project?A. 12.53%B. 13.44%C. 13.59%D. 14.02%E. 14.59%This can not be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that your answer is correct.Difficulty level: MediumTopic: ORDINARY ANNUITY INTEREST RATEType: PROBLEMS60. Your insurance agent is trying to sell you an annuity that costs $100,000 today. By buying this annuity, your agent promises that you will receive payments of $384.40 a month for the next 40 years. What is the rate of return on this investment?A. 3.45%B. 3.47%C. 3.50%D. 3.52%E. 3.55%This can not be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that you answer is correct.Difficulty level: MediumTopic: ORDINARY ANNUITY INTEREST RATEType: PROBLEMS61. You have been investing $120 a month for the last 15 years. Today, your investment account is worth $47,341.19. What is your average rate of return on your investments?A. 9.34%B. 9.37%C. 9.40%D. 9.42%E. 9.46%This can not be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that you answer is correct.Difficulty level: MediumTopic: ORDINARY ANNUITY INTEREST RATEType: PROBLEMS。
[财务管理专业介绍及描述]财务管理专业简单描述
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[财务管理专业介绍及描述]财务管理专业简单描述财务管理专业介绍及描述财务管理专业介绍及描述财务管理专业介绍财务管理专业培养具备财务管理及相关金融、会计、法律等方面的知识和能力，具备会计手工核算能力、会计信息系统软件应用能力、资金筹集能力、财务可行性评价能力、财务报表分析能力、税务筹划能力，具备突出的财富管理的金融专业技能，能为公司和个人财务决策提供方向性指导及具体方法，能在工商、金融企业、事业单位及政府部门从事财务、理财管理的应用型专门人才。
该专业培养具备财务管理及相关金融、会计、法律等方面的知识和能力，具备会计手工核算能力、会计信息系统软件应用能力、资金筹集能力、财务可行性评价能力、财务报表分析能力、税务筹划能力，具备突出的财富管理的金融专业技能，能为公司和个人财务决策提供方向性指导及具体方法。
财务管理专业课程西方经济学、会计学、财政学、货币银行学、管理学、经济法、统计学、管理信息系统、市场营销、财务分析、财务管理、国际财务管理、成本管理学、投资学、计算机财务管理等。
财务管理专业方向工商管理、市场营销、会计学、财务管理、人力资源管理、旅游管理、商品学、审计学、电子商务、物流管理、国际商务等。
财务管理专业怎么样(学长学姐评价) 吉林大学：我的建议是这是一个有专业性的学科，但现在的情况是到银行找工作不如金融，到企业找工作不如会计，所以在中国大家对它的认识还没有一个很清晰的了解，不过确实是一个很有发展的学科，在未来一定会被认可，并且确实能学到东西。
山东工商学院：这个专业还可以关键要看个人爱好，这门专业需要更多的分析并不是简单的做账可能比会计要更有意思一些。
哈尔滨商业大学：如果家里有人，当然是工作好，毕竟考研之后，还是没有工作经验这个专业很需要工作经验如果家里没人，考研也可以，有些事业单位和国家公务员研究生考上的机率比较大再说，研究生如果再努力读博士，可以留校，工作自然不错。
中国人民大学：总体来说财务管理这个专业还是比较好找工作的，考研之后工作选择面更大一点，如果是在一个好点的学校读研的话更好了。
财务管理概述(PPT 86页)
金融学
• 20世纪50年代金融学从经济学中分离出来 ，成为一门独立学科。
• 研究范围从宏观层面向微观层面扩展，研 究内容从“Money and Banking”逐渐 向“Finance”过渡，最后形成了以公司财 务（Corporate Finance）、投资学（ Investment）和金融市场（Financial Market）为核心的金融学。
企业财务管理——公司理财
• 我们所开设的课程主要是讲述公司财务管 理，也被称为微观财务管理。
• 它不同于宏观财务管理，它不是站在政府 和银行的角度，
• 而是站在企业（业主制、合伙制、公司制） 的角度研究财务问题。
二、财务管理与会计的关系
管理规范的公司应分设财务管理和会计两个 部门。
会计部门下设：财务会计科、成本会计科、 管理会计科、税务会计科、信息管理科等
2、投资机构
从事投资工作的人士可能会到证券公司、 投资银行、投资公司、基金公司等机 构工作。
投资领域的主要工作是：投资项目评估、 进行个股分析、为投资者确定最佳投 资组合、设计能使投资者满意的金融 产品，并将其成功推销等。
要求从业者对财务分析、收益预测、市场调 研、投资组合理论、精算学等相关知识有 较为全面的了解。
同时，上述知识的掌握对于我们个人理财也 有较大的帮助。
3、 各类公司
这是上述三个领域中最为宽泛的一个，也是 工作机会最多的一个。 无论是什么性质的企业，独资或股份的；上 市公司或非上市公司；持续经营的公司或新 成立的公司；制造业公司或服务业公司，都 要涉及融资、投资、资金分配这些理财问题。
从选择融资工具，评估投资项目，到进行股 利分配，都是财务管理工作内容。
• 固定资产——单位价值在国家规定限额以上，使用年 限超过一年，主要劳动资料及场所。
公司理财习题库chap018
CHAPTER 18Dividends and Dividend PolicyI. DEFINITIONSDIVIDENDSa 1. Payments made out of a firm’s earnings to its owners in the form ofcash or stock are called:a. dividends.b. distributions.c. share repurchases.d. payments-in-kind.e. stock splits.DISTRIBUTIONSb 2. Payments made by a firm to its owners from sources other than currentor accumulated earnings are called:a. dividends.b. distributions.c. share repurchases.d. payments-in-kind.e. stock splits.REGULAR CASH DIVIDENDSc 3. A cash payment made by a firm to its owners in the normal course ofbusiness is called a:a. share repurchase.b. liquidating dividend.c. regular cash dividend.d. special dividend.e. extra cash dividend.SPECIAL DIVIDENDSd 4. A cash payment made by a firm to its owners as a result of a one-timeevent is called a:a. share repurchase.b. liquidating dividend.c. regular cash dividend.d. special dividend.e. extra cash dividend.LIQUIDATING DIVIDENDSa 5. A cash payment made by a firm to its owners when some of the firm’sassets are sold off is called a:a. liquidating dividend.b. regular cash dividend.c. special dividend.d. extra cash dividend.e. share repurchase.DECLARATION DATEe 6. The date on which the board of directors passes a resolutionauthorizing payment of a dividend to the shareholders is the _____date.a. ex-rightsb. ex-dividendc. recordd. paymente. declarationEX-DIVIDEND DATEb 7. The date before which a new purchaser of stock is