6 Financing the Social Security Program
改革开放类英语词汇
汉英口译分类词汇（03）--改革开放词汇保险业The insurance industry保证重点支出Ensure funding for priority areas被兼并或挤掉annexed or forced out of business补发拖欠的养老金 Clear up pension payments in arrears不良贷款 Non—performing loan层层转包和违法分保 Multi-level contracting and illegal subcontracting产值output value城乡信用社Credit Cooperative in both urban and rural areas城镇居民最低生活保障 A minimum standard of living for city residents城镇职工医疗保险制度 The system of medical insurance for urban workers抽样调查data from the sample survey出口信贷Export credit初步建立社会主义计划商品经济新体制。
to establish at a preliminary level a new system of socialist planned commodity economy.贷款质量Loan quality贷款质量五级分类办法 The five-category assets classification for bank loans第二产业secondary industry第三产业tertiary industry第一产业primary industry独资企业wholly foreign owned/funded enterprise发电量electric energy production发挥市场的调节作用to give play to the regulatory role of the market发展过快excessive growth防范和化解金融风险 Take precautions against and reduce financial risks防洪工程 Flood-prevention project非法外汇交易Illegal foreign exchange transaction非公有成分non-public sectors非贸易收汇 Foreign exchange earnings through non trade channels非银行金融机构 Non-bank financial institutions费改税Transform administrative fees into taxes分配形式forms of distribution风险资金risk funds副业sideline production改革是"社会主义制度的自我完善和自我发展"。
社会保障专业英语词汇
职业年金/企业年金Annuity Pension / Supplementary Pension / Private Pension
医疗保险Medical Care / Public Health
公费医疗Free Medical Service
大病统筹Social Pooling for Serious Disease
缴费Contribution
社会保险待遇Social Insurance Benefits
社会保险待遇享受资格Qualification of Social Insurance
养老保险Old—Age Insurance
老年保障Old-Age Security
社会统筹Social Pooling
个人账户Individual Account
城乡一体化City and countryside integration
城镇登记失业率urban registered unemployment rate
城镇登记失业人员registered unemployed urbanites
城镇失业率urban unemployment rate
城镇失业人员unemployed persons in urban areas
员工employee
雇主协会manager union
斡旋者councilor
调解者mediator
仲裁者arbitrator
合作cooperation
冲突conflict
力量power
权利right
罢工stike
沟通communication
共同协商negotiation
外购outsourcing
财务管理基础英文版选择题
第一章1 CORRECTWhich of the following are microeconomic variables that help define and explain the discipline of finance? DA) risk and returnB) capital structureC) inflationD) all of the aboveFeedback: All of the above are relevant in explaining finance.2 CORRECTOne primary macroeconomic variable that helps define and explain the discipline of finance? CA) capital structureB) inflationC) technologyD) riskFeedback: Technology is very important in explaining the field of finance.3 CORRECTThe money markets deal with _________. BA) securities with a life of more than one yearB) short-term securitiesC) securities such as common stockD) none of the aboveFeedback: The money markets are concerned with short-term securities, those with a life less than one year.4 CORRECTThe ability of a firm to convert an asset to cash is called ___A_________.A) liquidityB) solvencyC) returnD) marketabilityFeedback: Liquidity also means how close an asset is to cash.5 CORRECTEarly in the history of finance, an important issue was: AA) liquidityB) technologyC) capital structureD) financing optionsFeedback: Maintaining liquidity was a major concern historically.6 INCORRECTThe __________C_________ is the most common form of business organization in the U.S.A) corporationB) partnershipC) sole proprietorshipD) none of the aboveFeedback: There are more sole proprietorships than any other form of business organization.7 CORRECTThe _________C___________ has more sales in dollars than any other form of business organization.A) sole proprietorshipB) partnershipC) corporationD) none of the aboveFeedback: The corporation is the most important in terms of dollars.8 CORRECTOne major disadvantage of the sole proprietorship is _____B___________.A) simplicity of decision-makingB) unlimited liabilityC) low operational costsD) none of the aboveFeedback: The owners of a sole proprietorship are personally liable.9 CORRECTThe appropriate firm goal in a capitalist society is ______B__________.A) profit maximizationB) shareholder wealth maximizationC) social responsibilityD) none of the aboveFeedback: The goal is to maximize the wealth of shareholders.10 CORRECTThe agency problem will occur in a business firm if the goals of ______C______ and shareholders do not agree.A) investorsB) the publicC) managementD) none of the above第二章Feedback: The goals of management may be different from those of shareholders.The accounting statements that a firm is required to file include all but one of these. BA) Balance SheetB) Statement of Accounts ReceivableC) Income StatementD) Statement of Cash FlowsFeedback: The required statements include the income statement, balance sheet and statement of changes in cash flows. The statement of changes in owners equity (or retained earnings) is also required by Generally Accepted Accounting Principles but is not covered in this text.2 CORRECTThe _______A________ shows the firm's operating results over a period of time.A) Income StatementB) Statement of Cash FlowsC) Balance SheetD) None of the aboveFeedback: The Income Statement represents a moving picture of a firm's revenues and expenses.3 CORRECTAll of the following except one are tax-deductible expenses. CA) interest expenseB) depreciationC) common stock dividendsD) income taxesFeedback: Common stock dividends are not tax deductible to a firm.4 CORRECTAll of the following are non-operating expenses except ______B_______.A) interest expenseB) cost of goods soldC) preferred stock dividendsD) taxesFeedback: The cost of goods sold is an operating expense.5 CORRECTBondholders receive _____C________ from the business firm.A) preferred dividend paymentsB) common stock paymentsC) interest paymentsD) royaltiesFeedback: Bondholders are typically paid interest semi-annually.6 CORRECTThe ratio of net income to common shares outstanding is called _____B_________.A) price/earnings ratioB) earnings per shareC) dividends per shareD) none of the aboveFeedback: This is called the earnings per share (EPS).7 CORRECTUsually, firms with high price/earnings ratios are _____A_______ firms.A) growthB) decliningC) matureD) none of the aboveFeedback: A high p/e ratio indicates a firm with strong growth prospects8 CORRECTOne of the limitations of the _____C_______ is that it is based on historical costs.A) income statementB) statement of cash flowsC) balance sheetD) none of the aboveFeedback: The balance sheet uses historical costs.9 INCORRECTA source of funds is a: DA) decrease in a current assetB) decrease in a current liabilityC) increase in a current liabilityD) a and c aboveFeedback: A decrease in current assets is equivalent to an increase in current liabilities.10 INCORRECTShort-term financing for a business firm includes: BA) bondsB) accounts payableC) stockholder's equityD) mortgagesFeedback: The other three answers represent long-term financing.第三章Trend analysis allows a firm to compare its performance to: DA) other firms in the industryB) other time periods within the firmC) other industriesD) all of the aboveFeedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare afirm’s performan ce against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company--both in and outside of their industry.2Ratio analysis allows a firm to compare its performance to: DA) other firms in the industryB) other time periods within the firmC) other industriesD) all of the aboveFeedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare a firm’s performance against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company--both in and outside of their industry.3Usually, a firm's suppliers are most interested in its ___D_____ ratios.A) profitabilityB) debtC) asset utilizationD) liquidityFeedback: The suppliers are most interested in getting paid, as shown by the liquidity of the firm.4 CORRECT__________D_____ would be most interested in a firm's debt utilization ratios.A) bondholdersB) stockholdersC) short-term creditorsD) Both A and BFeedback: Debt is indicated by a firm issuing bonds but is also a function of the debt to equity relationship or the degree of financial leverage. Both bond holders and stockholders are interested in this relationship although frof opposing viewpoints.5 CORRECTThe _______C______ ratio indicates the return firm shareholders are earning.A) return on assetsB) return on investmentC) return on equityD) net profit marginFeedback: The shareholders represent equity, or ownership in the firm.6 CORRECTWhich of the following is an example of a profitability ratio? CA) Quick ratioB) Average collection periodC) Return on equityD) Times interest earnedFeedback: This is the only profitability ratio that is listed. All profitability ratios have net income in the denominator.7Total asset turnover will indicate if there is a problem with the ___C______ ratio.A) debt to assetsB) times interest earnedC) fixed asset turnoverD) currentFeedback: Fixed asset turnover is part of total asset turnover.8 CORRECTAll of the following are asset utilization ratios except: DA) average collection periodB) inventory turnoverC) receivables turnoverD) return on assetsFeedback: Return on assets is a profitability ratio. Any ratio with net income in the denominator is a profitability ratio.9 CORRECTIf a firm's debt ratio is 55%, this means ____C__ of the firm's assets are financed by equity financing.A) 55%B) 50%C) 45%D) not enough information to answer questionFeedback: The equity portion plus the debt portion must add up to 100%.10 CORRECTAll of the following can present problems for ratio analysis except: DA) inflationB) inventory accounting methodsC) disinflationD) all of the aboveFeedback: These all may cause problems.第四章Planning for future growth is called: CA) capital budgetingB) working capital managementC) financial forecastingD) none of the aboveFeedback: This involves looking ahead to the future.2 INCORRECTWhich one of the following is NOT a tool of financial forecasting? BA) cash budgetB) capital budgetC) pro forma balance sheetD) pro forma income statementFeedback: The other three are all tools used by an analyst.3 CORRECTThe first step in developing a pro forma income statement is to: AA) build a sales forecastB) determine the production scheduleC) determine cost of goods soldD) none of the aboveFeedback: A sales forecast begins the process.4 INCORRECTPro forma statements are _B______ statements.A) actualB) projectedC) a previous year'sD) none of the aboveFeedback: Pro forma statements are based on estimates or projections.5 INCORRECTAll of the following compose cost of goods sold except ______D__________.A) raw materialB) laborC) overheadD) all of the above are part of cost of goods soldFeedback: The cost of good sold involves all three of these items.6 INCORRECTFinancial managers use the ______B_______ to plan for monthly financing needs.A) capital budgetB) cash budgetC) pro forma income statementD) none of the aboveFeedback: The cash budget allows for planning cash needs.7 INCORRECTThe payments that a firm collects from its customers are called _______C________.A) cash disbursementsB) cash outflowsC) cash receiptsD) none of the aboveFeedback: Cash receipts represent cash coming into the firm.8 INCORRECTExamples of cash disbursements are all but _________B________.A) payment for materials purchasedB) collection of accounts receivableC) payment of dividendsD) payment of taxesFeedback: The collection of accounts receivable is an example of a cash receipt, not a cash disbursement.9 CORRECTIn developing the pro forma balance sheet, we get common stock from __________A_______.A) the firm's previous balance sheetB) the firm's cash budgetC) the firm's income statementD) none of the aboveFeedback: Common stock appears on the balance sheet.10 INCORRECTThe percent of sales method of financial forecasting shows us the relationship between________D___ and financing needs.A) changes in the level of liabilitiesB) changes in the level of assetsC) changes in debtD) changes in the level of salesFeedback: It compares the relationship between balance sheet items and sales.