财务管理英文笔试题
财务英语试题及答案
财务英语试题及答案一、选择题（每题2分，共20分）1. What is the term for the process of recording, summarizing, and reporting financial transactions?A. BudgetingB. AccountingC. AuditingD. Forecasting答案：B2. Which of the following is a financial statement that showsa company's financial position at a specific point in time?A. Income StatementB. Balance SheetC. Cash Flow StatementD. Statement of Retained Earnings答案：B3. The difference between the purchase price and the fair market value of an asset is known as:A. DepreciationB. AmortizationC. GoodwillD. Capital Gains答案：C4. What is the term for the systematic allocation of the cost of a tangible asset over its useful life?A. DepreciationB. AmortizationC. AccrualD. Provision答案：A5. Which of the following is not a type of revenue recognition?A. Cash basisB. Accrual basisC. Installment methodD. All of the above答案：D6. The process of estimating the cost of completing a project is known as:A. BudgetingB. Cost estimationC. Project managementD. Cost accounting答案：B7. Which of the following is a non-current liability?A. Accounts payableB. Wages payableC. Long-term debtD. Income tax payable答案：C8. The term used to describe the process of adjusting the accounts at the end of an accounting period is:A. Closing the booksB. JournalizingC. PostingD. Adjusting entries答案：D9. What is the term for the financial statement that shows the changes in equity of a company over a period of time?A. Balance SheetB. Income StatementC. Statement of Changes in EquityD. Cash Flow Statement答案：C10. The process of verifying the accuracy of financial records is known as:A. BudgetingB. AuditingC. ForecastingD. Valuation答案：B二、填空题（每空1分，共10分）1. The __________ is the process of determining the value of an asset or liability.答案：valuation2. A __________ is a type of financial instrument that represents a creditor's claim on a company's assets.答案：bond3. The __________ is the difference between the cost of an asset and its depreciation.答案：book value4. __________ is the process of converting non-cash items into cash equivalents.答案：Liquidation5. A __________ is a financial statement that provides information about a company's cash inflows and outflows during a specific period.答案：Cash Flow Statement6. The __________ is the process of estimating the useful life of an asset.答案：depreciation schedule7. __________ is the practice of recording revenues and expenses when they are earned or incurred, not when cash is received or paid.答案：Accrual accounting8. __________ is the process of recording transactions in the order they are received.答案：Journalizing9. __________ is the practice of matching expenses with the revenues they helped to generate.答案：Matching principle10. A __________ is a document that provides evidence of a transaction.答案：voucher三、简答题（每题5分，共20分）1. What are the main components of a balance sheet?答案：The main components of a balance sheet are assets, liabilities, and equity.2. Explain the concept of "double-entry bookkeeping."答案：Double-entry bookkeeping is a system of recording financial transactions in which every entry to an account requires a corresponding and opposite entry to another account, ensuring that the total of debits equals the total of credits.3. What is the purpose of an income statement?答案：The purpose of an income statement is to summarize a company's revenues, expenses, and profits or losses over a specific period of time.4. Describe the role of a financial controller in anorganization.答案：A financial controller is responsible for overseeing the financial operations of an organization, including budgeting, financial reporting, and ensuring compliance with financial regulations and policies.四、论述题（每题15分，共30分）1. Discuss the importance of financial planning in business management.答案：Financial planning is crucial in business management as it helps in setting financial goals。
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。
英语财务笔试题库及答案
英语财务笔试题库及答案1. What is the difference between a balance sheet and an income statement?Answer: A balance sheet is a snapshot of a company's financial condition at a specific point in time, showing assets, liabilities, and equity. An income statement, on the other hand, reports a company's financial performance over a period of time, including revenues, expenses, and net income.2. Define the term 'Depreciation'.Answer: Depreciation is the systematic allocation of the cost of a tangible asset over its useful life to reflect the consumption of the asset.3. Explain the concept of 'Accrual Accounting'.Answer: Accrual accounting is a method of accounting where revenues and expenses are recorded when they are earned or incurred, not when cash is received or paid.4. What is 'Capital Budgeting' and why is it important?Answer: Capital budgeting is the process of evaluating investment opportunities to determine whether they are financially viable and beneficial for a company. It is important as it helps in making long-term financial decisions.5. How do you calculate 'Net Present Value' (NPV)?Answer: Net Present Value (NPV) is calculated bysubtracting the present value of cash outflows (includinginitial investment) from the present value of cash inflows over a period of time, using a discount rate.6. What is 'Financial Leverage' and how does it affect a company?Answer: Financial leverage refers to the use of borrowed funds to increase the return on equity. It affects a company by increasing the risk and