entitled to receivea declared dividend, but on or after which she does not receive thedividend, is called the _____ date.a. ex-rightsb. ex-dividendc. recordd. paymente. declarationDATE OF RECORDc 8. The date by which a stockholder must be registered on the firm’s rollas having share ownership in order to receive a declared dividend iscalled the:a. ex-rights date.b. ex-dividend date.c. date of record.d. date of payment.e. declaration date.DATE OF PAYMENTd 9. The date on which the firm mails out its declared dividends is calledthe:a. ex-rights date.b. ex-dividend date.c. date of record.d. date of payment.e. declaration date.HOMEMADE DIVIDENDSe 10. The ability of shareholders to undo the dividend policy of the firmand create an alternative dividend payment policy via reinvestingdividends or selling shares of stock is called (a):a. perfect foresight model.b. M&M Proposition I.c. capital structure irrelevancy.d. homemade leverage.e. homemade dividend policy.INFORMATION CONTENT EFFECTa 11. The market’s reaction to the announcement of a change in the firm’sdividend payout is the:a. information content effect.b. clientele effect.c. efficient markets hypothesis.d. M&M Proposition I.e. M&M Proposition II.CLIENTELE EFFECTb 12. The observed empirical fact that stocks attract particular investorsbased on the firm’s dividend policy and the resulting tax impact oninvestors is called the:a. information content effect.b. clientele effect.c. efficient markets hypothesis.d. M&M Proposition I.e. M&M Proposition II.RESIDUAL DIVIDEND APPROACHc 13. A policy under which the firm pays dividends only after its capitalinvestment needs are met while maintaining a constant debt/equityratio is called a:a. homemade dividend.b. clientele effect.c. residual dividend approach.d. bird-in-the-hand approach.e. constant dividend growth model.TARGET PAYOUT RATIOd 14. The fraction of earnings a firm expects to pay out as dividends overthe long-run is its:a. internal rate of return.b. required return on investment.c. target ROA.d. target payout ratio.e. target capital structure.SHARE REPURCHASEe 15. A _____ is an alternative method to stock dividends which is used topay out a firm’s earnings to shareholders.a. mergerb. tender offerc. payment-in-kindd. stock splite. share repurchaseSTOCK DIVIDENDSa 16. A payment made by a firm to its owners in the form of new shares ofstock is called a _____ dividend.a. stockb. normalc. speciald. extrae. liquidatingSTOCK SPLITSb 17. An increase in a firm’s number of shares outstanding without anychange in owners’ equity is called a:a. special dividend.b. stock split.c. share repurchase.d. tender offer.e. liquidating dividend.TRADING RANGEc 18. The difference between the highest and lowest prices at which a stockhas traded is called its:a. average price.b. bid-ask spread.c. trading range.d. opening price.e. closing price.REVERSE SPLITSd 19. In a reverse stock split:a. the number of shares outstanding increases and owners’ equitydecreases.b. the firm buys back existing shares of stock on the open market.c. the firm sells new shares of stock on the open market.d. the number of shares outstanding decreases but owners’ eq uity isunchanged.e. shareholders make a cash payment to the firm.II. CONCEPTSCASH DIVIDENDSb 20. Which one of the following statements concerning cash dividends is correcta. The chief financial officer of a corporation determines whether or not a dividend willbe paid.b. A dividend is not a liability of a firm until it has been declared.c. If a firm has paid regular quarterly dividends in the past it is legally obligated tocontinue doing so.d. Cash dividends always reduce the paid-in capital account balance.e. The dividend yield expresses the dividend amount as a percentage of the net income.DIVIDEND PAYMENTSb 21. The ex-dividend date is _____ business days before the date of record.a. 1b. 2c. 3d. 4e. 5DIVIDEND PAYMENTSc 22. The last date on which you can purchase shares of stock and still receive the dividendis the date _____ business days prior to the date of record.a. 1b. 2c. 3d. 4e. 5DIVIDEND PAYMENTSb 23. Leslie purchased 100 shares of GT, Inc. stock on Wednesday, July 7th.Marti purchased 100 shares of GT, Inc. stock on Thursday, July 