第五章An example of a semi-variable cost is: DA) rentB) raw materialC) depreciationD) utilitiesFeedback: The other three represent fixed or variable costs.2 CORRECT_________A____ is the point at which firm profit is equal to zero.A) breakevenB) operating breakevenC) financial leverageD) combined breakevenFeedback: This is the point where the firm's revenues equal its expenses.3 INCORRECTIn breakeven analysis, if fixed costs rise, then the breakeven point will _____B_____.A) fallB) riseC) stay the sameD) none of the aboveFeedback: This implies that a larger quantity will have to be sold in order to break even.4 INCORRECTIn the breakeven formula, Price - Variable Cost is called the___C__________.A) breakeven pointB) leverageC) contribution marginD) none of the aboveFeedback: This implies that a larger quantity will have to be sold in order to cover the additional fixed costs and still break even.5 INCORRECTWhich of the following types of firms may operate with high operating leverage? BA) a doctor's officeB) an auto manufacturing facilityC) a mental health clinicD) none of the above would have high operating leverageFeedback: This implies a high break-even point and high operating expenses.6 INCORRECTThe __________C__________ is the percentage change in operating income that results from a percentage change in sales.A) degree of financial leverageB) breakeven pointC) degree of operating leverageD) degree of combined leverageFeedback: This is called the degree of operating leverage (DOL).7 CORRECTIf interest expenses for a firm rise, we know that firm has taken on more ______A________.A) financial leverageB) operating leverageC) fixed assetsD) none of the aboveFeedback: Financial leverage refers to interest expense on debt.8 INCORRECTThe ________B________ is the percentage change in earnings per share that results from a percentage change in operating income.A) degree of combined leverageB) degree of financial leverageC) breakeven pointD) degree of operating leverageFeedback: This is known as the degree of financial leverage (DFL).9 INCORRECTCombined leverage is the percentage change in relationship between sales and ______C______.A) operating incomeB) operating leverageC) earnings per shareD) breakeven pointFeedback: This combines operating leverage and financial leverage.10 INCORRECTA highly leveraged firm is ____B______ risky than its peers.A) lessB) moreC) the sameD) none of the aboveFeedback: Leverage is equivalent to risk, because it implies a higher level of fixed costs.第六章Working capital management involves the financing and management of the __C_____ assets of the firm.A) fixedB) totalC) currentD) none of the aboveFeedback: Working capital management deals with the financing and management of currentassets.2 INCORRECTAn asset sold at the end of a specified time period is called a ______B_______ asset.A) temporary currentB) self-liquidatingC) currentD) permanent currentFeedback: A self-liquidating asset is one that will be sold after a certain amount of time.3 CORRECTFixed assets are usually financed with _______A______ funds.A) long-termB) short-termC) permanentD) none of the aboveFeedback: Fixed assets are by definition long-term assets.4 INCORRECT_________B_____ is usually used to finance self-liquidating assets.A) Long-term financingB) Short-term financingC) Permanent financingD) none of the aboveFeedback: These are short-term or temporary assets.5 INCORRECTShort-term interest rates, in a normal economy, are generally ____C____ than long-term rates.A) higherB) the sameC) lowerD) none of the aboveFeedback: Long-term interest rates are normally higher than short-term interest rates to compensate for uncertainty or risk.6 INCORRECTThe expectations hypothesis says that _____B____ interest rates are a function of _______ interest rates.A) short-term; long-termB) long-term; short-termC) short-term; short-termD) none of the aboveFeedback: This theory says that long-term interest rates reflect the average of short-term expected rates.7 INCORRECTInsurance companies would tend to invest in ______C____ securities.A) short-termB) intermediate termC) long-termD) not enough information to answerFeedback: An insurance company would prefer long-term securities because they are more conservative or safer.8 INCORRECTThe _________D_____ theory says that investors must be paid a premium to hold long-term securities.A) expectations hypothesisB) time value theoryC) segmentationD) liquidity premiumFeedback: This is the liquidity premium.9 INCORRECTShort-term financing plans with high liquidity have: BA) high return and high riskB) moderate return and moderate riskC) low profit and low riskD) none of the aboveFeedback: This is known as a "middle-of-the-road" approach.10 INCORRECTLong-term financing plans with low liquidity have: BA) high return and high riskB) moderate return and moderate riskC) low return and low riskD) none of the aboveFeedback: This is also known as a "middle-of-the-road" approach.第七章The transaction motive for holding cash is for BA) a safety cushionB) daily operating requirementsC) compensating balance requirementsD) none of the aboveFeedback: This is money for everyday transactions.2 CORRECTWhich of the following motives for holding cash is required by the bank before loaning money? AA) compensating balance motiveB) transactions motiveC) precautionary motiveD) none of the aboveFeedback: This can be considered a form of collateral.3 INCORRECTThe difference between the cash balance on the firm's books and the balance shown on the bank's books is called: BA) the compensating balanceB) floatC) a safety cushionD) none of the aboveFeedback: Float implies that it takes time for checks to clear.4 CORRECTElectronic funds transfer has _____A_____ the use of float.A) reducedB) increasedC) had no effect onD) none of the aboveFeedback: Electronic funds transfer (EFT) has moved cash more quickly and reduced float.5 INCORRECTThe most utilized marketable security by most firms is the: DA) Treasury bondB) Agency securityC) Certificate of DepositD) Treasury billFeedback: Treasury bills (T-Bills) are very safe, popular investments.6 INCORRECTOf the following marketable securities, which are guaranteed by the Federal government? DA) agency securitiesB) negotiable certificates of depositC) banker's acceptancesD) none of the aboveFeedback: None of these are backed by the government.7 INCORRECTThe 5 C's of credit include: DA) conditionsB) collateralC) characterD) all of the aboveFeedback: The other two C's of credit are capacity and capital.8 INCORRECT BThe use of safety stock by a firm will:A) reduce inventory costsB) increase inventory costsC) have no effect on inventory costsD) none of the aboveFeedback: Safety stock is extra inventory a firm keeps in case of unforseen circumstances.9 INCORRECTAll of these factors are used in credit policy administration except: CA) credit standardsB) terms of tradeC) dollar amount of receivablesD) collection policyFeedback: The other three choices are the primary policy variables to consider.10 CORRECTFirms aim to hold ___A___ cash balances since cash is a non-interest earning asset.A) lowB) averageC) highD) none of the aboveFeedback: A firm does not want to keep too much cash on hand because it will lose interest (by not keeping the money in a bank).第八章The largest provider of short-term credit for a business is: BA) banking organizationsB) suppliers to the firmC) commercial paperD) EurodollarsFeedback: This is also known as trade credit.2 INCORRECTThe number of days until the firm is past due to a supplier is called the: CA) discount periodB) term to creditC) payment periodD) none of the aboveFeedback: The payment period is the number of days a firm has to pay its bill.3 INCORRECTIf a firm is given trade credit terms of 2/10, net 30, then the cost of the firm failing to take the discount is: CA) 2%B) 30%C) 36.72%D) 10%Feedback: This is calculated using formula 8-1 in this chapter.4 CORRECTThe interest rate given by a bank to its most creditworthy customers is the: AA) prime rateB) LIBOR rateC) federal funds rateD) discount rateFeedback: This is the "best" interest rate charged to people with excellent credit.5 INCORRECTWhich of the following types of bank loans generally have the highest effective rate of interest? DA) simple interest loanB) discount interest loanC) loan with a compensating balanceD) installment loanFeedback: Installment loans tend to be the most expensive.6 INCORRECTIf a firm needs to borrow $100,000, at 8% interest, to finance working capital needs and a 20% compensating is required, then the firm should borrow ____C______.A) $100,000B) $80,000C) $125,000D) $108,000Feedback: The formula to calculate this is: amount needed/(1-c), where c = the compensating balance percentage.7 CORRECTIf a bank offers a firm a simple interest loan of $1000 for 120 days at a cost of $60 interest, what is the effective rate of interest on the loan? AA) 18.00%B) 6.00%C) 20.00%D) none of the aboveFeedback: This is calculated by using formula 8-2 in this chapter.8 INCORRECTIf a company raises money to finance short-term needs by selling its accounts receivable to another party, this is called ___________. CA) pledgingB) warehousingC) factoringD) none of the aboveFeedback: Factoring means selling the accounts receivable outright.9 INCORRECTThe most restrictive policy for using inventory as collateral for short-term borrowing is called: BA) blanket inventory lienB) warehousing inventoryC) trust receiptD) factoringFeedback: This is a complex method of inventory financing wherein the lender takes control of the inventory.10 CORRECTA type of accounts receivable financing where a firm uses its receivables as collateral is called: AA) pledgingB) securitizationC) factoringD) warehousingFeedback: Pledging means using accounts receivable as collateral.第九章Both the future and present value of a sum of money are based on: CA) interest rateB) number of time periodsC) both a and bD) none of the aboveFeedback: These two factors are used in time value of money calculations.2 INCORRECTAn annuity is ___________________. CA) more than one paymentB) a series of unequal but consecutive paymentsC) a series of equal and consecutive paymentsD) a series of equal and non-consecutive paymentsFeedback: An annuity is a stream of equal payments to be received in the future.3 CORRECTIf you have $1000 and you plan to save it for 4 years with an interest rate of 10%, what is the future value of your savings? AA) $1464.00B) $1000.00C) $1331.00D) cannot be determinedFeedback: This is calculated by using formua 9-1 in this chapter.4 INCORRECTTime value of money is an important finance concept because: DA) it takes risk into accountB) it takes time into accountC) it takes compound interest into accountD) all of the aboveFeedback: Time value of money incorporates all of these concepts.5 INCORRECTThe present value of a dollar to be received in the future is: CA) more than a dollarB) equal to a dollarC) less than a dollarD) none of the aboveFeedback: The reason is because you can earn interest on the money.6 CORRECTThe future value of a dollar that you invest today is: AA) more than a dollarB) equal to a dollarC) less than a dollarD) none of the aboveFeedback: Again, the reason is because the money can earn interest.7 INCORRECTThe future value of an annuity is: CA) less than each annuity paymentB) equal to each annuity paymentC) more than each annuity paymentD) none of the aboveFeedback: The reason has to do with compound interest (or interest earning more interest).8 INCORRECTThe concepts of present value and future value are:DA) directly related to each otherB) not related to each otherC) proportionately related to each otherD) inversely related to each otherFeedback: They are essentially opposite sides of a coin.9 INCORRECTIf you win the lottery and you choose to have your proceeds distributed to you over atwenty-year time period, with the first payment coming to you one year from today, which calculation would you use to calculate the worth of those proceeds to you today? DA) future value of a lump sumB) future value of an annuityC) present value of a lump sumD) present value of an annuityFeedback: This is shown by formula 9-4 in this chapter. But this is not a typical situation. Most lotteries (let’s say $1 Million over 20 years), will pay you the first payment today and $50,000 each year for the next 19 years. This is actually an “annuity due” which is not covered in this text. Y ou’d have to calculate the present value of the annuity for 19 years and add the initial $50,000 you received today.10 CORRECTYou have $1000 you want to save. If four different banks offer four different compounding methods for interest, which method should you choose to maximize your $1000? AA) compounded dailyB) compounded quarterlyC) compounded semi-annuallyD) compounded annuallyFeedback: The more often interest is compounded the faster it will grow because you will begin to earn interest on the interest sooner.第十章In valuing a financial asset, you use these variables: DA) present value of future cash flowsB) discount rateC) required rate of returnD) all of the aboveFeedback: All of these are needed in order to value an asset.2 CORRECTThe principal amount of a bond at issue is called: AA) par valueB) coupon valueC) present value of an annuityD) present value of a lump sumFeedback: This is also known as the face value or stated value.3 INCORRECT BIf a bond's value rises above its par value during its life, interest rates have:A) gone upB) gone downC) stayed the sameD) there is no correlation with interest ratesFeedback: There is an inverse relationship between bond prices and interest rates (or yields).4 INCORRECTThe basic "rent" that you are charged when you borrow money is called: CA) inflation premiumB) risk premiumC) real rate of returnD) none of the aboveFeedback: This is known as the opportunity cost in economics.5 INCORRECTAs time to maturity draws near, a bond's value approaches: BA) zeroB) parC) the coupon paymentD) none of the aboveFeedback: The bond price gets closer to its face value the closer it is to maturity (see figure 10-2 in this chapter).6 INCORRECTOne characteristic of preferred stock is that:DA) it has no maturity dateB) it is a hybrid security with characteristics of both common stock and debtC) it pays a fixed dividend paymentD) all of the aboveFeedback: Preferred stock is described by all of the above characteristics.7 CORRECTCommon stock that has no growth in dividends is valued as if it were: AA) preferred stockB) a bondC) an optionD) none of the aboveFeedback: It is treated the same as preferred stock.8 INCORRECT。