potential return on investment.7. Describe the 'Time Value of Money'.Answer: The time value of money is the concept that a sum of money is worth more now than the same sum in the future due to its potential earning capacity.8. What is 'Earnings Per Share' (EPS)?Answer: Earnings Per Share (EPS) is a financial metric calculated as the company's net income divided by the outstanding shares of its common stock, indicating the profit allocated to each share.9. Explain the 'Cash Conversion Cycle'.Answer: The cash conversion cycle is the length of time it takes for a company to convert its investment in inventory and receivables into cash.10. What is 'Break-Even Analysis' and how is it used?Answer: Break-even analysis is a method used to determine the number of units a company must sell to cover its costs and make a profit. It is used to evaluate the financial viability of a project or business.11. Define 'Working Capital'.Answer: Working capital is the difference between a company's current assets and current liabilities, representing the funds available for day-to-day operations.12. What is 'Liquidity Ratio' and how is it calculated?Answer: Liquidity ratio is a measure of a company'sability to pay short-term obligations. It is calculated by dividing current assets by current liabilities.13. Explain 'Return on Investment' (ROI).Answer: Return on Investment (ROI) is a financial metric that measures the profitability of an investment. It is calculated by dividing the net profit from the investment by the initial cost of the investment.14. What is 'Inflation' and how does it affect financial statements?Answer: Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. It affects financial statements by reducing the real value of assets and increasing the cost of goods and services.15. Define 'Audit' in the context of finance.Answer: An audit is a systematic review and examination of a company's financial records, typically performed by an independent third party, to ensure accuracy, compliance with regulations, and to detect fraud.。
财务管理专业英语复习题(参考答案)
D. working sheet D. equipment depreciation C. capital budgeting. A. time deposits A. the initial cost of the project can be reduced. C. notes payable B. sunk A. I and III only C. salaries payable D. product producing C. initial public offering (IPO). A. total A. future value D. (1+8%/2)2-1 B. $295,000 D. collecting accounts receivable faster A. m D. common stock A. gross profit margin A. liquidity ratios B. degree to which the net present value reacts to changes in a single variable.B. the transaction is complete and the goods or services delivered.A. Return on equity A. general economic risk D. It does not include depreciation.C. Interest. B.$108 B. $37.62 B. Corporate investment decisions have nothing to do with financial markets,A. Financial management A. double taxation of dividends D. compound interest D. The market is overvaluing the stock.B. approximately 10 B.640,000 D. issue common stock.A. Net profit margin ×Total asset turnover ×Equity multiplier B.bond issuing C. capital budgeting B. marketability A. future value流动比率Current ratio= Current assets/ Current liabilities=1.91速动比率Quick ratio=( Current assets- Inventory)/ Current liabilities=1.27应收账款周转率Accounts receivables turnover ratio=Sales/Accounts receivable=4.37债务比率Debt ratio= Total liabilities/ Total assets=50.3%资产收益率Return on assets= Net income/ Total assets=3.45%Price/earnings ratio= Market price per share/ Earnings per share=45.83Current ratio = Current assets / Current liabilities = 1.1Total debt ratio =(Total assets – Total equity) / Total assets = 0.58Total asset turnover = Sales / Total assets = 0.27Profit margin = Net income / Sales = 0.22Equity multiplier = Total assets / Total equity = 2.375ROA= Net income / Total assets = 0.061ROE= Net income / Total equity = 0.1452) ROE= Profit margin * Equity multiplier * Total assets turnover = 14.56%Financial management is an integrated decision-making process concerned with acquiring, financing, and managing assets to accomplish some overall goal within a business entity. Other names for financial management include managerial finance, corporate finance, and business finance. Making financial decisions is an integral part of all forms and sizes of business organizations from small privately-held firms to large publicly-traded corporations财务管理是一个通过收购、融资和资产管理来完成一些企业总体目标的综合决策过程。
财务管理题目答案
9. Halcyon Lines is considering the purchase of new bulk carrier for $8 million. Theforecasted revenues are $5 million a year and operating costs are $4 million. A major refit costing $2 million will be required after both the fifth and tenth years. After 15 years, the ship is expected to be sold for scrap at $1.5 million. If the discount rate is 8 percent, what is the ship’s NPV?We can break this down into several different cash flows, such that the sum of these separatecash flows is the total cash flow. Then, the sum of the present values of the separate cash flows is the present value of the entire project. (All dollar figures are in millions.)