8th. GTdeclared a dividend on June 20th to shareholders of record on July 12thand payable on August 1st. Which one of the following statementsconcerning the dividend paid on August 1st is correct given thisinformationa. Neither Leslie not Marti are entitled to the dividend.b. Leslie is entitled to the dividend but Marti is not.c. Marti is entitled to the dividend but Leslie is not.d. Both Marti and Leslie are entitled to the dividend.e. Both Marti and Leslie are entitled to one-half of the dividend amount. DIVIDEND PAYMENTSb 24. All else equal, the market value of a stock will tend to decrease by roughly the amountof the dividend on the:a. dividend declaration date.b. ex-dividend date.c. date of record.d. date of payment.e. day after the date of payment.DIVIDEND POLICYd 25. Automatic dividend reinvestment plans:I. require that stockholders reinvest all of the dividends to which they are entitled.II. sometimes grant stockholders the privilege of purchasing additional shares at adiscounted price.III. h elp stockholders create their own homemade dividend policies.IV. help make corporate dividend policies irrelevant to individual stockholders.a. II onlyb. III onlyc. II and II onlyd. II, III, and IV onlye. I, II, III, and IVFACTORS FOR LOW DIVIDENDSa 26. Which one of the following is an argument in favor of a low dividend policya. the tax on capital gains is deferred until the gain is realizedb. few, if any, positive net present value projects are available to the firmc. a preponderance of stockholders have minimal taxable incomed. a majority of stockholders have other investment opportunities that offer higherrewards with similar risk characteristicse. corporate tax rates exceed personal tax ratesFACTORS FOR LOW DIVIDENDSe 27. The fact that flotation costs can be significant is justification for:a. a firm to issue larger dividends than their closest competitors.b. a firm to maintain a constant dividend policy even if they frequently have to issue newshares of stock to do so.c. maintaining a constant dividend policy even when profits decline significantly.d. maintaining a high dividend policy.e. maintaining a low dividend policy and rarely issuing extra dividends.FACTORS FOR LOW DIVIDENDSe 28. Which of the following tend to keep dividends lowI. state laws restricting dividends in excess of retained earningsII. terms contained in bond indenture agreementsIII. t he desire to maintain constant dividends over timeIV. flotation costsa. II and III onlyb. I and IV onlyc. II, III, and IV onlyd. I, II, and III onlye. I, II, III, and IVFACTORS FOR HIGH DIVIDENDSd 29. Ignoring capital gains as an alternative, the tax law changes in 2003 tend to favor a:a. lower dividend policy.b. constant dividend policy.c. zero-dividend policy.d. higher dividend policy.e. restrictive dividend policy.FACTORS FOR HIGH DIVIDENDSe 30. Which of the following are factors that favor a high dividend policyI. stockholders desire for current incomeII. tendency for higher stock prices for high dividend paying firmsIII. i nvestor dislike of uncertaintyIV. high percentage of tax-exempt institutional stockholdersa. I and III onlyb. II and IV onlyc. I, III, and IV onlyd. II, III, and IV onlye. I, II, III, and IVFACTORS FOR HIGH DIVIDENDSb 31. An investor is more likely to prefer a high dividend payout if a firm:a. has high flotation costs.b. has few, if any, positive net present value projects.c. has lower tax rates than the investor.d. has a stock price that is increasing rapidly.e. offers high capital gains which are taxed at a favorable rate.INFORMATION CONTENTc 32. The information content of a dividend increase generally signals that:a. the firm has a one-time surplus of cash.b. the firm has few, if any, net present value projects to pursue.c. management believes that the future earnings of the firm will be strong.d. the firm has more cash than it needs due to sales declines.e. future dividends will be lower.CLIENTELE EFFECTc 33. The dividend market is in equilibrium when:a. all firms adopt a low dividend policy.b. half of the firms adopt a low dividend policy and half adopt a high dividend policy.c. all clienteles are satisfied.d. dividends remain constant and no special dividends