社会保障英语词汇总结
劳动关系labor relations1.Trustees 受托人2.bodies corporate 法人团体3.unincorporated associations 非公司社团4.Third party 第三方5.private sector pension membership 私营行业养老金会员6.Collective scheme集体计划7.consequential amendments 相应修正案8.Conciliation 调解9.union 工会10.redeployment 调动工作11.Collective scheme集体计划12.Negotiation 协商，谈判13.dispute 辩论，争论14.the shape of labor relations 劳动关系的类型15.conflict 冲突16.contract 合同17.The All-China Federation of Trade Unions (ACFTU) 中国工商联盟18.union organization 工会组织19.non-governmental organizations (NGO)非政府组织20.workers’ strikes 工人罢工21.collective contract system 集体合同22.work stoppage停工bor Dispute Mediation Body劳动争议调解机构bor Dispute Arbitration Committee劳动争议仲裁委员会25.discrimination in employment 就业中的歧视26.fair employment practices 公平的就业实践27.employment-at-will 随意雇佣28.triangle-relationship 三方关系29.temporary employees临时工30.temporary employment临时雇佣31.permanent employment终身雇佣32.JUVENILE WORKERS 童工33.arbitrator 仲裁者劳动经济1.gross earning 总收入2.inflation通货膨胀3.EU/EEA-country 欧盟/欧洲经济区国家4.Pension 津贴，退休金，抚恤金5.Flat rate 统一费用6.National Insurance contributions全国保险税7.residual earnings 剩余收入8.Equalisation均衡9.Surplus 过剩，盈余，剩余，顺差，剩余的，过剩的10.Effective 有效的11.Economic boom 经济增长12.issue of interest 利益问题13.economic development 经济发展14.planned economy 计划经济15.market economy 市场经济16.overall economic development 全面经济发展17.open door policy 对外开放18.regional development and pilot project 区域发展和引导发展19.special economic zones 经济特区20.tax reduction, law exemption and special treatment减税，立法减税和特别对待21.prevent overheating 阻止过热22.World Trade Organization 国际贸易组织23.overall surplus 总体过剩24.Human Resource 人力资源bor market flexibility灵活劳动力市场26.elasticity of labor demand劳动力的弹性需求27.microeconomic analysis微观经济分析28.Elasticity n 弹性pensation deals:补偿处理|补偿贸易|补偿处理酬金/奖励30.feedback compensation:反馈补偿|反馈校正ernment intervention 政府干预32.residual 剩余的33.Public Management公共管理34.Work Experience工作经历35.Poverty贫困各种基金，规定，计划1.Supplementary provision 补充规定；追加拨款，增补拨款；追加备付款项2.forfeiture罚金3.statutory：法律的、法令的4.Prescribe 规定5.Nullity 无效6.Working Families Tax Credit 工作家庭税收抵免7.Disabled Persons Tax Credit 残疾人税收抵免8.earnings-related basic pension scheme与收入相关的基本退休金制度养老1.Pension scheme 退休金计划2.Occupational pension schemes 职业养老金计划3.Personal pension schemes 个人养老金计划4.Premium Pension Authority(PPM) 基金养老金管理局5.Pension Credit 养老金信用6.Workplace Personal Pensions工作场所的个人退休金7.Pensions Bill 养老金法案8.State Pension Age 法定领取养老金年龄9. A long-term pensions settlement 长期的养老金发放结算10.The national association of pension funds 养老基金的国家协会11.National pensions debate 国家养老金的争议12.Pensions commission 养老金发放委员会13.Social security and pensions 社会保障和养老金14.State earnings-related pension 国家和收入有关的养老金15.State pension system国家养老金制度16.Pension Funds养老保险基金失业1.the Swedish Unemployment Insurance Board(IAF) 瑞典失业保险委员会（IAF）2.unemployment insurance fund 失业保险基金3.part-time employment 非全日制就业4.self-employment 自主经营就业5.Swedish Federation of Unemployment Insurance Funds(SO) 瑞典联邦失业保险基金联合会（SO）6.the Unemployment Insurance Act 失业保险法7.the Unemployment Insurance Funds Act 失业保险基金法8.the Swedish Unemployment Insurance Board(IAF) 瑞典失业保险委员会（IAF）9.Enterprise grant 创业补贴10.redundancy pay 遣散费11.damages covering financial loss 经济损失赔偿金12.unemployment assistance 失业救助13.college Students大学生失业14.Structural unemployment结构性失业15.Cyclical unemployment周期性失业16.Disguised Unemployment隐蔽性失业17.Frictional unemployment摩擦性失业18.Seasonal unemployment季节性失业19.unemployment compensation失业补偿金20.Unemployment insurance fund失业保险基金医疗1.statutory sick pay 法定病假工资2.statutory maternity pay 法定产假工资3.birth of a child 产假4.child bearing 生育5.medical services at state expense公费医疗6.social pooling for serious disease 大病统筹7.civil medical treatment 全民医疗8.free medical service 免费医疗9.cooperative medical service in rural areas农村合作医疗10.Medical insurance Funds医疗保险基金11.Maternity Insurance Fund生育保险基金工伤1.Occupational Safety and Health Administration 职业安全与健康管理局2.Occupational Safety and Health Act职业安全与健康条例3.occupational diseases职业病4.working conditions工作条件（劳动条件）5.working environment工作环境（劳动环境）6.workplace工作场所（劳动场所）7.Injury Insurance Fund工伤保险基金社会保障其他名词1.social security 社会保障2.urban social security 城镇社会保障3.Social Security Administration社会保障局pensation and Benefits薪酬与福利5.Personal Accounts 个人账户6.Social Assistance社会救助7.Social Insurance社会保险8.Pension Insurance养老保险9.Medical Care; Medical Insurance; Health Care Insurance医疗保险10.Hospitalization Medical Insurance住院医疗保险11.Occupational Injury Insurance; employment injury insurance工伤保险12.Unemployment Insurance失业保险13.Maternity Insurance ; Birth insurance生育保险14.Social Welfare社会福利15.Old-Age Welfare老年人福利16.Disabled Welfare残疾人福利17.Women and children’s Welfare妇女儿童福利18.Other Welfare9.其他福利19.Housing Provident Funds住房公积金：20.Housing Mortgage Loan住房抵押贷款：21.Social Entitle社会优抚22.Soldier Security军人保障23.Additional Security补充保障24.Charity Work ；Philanthropy慈善事业munity Service社区服务26.Annuity Pension企业年金27.Accumulation of enterprise annuity积累制企业年金28.Admission is pay-Enterprise Annuity现收现付制企业年金mercial Insurance商业保险30.The main mode of social security社会保障的主要模式31.The welfare state model福利国家模式pulsory savings-type model强制储蓄型模式33.National Insurance-mode国家保险型模式34.Social Security Fund社会保障基金35.Sources of Social Security Fund社保基金的来源渠道36.State funding国家财政拨款37.Employers and individual contribution雇主和个人缴费munity funding社会筹资39.The social security fund-raising mode社会保障基金的筹集模式40.Pay-as-you-go现收现付式pletely accumulation type完全积累式42.Some accumulation部分积累式43.The social security fund financing mode社会保障基金的筹资模式44.Tax form征税方式45.Levy way征费方式pulsory savings system强制储蓄制47.Free Financing自由筹资48.Welfare Lottery Issue发行福利彩票munity donations社会募捐50.Social Insurance Fund社会保险基金51.Public funds公共基金52.Institutions Fund机构基金53.Personal Fund个人基金54.Care Insurance Fund护理保险基金55.Social insurance fund sources社会保险基金来源56.Tripartite burden三方负担57.Both burden双方负担58.Unilateral burden单方负担59.neoclassicism 新古典主义60.ageing society 老龄化社会劳动统计和相关部门1.actuarial保险精算的；保险统计的2.Apportionment 分配3.Defer 延期4.Amend 补偿，修改5.Levy 征收6.Demography 人口统计学7.Risk-sharing 风险分担8.real wage 实际工资9.urban income 城镇收入10.rural income 农村收入11.disparity of income 收入不等12.unequal distribution of incomes 收入分配不等13.a low average income 低平均收入14.rural population 农村人口15.Provincial Government 省级政府16.District Government 区政府17.Township Government 镇政府18.wage-hour 计时工资19.Wage and Hours Cases 工资及时间例20.Fair Employment Practice Cases 公平就业实践例21.general disrespect of minimum labor standards 一般不敬的最低劳工标准22.Implementation of labor standards and union rights 劳工标准和工会权利的执行情况23.The relevance of labor and union rights for investments in China 在中国投资的劳工和工会权利的相关性24.occupational safety and health standards 职业安全与保健标准25.Bureau of Labor Statistics劳工统计局26.population growth人口增长27.urban labor force城市劳动力28.rural labor force农村劳动力bor costs劳动力成本30.demographic group人口统计学小组31.productivity growth生产力增长32.Age Structure年龄结构33.Migrant workers:流动工人|农民工|外出打工人员34.Up rate 上升比率35.Marginal tax rate 边际税率36.re-employed n.再就业37.unemployment rate n.失业率38.subpopulation n.分组人口39.hourly wage rate 计时工资率40.demographic adj.人口统计学的41.nonagricultural wage非农工资42.average hourly wage平均小时工资43.The corresponding figure 相似数据44.Subsidy补贴45.Deflation通货紧缩相关法案1.the Unemployment Insurance Act 失业保险法2.the Unemployment Insurance Funds Act 失业保险基金法3.International Covenant of Economic 世界经济公约4.Employment & Labor Law 劳动和就业法5.federal statutory law and administrative law 法定的联邦法律和行政的法律6.worker’s compensation law 劳工补偿法7.BNA's Labor Relations Reporter or CCH's Labor Law Reporter BNA 的劳动关系报告或卫生的劳动法报告bor Relations Reporter 劳动关系报告9.Trade Union Law 工会法10.the Chinese legislation concerning occupational safety and health 有关职业安全及健康的中国立法11.Employment Law就业法12.Employment Discrimination Law and Practice 就业歧视的法律与实践13.Basic insurance 基本保险bor Law 劳动法15.Trade Union Law 工会法16.Employment & Labor Law 劳动和就业法17.worker’s compensation law 劳工补偿法18.The Black Lung Benefits Act 尘肺福利法19.Pensions Act 2008 2008年退休金法 money purchase schemes 英国货币购买计划21.non-UK occupational pension schemes 非英国职业养老金计划22.Social Security Pensions Act 1975 1975年社会保险基金法案23.Polish Resettlement Act 1947 1947年移民定居条例改进法案24.Old Age Contributory Pensions Acts 1936 to 194125.Social Security Contributions and Benefits Act 199226.National Insurance Act 196527.State Pension Credit Act 200228.Pension Schemes Act 199329.Welfare Reform and Pensions Act 199930.Employment Relations Act 200431.Pensions Act 200432.Pensions Act 200733.Social Security Contributions and Benefits Act 199234.Pensions Schemes Act 199335.Welfare Reform and Pensions Act 199936.Proceeds of Crime Act 200237.Pensions Act 200738.。
商务英语词汇大全
商务英语词汇大全一、基本商务术语1. 商务活动（Business Activity）2. 市场营销（Marketing）3. 销售额（Sales Revenue）4. 成本（Cost）5. 利润（Profit）6. 投资回报率（Return on Investment, ROI）7.SWOT分析（Strengths, Weaknesses, Opportunities, Threats）8. 目标市场（Target Market）9. 市场细分（Market Segmentation）10. 定位（Positioning）二、商务谈判术语1. 谈判（Negotiation）2. 合同（Contract）3. 报价（Quotation）4. 还价（Counteroffer）5. 成交（Close the Deal）6. 付款方式（Payment Terms）7. 交货期（Delivery Time）8. 质量保证（Quality Assurance）9. 售后服务（Aftersales Service）10. 合作伙伴（Business Partner）三、商务函电术语1. 询盘（Inquiry）2. 报盘（Offer）3. 订单（Order）4. 发票（Invoice）5. 装箱单（Packing List）6. 信用证（Letter of Credit, L/C）7. 汇票（Bill of Exchange）8. 托运单（Shipping Order）9. 提单（Bill of Lading）10. 保险（Insurance）四、人力资源术语1. 招聘（Recruitment）2. 简历（Resume）3. 面试（Interview）4. 培训（Training）5. 薪资（Salary）6. 福利（Benefits）7. 绩效考核（Performance Appraisal）8. 晋升（Promotion）9. 劳动合同（Labor Contract）10. 职业规划（Career Planning）五、企业运营术语1. 企业战略（Corporate Strategy）2. 企业文化（Corporate Culture）3. 组织结构（Organizational Structure）4. 部门（Department）5. 团队协作（Teamwork）6. 项目管理（Project Management）7. 生产计划（Production Plan）8. 供应链管理（Supply Chain Management）9. 库存（Inventory）10. 客户关系管理（Customer Relationship Management, CRM）六、财务与会计术语1. 财务报表（Financial Statements）2. 资产（Assets）3. 负债（Liabilities）4. 所有者权益（Owner's Equity）5. 现金流（Cash Flow）7. 资产负债表（Balance Sheet）8. 利润分配（Profit Distribution）9. 折旧（Depreciation）10. 纳税（Taxation）七、国际贸易术语1. 进口（Import）2. 出口（Export）3. 贸易壁垒（Trade Barrier）4. 关税（Tariff）5. 配额（Quota）6. 原产地证明（Certificate of Origin）7. 贸易术语（Trade Terms，如FOB、CIF等）8. 国际支付（International Payment）9. 外汇（Foreign Exchange）10. 世界贸易组织（World Trade Organization, WTO）八、市场营销策略术语1. 市场调研（Market Research）2. 产品生命周期（Product Life Cycle）3. 广告（Advertising）4. 促销（Promotion）5. 公关（Public Relations）6. 品牌战略（Brand Strategy）7. 网络营销（Internet Marketing）8. 社交媒体营销（Social Media Marketing）9. 客户满意度（Customer Satisfaction）10. 忠诚度计划（Loyalty Program）九、企业管理术语1. 领导力（Leadership）2. 决策（Decision Making）3. 风险管理（Risk Management）4. 企业伦理（Business Ethics）5. 知识管理（Knowledge Management）6. 创新能力（Innovation Capability）7. 企业形象（Corporate Image）8. 危机管理（Crisis Management）9. 持续改进（Continuous Improvement）10. 企业社会责任（Corporate Social Responsibility, CSR）十、电子商务术语2. 在线支付（Online Payment）3. 网络安全（Network Security）4. 顾客评价（Customer Review）6. 网络营销策略（Online Marketing Strategy）7. 搜索引擎优化（Search Engine Optimization, SEO）8. 率（Clickthrough Rate, CTR）9. 转化率（Conversion Rate）通过这些词汇的积累，您将能够在商务交流中更加得心应手，展现出您的专业素养和沟通能力。
Accounting for payroll ch6 工资的核算
Journalizing Employee Earnings and Deductions
recording the payroll---The process of recording
gross earnings of employees and their withholdings is called recording the payroll.