▪Cost of the ship is $8 million PV = -$8 million ▪ Revenue is $5 million per year, operating expenses are $4 million. Thus, operating cash flow is $1 million per year for 15 years.million $8.559(1.08)0.0810.081 million 1$PV 15=⎥⎦⎤⎢⎣⎡⨯-⨯= ▪ Major refits cost $2 million each, and will occur at times t = 5 and t = 10.PV = (-$2 million)/1.085 + (-$2 million)/1.0810 = -$2.288 million▪ Sale for scrap brings in revenue of $1.5 million at t = 15.PV = $1.5 million/1.0815 = $0.473 millionAdding these present values gives the present value of the entire project:NPV = -$8 million + $8.559 million - $2.288 million + $0.473 millionNPV = -$1.256 millionthen $300 a month for the next 30 months. Turtle Motors next door does not offer free credit but will give you $1,000 off the list price. If the rate of interest is 10 percent a year, which company is offering the better deal?The fact that Kangar oo Autos is offering “free credit” tells us what the cashpayments are; it does not change the fact that money has time value. A 10 percentannual rate of interest is equivalent to a monthly rate of 0.83 percent:r monthly = r annual /12 = 0.10/12 = 0.0083 = 0.83%The present value of the payments to Kangaroo Autos is:8$8,93(1.0083)0.008310.00831$300$1,00030=⎥⎦⎤⎢⎣⎡⨯-⨯+A car from Turtle Motors costs $9,000 cash. Therefore, Kangaroo Autos offers the better deal, i.e., the lower present value of cost.Or。
财务面试英语试题及答案
财务面试英语试题及答案一、选择题1. What is the primary purpose of financial accounting?A. To provide information for internal managementB. To provide information for external stakeholdersC. To assist in budgeting and forecastingD. To support tax compliance答案：B2. Which of the following is NOT a financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Project Proposal答案：D3. What does the term "depreciation" refer to?A. The increase in the value of an assetB. The decrease in the value of an asset over timeC. The sale of an assetD. The purchase of an asset答案：B二、填空题4. The process of recording financial transactions in acompany's books is known as __________.答案：bookkeeping5. The __________ is responsible for the day-to-day management of the company's finances.答案：finance manager6. When a company issues shares, it is said to be engaging in __________.答案：equity financing三、简答题7. Explain the difference between "revenue" and "profit".答案：Revenue is the total amount of money that a company receives from its business activities before any costs are deducted. Profit, on the other hand, is the amount of money remaining after all expenses have been subtracted from the revenue.8. What are the main components of a balance sheet?答案：The main components of a balance sheet are assets, liabilities, and shareholders' equity.四、论述题9. Discuss the importance of financial planning for a business.答案：Financial planning is crucial for a business as it helps in setting financial goals, allocating resourcesefficiently, managing cash flow, and ensuring the long-term viability of the company. It also aids in risk management and provides a roadmap for the company's growth and expansion.10. Describe the role of an auditor in a company.答案：An auditor's role in a company is to provide an independent assessment of the company's financial statements to ensure they are accurate, complete, and in compliance with relevant accounting standards and regulations. They also help identify potential fraud and recommend improvements in financial controls and processes.。
外企财务英语试题及答案
外企财务英语试题及答案一、选择题（每题2分，共20分）1. Which of the following is NOT a financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Organizational Chart2. What does the term "EBIT" stand for in financial terms?A. Earnings Before Interest and TaxesB. Economic Benefits to InvestorsC. Equity Before Interest and TaxesD. Earnings Before Income Tax3. The process of forecasting a company's future financial performance is known as:A. Financial AnalysisB. Financial PlanningC. Financial ReportingD. Financial Review4. What is the primary purpose of a budget in a business?A. To track expensesB. To project future financial performanceC. To increase salesD. To reduce costs5. Which of the following is a type of long-term liability?A. Accounts PayableB. Notes PayableC. Bonds PayableD. Sales Tax Payable6. The term "ROI" refers to:A. Risk of InvestmentB. Return on InvestmentC. Revenue of InvestmentD. Rate of Interest7. What does "GAAP" stand for?A. General Accounting and Auditing PrinciplesB. Globally Accepted Accounting PracticesC. Generally Accepted Accounting PrinciplesD. Government Accounting and Auditing Procedures8. A company's "working capital" is calculated by:A. Current Assets - Current LiabilitiesB. Total Assets - Total LiabilitiesC. Fixed Assets - Current LiabilitiesD. Current Liabilities / Current Assets9. Which of the following is a non-cash expense?A. RentB. UtilitiesC. DepreciationD. Salaries10. The financial statement that shows the changes in a company's equity over a period of time is:A. Balance SheetB. Income StatementC. Statement of Cash FlowsD. Statement of Retained Earnings二、填空题（每题1分，共10分）11. The __________ is a document that provides a snapshot ofa company's financial condition at a specific point in time.12. __________ is the process of allocating resources to achieve the company's goals.13. A __________ is a financial statement that shows the sources and uses of cash during a specific period.14. __________ are short-term obligations that a company must pay within one year.15. The __________ is the difference between the cost of an asset and its depreciation.16. __________ is the amount of money that a company expects to receive for the sale of goods or services that have been delivered but not yet paid for by customers.17. __________ is the process of evaluating the financial performance of a company.18. __________ are the costs associated with the production of goods or services that have not yet been sold.19. __________ is the process of recording financial transactions in a company's accounting records.20. The __________ is a document that shows the company's net income and expenses over a specific period.