are declared.e. the amount of the regular dividend is equal to the amount of the special dividend.RESIDUAL DIVIDEND POLICYc 34. A firm which adopts a residual dividend policy:a. prefers to offer new securities for sale on a routine basis.b. prefers constant dividends to a constant debt-equity ratio.c. places a higher priority on funding its investment needs than on paying dividends.d. will pay regular cash dividends that are constant in amount.e. tends to also have a high dividend policy.RESIDUAL DIVIDEND POLICYd 35. A strict residual dividend policy:a. tends to produce higher dividend payout ratios for high-growth firms versus low-growth firms.b. tends to produce steady, predictable dividend payments.c. is best suited to cyclical firms who prefer steady dividends.d. adds considerable uncertainty to the payment of future dividends.e. guarantees that a minimal amount will be paid as a dividend on a quarterly basis.COMPROMISE DIVIDEND POLICYd 36. A compromise dividend policy advocates:a. rejecting positive net present value projects in order to maintain constant dividends.b. varying the debt-equity ratio so that the firm can sell equity to fund increases in thedividends.c. selling equity to maintain a high dividend policy.d. trying to avoid cutting back on either positive net present value projects or dividends.e. strict adherence to short-run debt-equity ratios at the expense of constant dividends.COMPROMISE DIVIDEND POLICYa 37. A compromise dividend policy can be viewed as a:a. set of long-term goals.b. strict set of short-term policies.c. set of rules that require increasing dividends in the short-run.d. set of inflexible rules that mandate a constant debt-equity ratio in both the short andthe long-term.e. guideline for the reduction of dividends over the long-term.COMPROMISE DIVIDEND POLICYa 38. Which one of the following is considered to be the primary goal of a compromisedividend policya. the avoidance of cutting back on positive net present value projectsb. maintaining a constant debt-equity ratioc. the avoidance of reducing the dividend amountd. maintaining a target dividend payout ratioe. avoiding the need to sell new equityDIVIDEND SURVEY RESULTSb 39. Of the following factors, which one is considered to be the primary factor affecting afirm’s dividend decisiona. personal taxes of company stockholdersb. consistent dividend policyc. attracting retail investorsd. attracting institutional investorse. sustainable changes in earningsDIVIDEND SURVEY RESULTSa 40. Financial managers:a. are reluctant to cut dividends.b. tend to ignore past dividend policies.c. tend to prefer cutting dividends every time quarterly earnings decline.d. prefer cutting dividends over incurring flotation costs.e. place little emphasis on dividend policy consistency.STOCK REPURCHASEc 41. If you ignore taxes and transaction costs, a stock repurchase will:I. reduce the total assets of a firm.II. increase the earnings per share.III. r educe the PE ratio more than an equivalent stock dividend.IV. reduce the total equity of a firm.a. I and III onlyb. II and IV onlyc. I, II, and IV onlyd. I, III, and IV onlye. I, II, III, and IVb 42. From a tax-paying investor’s point of view, a stock repurchase:a. is equivalent to a cash dividend.b. is more desirable than a cash dividend.c. has the same tax effects as a cash dividend.d. is more highly taxed than a cash dividend.e. creates a tax liability even if the investor does not sell any of the shares they own.STOCK DIVIDENDSb 43. All else equal, a stock dividend will _____ the number of shares outstanding and_____ the value per share.a. increase; increaseb. increase; decreasec. not change; increased. decrease; increasee. decrease; decreaseSTOCK DIVIDENDSc 44. A small stock dividend is defined as a stock dividend of less than _____ percent.a. 10 to 15b. 15 to 20c. 20 to 25d. 25 to 30e. 30 to 35e 45. Which one of the following is a result of a small stock dividenda. retained earnings increaseb. total owner’s equity decreas esc. cash decreasesd. capital in excess of par decreasese. common stock increasesSTOCK DIVIDENDSc 46. Which of the following account changes occur as a result of a large stock dividendI. common stock increasesII. cash