The money collected from employers is used to assist workers
who are laid off from their jobs.
State Unemployment Tax (SUTA) This tax is levied on
employers for the purpose of financing the funds for unemployment compensation.
savings, car payments, insurance ,and charitable contributions
Employer records
payroll register Employers keep a payroll register which is a multi-column form used to collect and compute payroll data for all employees.
3. Prepare journal entries to record employer’s payroll taxes.
Payroll Taxes Imposed on the Employer
Social Security (FICA) Taxes --- Social Security
关于改革开放的口译学习材料
Reform汉译英：1．中国人民按照“抓住机遇，深化鼎新，扩大开放，促进开展，保持稳定〞的方针，团结奋斗，开拓朝上进步，社会主义现代化事业取得了重大成就。
Guided by the principle of “seizing the current opportunity to deepen the reform and opening China wider to the outside world, promoting development and maintaining stability〞, the Chinese people worked hard with a united and pioneering spirit, achieving great success in the drive for socialist modernization.2．经济体制鼎新迈出了决定性程序，国民经济继续快速增长，人民生活进一步改善，社会保持不变，各方面工作都有新的进展，我们伟大的祖国欣欣向荣，各项事业蒸蒸日上，沿着建设有中国特色的社会主义道路阔步前进。
Decisive strides were made in economic restructuring. The national economy continued to grow rapidly. The lives of the people improved, and the society maintained its stability. Our great motherland moved rapidly towards prosperity, grew steadily with each passing day, and took great strides along the road to socialism with Chinese characteristics.3．按照建设社会主义市场经济体制的要求，我们对财税、金融、外汇、外贸、投资、价格和畅通体制进行了重大鼎新。
《金融支持养老产业发展研究国内外文献综述2400字》
金融支持养老产业发展研究国内外文献综述目录金融支持养老产业发展研究国内外文献综述 (1)1．国外文献综述 (1)2．国内文献综述 (1)（1）借鉴金融支持养老产业发展的路径 (1)（2）金融支持养老产业的创新与改革 (2)3．国内外研究现状述评 (2)参考文献 (3)1．国外文献综述国外很多国家比我国更早进入老龄化社会，所以外国学者对于老龄化及养老产业的研究分析早于我国，相应的他们在金融市场与养老产业结合的推行模式上也比我国更为全面。
Blake David（2006）首次提出将金融与养老概念结合，其内涵是指老龄化社会来临时，和社会养老需求有关的各种金融活动。
[1]James M. Poterba（2014）分析认为收入水平较低会过度依赖社会保障，面对这种情况应改建立金融体系，并运用行为经济学的知识来支持未来的养老产业。
[2]Chomik R（2015）等人认为完善的养老保险制度有助于扩大养老产业覆盖范围和深度。
[3]McGrattan, Ellen R（2017）等人研究发现随着美国人口老龄化的加剧退休资金减少，因此他对退休融资进行研究，认为其可用于解决养老的财政问题。
[4]Lahey Karen Eilers（2012）等考察固定收益养老金投资组合中房地产的作用，得出结合房屋抵押等另类资产投资可以有较高的回报率。
[5]Holger Lüthen（2016）说明德国养老金制度将养老金与预先缴款紧密联系在一起。
[6]2．国内文献综述我国步入老龄化与21世纪前后开始步入老龄化，至今发展近二十年，养老的问题来势汹汹，已然成为一个社会性难题。
在这种情况下，政府的宏观调控必不可少，与此同时，不论是政府还是学者，都将视线逐渐集中转移到了养老产业上。
目前，国内的学者对于我国金融支持养老产业的研究分析主要集中在两个方面：一是基于人口老龄化的理论，学习西方发达国家关于养老产业发展的应对政策；二是充分考虑市场环境等特点，在此基础上对养老产业进行符合我国国情的创新与改革。
专有名词英文翻译
专有名词英文翻译保险业 The insurance industry保证重点支出 Ensure funding for priority areas被兼并或挤掉 annexed or forced out of business补发拖欠的养老金 Clear up pension payments in arrears不良贷款 Non—performing loan层层转包和违法分保 Multi-level contracting and illegal subcontracting 产值 output value城乡信用社 Credit Cooperative in both urban and rural areas城镇居民最低生活保障 A minimum standard of living for city residents 城镇职工医疗保险制度 The system of medical insurance for urban workers 抽样调查 data from the sample survey出口信贷 Export credit初步建立社会主义计划商品经济新体制。
to establish at a preliminary level a new system of socialist planned commodity economy.贷款质量 Loan quality贷款质量五级分类办法 The five-category assets classification for bank loans第二产业 secondary industry第三产业 tertiary industry第一产业 primary industry独资企业 wholly foreign owned/funded enterprise发电量 electric energy production发挥市场的调节作用 to give play to the regulatory role of the market 发展过快 excessive growth防范和化解金融风险 Take precautions against and reduce financial risks 防洪工程 Flood-prevention project非法外汇交易 Illegal foreign exchange transaction非公有成分 non-public sectors非贸易收汇 Foreign exchange earnings through non trade channels非银行金融机构 Non-bank financial institutions费改税 Transform administrative fees into taxes分配形式 forms of distribution风险资金 risk funds副业 sideline production改革是社会主义制度的自我完善和自我发展。
公共部门经济学(双语)教案
《公共部门经济学（双语）》（07115020）课程教案甘行琼、胡洪曙一、授课对象本课程适用于财政学专业、税收专业的大三以上学生学习，在学习本课程之前应先学习大学英语、西方经济学、财政学等课程。
课时方面应设置3学分51课时。
三、教材使用情况《Public Finance: A Contemporary Application of Theory to Policy》（第八版），David N. Hyman著，北京大学出版社，2005年7月。
四、教学手段主要采取讲授与案例教学，全部课程采用多媒体。
五、参考资料1．《Public Finance》(第七版)，Harvey S. Rosen著，清华大学出版社，2005年8月。
2．《Public Finance in Theory and Practice》，Holley H. Ulbrich著，清华大学出版社，2004年3月。
六、教学内容安排Chapter 1 Individuals and Government教学目标：After studying this chapter, the students should be able to:1. Use a production-possibility curve to explain the trade- off between private goods and services and government goods and services.2. Describe how the provision of government goods and services through political institutions differs from market provision of goods and services and how government affects the circular flow of income and expenditure in a mixed economy.3. Discuss the various categories of federal, state, and local government expenditures in the United States and the way those expenditures are financed.内容提要：Public finance is the field of economics that studies government activities and alternative means of financing government expenditures. Modern public finance emphasizes the relationships between citizens and governments. Government goods and services are supplied through political institutions, which employ rules and procedures that have evolved in different societies for arriving at collective choices. Government goods and services are usually made available without charge for their use, and they are financed by compulsory payments (mainly taxes) levied on citizens and their activities. A major goal in the study of public finance is to analyze the economic role of government and the costs and benefits of allocating resources to government use as opposed to allowing private enterprise and households to use those resources.重点难点：The allocation of resources between government and private use; The structure of state and local government expenditure; Market failure and the functions of government: how much government is enough? Government transfer payments; Nonmarket rationing.有关提示：这一部分是公共部门经济学的引言部分，应让学生明白公共部门和私人部门的区别，以及他们各自是如何配置资源的，另外也要熟悉美国政府支出的增长情况。
财务管理基础英文版选择题
第一章1 CORRECTWhich of the following are microeconomic variables that help define and explain the discipline of finance? DA) risk and returnB) capital structureC) inflationD) all of the aboveFeedback: All of the above are relevant in explaining finance.2 CORRECTOne primary macroeconomic variable that helps define and explain the discipline of finance? CA) capital structureB) inflationC) technologyD) riskFeedback: Technology is very important in explaining the field of finance.3 CORRECTThe money markets deal with _________. BA) securities with a life of more than one yearB) short-term securitiesC) securities such as common stockD) none of the aboveFeedback: The money markets are concerned with short-term securities, those with a life less than one year.4 CORRECTThe ability of a firm to convert an asset to cash is called ___A_________.A) liquidityB) solvencyC) returnD) marketabilityFeedback: Liquidity also means how close an asset is to cash.5 CORRECTEarly in the history of finance, an important issue was: AA) liquidityB) technologyC) capital structureD) financing optionsFeedback: Maintaining liquidity was a major concern historically.6 INCORRECTThe __________C_________ is the most common form of business organization in the U.S.A) corporationB) partnershipC) sole proprietorshipD) none of the aboveFeedback: There are more sole proprietorships than any other form of business organization.7 CORRECTThe _________C___________ has more sales in dollars than any other form of business organization.A) sole proprietorshipB) partnershipC) corporationD) none of the aboveFeedback: The corporation is the most important in terms of dollars.8 CORRECTOne major disadvantage of the sole proprietorship is _____B___________.A) simplicity of decision-makingB) unlimited liabilityC) low operational costsD) none of the aboveFeedback: The owners of a sole proprietorship are personally liable.9 CORRECTThe appropriate firm goal in a capitalist society is ______B__________.A) profit maximizationB) shareholder wealth maximizationC) social responsibilityD) none of the aboveFeedback: The goal is to maximize the wealth of shareholders.10 CORRECTThe agency problem will occur in a business firm if the goals of ______C______ and shareholders do not agree.A) investorsB) the publicC) managementD) none of the above第二章Feedback: The goals of management may be different from those of shareholders.The accounting statements that a firm is required to file include all but one of these. BA) Balance SheetB) Statement of Accounts ReceivableC) Income StatementD) Statement of Cash FlowsFeedback: The required statements include the income statement, balance sheet and statement of changes in cash flows. The statement of changes in owners equity (or retained earnings) is also required by Generally Accepted Accounting Principles but is not covered in this text.2 CORRECTThe _______A________ shows the firm's operating results over a period of time.A) Income StatementB) Statement of Cash FlowsC) Balance SheetD) None of the aboveFeedback: The Income Statement represents a moving picture of a firm's revenues and expenses.3 CORRECTAll of the following except one are tax-deductible expenses. CA) interest expenseB) depreciationC) common stock dividendsD) income taxesFeedback: Common stock dividends are not tax deductible to a firm.4 CORRECTAll of the following are non-operating expenses except ______B_______.A) interest expenseB) cost of goods soldC) preferred stock dividendsD) taxesFeedback: The cost of goods sold is an operating expense.5 CORRECTBondholders receive _____C________ from the business firm.A) preferred dividend paymentsB) common stock paymentsC) interest paymentsD) royaltiesFeedback: Bondholders are typically paid interest semi-annually.6 CORRECTThe ratio of net income to common shares outstanding is called _____B_________.A) price/earnings ratioB) earnings per shareC) dividends per shareD) none of the aboveFeedback: This is called the earnings per share (EPS).7 CORRECTUsually, firms with high price/earnings ratios are _____A_______ firms.A) growthB) decliningC) matureD) none of the aboveFeedback: A high p/e ratio indicates a firm with strong growth prospects8 CORRECTOne of the limitations of the _____C_______ is that it is based on historical costs.A) income statementB) statement of cash flowsC) balance sheetD) none of the aboveFeedback: The balance sheet uses historical costs.9 INCORRECTA source of funds is a: DA) decrease in a current assetB) decrease in a current liabilityC) increase in a current liabilityD) a and c aboveFeedback: A decrease in current assets is equivalent to an increase in current liabilities.10 INCORRECTShort-term financing for a business firm includes: BA) bondsB) accounts payableC) stockholder's equityD) mortgagesFeedback: The other three answers represent long-term financing.第三章Trend analysis allows a firm to compare its performance to: DA) other firms in the industryB) other time periods within the firmC) other industriesD) all of the aboveFeedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare a firm’s performance against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company--both in and outside of their industry.2Ratio analysis allows a firm to compare its performance to: DA) other firms in the industryB) other time periods within the firmC) other industriesD) all of the aboveFeedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare a firm’s performance against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company--both in and outside of their industry.3Usually, a firm's suppliers are most interested in its ___D_____ ratios.A) profitabilityB) debtC) asset utilizationD) liquidityFeedback: The suppliers are most interested in getting paid, as shown by the liquidity of thefirm.4 CORRECT__________D_____ would be most interested in a firm's debt utilization ratios.A) bondholdersB) stockholdersC) short-term creditorsD) Both A and BFeedback: Debt is indicated by a firm issuing bonds but is also a function of the debt to equity relationship or the degree of financial leverage. Both bond holders and stockholders are interested in this relationship although frof opposing viewpoints.5 CORRECTThe _______C______ ratio indicates the return firm shareholders are earning.A) return on assetsB) return on investmentC) return on equityD) net profit marginFeedback: The shareholders represent equity, or ownership in the firm.6 CORRECTWhich of the following is an example of a profitability ratio? CA) Quick ratioB) Average collection periodC) Return on equityD) Times interest earnedFeedback: This is the only profitability ratio that is listed. All profitability ratios have net income in the denominator.7Total asset turnover will indicate if there is a problem with the ___C______ ratio.A) debt to assetsB) times interest earnedC) fixed asset turnoverD) currentFeedback: Fixed asset turnover is part of total asset turnover.8 CORRECTAll of the following are asset utilization ratios except: DA) average collection periodB) inventory turnoverC) receivables turnoverD) return on assetsFeedback: Return on assets is a profitability ratio. Any ratio with net income in the denominator is a profitability ratio.9 CORRECTIf a firm's debt ratio is 55%, this means ____C__ of the firm's assets are financed by equity financing.A) 55%B) 50%C) 45%D) not enough information to answer questionFeedback: The equity portion plus the debt portion must add up to 100%.10 CORRECTAll of the following can present problems for ratio analysis except: DA) inflationB) inventory accounting methodsC) disinflationD) all of the aboveFeedback: These all may cause problems.第四章Planning for future growth is called: CA) capital budgetingB) working capital managementC) financial forecastingD) none of the aboveFeedback: This involves looking ahead to the future.2 INCORRECTWhich one of the following is NOT a tool of financial forecasting? BA) cash budgetB) capital budgetC) pro forma balance sheetD) pro forma income statementFeedback: The other three are all tools used by an analyst.3 CORRECTThe first step in developing a pro forma income statement is to: AA) build a sales forecastB) determine the production scheduleC) determine cost of goods soldD) none of the aboveFeedback: A sales forecast begins the process.4 INCORRECTPro forma statements are _B______ statements.A) actualB) projectedC) a previous year'sD) none of the aboveFeedback: Pro forma statements are based on estimates or projections.5 INCORRECTAll of the following compose cost of goods sold except ______D__________.A) raw materialB) laborC) overheadD) all of the above are part of cost of goods soldFeedback: The cost of good sold involves all three of these items.6 INCORRECTFinancial managers use the ______B_______ to plan for monthly financing needs.A) capital budgetB) cash budgetC) pro forma income statementD) none of the aboveFeedback: The cash budget allows for planning cash needs.7 INCORRECTThe payments that a firm collects from its customers are called _______C________.A) cash disbursementsB) cash outflowsC) cash receiptsD) none of the aboveFeedback: Cash receipts represent cash coming into the firm.8 INCORRECTExamples of cash disbursements are all but _________B________.A) payment for materials purchasedB) collection of accounts receivableC) payment of dividendsD) payment of taxesFeedback: The collection of accounts receivable is an example of a cash receipt, not a cash disbursement.9 CORRECTIn developing the pro forma balance sheet, we get common stock from__________A_______.A) the firm's previous balance sheetB) the firm's cash budgetC) the firm's income statementD) none of the aboveFeedback: Common stock appears on the balance sheet.10 INCORRECTThe percent of sales method of financial forecasting shows us the relationship between________D___ and financing needs.A) changes in the level of liabilitiesB) changes in the level of assetsC) changes in debtD) changes in the level of salesFeedback: It compares the relationship between balance sheet items and sales.