三、简答题（每题5分，共30分）21. Explain the difference between "Operating Leverage" and "Financial Leverage."22. Describe the purpose of a "Statement of Changes in Equity."23. What is the role of "Debt Financing" in a company's capital structure?24. Discuss the importance of "Internal Controls" infinancial management.四、计算题（每题5分，共20分）25. Given the following data for a company:- Sales = $500,000- Cost of Goods Sold = $300,000- Operating Expenses = $80,000- Depreciation = $20,000- Interest Expense = $10,000- Taxes = 30% of EBITCalculate the company's EBIT and Net Income.26. If a company has Current Assets of $120,000 and Current Liabilities of $60,000, calculate the company's Working Capital.27. A company has a Return on Investment (ROI) of 15%. If the initial investment was $100,000, calculate the amount of the return.五、论述题（共20分）28. Discuss the role of "Financial Forecasting" in strategic business planning and provide examples of how it can be used to make informed business decisions.答案：一、选择题1. D2. A3. B4. B5. C6. B7. C8. A9. C10. D二、填空题11. Balance Sheet12. Budgeting13. Cash Flow Statement14. Current Liabilities15. Book Value16. Accounts Receivable17. Financial Analysis18.。
管理培训生 英语笔试题
管理培训生英语笔试题1. 词汇和语法：- 选择题：选择正确的单词或短语完成句子。
- 填空题：根据句子上下文填入适当的单词。
- 纠错题：找出并改正句子中的语法错误。
示例问题：- The manager asked his employees to work ___ (harder/more hard) to meet the deadlines.- She is a ___ (responsible/responsibility) person who can be trusted.- We need to ___ (improve/increase) our productivity by using new technology.2. 阅读理解：- 阅读短文并回答问题。
- 理解文章主旨、细节和推理作者观点。
示例问题：- What is the main idea of the passage?- According to the passage, which of the following is true?- The author suggests that we should _.3. 写作：- 撰写邮件、信件或报告。
- 要求清晰表达观点、正确使用语法和词汇。
示例问题：- Write a memo to inform employees about a new policy change.- Write a report on a recent project you completed.4. 商务英语：- 涉及商务场景下的沟通和表达。
- 包括会议安排、商务报告、商务谈判等。
示例问题：- You are scheduling a meeting with a client. Write an email to confirm the details.- Read the following business report and summarize the main points.。
财务管理英文题库及答案
财务管理英文题库及答案1. Question: What is the primary goal of financial management in a business?Answer: The primary goal of financial management in a business is to maximize the value of the firm to its shareholders by making optimal investment and financing decisions.2. Question: What is the difference between a current asset and a non-current asset?Answer: A current asset is an asset that is expected to be converted to cash or used up within one year or one operating cycle of the business. A non-current asset, on the other hand, is an asset that is not expected to be converted to cash or used up within one year or one operating cycle.3. Question: Explain the concept of Time Value of Money (TVM).Answer: The Time Value of Money (TVM) is a financial concept that states that a sum of money received today isworth more than the same sum received in the future due toits potential earning capacity. This principle is fundamental to finance and is used to evaluate the relative worth of money at different points in time.4. Question: What is the formula for calculating the presentvalue of a future sum of money?Answer: The formula for calculating the present value (PV) of a future sum of money (FV) is: PV = FV / (1 + r)^n, where r is the discount rate and n is the number of periods.5. Question: Define the term 'Leverage' in the context of financial management.Answer: Leverage in financial management refers to the use of borrowed funds to increase the potential return of an investment. It is a strategy that can amplify gains but also increases the risk of losses if the investment does not perform as expected.6. Question: What is the DuPont Identity and how is it usedin financial analysis?Answer: The DuPont Identity is a formula used to break down the return on equity (ROE) into three parts: net profit margin, asset turnover, and financial leverage. It is used in financial analysis to understand the drivers of a company's profitability and to compare it with other companies.7. Question: How does inflation affect a company's financial statements?Answer: Inflation affects a company's financial statements by reducing the purchasing power of money. It can lead to higher costs for raw materials and labor, which can decrease profit margins. Additionally, inflation can cause assets andliabilities to be understated, and it may affect the real value of reported earnings.8. Question: Explain the concept of Capital Budgeting and its importance.Answer: Capital Budgeting is the process of evaluating the profitability of long-term investments or projects. It is important because it helps a company decide which projects to undertake based on their potential to generate returns over time, considering the time value of money and the risks involved.9. Question: What is the difference between a fixed cost anda variable cost?Answer: A fixed cost is a cost that does not change with the level of production or sales, such as rent or salaries. A variable cost, however, changes in direct proportion to the level of production or sales, such as raw materials or direct labor costs.10. Question: Define the term 'Liquidity Ratios' and provide examples.Answer: Liquidity Ratios are financial metrics used to measure a company's ability to pay off its short-term debts. Examples include the Current Ratio (current assets divided by current liabilities) and the Quick Ratio (current assets minus inventory divided by current liabilities). These ratios help assess the liquidity position of a business.。