decreasesIII. c apital in excess of par increasesIV. retained earnings decreasesa. I and III onlyb. II and IV onlyc. I and IV onlyd. II and III onlye. I, III, and IV onlyd 47. Nu Tech, Inc. is a technology firm with good growth prospects. Thefirm wishes to do something to acknowledge the loyalty of theirshareholders but needs all of their available cash to fund their rapidgrowth. The market price of their stock is currently trading in themiddle of their preferred trading range. The firm could consider:a. issuing a liquidating dividend.b. a stock split.c. a reverse stock split.d. issuing a stock dividend.e. a special stock dividend.STOCK DIVIDENDSd 48. Which of the following are valid reasons for a firm to reduce or eliminate its cashdividendsI. The firm is on the verge of violating a bond restriction which requires a current ratio ofor higher.II. A firm has just received a patent on a new product for which there is strong marketdemand and they need the funds to bring the product to the marketplace.III. T he firm can raise new capital easily at a very low cost.IV. The tax laws have recently changed such that dividends are taxed at an investor’smarginal rate while capital gains are tax exempt.a. I and III onlyb. II and IV onlyc. II, III, and IV onlyd. I, II, and IV onlye. I, II, III, and IVSTOCK SPLITSc 49. A stock split:a. increases the total value of the common stock account.b. decreases the value of the retained earnings account.c. does not affect the total value of any of the equity accounts.d. increases the value of the capital in excess of par account.e. decreases the total owners’ equity on the balance sheet.STOCK SPLITSa 50. Stock splits are often used to:a. adjust the market price of a stock such that it falls within a preferred trading range.b. decrease the excess cash held by a firm.c. increase both the number of shares outstanding and the market price per share simultaneously.d. increase the total equity of a firm.e. adjust the debt-equity ratio such that it falls within a preferred range.STOCK SPLITSd 51. Which of the following tend to increase the appeal of a firm’s stock to the averageinvestorI. a cessation of dividends by a firm which has a long history of increasing dividendsII. the distribution of a special dividend by a dividend-paying firmIII. a reverse stock split for a low-priced stockIV. the declaration of a stock dividend by a growth firma. I and III onlyb. II and IV onlyc. I, II, and IV onlyd. II, III, and IV onlye. I, II, III, and IVSTOCK SPLITd 52. Wydex, Inc. stock is currently trading at $82 a share. The firm feelsthat their primary clientele can afford to spend between $2,000 and$2,500 to purchase a round lot of 100 shares. The firm should considera:a. reverse stock split.b. liquidating dividend.c. stock dividend.d. stock split.e. special dividend.REVERSE STOCK SPLITSd 53. A one-for-four reverse stock split will:a. increase the par value by 25 percent.b. increase the number of shares outstanding by 400 percent.c. increase the market value but not affect the par value per share.d. increase a $1 par value to $4.e. increase a $1 par value by $4.REVERSE STOCK SPLITSd 54. A reverse stock split is sometimes used as a means of:a. decreasing the liquidity of a stock.b. decreasing the market value per share of stock.c. increasing the number of stockholders.d. keeping a firm’s stock eligible for trading on a stock exchange.e. raising cash from current stockholders.III. PROBLEMSSTOCK DIVIDENDe 55. The Rent It Company declared a dividend of $.60 a share on October 20th to holders ofrecord on Monday, November 1st. The dividend is payable on December 1st. Youpurchased 100 shares of Rent It Company stock on Wednesday, October 27th. Howmuch dividend income will you receive on December 1st from the Rent It Companya. $0b. $c. $d. $e. $STOCK DIVIDENDc 56. You purchased 200 shares of ABC stock on July 15th. On July 20th, you purchasedanother 100 shares and then on July 21st you purchased your final 200 shares of ABCstock. The company declared a dividend of $ a share on July 5th to holders ofrecord on Friday, July 23rd. The dividend is payable on July 31st. How much dividendincome will you receive on July 31st from