第五章An example of a semi-variable cost is: DA) rentB) raw materialC) depreciationD) utilitiesFeedback: The other three represent fixed or variable costs.2 CORRECT_________A____ is the point at which firm profit is equal to zero.A) breakevenB) operating breakevenC) financial leverageD) combined breakevenFeedback: This is the point where the firm's revenues equal its expenses.3 INCORRECTIn breakeven analysis, if fixed costs rise, then the breakeven point will _____B_____.A) fallB) riseC) stay the sameD) none of the aboveFeedback: This implies that a larger quantity will have to be sold in order to break even.4 INCORRECTIn the breakeven formula, Price - Variable Cost is called the___C__________.A) breakeven pointB) leverageC) contribution marginD) none of the aboveFeedback: This implies that a larger quantity will have to be sold in order to cover the additional fixed costs and still break even.5 INCORRECTWhich of the following types of firms may operate with high operating leverage? BA) a doctor's officeB) an auto manufacturing facilityC) a mental health clinicD) none of the above would have high operating leverageFeedback: This implies a high break-even point and high operating expenses.6 INCORRECTThe __________C__________ is the percentage change in operating income that results from a percentage change in sales.A) degree of financial leverageB) breakeven pointC) degree of operating leverageD) degree of combined leverageFeedback: This is called the degree of operating leverage (DOL).7 CORRECTIf interest expenses for a firm rise, we know that firm has taken on more ______A________.A) financial leverageB) operating leverageC) fixed assetsD) none of the aboveFeedback: Financial leverage refers to interest expense on debt.8 INCORRECTThe ________B________ is the percentage change in earnings per share that results from a percentage change in operating income.A) degree of combined leverageB) degree of financial leverageC) breakeven pointD) degree of operating leverageFeedback: This is known as the degree of financial leverage (DFL).9 INCORRECTCombined leverage is the percentage change in relationship between sales and______C______.A) operating incomeB) operating leverageC) earnings per shareD) breakeven pointFeedback: This combines operating leverage and financial leverage.10 INCORRECTA highly leveraged firm is ____B______ risky than its peers.A) lessB) moreC) the sameD) none of the aboveFeedback: Leverage is equivalent to risk, because it implies a higher level of fixed costs.第六章Working capital management involves the financing and management of the __C_____ assets of the firm.A) fixedB) totalC) currentD) none of the aboveFeedback: Working capital management deals with the financing and management of current assets.2 INCORRECTAn asset sold at the end of a specified time period is called a ______B_______ asset.A) temporary currentB) self-liquidatingC) currentD) permanent currentFeedback: A self-liquidating asset is one that will be sold after a certain amount of time.3 CORRECTFixed assets are usually financed with _______A______ funds.A) long-termB) short-termC) permanentD) none of the aboveFeedback: Fixed assets are by definition long-term assets.4 INCORRECT_________B_____ is usually used to finance self-liquidating assets.A) Long-term financingB) Short-term financingC) Permanent financingD) none of the aboveFeedback: These are short-term or temporary assets.5 INCORRECTShort-term interest rates, in a normal economy, are generally ____C____ than long-term rates.A) higherB) the sameC) lowerD) none of the aboveFeedback: Long-term interest rates are normally higher than short-term interest rates to compensate for uncertainty or risk.6 INCORRECTThe expectations hypothesis says that _____B____ interest rates are a function of _______ interest rates.A) short-term; long-termB) long-term; short-termC) short-term; short-termD) none of the aboveFeedback: This theory says that long-term interest rates reflect the average of short-term expected rates.7 INCORRECTInsurance companies would tend to invest in ______C____ securities.A) short-termB) intermediate termC) long-termD) not enough information to answerFeedback: An insurance company would prefer long-term securities because they are more conservative or safer.8 INCORRECTThe _________D_____ theory says that investors must be paid a premium to hold long-term securities.A) expectations hypothesisB) time value theoryC) segmentationD) liquidity premiumFeedback: This is the liquidity premium.9 INCORRECTShort-term financing plans with high liquidity have: BA) high return and high riskB) moderate return and moderate riskC) low profit and low riskD) none of the aboveFeedback: This is known as a "middle-of-the-road" approach.10 INCORRECTLong-term financing plans with low liquidity have: BA) high return and high riskB) moderate return and moderate riskC) low return and low riskD) none of the aboveFeedback: This is also known as a "middle-of-the-road" approach.第七章The transaction motive for holding cash is for BA) a safety cushionB) daily operating requirementsC) compensating balance requirementsD) none of the aboveFeedback: This is money for everyday transactions.2 CORRECTWhich of the following motives for holding cash is required by the bank before loaning money? AA) compensating balance motiveB) transactions motiveC) precautionary motiveD) none of the aboveFeedback: This can be considered a form of collateral.3 INCORRECTThe difference between the cash balance on the firm's books and the balance shown on the bank's books is called: BA) the compensating balanceB) floatC) a safety cushionD) none of the aboveFeedback: Float implies that it takes time for checks to clear.4 CORRECTElectronic funds transfer has _____A_____ the use of float.A) reducedB) increasedC) had no effect onD) none of the aboveFeedback: Electronic funds transfer (EFT) has moved cash more quickly and reduced float.5 INCORRECTThe most utilized marketable security by most firms is the: DA) Treasury bondB) Agency securityC) Certificate of DepositD) Treasury billFeedback: Treasury bills (T-Bills) are very safe, popular investments.6 INCORRECTOf the following marketable securities, which are guaranteed by the Federal government? DA) agency securitiesB) negotiable certificates of depositC) banker's acceptancesD) none of the aboveFeedback: None of these are backed by the government.7 INCORRECTThe 5 C's of credit include: DA) conditionsB) collateralC) characterD) all of the aboveFeedback: The other two C's of credit are capacity and capital.8 INCORRECT BThe use of safety stock by a firm will:A) reduce inventory costsB) increase inventory costsC) have no effect on inventory costsD) none of the aboveFeedback: Safety stock is extra inventory a firm keeps in case of unforseen circumstances.9 INCORRECTAll of these factors are used in credit policy administration except: CA) credit standardsB) terms of tradeC) dollar amount of receivablesD) collection policyFeedback: The other three choices are the primary policy variables to consider.10 CORRECTFirms aim to hold ___A___ cash balances since cash is a non-interest earning asset.A) lowB) averageC) highD) none of the aboveFeedback: A firm does not want to keep too much cash on hand because it will lose interest (by not keeping the money in a bank).第八章The largest provider of short-term credit for a business is: BA) banking organizationsB) suppliers to the firmC) commercial paperD) EurodollarsFeedback: This is also known as trade credit.2 INCORRECTThe number of days until the firm is past due to a supplier is called the: CA) discount periodB) term to creditC) payment periodD) none of the aboveFeedback: The payment period is the number of days a firm has to pay its bill.3 INCORRECTIf a firm is given trade credit terms of 2/10, net 30, then the cost of the firm failing to take the discount is: CA) 2%B) 30%C) 36.72%D) 10%Feedback: This is calculated using formula 8-1 in this chapter.4 CORRECTThe interest rate given by a bank to its most creditworthy customers is the: AA) prime rateB) LIBOR rateC) federal funds rateD) discount rateFeedback: This is the "best" interest rate charged to people with excellent credit.5 INCORRECTWhich of the following types of bank loans generally have the highest effective rate of interest? DA) simple interest loanB) discount interest loanC) loan with a compensating balanceD) installment loanFeedback: Installment loans tend to be the most expensive.6 INCORRECTIf a firm needs to borrow $100,000, at 8% interest, to finance working capital needs and a 20% compensating is required, then the firm should borrow ____C______.A) $100,000B) $80,000C) $125,000D) $108,000Feedback: The formula to calculate this is: amount needed/(1-c), where c = the compensating balance percentage.7 CORRECTIf a bank offers a firm a simple interest loan of $1000 for 120 days at a cost of $60 interest, what is the effective rate of interest on the loan? AA) 18.00%B) 6.00%C) 20.00%D) none of the aboveFeedback: This is calculated by using formula 8-2 in this chapter.8 INCORRECTIf a company raises money to finance short-term needs by selling its accounts receivable to another party, this is called ___________. CA) pledgingB) warehousingC) factoringD) none of the aboveFeedback: Factoring means selling the accounts receivable outright.9 INCORRECTThe most restrictive policy for using inventory as collateral for short-term borrowing is called: BA) blanket inventory lienB) warehousing inventoryC) trust receiptD) factoringFeedback: This is a complex method of inventory financing wherein the lender takes control of the inventory.10 CORRECTA type of accounts receivable financing where a firm uses its receivables as collateral is called: AA) pledgingB) securitizationC) factoringD) warehousingFeedback: Pledging means using accounts receivable as collateral.第九章Both the future and present value of a sum of money are based on: CA) interest rateB) number of time periodsC) both a and bD) none of the aboveFeedback: These two factors are used in time value of money calculations.2 INCORRECTAn annuity is ___________________. CA) more than one paymentB) a series of unequal but consecutive paymentsC) a series of equal and consecutive paymentsD) a series of equal and non-consecutive paymentsFeedback: An annuity is a stream of equal payments to be received in the future.3 CORRECTIf you have $1000 and you plan to save it for 4 years with an interest rate of 10%, what is the future value of your savings? AA) $1464.00B) $1000.00C) $1331.00D) cannot be determinedFeedback: This is calculated by using formua 9-1 in this chapter.4 INCORRECTTime value of money is an important finance concept because: DA) it takes risk into accountB) it takes time into accountC) it takes compound interest into accountD) all of the aboveFeedback: Time value of money incorporates all of these concepts.5 INCORRECTThe present value of a dollar to be received in the future is: CA) more than a dollarB) equal to a dollarC) less than a dollarD) none of the aboveFeedback: The reason is because you can earn interest on the money.6 CORRECTThe future value of a dollar that you invest today is: AA) more than a dollarB) equal to a dollarC) less than a dollarD) none of the aboveFeedback: Again, the reason is because the money can earn interest.7 INCORRECTThe future value of an annuity is: CA) less than each annuity paymentB) equal to each annuity paymentC) more than each annuity paymentD) none of the aboveFeedback: The reason has to do with compound interest (or interest earning more interest).8 INCORRECTThe concepts of present value and future value are:DA) directly related to each otherB) not related to each otherC) proportionately related to each otherD) inversely related to each otherFeedback: They are essentially opposite sides of a coin.9 INCORRECTIf you win the lottery and you choose to have your proceeds distributed to you over a twenty-year time period, with the first payment coming to you one year from today, which calculation would you use to calculate the worth of those proceeds to you today? DA) future value of a lump sumB) future value of an annuityC) present value of a lump sumD) present value of an annuityFeedback: This is shown by formula 9-4 in this chapter. But this is not a typical situation. Most lotteries (let’s say $1 Million over 20 years), will pay you the first payment today and $50,000 each year for the next 19 years. This is actually an “annuity due” which is notcovered in this text. You’d have to calculate the present value of the annuity for 19 years and add the initial $50,000 you received today.10 CORRECTYou have $1000 you want to save. If four different banks offer four different compounding methods for interest, which method should you choose to maximize your $1000? AA) compounded dailyB) compounded quarterlyC) compounded semi-annuallyD) compounded annuallyFeedback: The more often interest is compounded the faster it will grow because you will begin to earn interest on the interest sooner.第十章In valuing a financial asset, you use these variables: DA) present value of future cash flowsB) discount rateC) required rate of returnD) all of the aboveFeedback: All of these are needed in order to value an asset.2 CORRECTThe principal amount of a bond at issue is called: AA) par valueB) coupon valueC) present value of an annuityD) present value of a lump sumFeedback: This is also known as the face value or stated value.3 INCORRECT BIf a bond's value rises above its par value during its life, interest rates have:A) gone upB) gone downC) stayed the sameD) there is no correlation with interest ratesFeedback: There is an inverse relationship between bond prices and interest rates (or yields).4 INCORRECTThe basic "rent" that you are charged when you borrow money is called: CA) inflation premiumB) risk premiumC) real rate of returnD) none of the aboveFeedback: This is known as the opportunity cost in economics.5 INCORRECTAs time to maturity draws near, a bond's value approaches: BA) zeroB) parC) the coupon paymentD) none of the aboveFeedback: The bond price gets closer to its face value the closer it is to maturity (see figure 10-2 in this chapter).6 INCORRECTOne characteristic of preferred stock is that:DA) it has no maturity dateB) it is a hybrid security with characteristics of both common stock and debtC) it pays a fixed dividend paymentD) all of the aboveFeedback: Preferred stock is described by all of the above characteristics.7 CORRECTCommon stock that has no growth in dividends is valued as if it were: AA) preferred stockB) a bondC) an optionD) none of the aboveFeedback: It is treated the same as preferred stock.8 INCORRECTA high price/earnings ratio usually indicates that a firm is a: BA) value stockB) growth stockC) convertible securityD) constant securityFeedback: A high p/e ratio indicates a stock that is growing and has positive future expectations.9 INCORRECTA low price/earnings ratio usually means that a firm: C。