Nxztpa财务管理试题2-杨潇
Nxztpa财务管理试题2-杨潇秋风清，秋月明,落叶聚还散,寒鸦栖复惊。
The following balance sheet and income statement should be used for questions #1 through #5:Windswept, Inc.2005 Income Statement($ in millions)Net sales $8,450Less: Cost of goods sold 7,240Less: Depreciation （1）Earnings before interest and taxes 810 Less: Interest paid 70 Taxable Income $ 740Less: Taxes 259Net income （2）Windswept, Inc.2004 and 2005 Balance Sheets($ in millions)2004 2005 2004 2005Cash $ 120 $ 140 Accounts payable $1,110 $1,120 Accounts rec. 930 780 Long-term debt 840 1,210 Inventory 1,480 1,520 Common stock 3,200 3,000 Total （3） $2,440 Retained earnings （5） 710 Net fixed asset （4） 3,600Total assets $5,680 $6,040 Total liabilities & equity $5,680$6,0401． a.400 b. 410 c.350 d. 420 e.4252． a. $487 b. $481 c.$523 d.$ 498 e. $5403． a. $2345 b. $2300 c.$2530 d.$2413 e. $24504．a.3510 b.3423 c. 3545 d.3500 e. 36555． a. 530 b.540 c. 555 d.550 e.515The following balance sheet and income statement should beused for questions #6through #15:Re Do It, Inc. 2005 Income Statement （in million）Net sales $2430Less: Cost of goods sold 1,344Less: Depreciation 276Earnings before interest and taxes $810Less: Interest paid 150Taxable Income $ 660Less: Taxes 187Net income $ Dividends $121 Addition to retained earnings 242Re Do It, Inc. 2004 and 2005 Balance Sheet （in million）2004 2005 2004 2005Cash $ 84 $ 98 Accounts payable $543 $530Accounts rec. 165 188 Long-term debt 550 $457Inventory 393 422 Common stock 500 $550Total $642 $708 Retained earnings 1,799 2,041 Net fixed assets $2,731 $2,880Total assets $3,373 $3,588 Total liabilities & equity $3,373$3,5886. What is the days’ sales in receivables? (use 2005 values)a. 21.8 daysb. 23.7 daysc. 28.3 daysd. 29.7 dayse. 32.4days7. What is the cash coverage ratio for 2005?b. 6.5c. 6.6d. 6.7e. 6.88. What is the amount of the net cash from investment activity for 2005?a. -$50 millionb. $250millionc. $425 milliond. $700 millione. $850 million9. How many dollars of sales are being generated from every dollar of currentassets? (use 2005 values)a. $2.59b. $2.89c. $3.43d. $3.26e. $3.7610. How does cash affect the statement of cash flows for 2005?a. a use of $14 million of cash as an investment activityb. a sourceof $14 million of cash as an operating activityc. a use of $10 million of cash as a financing activityd. a source of$10 million of cash as an investment activitye. a use of $14 million of cash as an operating activity11. What is the amount of net new borrowing for 2005?b. -$74c. $0d.- $ 93e. $7412. What is the operating cash flow for 2005?a. $184b. $178c. $125d. $145e. $17013. What is the amount of the non-cash expenses for 2005?a. $276b. $430c. $445d. $370e. $20014. What is the amount of dividends paid in 2005?a. $35b. $231c. $270d. $325e. $44515. What is the cash flow to creditors for 2005?a. -$215b. -$25c. $25d. $215e. $5716. The financial statement that summarizes the sources anduses ofcash over a specified period of time is the:a. income statement.b. balance sheet.c. tax reconciliation statement.d. statement of cash flows.e. statement of operating position.17. A conflict of interest between the stockholders and management of afirm is called:a. stockholders’ liability.b. corporate breakdown.c. the agency problem.d. corporate activism.e. legal liability.18. The financial statement showing a firm’s accounting value on aparticular date is the:a. income statement.b. balance sheet.c. statement of cash flows.d. tax reconciliation statement.e. shareholders’ equity sheet.19. When fixed assets on a pro forma statement are projected to increase at a rate equivalent to the projected rate of sales growth, it can be assumed that the firm is:a. projected to grow at the internal rate of growth.b. projected to grow at the sustainable rate of growth.c. creating excess capacity.d. currently operating at full capacity.e. retaining all of its projected net income20. The sales level that results in a project’s net present value exactlyequaling zero is called the _____ break-even.a. operationalb. leveragedc. accountingd. cashe. financial21. The expected return on a stock that is computed using economicprobabilities is:a. guaranteed to equal the actual average return on the stock for the nextfive years.b. guaranteed to be the minimal rate of return on the stock over the nexttwo years.c. guaranteed to equal the actual return for the immediate twelve monthperiod.d. a mathematical expectation based on a weighted average and not anactual anticipated outcome.e. the actual return you should anticipate as long as the economicforecast remains constant.22. Interest earned only on the original principal amount invested iscalled _____ interest.a. freeb. annualc. simpled. interest one. compound23. Financial ratios that measure a firm’s ability to pay its bills over theshort run without undue stress are known as _____ ratios.a. asset managementb. long-term solvencyc. short-term solvencyd. profitabilitye. market value24. Which one of the following measures is relevant