ABCa. $0b. $220c. $330d. $440e. $550STOCK DIVIDENDd 57. On May 18th, you purchased 1,000 shares of BuyLo stock. On June 5th, you sold 200shares of this stock for $21 a share. You sold an additional 400 shares on July 8th at aprice of $ a share. The company declared a $.50 per share dividend on June 25thto holders of record as of Thursday, July 10th. This dividend is payable on July 31st.How much dividend income will you receive on July 31st as a result of your ownershipof BuyLo stocka. $100b. $200c. $300d. $400e. $500STOCK DIVIDENDa 58. The KatyDid Co. is paying a $ per share dividend today. There are120,000 shares outstanding with a par value of $ per share. As aresult of this dividend, the:a. retained earnings will decrease by $150,000.b. retained earnings will decrease by $120,000.c. common stock account will decrease by $150,000.d. common stock account will decrease by $120,000.e. capital in excess of par value account will decrease by $120,000.HOMEMADE DIVIDENDSb 59. You own 300 shares of Abco, Inc. stock. The company has stated that it plans onissuing a dividend of $.60 a share at the end of this year and then issuing a final liquidating dividend of $ a share at the end of next year. Your required rate ofreturn is 9 percent. Ignoring taxes, what is the value of one share of this stock todaya. $b. $c. $d. $e. $HOMEMADE DIVIDENDSd 60. Priscilla owns 500 shares of Delta stock. The company recently issueda statement that it will pay a $ per share dividend this year and a$.50 per share dividend next year. Priscilla does not want anydividend this year but does want as much dividend income as possiblenext year. Her required return on this stock is 12 percent. Ignoringtaxes, what will Priscilla’s homemade dividend per share be next yeara. $0b. $.50c. $d. $e. $RESIDUAL DIVIDENDSc 61. Merlo, Inc. maintains a debt-equity ratio of .40 and follows a residual dividend policy.The company has after-tax earnings of $1,600 for the year and needs $1,400 for newinvestments. What is the total amount Merlo will pay out in dividends this yeara. $0b. $200c. $600d. $640e. $1,040RESIDUAL DIVIDENDSc 62. HiLo Enterprises maintains a debt-equity ratio of .75 and follows aresidual dividend policy. The firm needs $2,000 for new investmentsnext year. The after-tax earnings this year are $1,800. What is theamount that HiLo will pay out in dividends for this yeara. $0b. $c. $d. $1,e. $1,RESIDUAL DIVIDENDSc 63. Margo, Inc. has planned investments of $1,750 for next year and anafter-tax net income of $1,974 this year. The company has a residualdividend policy and maintains a .60 debt-equity ratio. How much newdebt is required to fund the investments for next yeara. $0b. $c. $d. $e. $1,STOCK REPURCHASEd 64. A firm has a market value equal to its book value. Currently, the firmhas excess cash of $600 and other assets of $5,400. Equity is worth$6,000. The firm has 500 shares of stock outstanding and net income of$900. What will the new earnings per share be if the firm uses itsexcess cash to complete a stock repurchasea. $b. $c. $d. $e. $STOCK REPURCHASEc 65. A firm has a market value equal to its book value. Currently, the firmhas excess cash of $800 and other assets of $5,200. Equity is worth$6,000. The firm has 600 shares of stock outstanding and net income of$700. The firm has decided to spend all of its excess cash on a sharerepurchase program. How many shares of stock will be outstanding afterthe stock repurchase is completeda. 480 sharesb. 500 sharesc. 520 sharesd. 540 sharese. 560 sharesSTOCK REPURCHASEc 66. A firm has a market value equal to its book value. Currently, the firmhas excess cash of $500 and other assets of $7,500. Equity is worth$8,000. The firm has 250 shares of stock outstanding and net income of$1,120. The firm is going to use all of its excess cash to repurchaseshares of stock. What will the stock price per share be after thestock repurchase is completeda. $28b. $30c. $32d. $34e. $36CASH DIVIDENDb 67. A firm has a market value equal to its book value. Currently, the firmhas excess cash of $500 and other assets of $9,500. Equity is worth$10,000. The firm has 250 shares of stock outstanding and net incomeof $1,400. What will the stock price per share be if the