中国专有名词的英语翻译
1. 素质教育：Quality Education2. EQ：分两种，一种为教育商数Educational quotient，另一种情感商数Emotional quotient3. 保险业：the insurance industry4. 保证重点指出：ensure funding for priority areas5. 补发拖欠的养老金：clear up pension payments in arrears6. 不良贷款：non-performing loan7. 层层转包和违法分包：mutlti-level contracting and illegal subcontracting8. 城乡信用社：credit cooperative in both urban and rural areas9. 城镇居民最低生活保障： a minimum standard of living for city residents10. 城镇职工医疗保障制度：the system of medical insurance for urban wor kers11. 出口信贷：export credit12. 贷款质量：loan quality13. 贷款质量五级分类办法：the five-category assets classification for bank loans14. 防范和化解金融风险：take precautions against and reduce financial risks15. 防洪工程：flood-prevention project16. 非法外汇交易：illegal foreign exchange transaction17. 非贸易收汇：foreign exchange earnings through nontrade channels18. 非银行金融机构：non-bank financial institutions19. 费改税：transform administrative fees into taxes20. 跟踪审计：foolow-up auditing21. 工程监理制度：the monitoring system for projects22. 国有资产安全：the safety of state-owned assets23. 过度开垦：excess reclamation24. 合同管理制度：the contract system for governing projects25. 积极的财政政策：pro-active fiscal policy26. 基本生活费：basic allowance27. 解除劳动关系：sever labor relation28. 金融监管责任制：the responsibility system for financial supervision29. 经济安全：economic security30. 靠扩大财政赤字搞建设：to increase the deficit to spend more on development31. 扩大国内需求：the expansion of domestic demand32. 拉动经济增长：fuel economic growth33. 粮食仓库：grain depot34. 粮食收购企业：grain collection and storage enterprise35. 粮食收购资金实行封闭运行：closed operation of grain purchase funds36. 粮食销售市场：grain sales market37. 劣质工程：shoddy engineering38. 乱收费、乱摊派、乱罚款：arbitrary charges, fund-raising, quotas and fines39. 骗汇、逃汇、套汇：obtain foreign currency under false pretenses, not turn over foreign owed to the government and illegal arbitrage40. 融资渠道：financing channels41. 商业信贷原则：the principles for commercial credit42. 社会保险机构：social security institution43. 失业保险金：unemployment insurance benefits44. 偷税、骗税、逃税、抗税：tax evasion, tax fraud and refusal to pay taxes45. 外汇收支：foreign exchange revenue and spending46. 安居工程：housing project for low-income urban residents47. 信息化：information-based; informationization48. 智力密集型：concentration of brain power; knowledge-intensive49. 外资企业：overseas-funded enterprises50. 下岗职工：laid-off workers51. 分流：reposition of redundant personnel52. 素质教育：education for all-round development53. 豆腐渣工程：jerry-built projects54. 社会治安情况：law-and-order situation55. 民族国家：nation state56. “台独”："independence of Taiwan"57. 台湾当局：Taiwan authorities58. 台湾同胞：Taiwan compatriots59. 台湾是中国领土不可分割的一部分：Taiwan is an inalienable part of the Chine se territory.60. 西部大开发：Development of the W est Regions61. 可持续性发展：sustainable development62. 风险投资：risk investment63. 通货紧缩：deflation64. 扩大内需：to expand domestic demand65. 计算机辅助教学：computer-assisted instruction ( CAI )66. 网络空间：cyberspace67. 虚拟现实：virtual reality68. 网民：netizen ( net citizen )69. 电脑犯罪：computer crime70. 电子商务：the e-business71. 网上购物：shopping online72. 应试教育：exam-oriented education73. 学生减负：to reduce study load74. “厄尔尼诺”：（EL Nino）75. “拉尼娜”：（La Nina）76. “智商”：（IQ）77. “情商”：（EQ）78. “第三产业”：（third/tertiary industry,service sector,third sequence of enterprises）79．“第四产业”：（quaternary/inFORMation industry）79. “军嫂”：（military spouse）80. “峰会”（香港译“极峰会议”）”：summit(conference)81. “克隆”：clone82. “冰毒”：ice83. “摇头丸”：dancing outreach84. “传销”：multi level marketing85. “（计算机）2000年问题”：Y2K problem(y for year, k for kilo or thousand)86. “白皮书”：white paper(不是white cover book)87. “傻瓜相机”：Instamatic(商标名，焦距、镜头均固定，被称为foolproof相机)；88. “白条”：IOU note（IOU：债款、债务，由I owe you 的读音缩略转义而来）89. “巡回招聘”：milk round（一种招聘毕业生的方式，大公司走访各大学及学院，向求职者介绍本公司情况并与报名者晤谈）。
国家扶贫成就的英语作文
国家扶贫成就的英语作文Poverty alleviation has been a long-standing goal for many countries around the world. It is a complex and multifaceted challenge that requires a comprehensive and coordinated approach. One country that has made remarkable strides in this area is [Country]. Over the past [X] years, [Country] has implemented a range of policies and initiatives that have resulted in significant progress in reducing poverty and improving the lives of its citizens.One of the key pillars of [Country]'s poverty alleviation strategy has been a focus on economic development and job creation. The government has invested heavily in infrastructure projects, such as the construction of roads, railways, and power plants, which have not only improved connectivity and access to markets but also created numerous job opportunities for local communities. Additionally, the government has implemented policies to support small and medium-sized enterprises (SMEs), providing access to financing, training, and other resources to help them grow and thrive.Another important aspect of [Country]'s poverty alleviation effortshas been a focus on social welfare and targeted assistance programs. The government has established a comprehensive social security system that includes cash transfers, subsidized housing, and accessto healthcare and education. These programs have been particularly beneficial for vulnerable populations, such as the elderly, the disabled, and single-parent families, who often face the greatest challenges in escaping poverty.Moreover, [Country] has made significant investments in the agricultural sector, which is a crucial source of livelihood for many of its citizens. The government has provided farmers with access to improved seeds, fertilizers, and irrigation systems, as well as training and extension services to help them increase their productivity and incomes. Additionally, the government has implemented policies to support the development of rural infrastructure, such as the construction of rural roads and the expansion of electricity and water networks.One of the most notable achievements of [Country]'s poverty alleviation efforts has been the significant reduction in the number of people living in poverty. According to official data, the poverty rate has decreased from [X]% in [year] to [X]% in [year], lifting [X] million people out of poverty. This remarkable progress has been recognized by international organizations and development agencies, who have praised [Country]'s efforts and success in this area.However, [Country] still faces significant challenges in its efforts to eradicate poverty. Despite the progress made, there are still [X] million people living below the poverty line, and many more who are vulnerable to falling back into poverty. Additionally, there are significant disparities in poverty levels between different regions and demographic groups, with certain areas and populations experiencing higher rates of poverty than others.To address these challenges, [Country] has recently launched a new phase of its poverty alleviation strategy, which focuses on targeted interventions and the development of more comprehensive and integrated support systems. This includes efforts to improve the targeting and delivery of social welfare programs, as well as investments in the development of human capital through improved access to education and healthcare.Furthermore, [Country] is also exploring innovative approaches to poverty alleviation, such as the use of digital technologies and data analytics to identify and reach the most vulnerable populations. The government is also working to strengthen partnerships with the private sector, civil society organizations, and international development agencies to leverage their expertise and resources in support of its poverty alleviation efforts.Overall, [Country]'s achievements in poverty alleviation are a testament to the power of sustained, coordinated, and multifaceted efforts to address this complex challenge. While there is still work to be done, the progress made so far serves as an inspiration to other countries around the world that are also grappling with the issue of poverty. By continuing to innovate and adapt its strategies, [Country] is well-positioned to build on its successes and make further strides in improving the lives of its citizens and creating a more equitable and prosperous society.。
美国医疗保险简介
美国医疗保险制度●健康医疗保险概况 :(2)美国没有全民健保，政府除了提供照顾老人与低收入的医疗保险外，其余都是商业医疗保险，首先区分保险经纪人 (Insurance Agent)、保险公司(Insurance Company)与保险计划(Insurance Plan)是不同的，每个保险经纪人都会代理几家保险公司，每家保险公司都有许多的医疗保险计划。
购买医疗保险时，投保人先找保险经纪人，先选择保险公司，再选择保险计划，不同保险计划有不同的保费、不同的承保范围与条件等，民众选择多，相对的商业医疗保险计划，五花八门，眼花撩乱。
●医疗英文重要名词 :(1)就医疗的分类而言，中文是以「内科vs 外科」区分，而对医学专业人士没什么差别，但对一般人而言，就不容易区分了? 例如「神经外科」与「神经内科」？而英文是以「药物治疗(medicine) vs 手术治疗(surgery)」区分，例如「Neurology」与「Neurological surgery」，似乎比较容易了解，如果所买的医疗保险中除外条款写着Selective Surgery，就是选择性的外科手术的意思，也就是不必要的外科手术。
(2)英文单字Doctor有医生及博士的意思，但通常说话时「生病看医生去」是see doctor，但是正式的「医生」通常是称为Physician，身体检查称为Physical examination，附带提一下，Physicist是物理学家，Psychiatrist 是心理医生。
(3)所谓管理健保组织(Health Maintenance Organization, HMO)，是由保险公司与不同的医疗网或医院签约，提供保户医疗服务。
(4)所谓医疗网(Independent Physicians Associations)，是由不同的专科医生(Specialists)组成，与各管理式医疗组织(例如HMO、PPO、EPO等)、保险公司(insurance companies)等签约，提供医疗服务。
美国总统拜登签署关于解决美国在有关国家对某些国家安全技术和产品的投资问题的行政命令2023
Executive Order on Addressing United States Investments in Certain National Security Technologies and Products inCountries of ConcernBy the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.) (NEA), and section 301 of title 3, United States Code,I, JOSEPH R. BIDEN JR., President of the United States of America, find that countries of concern are engaged in comprehensive, long-term strategies that direct, facilitate, or otherwise support advancements in sensitive technologies and products that are critical to such countries’ military, intelligence, surveillance, or cyber-enabled capabilities. Moreover, these countries eliminate barriers between civilian and commercial sectors and military and defense industrial sectors, not just through research and development, but also by acquiring and diverting the world’s cutting-edge technologies, for the purposes of achieving military dominance. Rapid advancement in semiconductors and microelectronics, quantum information technologies, and artificial intelligence capabilities by these countriessignificantly enhances their ability to conduct activities that threaten the national security of the United States. Advancements in sensitive technologies and products in these sectors will accelerate the development of advanced computational capabilities that will enable new applications that pose significant national security risks, such as the development of more sophisticated weapons systems, breaking of cryptographic codes, and other applications that could provide these countries with military advantages.As part of this strategy of advancing the development of these sensitive technologies and products, countries of concern are exploiting or have the ability to exploit certain United States outbound investments, including certain intangible benefits that often accompany United States investments and that help companies succeed, such as enhanced standing and prominence, managerial assistance, investment and talent networks, market access, and enhanced access to additional financing. The commitment of the United States to open investment is a cornerstone of our economic policy and provides the United States with substantial benefits. Open global capital flows create valuable economic opportunities and promote competitiveness, innovation, and productivity, and the United States supports cross-border investment, where not inconsistent withthe protection of United States national security interests. However, certain United States investments may accelerate and increase the success of the development of sensitive technologies and products in countries that develop them to counter United States and allied capabilities.I therefore find that advancement by countries of concern in sensitive technologies and products critical for the military, intelligence, surveillance, or cyber-enabled capabilities of such countries constitutes an unusual and extraordinary threat to the national security of the United States, which has its source in whole or substantial part outside the United States, and that certain United States investments risk exacerbating this threat. I hereby declare a national emergency to deal with this threat.Accordingly, I hereby order:Section 1. Notifiable and Prohibited Transactions. (a) To assist in addressing the national emergency declared in this order, the Secretary of the Treasury (Secretary), in consultation with the Secretary of Commerce and, as appropriate, the heads of other relevant executive departments and agencies (agencies), shall issue, subject to public notice and comment, regulations that require UnitedStates persons to provide notification of information relative to certain transactions involving covered foreign persons (notifiable transactions) and that prohibit United States persons from engaging in certain other transactions involving covered foreign persons (prohibited transactions).(b) The regulations issued under this section shall identify categories of notifiable transactions that involve covered national security technologies and products that the Secretary, in consultation with the Secretary of Commerce and, as appropriate, the heads of other relevant agencies, determines may contribute to the threat to the national security of the United States identified in this order. The regulations shall require United States persons to notify the Department of the Treasury of each such transaction and include relevant information on the transaction in each such notification.