to the systematicrisk principle?a. varianceb. alphac. standard deviationd. thetae. beta25. An option that may be exercised at any time up its expiration date is called a(n) _____option.a. futuresb. Asianc. Bermudand. Europeane. American26. Shareholders’ equity in a firm is $500. The firm owes atotal of $400of which 75 percent is payable within the next year. The firm has netfixed assets of $600. What is the amount of the net working capital?a. -$200b. -$100c. $0d. $100e. $20027. Ivan’s, Inc. paid $500 in dividends and $600 in interest this pastyear. Common stock increased by $200 and retained earningsdecreased by $100. What is the net income for the year?a. $400b. $500c. $600d. $800e. $1,00028. A firm has total assets of $2,640 and net fixed assets of $1,500. Theaverage dailyoperating costs are $170. What is the value of the interval measure?a. 6.71b. 8.82c. 11.03d. 13.33e. 15.5329. Rosita’s Restaurante has sales of $4,500, total debt of $1,300, total equity of $2,400, and a profit margin of 5 percent. What is the return on assets?a. 5.00 percentb. 6.08 percentc. 7.39 percentd. 9.38 percente. 17.31 percent30. Kurt’s Adventures is operating at full capacity with a sales level of $1,200 and fixed assets of $900. What is the required addition to fixed assets if sales are to increase by20 percent?a. $160b. $180c. $240d. $320e. $36031. _____ refers to the net expenditures by the firm on fixed assetpurchases.a. Operating cash flowb. Capital spendingc. Net working capitald. Cash flow from assetse. Cash flow to creditors32. Ratios that measure how efficiently a firm uses its assets to generatesales are known as _____ ratios.a. asset managementb. long-term solvencyc. short-term solvencyd. profitabilitye. market value33. The cash ratio is measured as:a. current assets divided by current liabilities.b. current assets minus cash on hand, divided by current liabilities.c. current liabilities plus current assets, divided by cash on hand.d. cash on hand plus inventory, divided by current liabilities.e. cash on hand divided by current liabilities.34. The financial ratio measured as net income divided by total assets isknown as the firm’s:a. profit margin.b. return on assets.c. return on equity.d. asset turnover.e. earnings before interest and taxes.35. Venture capital is primarily found through:a. internet web sites.b. a bidding process.c. newspaper advertisements.d. personal contacts.e. letters submitted to venture capital firms.36. Which of the following are included in current liabilities?I. note payable to a supplier in eighteen monthsII. debt payable to a mortgage company in nine monthsIII. accounts payable to suppliersIV. loan payable to the bank in fourteen monthsa. I and III onlyb. II and III onlyc. III and IV onlyd. II, III, and IV onlye. I, II, and III only37. Cash flow from assets must be negative when:a. the firm has a taxable loss for the year.b. the cash flow from creditors and the cash flow from stockholders areboth negative.c. the cash flow from creditors is negative and the cash flow fromstockholders is positive.d. the change in net working capital exceeds the net capital spending.e. operating cash flow is less than the change in net working capital.38. Which one of the following statements concerning net present value (NPV) is correct?a. An investment should be accepted if, and only if, the NPV is exactlyequal to zero.b. An investment should be accepted only if the NPV is equal to theinitial cash flow.c. An investment should be accepted if the NPV is positive and rejectedif it is negative.d. An investment with greater cash inflows than cashoutflows,regardless of when the cash flows occur, will always have a positiveNPV and therefore should always be accepted.e. Any project that has positive cash flows for every time period afterthe initial investment should be accepted.39. An annuity stream of cash flow payments is a set of:a. level cash flows occurring each time period for a fixed length of time.b. level cash flows occurring each time period forever.c. increasing cash flows occurring each time period for a fixed length oftime.d. increasing cash flows occurring each time period forever.e. arbitrary cash flows occurring each time period for no more than 10years.40. The cost of capital:a. will decrease as the risk level of a firm increases.b. is primarily dependent on the source of the funds used in a project.c. implies that a project will produce a positive net present value only when the rate ofreturn on the project is less than the cost of capital.d. remains constant for all projects sponsored by the same firm.e. depends on how the funds are going to be utilized.41. What is the present value of $13,450 to be received four years from today if the discount rate is 5.25 percent?a. $10,854.20b. $10,960.59c. $10,974.21d. $10,982.18e. $11,003.1442. Your grandmother invested one lump sum 17 years ago at 4.25 percent interest.Today, she gave you the proceeds of that investment which totaled $5,539.92. Howmuch did your grandmother originally invest?a. $2,700.00b. $2,730.30c. $2,750.00d. $2,768.40e. $2,774.9043. Ten years ago, Joe invested $5,000. Five years ago, Marie invested $2,500. T oday, both Joe and Marie’s investments are each worth $8,500. Which one of the following statements is correct concerning their investments?a. Three years from today, Joe’s investment will be worth more thanMarie’s.b. Last year, Marie’s investment was worth more than Joe’s.c. Joe has earned more interest on interest than Marie.d. Marie earned an annual interest rate of 27.73 percent.e. Joe earned an annual interest rate of 6.45 percent.44. Your older sister deposited $5,000 today at 8 percent interest for five years. You would like to have just as much money at the end of the next five years as your sister. However, you can only earn 6 percent interest. How much more money must youdeposit today than your sister if you are to have the same amount at the end of five years?a. $201.80b. $367.32c. $399.05d. $423.81e. $489.8445. Forty years ago, your father invested $2,500. Today that investment is worth $107,921. What is the average rate of return your father earned on his investment?a. 8.50 percentb. 