firm pays outits excess cash as a cash dividenda. $36b. $38c. $40d. $42e. $44CASH DIVIDENDe 68. A firm has a market value equal to its book value. Currently, the firmhas excess cash of $400 and other assets of $7,600. Equity is worth$8,000. The firm has 200 shares of stock outstanding and net income of$900. The firm has decided to pay out all of its excess cash as a cashdividend. What will the earnings per share be after the dividend ispaida. $.25b. $.45c. $d. $e. $SMALL STOCK DIVIDENDd 69. Murphy’s, Inc. has 10,000 shares of stock outstanding with a par value of $ pershare. The market value is $8 per share. The balance sheet shows $32,500 in thecapital in excess of par account, $10,000 in the common stock account, and $42,700 inthe retained earnings account. The firm just announced a 10 percent (small) stockdividend. What will the balance in the capital in excess of par account be after thedividenda. $32,500b. $36,000c. $38,500d. $39,500e. $40,500SMALL STOCK DIVIDENDa 70. Murphy’s, Inc. has 10,000 shares of stock outstanding with a par value of $ pershare. The market value is $8 per share. The balance sheet shows $32,500 in thecapital in excess of par account, $10,000 in the common stock account, and $42,700 inthe retained earnings account. The firm just announced a 10 percent (small) stockdividend. What will the balance in the retained earnings account be after the dividenda. $34,700b. $35,700c. $42,700d. $49,700e. $50,700SMALL STOCK DIVIDENDb 71. Murphy’s, Inc. has 10,000 shares of stock outstanding with a par value of $ pershare. The market value is $8 per share. The balance sheet shows $32,500 in thecapital in excess of par account, $10,000 in the common stock account and $42,700 in the retained earnings account. The firm just announced a 10 percent (small) stockdividend. What will the market price per share be after the dividenda. $b. $c. $d. $e. $LARGE STOCK DIVIDENDa 72. Bruno’s has 7,000 shares of stock outstanding with a par value of$ per share and a market value of $12 per share. The balance sheetshows $7,000 in the common stock account, $58,000 in the capital inexcess of par account and $32,500 in the retained earnings account.The firm just announced a 50 percent (large) stock dividend. What isthe value of the capital in excess of par account after the dividenda. $58,000b. $61,500c. $87,000d. $96,500e. $100,000LARGE STOCK DIVIDENDa 73. Bruno’s has 7,000 shares of stock outstanding with a par value of$ per share and a market value of $12 per share. The balance sheetshows $7,000 in the common stock account, $58,000 in the capital inexcess of par account and $32,500 in the retained earnings account.The firm just announced a 50 percent (large) stock dividend. What isthe value of the retained earnings account after the dividenda. $29,000b. $30,500c. $32,500d. $34,500e. $36,000LARGE STOCK DIVIDENDd 74. Bruno’s has 7,000 shares of stock outstanding with a par value of$ per share and a market value of $12 per share. The balance sheetshows $7,000 in the common stock account, $58,000 in the capital inexcess of par account and $32,500 in the retained earnings account.The firm just announced a 50 percent (large) stock dividend. What isthe value of the common stock account after the dividenda. $7,000b. $8,500c. $9,000d. $10,500e. $14,000。
财务管理专业描述(一篇)
财务管理专业描述(一篇)财务管理专业描述1主要课程：会计学、统计学、财务管理、市场营销、金融学、税法、审计学、财务分析、中级财务会计、中级财务管理、会计电算化、成本会计等培养目标：本专业设置公司理财、财务核算、项目投融资管理三个专业方向。
专业注重能力培养与全面素质教育，借鉴国外高等教育办学先进方法和理念，培养基础扎实、知识面宽、能力强、素质高，富有时代特征和创新精神的，具备财务会计、财务管理、财务分析、项目评价、投融资决策与分析等实践能力，并能熟练地运用财务软件进行财务核算与企业理财的高级应用性专门人才。
毕业去向：在各类工商企业、国家机关、事业单位、会计师事务所、银行等金融机构和商务贸易服务行业等从事财务管理、财务会计、投资分析咨询、财务规划等方面工作，也可以进一步攻读本专业及相关专业的硕士学位。
财务管理专业描述2培养目标：本专业培养德、智、体、美全面发展，适应二十一世纪社会发展和社会主义市场经济建设的需要，基础扎实、知识面宽、业务能力强、综合素质高、富有创新意识和开拓精神，具备管理、经济、法律、金融等方面的知识和能力，能在企事业单位、政府部门、金融机构等从事财务、金融管理以及教学和科研工作的高级应用型专门人才。
主要课程：基础会计学、成本管理会计、初级财务管理、中级财务管理、高级财务管理、市场营销学投资学、国际金融、金融机构管理、管理学、经济法、微观经济学、宏观经济学、统计学、管理信息系统、项目评估、跨国公司财务。
就业方向：能在工商、金融、企业、事业单位及政府部门从事会计、财务管理等经济管理工作。
财务管理专业描述3一、专业描述财务管理专业的培养，通过管理学、经济学、法律和理财、金融等方面知识的学习，使学生具备财务管理及相关方面的知识和能力，具备会计手工核算能力、会计信息系统软件应用能力、资金筹集能力、财务可行性评价能力、财务报表分析能力、税务筹划能力，具备突出的财富管理的金融专业技能，能为公司和个人财务决策提供方向性指导及具体方法。
罗斯《公司理财》教材精讲(公众股的发行)【圣才出品】
第20章公众股的发行20.1 本章要点1．当公司决定发行新证券时，既可以公开发行也可以私下发行。