(c) The regulations issued under this section shall identify categories of prohibited transactions that involve covered national security technologies and products that the Secretary, in consultation with the Secretary of Commerce and, as appropriate, the heads of other relevant agencies, determines pose a particularly acute national security threat because of their potential to significantly advance the military, intelligence, surveillance, or cyber-enabled capabilities ofcountries of concern. The regulations shall prohibit United States persons from engaging, directly or indirectly, in such transactions.Sec. 2. Duties of the Secretary. In carrying out this order, the Secretary shall, as appropriate:(a) communicate with the Congress and the public with respect to the implementation of this order;(b) consult with the Secretary of Commerce on industry engagement and analysis of notified transactions;(c) consult with the Secretary of State, the Secretary of Defense, the Secretary of Commerce, the Secretary of Energy, and the Director of National Intelligence on the implications for military, intelligence, surveillance, or cyber-enabled capabilities of covered national security technologies and products and potential covered national security technologies and products;(d) engage, together with the Secretary of State and the Secretary of Commerce, with allies and partners regarding the national security risks posed by countries of concern advancing covered national security technologies and products;(e) consult with the Secretary of State on foreign policy considerations related to the implementation of this order, including but not limited to the issuance and amendment of regulations; and(f) investigate, in consultation with the heads of relevant agencies, as appropriate, violations of this order or the regulations issued under this order and pursue available civil penalties for such violations.Sec. 3. Program Development. Within 1 year of the effective date of the regulations issued under section 1 of this order, the Secretary, in consultation with the Secretary of Commerce and, as appropriate, the heads of other relevant agencies, shall assess whether to amend the regulations, including whether to adjust the definition of “covered national security technologies and products” to add or remove technologies and products in the semiconductors and microelectronics, quantum information technologies, and artificial intelligence sectors. The Secretary, in consultation with the Secretary of Commerce and, as appropriate, the heads of other relevant agencies, shall periodically review the effectiveness of the regulations thereafter.Sec. 4. Reports to the President. Within 1 year of the effective date of the regulations issued under section 1 of this order and, as appropriate but no less than annually thereafter, the Secretary, incoordination with the Secretary of Commerce and in consultation with the heads of other relevant agencies and the Director of the Office of Management and Budget, as appropriate, shall provide the President, through the Assistant to the President for National Security Affairs:(a) to the extent practicable, an assessment of the effectiveness of the measures imposed under this order in addressing threats to the national security of the United States described in this order; advancements by the countries of concern in covered national security technologies and products critical for such countries’ military, intelligence, surveillance, or cyber-enabled capabilities; aggregate sector trends evident in notifiable transactions and related capital flows in covered national security technologies and products, drawing on analysis provided by the Secretary of Commerce, the Director of National Intelligence, and the heads of other relevant agencies, as appropriate; and other relevant information obtained through the implementation of this order; and(b) recommendations, as appropriate, regarding:(i) modifications to this order, including the addition or removal of identified sectors or countries of concern, and any othermodifications to avoid circumvention of this order and enhance its effectiveness; and(ii) the establishment or expansion of other Federal programs relevant to the covered national security technologies and products, including with respect to whether any existing legal authorities should be used or new action should be taken to address the threat to the national security of the United States identified in this order.Sec. 5. Reports to the Congress. The Secretary is authorized to submit recurring and final reports to the Congress on the national emergency declared in this order, consistent with section 40l(c) of the NEA (50 U.S.C. 1641(c)) and section 204(c) of IEEPA (50 U.S.C. 1703(c)).Sec. 6. Official United States Government Business. Nothing in this order or the regulations issued under this order shall prohibit transactions for the conduct of the official business of the United States Government by employees, grantees, or contractors thereof.Sec. 7. Confidentiality. The regulations issued by the Secretary under this order shall address the confidentiality of information or documentary material submitted pursuant to this order, consistent with applicable law.Sec. 8. Additional Notifications and Prohibitions. (a) Any conspiracy formed to violate any regulation issued under this order is prohibited.(b) Subject to the regulations issued under this order, any action that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate any of the prohibitions set forth in this order or any regulation issued under this order is prohibited.(c) In the regulations issued under this order, the Secretary may prohibit United States persons from knowingly directing transactions if such transactions would be prohibited transactions pursuant to this order if engaged in by a United States person.(d) In the regulations issued under this order, the Secretary may require United States persons to:(i) provide notification to the Department of the Treasury of any transaction by a foreign entity controlled by such United States person that would be a notifiable transaction if engaged in by a United States person; and(ii) take all reasonable steps to prohibit and prevent any transaction by a foreign entity controlled by such United States personthat would be a prohibited transaction if engaged in by a United States person.Sec. 9. Definitions. For purposes of this order:(a) the term “country of concern” means a country or territory listed in the Annex to this order that the President has identified to be engaging in a comprehensive, long-term strategy that directs, facilitates, or otherwise supports advancements in sensitive technologies and products that are critical to such country’s military, intelligence, surveillance, or cyber-enabled capabilities to counter United States capabilities in a way that threatens the national security of the United States;(b) the term “covered foreign person” means a person of a country of concern who or that is engaged in activities, as identified in the regulations issued under this order, involving one or more covered national security technologies and products;(c) the term “covered national se curity technologies and products” means sensitive technologies and products in the semiconductors and microelectronics, quantum information technologies, and artificial intelligence sectors that are critical for the military, intelligence, surveillance, or cyber-enabled capabilities of acountry of concern, as determined by the Secretary in consultation with the Secretary of Commerce and, as appropriate, the heads of other relevant agencies. Where applicable, “covered national security technologies and pro ducts” may be limited by reference to certain end-uses of those technologies or products;(d) the term “entity” means a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization;(e) the term “person of a country of concern” means:(i) any individual that is not a United States person and is a citizen or permanent resident of a country of concern;(ii) any entity organized under the laws of a country of concern or with a principal place of business in a country of concern;(iii) the government of each country of concern, including any political subdivision, political party, agency, or instrumentality thereof, or any person owned, controlled, or directed by, or acting for or on behalf of the government of such country of concern; or(iv) any entity owned by a person identified in subsections (e)(i) through (e)(iii) of this section;(f) the term “person” means an individual or entity;(g) the term “relevant agencies” i ncludes the Departments of State, Defense, Justice, Commerce, Energy, and Homeland Security, the Office of the United States Trade Representative, the Office of Science and Technology Policy, the Office of the Director of National Intelligence, the Office of the National Cyber Director, and any other department, agency, or office the Secretary determines appropriate; and(h) the term “United States person” means any United States citizen, lawful permanent resident, entity organized under the laws of the United States or any jurisdiction within the United States, including any foreign branches of any such entity, and any person in the United States.Sec. 10. General Provisions. (a) The Secretary is authorized to take such actions and to employ all powers granted to the President by IEEPA as may be necessary to carry out the purposes of this order, including to:(i) promulgate rules and regulations, including elaborating upon the definitions contained in section 9 of this order for purposes of theregulations issued under this order and further prescribing definitions of other terms as necessary to implement this order;(ii) investigate and make requests for information relative to notifiable or prohibited transactions from parties to such transactions or other relevant persons at any time, including through the use of civil administrative subpoenas as appropriate;(iii) nullify, void, or otherwise compel the divestment of any prohibited transaction entered into after the effective date of the regulations issued under this order; and(iv) refer potential criminal violations of this order or the regulations issued under this order to the Attorney General.(b) Notwithstanding any other provision of this order, the Secretary is authorized to exempt from applicable prohibitions or notification requirements any transaction or transactions determined by the Secretary, in consultation with the heads of relevant agencies, as appropriate, to be in the national interest of the United States.(c) To the extent consistent with applicable law, the Secretary may redelegate any functions authorized hereunder within the Department of the Treasury. All agencies of the United StatesGovernment shall take all appropriate measures within their authority to carry out the provisions of this order.(d) If any provision of this order, or the application of any provision of this order to any person or circumstance, is held to be invalid, the remainder of this order and its application to any other person or circumstance shall not be affected thereby.(e) Nothing in this order shall be construed to impair or otherwise affect:(i) the authority granted by law to an executive department or agency, or the head thereof; or(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.(f) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.(g) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.JOSEPH R. BIDEN JR. THE WHITE HOUSE,August 9, 2023.–––––––AnnexThe People’s Republic of ChinaThe Special Administrative Region of Hong KongThe Special Administrative Region of Macau。
金融资产证券化【外文翻译】
外文翻译原文：Securitization of Financial AssetsAsset-Backed Securitization (ABS) is a financial tool which allows financial institutions (usually commercial banks) to move unmarketable assets (e.g. lease assets, mortgage assets or commercial papers) from their balance sheets in exchange for a long term loan which can be ploughed back into more profitable investments. More precisely, the financial assets are converted into bonds (so called notes) and the proceeds of their market issuance become a long term loan for the assets owner (the originator). We will look at the ABS operation mainly from the point of view of this financial institution.Our analysis will concentrate on the critical phase of the ABS operation avoiding to describe in detail the role of some of the participating operators, such as banks and insurance companies, which provide the credit protection (risk hedging) of the operation. It should be noted that the issue of credit protection is an interesting research topic in itself. However, the corresponding features such as credit guarantees and cash flow riskiness are beyond the scope of this paper.In an ABS, the assets are sold by the originator to a special purpose vehicle (SPV), an institution created solely for that purpose. The SPV funds the purchase through issuing debt securities—the notes—which are collateralized by the assets. Note that the assets transfer is a true sale. Thus, if the originator becomes insolvent or is involved in bankruptcy the transferred financial assets will not be part of the bankruptcy assets. This makes the notes an interesting investment opportunity. In apass through payment scheme the final investors who buy these notes receive periodic inflows (interests on their investments). These are directly related to the periodic installments paid by the holders of the assets (e.g. lessees or mortgage holders) to the originator (e.g. the lessor). Using the ABS structure the originator bypasses the problem of an impossible outright sale of its assets and thus reduces its overall exposure to them. For instance, lease or mortgage contracts which tie up thecapital of leasing companies can be moved into notes. This replacement of illiquid assets improves the return on equity (ROE).From the point of view of the originator, an ABS allows the achievement of three mainfinancial objectives:1. Replacement of the assets in the balance sheet, thereby improving ROE and allowing (if the originator is a bank) a more flexible keeping of the asset/liability composition constraints imposed by the control authorities (i.e. the Central Bank).2. Diversification of fund sources. Although the originator may be low rated, its notes usually get a higher rating (e.g. AAA) due to the presence of banks and insurance companies which guarantee the whole operation. This implies that such notes can be dealt on the main financial markets allowing the originator to reach markets which would otherwise be unaccessible for him since attended only by more established companies.3. Higher rated notes are more reliable investments and thus are allowed to pay lower interest rates to