9.33 percentc. 9.50 percentd. 9.87 percente. 9.99 percent46. The specified date on which the principal amount of a bond is repaidis called the bond’s:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.47. The rate of return required by investors in the market for owning abond is called the:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.48. A bond with a face value of $1,000 that sells for more than $1,000in the market is called a _____ bond.a. parb. discountc. premiumd. zero coupone. floating rate49. The unfunded debt of a firm is generally understood to mean thefirm’s:a. preferred stock.b. debts that mature in more than one year.c. debentures.d. debts that mature in less than one year.e. secured debt.50. When you retire forty years from now, you want to have $1 million. You think you can earn an average of 8.5 percent on your money. To meet this goal, you are trying to decide whether to deposit a lump sum today, or to wait and deposit a lump sum five years from today. How much more will you have to deposit as a lumpsum if you wait for five years before making the deposit?a. $18,001.06b. $18,677.78c. $18,998.03d. $19,272.81e. $21,036.8351. Syed’s Industries has accounts receivable of $700, inventory of $1,200, sales of$4,200, and cost of goods sold of $3,400. How long does it take Syed’s to both selltheir inventory and then collect the payment on the sale?a. 128 daysb. 146 daysc. 163 daysd. 190 dayse. 211 days52. A firm has net working capital of $400, net fixed assets of $2,400, sales of $6,000, and current liabilities of $800. How many dollars worth of sales are generated from every $1 in total assets?a. $1.33b. $1.67c. $1.88d. $2.33e. $2.5053. Rosita’s Restaurante has sales of $4,500, total debt of $1,300, total equity of $2,400, and a profit margin of 5 percent. What is the return on assets?a. 5.00 percentb. 6.08 percentc. 7.39 percentd. 9.38 percente. 17.31 percent54. Patti’s has net income of $1,800, a price-earnings ratio of 12, and earnings per share of $1.20. How many shares of stock are outstanding?a. 1,200b. 1,400c. 1,500d. 1,600e. 1,80055. A firm has 5,000 shares of stock outstanding, sales of $6,000, net income of $800, a price-earnings ratio of 10, and a book value per share of $.50. What is the market-to-book ratio?a. 1.6b. 2.4c. 3.0d. 3.2e. 3.656. Jupiter Explorers has $6,400 in sales. The profit margin is 4 percent. There are 6,400 shares of stock outstanding. The market price per share is $1.20. What is the price- earnings ratio?a. 13b. 14c. 21d. 30e. 4857. Lee Sun’s has sales of $3,000, total assets of $2,500, anda profit margin of 5 percent. The firm has a total debt ratio of 40 percent. What is the return on equity?a. 6 percentb. 8 percentc. 10 percentd. 12 percente. 15 percent58. A firm has a return on equity of 15 percent. The debt-equity ratio is50 percent. The total asset turnover is 1.25 and the profit margin is 8percent. The total equity is$3,200. What is the amount of the net income?a. $480b. $500c. $540d. $600e. $62059. A firm wants a sustainable growth rate of 2.68 percent whilemaintaining a 40 percent dividend payout ratio and a 6 percent profitmargin. The firm has a capital intensity ratio of 2. What is the debt-equity ratio that is required to achieve the firm’s desired rate ofgrowth?a. .42b. .45c. .49d. .52e. .5460. The Green Giant has a 5 percent profit margin and a 40 percentdividend payout ratio. The total asset turnover is 1.40 and the equity multiplier is 1.50. What is the sustainable rate of growth?a. 6.30 percentb. 6.53 percentc. 6.72 percentd. 6.80 percente. 6.83 percent61. The process of accumulating interest on an investment over time to earn more interest is called:a. growth.b. compounding.c. aggregation.d. accumulation.e. discounting.62. The decision of which lender to use and which type of long-term loan is best for aproject is part of:a. working capital management.b. the net working capital decision.c. capital budgeting.d. a controller’s duties.e. the capital structure decision.63. _____ refers to the firm’s dividend payments less any net newequity raised.a. Operating cash flowb. Capital spendingc. Net working capitald. Cash flow from assetse. Cash flow to stockholders64. A supplier, who requires payment within ten days, is most concerned with which one of the following ratios when granting credit?a. currentb. cashc. debt-equityd. quicke. total debt65. Activities of the firm in which cash is spent are known as:a. sources of cash.b. uses of cash.c. cash payments.d. cash receipts.e. cash on hand.66. You just won the lottery! As your prize you will receive $1,200 amonth for 100 months. If you can earn 8 percent on your money, what is this prize worth to you today?a. $87,003.69b. $87,380.23c. $87,962.77d. $88,104.26e. $90,723.7667. You own a classic automobile that is currently valued at $39,500. If the value increases by 6 percent annually, how much will the auto be worth ten years from now?a. $64,341.34b. $44,734.42c. $69,843.06d. $70,738.48e. $74,146.9368. The Inferior Goods Co. stock is expected to earn 14 percent in arecession, 6 percent in a normal economy, and lose 4 percent in abooming economy. The probability of a boom is 20 percentwhile theprobability of a normal economy is 55 percent and the chance of arecession is 25 percent. What is the expected rate of return on thisstock?a. 6.00 percentb. 