2．公开发行有两种方法：普通现金发行和配股发行。
现金发行指出售给所有感兴趣的投资者，配股发行则是出售给现有股东。
尽管几乎所有的债券都是通过现金发行的，但股票却是既可以现金发行也可以配股发行。
3．通过发行证券来获取现金有如下三种基本的方法：包销、代销、荷兰式拍卖承销。
4．投资银行处于新证券发行流程的核心，它们提供咨询、推销证券（在调查完市场对发行的接纳程度后）以及承销发行所要筹集的金额，还承担市场价格在证券发行价格确定时和出售时之间发生变化的风险。
5．向现有股东出售普通股股票被称为配股发行。
6．风险资本市场是私募资本市场的一部分。
私募避开了公开发行所需的注册登记程序。
证券私募最大的缺陷在于证券不易再转售出去。
债券私募占了私募的主体部分，但股票也同样能进行私募。
20.2 重难点导学一、新股发行的基本程序表20-1 新股发行的基本程序公开发行的步骤时间活动1.承销前会议·数个月·讨论准备筹集的金额以及所要发行证券的种类；将承销团和推销小组聚集在一起，谈判承销协议；取得董事会的批准2.申请注册登记发行许可·20天的静候期间·注册登记书包括所有相关的财务和经营信息3.发行定价·通常在登记期间结束前最后一天·对于多次发行，按接近于当时的市场价格来定价·对于首次公开发行，则需要广泛的研究和分析4.公开发行和销售·登记期间最后一天结束后即开始·在一份典型的包销合同中，承销商从公司买入一定数量规定的股票，而后再以较高的价格出售。
推销小组协助销售5.稳定市场·通常在公开发行后30天·承销商做好在市场上按确定价格下单买进的准备二、证券的发行方式1．公开发行与私下发行当公司决定发行新证券时，既可以公开发行也可以私下发行。
理财经理管理考核办法
理财经理管理考核办法第一章总则第一条为使我行理财经理队伍健康发展，有效防范风险，结合我行实际，特制定本办法。
第二条理财经理是指在授权范围内针对重点、优质的个人中高端客户进行个人金融产品营销，提供金融咨询和理财服务的人员，并对客户相关资料进行搜集、整理、完善、分层等。
第二章? 理财经理的准入与退出第三条? 理财经理的准入与退出，以“公开招聘、竞争上岗、优胜劣汰”为基本原则，实行资格认证制度及业绩评价制度。
（一）理财经理的准入资格认证由个人金融部、人力资源部牵头组织实施。
个人金融业务部根据支行业务发展需要，定期或不定期组织个人理财经理公开招聘，进入人才储备库。
（二）理财经理的晋升、降级和退出实行业绩评价制度。
个金部每月对理财经理的业绩进行排名，每半年对全行每位客户经理进行一次业绩评价，根据营销业绩、工作能力、考试成绩等得出综合排名，实行理财经理等级制。
对于业绩优秀的理财经理进行奖励，对业绩较差、排名末位的理财经理进行退出。
退出者交回原所在支行和岗位。
（三）对违犯相关经营政策，违章操作，形成风险隐患或造成重大差错事故的，一律取消理财经理资格，并按照相关制度进行处罚，情节严重者给予行政处分，直至解除劳动合同。
第三章理财经理的管理、岗位设置及职责第四条? 理财经理的管理。
理财经理行政管理隶属于支行理财中心或营业网点。
理财经理经办业务纳入所在网点，业绩体现在网点经营中，业务指导和职级管理隶属于个人金融部。
第五条? 理财经理工作岗位。
理财经理重点进行客户关系维护、产品营销、客户信息档案管理、理财方案设计、资产配置方案设计等。
其工作职责主要包括：1、进行优质客户关系维护。
了解优质客户信息，建立并管理优质客户档案；有计划、规范性地进行客户关系维护工作；根据客户的贡献度和有关规定，为客户提供相应的优先、优惠和附加值服务；与优质客户建立长期、稳定的关系，提高客户满意度和忠诚度。
2、提供专业理财服务。
根据优质客户需求向其提供专业投资理财建议和策划，帮助优质客户达成理财目标，实现资产组合最优化、收益最大化，并定期调整。
公司理财与投资案例 美国安然公司
《公司理财与投资》案例：美国安然事件超高增长的阴暗秘密——制造概念吸引投资者，通过关联企业间的“对倒”交易不断创造出超常的利润，巨额债务和风险却隐而不彰——一部财务报表操纵大全。
——安然公司是一个典型的“金字塔”式关联企业集团，共包含3000多家关联企业。
这在美国巨型公司中并不鲜见。
促使安然崩溃原因的关键，在于安然与这些关联企业的关联交易及相关信息披露上均出现极大问题。
——第一，安然关联企业及信托基金以安然的不动产(水厂、生产设施等)作抵押，向外发行流通性证券或债券。
但在这些复杂的合同关系中，通常包括一些在特定情况下安然必须以现金购回这些债券或证券的条款。
不幸的是，在美国加利福尼亚州2000年以来延绵不绝的电力供应危机及其给能源市场带来的震荡中，这些条款达到了“触发”的门槛，安然的现金情况于是急剧恶化。
——第二，安然将许多与关联企业签署的合同保为秘密，把大量债务通过关联企业隐藏起来，运用关联交易大规模操纵收入和利润额，采用模糊会计手法申报财务报表。
这些欺诈、误导股东的手法于2001年11月被披露后，市场对安然完全丧失信心，投资者将安然股价推到低于1美元的水平。
这是受害者给施害者的惩罚，也是最终埋葬安然的主因。
——安然的扩张融资与企业结构策略、不同关联企业的目的以及最终安然破产的几个主要关联交易细节，值得仔细解析。
当能源市场管制解除之后面对市场剧变，安然采取的策略之一，便是利用关联企业结构，并“革新性”地使用财务手段来避免直接的企业负担，同时灵活地扩大企业规模——作为一家专业石油天然气传输和交易公司，安然与业内的大多数公司一样，有着较高的负债率。
正因为如此，这类公司不能无限制地增加债务规模，因为债券评级公司如标准普尔和穆迪会因此而调低该公司的评级。
这对有大量债务且依*未来发行债券融资的公司来说是极危险的，它将立即导致其借债成本迅速上升，许多时候甚至会直接导致出现现金流危机。
——在20世纪80年代中期以前，美国联邦能源监管委员会对能源市场进行严格的价格和竞争地域监管。
漠视财务大忌
“漠视”财务，是市场化企业的“陷阱”一个多年挚友，在合资办厂中发生股东摩擦，辗转上升到法律纠纷而身陷囹圄，吉凶未卜。
扼腕嘘唏之余，不禁深思原因；由于专业便利，我曾经围观涉事企业账务：惊异于已规模化的公司竟然是“代账”会计（此处诚心不是觊觎记账老师们的奶酪）、账册凭证可轻易离开企业----漠视财务，犯了市场化企业的大忌。
漠视，除了不重视、缺乏必要投入之外，更多表现为“不敬畏”，转而以财务为基础或工具谋得不恰当的组织利益或个人好处。
殊不知此起彼伏的财务造假爆出、四十年“明星”企业家们商海沉浮、“自娱自乐”式的避税操作、见光死的利益转移输送、脆弱的流动性管理、外强中干的成本控制，凡触及者皆或直接或间接都曲解忽视了市场化企业中财务工作的核心关键。
现代公司制企业中，完整的财务职能提炼为三点：会计核算平台、价值管理、战略管控；这也是财务负责人的职责主线。
典型的会计平台涵盖会计团队定岗定责、计量簿记及信息化等基础工作、流程标准和制度建设、会计循环及会计报告、内控稽核和审计事务。
价值管理则是建立在会计报告基础上的公司理财活动。
正所谓“一千个人眼中有一千个哈姆雷特”，同属舶来概念的公司理财（Corporate Financing）彰显企业管理团队的相机把控和经营应变力，是管理人员基于会计数据对财务状况的揭示，利用专业思维和专业工具对经营中的资金筹集、资产配置、价值周转、增收节支、盈余分配等环节进行预判、建议和干预。
战略管控，与价值管理没有严格的边界，一笔融资、一次并购、项目上马、产线关停，皆是基于战略目标的价值管理活动。
网传华为公司要求优秀的项目CFO在CEO受“伤”时,可以立即替代指挥；他们应该在全业务、全方位、全时段都是明白人。
大体如此。
反之，漠视财务工作、财务职能缺位等现象，在不同的企业有不同的表现和后果。
对于初创期的企业，往往是股权结构散漫、现金管理混乱、收支盈亏无序、资金效率低靡，不啻于盲人瞎马夜临深渊；规模化的企业则可能是在“糊涂帐”的底子上放量运转，机会成本高企、滥用债务杠杆、善于“激情”决策，年末回头看“赢了人场、亏了钱场”；至于股权融资、兼并收购、全员持股、IPO上市、市值管理等操作，若失去了财务信号的有效支撑，则可能成为企业战略失败的拐点，还在“不经意”间积累了公款私用、债务激增、涉税涉诉、非法经营等隐患，把中国企业和企业家推向了“高危”群体。
财务管理专业需要具备的能力要求
财务管理专业需要具备的能力要求财务管理专业任职研修班学生在学成以后，应拥有以下两大方面八种能力：一、专业基本能力要求1、财务会计核算能力：掌握凭据填制、登记账簿、编制报表等基本技术；2、财务管理基本能力：熟习公司管理的一般流程和财务管理的基本理论，掌握财务管理的原理与基本方法；3、经营管理基本能力：熟习统计剖析基本理论，掌握管理学、组织行为学、市场营销学、成本管理学的原理与基本方法。
二、专业中心能力要求1、会计实务办理能力：掌握会计信息的生成过程、会计电算化软件操作，能对企事业单位、不一样行业会计实务进行办理；2、证券投资剖析能力：熟习经济运转的宏微观环境，掌握投资的基本理论，掌握证券投资的理论和应用技巧；3、项目评估剖析能力：熟习并掌握公司财产评估、项目评估和审计理论和方法的应用；4、公司理财能力：熟习并掌握公司内部控制和公司治理、公司战略与风险管理的基本理论；5、金融管理能力：熟习并掌握金融市场的运作及对金融产品分析等能力；提升金融公司的财务剖析能力。
跟着中国经济的高速发展和经管类专业最近几年更加的火爆的趋向，市场定需要大量的财务管理人材。
财务管理专业人材的需求，主要集中在以下六个方面：1.进公司做会计或财务2.进会计师事务所做审计3.进银行业4.进特意的金融，钱币，经济，调研机构5.自己建立会计师事务所6.进大学任教财务管理是一个公司的命脉，财务管理专业的学习与就业不单需要进行剖析和解决财务、金融问题的基本能力，因为财务管理工作的性质，还要求从业人员拥有较高的政治理论修养和社会责任感，做到专业技术和社会责任双优异，才能最后成为对社会有利和自己发展有益的人。