holders. If the cost to get a higher rating is lower than the saving obtained by issuing notes with higher rating, then the global cost to acquire funds decreases. Let us assume that an institution with a BB rating can get money at a rate such as Libor (London interbank offering rate) plus 150 basis points. Such an institution, as originator, may decide to pay an additional 100 basis points to get credit warranties1 and be able to issue notes with rating AAA at the cost of Libor plus 10 basis points. In this case an ABS will produce a saving on interest rates of 40 basis points. This situation applies in practice, since there is no efficient market for the underlying assets. The interest in this financial operation drastically increased in the last years all over Europe. In Italy, one of the most recent and relevant ABS has been performed by the pulic institution in charge of the management of the social security system, i.e. the Istituto Nazionale della Previdenza Sociale (INPS). This operation has allowed INPS to move delinquent contributions from its balance sheet. Other transactions of this type took place in the area of public housing agencies.The interest in this financial operation drastically increased in the last years allover Europe. In Italy, one of the most recent and relevant ABS has been performed by the public institu- tion in charge of the management of the social security system, i.e. the Istituto Nazionale della Previdenza Sociale (INPS). This operation has allowed INPS to move delinquent con- tributions from its balance sheet. Other transactions of this type took place in the area of public housing agencies.Many papers dealing with ABS from a modelling point of view have appeared in the last few years. Since an extensive review is beyond the scope of this paper we will only mention the papers by Kang and Zenios [6, 7] and by Mansini and Speranza [12, 13] and refer to the references given therein. For a better insight in the complex problem of securitization we suggest the textbooks [3, 5, 15].In particular, motivated by the analysis of a real-world case, Mansini in [11] and then Mansini and Speranza in [12] have studied the problem of optimally selecting the assets to refund the loan. In their case only lease assets are considered, although many other types of assets have the same basic characteristics. In their paper the outstanding principal of the assets is computed based on constant general installments (the so called French amortization).The resulting problem of selecting assets at a unique date can be modelled as a d-dimensional knapsack problem, which is hardly tractable by exact algorithms but is typically solved by constructive heuristics (see e.g. [1, 16]) or metaheuristics (see e.g. [2, 4]).The authors also show that in the special case where all lease assets share the same financial characteristics (amortization rule, internal interest rate and term) all but one constraint turn out to be redundant and hence the model reduces to a classical 0–1 knapsack problem (KP), which is relatively easy to handle (cf. [8, 9, 14]). See [10] for a general introduction to knapsack problems. Their work does not take into account the occurrence of a different rule for the asset amortization. In many practical applications (both for lease and mortgage contracts) the customers receiving the assets choose to pay back their debt by constant periodic principal installments (the rule is known as Italian amortization). Up to now this common rule has been totally ignored in models formalization.The objective of this paper is twofold. First of all we innovate with respect toprevious modeling approaches by introducing a general model to select financial assets at multiple dates. The motivation derives from the practical need of finding alternative and possibly more effective formulations for the problem of asset selection in ABS to achieve a better utilization of the long term loan. Secondly, we analyze the frequently encountered practical case in which the assets (lease or mortgage contracts) are paid back by constant periodic principal installments (Italian amortization rule). In this way the paper aims to provide the analysis of an alternative amortization rule available in practice as well as the development of better tools for the institutions responsible for the planning and management of ABS.Before defining the new model we should give a more detailed sketch of the ABS process. To help the reader in visualizing and better understanding the structure of an ABS process. The SPV issues notes on the financial market receiving funds from institutional investors who purchase the notes and hold them until maturity subject to the availability of acceptable short-term financing. The proceeds obtained by the notes’ issuance are used by the SPV to make revolving purchases of the unrated assets from the originator. The latter receives a long term loan which is payable solely by assets. In particular, the originator has to select the assets to be handed over for the loan reimbursement. These assets are “converted into” the notes issued by the SPV.The assets which are included in an ABS process have to be selected in a way such that the sum of their outstanding principals never exceeds the outstanding principal of the received loan (from now on simply the main outstanding principal) at any point in time. Now in order to maximize the financial gain of the operation the critical problem for the originator consists of minimizing the gap between the main outstanding principal and the outstanding principal of the selected assets over all points in time. This gap constitutes a loss of profit due to missing more profitable investments with higher yields.Actually, the area of the main outstanding principal covered by the sum of outstanding principals of the handed-over assets yields a return for the originator (e.g. the lessor) depending on the difference between the percent interest rate per year (say α) that the originator got from its cus tomers (e.g. the lessees) and the lower percentinterest rate (say β) paid to the note holders. If the sum of the outstanding principals of the selected assets has a global reimbursement profile which decreases more rapidly than that of the main outstanding principal, then the originator gets funds from its customers in advance with respect to the deadline at which it should pay the capital installment to the SPV. Such funds have to be reinvested in some predefined type of investments indicated in the ABS agreement. These investments last for a brief period (from the date in which they are available to the following date of reimbursement for the main loan) and usually yield a very low interest rate (sayγ> 0). Given the rate β payed for the notes it frequentl y happens that γ - β is close to zero and may also be negative involving a loss for the originator. This justifies the interest in minimizing the gap between the two profiles and stresses the importance of studying alternative shapes for the outstanding principals.Another important aspect in an ABS process is the risk of assets prepayment (cf. Schwartz and Torous [18]). A decline in interest rates may cause an earlier repayment of the outstanding principal to the originator by some of the lessees. Clearly, such a prepayment decreases the sum of the outstanding principals of the assets and hence has a negative effect on the value of the objective function over time since the gap towards the main outstanding principal increases.For some types of assets such as auto loans or credit card receivables this prepayment is unusual. However, leasing-like assets do face the risk of interest-rate based prepayment. Since prepayment events are non-predictable they cannot be taken explicitly into account in a deterministic off-line optimization model. Implicitly, it is assumed that all assets have the same probability of prepayment. In all cases where the risk of early paybacks is particularly high, a re-optimization of the whole ABS process at a later point in time is strongly recommended.Concerning the time line, in our case the assets are handed over by the originator and purchased by the SPV starting at a closing date (initial date for the loan) and on a fixed basis thereafter during the so called revolving period. Each date at which a purchase takes place is called settlement date. The assets handed over by the originator at the closing date and thereafter at the settlement dates are collectivelyreferred to as the initial and subsequent portfolios , respectively. Issued notes yield an interest payable on periodic bases (usually quarterly) and are redeemed at different final maturity dates. For this reason, notes are divided into tranches characterized by different deadlines.The reimbursement to the holders of the principals of a tranche of notes corresponds to a reimbursement installment of the main outstanding principal. Hence, the outline of the outstanding principal of the loan has as many installments (steps) as the number of tranches of notes with different maturity issued on the market.The main source of payment of interest and principal on notes are recoveries arising out of the assets. In particular, the cash-flow deriving from assets is used by the SPV to satisfy its obligations to the holders of notes. Naturally, the outstanding principal of an asset depends on the rule used for amortization.As mentioned above, two different rules mainly appear in practice. In the first rule, usually known as French amortization, the general periodic installment (sum of periodic interests and principal installment) is constant over time. In this case the customers who hold assets (mortgage or lease contracts) have to pay the same constant amount at each deadline. Since the principal installments increase geometrically over time (see figure 2(b)), the outstanding principal can be approximated by a concave piece-wise linear function.Source：D. Bertsimas and R. Demir.Securitization of Financial Assets: Approximation in Theory and putational Optimization and Applications,2004(29), P147–171.译文：金融资产证券化资产证券化(ABS)是一种金融工具,它可以让金融机构(通常是商业银行)的流动资产(如租赁资产滞销,抵押资产或商业证件)在他们的资产负债表中转换为长期贷款（可以把利润再投资进入更有利可图的投资）。
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Social Insurance
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2 Social Security Trust Funds
• Composition of the Trust Funds
– The Federal Old-Age and Survivors Insurance Trust Fund (OASI, 1940) – The Federal Disability Insurance Trust Fund (DI, 1956) – The Federal Hospital Insurance Trust Fund (HI, 1965) – The Federal Supplementary Medical Insurance Trust Fund (SMI, 1965)
Administrative expenses
OASI 1997年管理费用(%) 0.7 DI 2.8 HI 1.0 SMI 1.9
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4 Financial Condition of OASDI and Medicare • Estimating the Trust Fund Balances
The OASDI program can be considered actuarially sound under this system.
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4 Financial Condition of OASDI and Medicare
• The Main Trust Funds
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4 Financial Condition of OASDI and Medicare
• Paying for OASDI and Medicare
年 OASI 1997年—1999年 5.35 2000年及以后 5.30 DI 0.85 0.90 OASDI 6.20 6.20 HI 1.45 1.45 总税率 7.65 7.65
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3 Concepts of Actuarial Soundness
• Actuarial soundness refers to the ability of the plan to deliver the promised benefits. • How to evaluate the actuarial soundness:
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2 Social Security Trust Funds
• Investments of Trust Funds
– Interest-bearing obligations of the federal government, including special public debt obligations. – Obligations guaranteed as to principal and interest by the United States. – Certain federally sponsored agency obligations.
– Deficit for Present Members – Pay-As-You-Go Financing
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Concepts of Actuarial Soundness Deficit for Present Members
如果现有的信托基金加上现有成员未来缴资的现值足以支付现 在正在获得给付的成员（或其遗属）、现在健在但尚未得到给付的 成员或其遗属、已经去世的成员的尚未达到可以获得遗属给付年龄 的遗属的话，则该计划就是精算上稳健的。
Lecture 6 Financing the Social Security Program
1. 2. 3. 4. Financing Principles Social Security Trust Funds Concepts of Actuarial Soundness Financial Condition of OASDI and Medicare
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4 Financial Condition of OASDI and Medicare
• Trust Fund Results in 1997(In billion)
OASI 资产（1996年底） 514.0 1997年收入 397.2 1997年支出 322.1 资产净增加 75.1 资产(1997年底) 589.1 DI 52.9 60.5 47.0 13.5 66.4 HI 124.9 130.2 139.5 -9.3 115.636.1 SMI 28.3 81.9 74.1 7.8
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1 Financing Principles
• Some individual equity considerations
– The tax paid by younger workers entering the program should not be so high that it could purchase greater protection from private insurers.
– The financing of OASDI program is based on:
Partial-reserve finanal Insurance
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1 Financing Principles • No full funding
– A fully funded program means that if the program should terminate, the value of the accumulated assets under the plan is sufficient to discharge all liabilities for the benefit rights accrued to date under the plan. – Why a fully funded program is unnecessary?
– Alternative I (Low-cost alternative): more optimistic for trust fund financing – Alternative II ( Intermediate assumption): reflect the Trustees’ best estimate of future experience. – Alternative III (High-cost alternative): more pessimistic
• The program is expected to continue indefinitely and will not terminate in the predictable future. • The program is compulsory, new entrants will always enter the program and pay taxes to support it. • The taxing and borrowing powers of the federal government can be used to raise additional revenues if the program has financial problems. • From economic viewpoint, full funding is undesirable.
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1 Financing Principles
• • • •
Partial-reserve financing No full funding Actuarially sound program Some individual equity considerations
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1 Financing Principles
• Actuarially sound program
– At the present time, the OASDI program is not in actuarial balance over long run. – Based on the intermediate cost estimates, the OASDI program is expected to experience a serious long-range actuarial deficit of 2.19% of taxable payroll over a 75-year projection period.
– The Federal Old-Age and Survivors Insurance Trust Fund (OASI, 1940) – The Federal Disability Insurance Trust Fund (DI, 1956) – The Federal Hospital Insurance Trust Fund (HI, 1965) – The Federal Supplementary Medical Insurance Trust Fund (SMI, 1965)
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