6.72 percentc. 6.80 percentd. 7.60 percente. 11.33 percent69. You sold (wrote) three TXA call option contracts with a strike price of $35 when the option was quoted at $2.60. The option expires today when the value of TXA stock is$33.70. Ignoring trading costs and taxes, what is your total profit or loss on your investment?a. $0b. $260c. $390d. $780e. $1,17070. You own six convertible bonds. These bonds have a 5 percent coupon, a $1,000 face value and mature in 8 years. The bonds are convertible into shares of common stock at a conversion price of $20. How many shares of stock will you receive if you convert all of your bonds?a. 8.33 sharesb. 50.00 sharesc. 52.50 sharesd. 300.00 sharese. 315.00 shares71. The length of time required for a project’s discounted cash flows toequal the initial cost of the project is called the:a. net present value.b. internal rate of return.c. payback period.d. discounted profitability index.e. discounted payback period.72. Interest rates or rates of return on investments that have been adjustedfor the effects of inflation are called _____ rates.a. realb. nominalc. effectived. strippede. coupon73. Payments made by a corporation to its shareholders, in the form ofeither cash, stock or payments in kind, are called:a. retained earnings.b. net income.c. dividends.d. redistributions.e. infused equity.74. The market price of a bond is equal to the present value of the:a. face value minus the present value of the annuity payments.b. annuity payments plus the future value of the face amount.c. face value plus the present value of the annuity payments.d. face value plus the future value of the annuity payments.e. annuity payments minus the face value of the bond.75. The discount rate that makes the net present value of an investmentexactly equal tozero is called the:a. external rate of return.b. internal rate of return.c. average accounting return.d. profitability index.e. equalizer.76. You wrote ten call option contracts on JIG stock with a strike price of $40 and anoption price of $.40. What is your net gain or loss on this investment if the price of JIG is $46.05 on the option expiration date?a. -$6,450b. -$5,650c. $400d. $5,650e. $6,45077. What is the expected return on a portfolio comprised of $3,000 instock K and $5,000 in stock L if the economy is normal?State of Probability of Returns if State OccursEconomy State of Economy Stock K Stock LBoom 20% 14% 10%Normal 80% 5% 6%a. 3.75 percentb. 5.25 percentc. 5.63 percentd. 5.88 percente. 6.80 percent78. What is the expected return on a portfolio comprised of $4,000 instock M and $6,000 in stock N if the economy enjoys a boom period?State of Probability of Returns if State OccursEconomy State of Economy Stock M Stock NBoom 10% 18% 10%Normal 75% 7% 8%Recession 15% -20% 6%a. 6.4 percentb. 6.8 percentc. 10.4 percentd. 13.2 percente. 14.0 percent79. Several rumors concerning Wyslow, Inc. stock have started circulating. These rumors are causing the market price of the stock to be quite volatile. Given this situation, you decide to buy both a one-month put and a call option on this stock with an exercise price of $15. You purchased the call at a quoted price of $.20 and the put at a price of $2.10. What will be your total profit or loss on these option positions if the stock price is $4 on the day the options expire?a. -$230b. $870c. $890d. $910e. $1,31080. You sold ten put option contracts on PLT stock with an exercise price of $32.50 and an option price of $1.10. Today, the option expires and the underlying stock is selling for $34.30 a share. Ignoring trading costs and taxes, what is your total profit or loss on this investment?a. -$2,900b. -$1,100c. $700d. $1,100e. $2,90081. The real rate of return on a stock is approximately equal to the nominal rate of return:a. multiplied by (1 + inflation rate).b. plus the inflation rate.c. minus the inflation rate.d. divided by (1 + inflation rate).e. divided by (1- inflation rate).82. The time value of an option is equal to the:a. option’s market price minus its intrinsic value.b. option’s intrinsic value minus its market price.c. risk-free interest rate in the economy.d. net present value of the option’s cash flows.e. net present value of the option’s cash flows, discounted at the risk-free interest rate.83. Risk that affects at most a small number of assets is called _____risk.a. portfoliob. undiversifiablec. marketd. unsystematice. total84. As long as the inflation rate is positive, the real rate of return on a security investment will be ____ the nominal rate of return.a. greater thanb. equal toc. less thand. greater than or equal toe. unrelated to85. The standard deviation for a set of stock returns can be calculated asthe:a. positive square root of the average return.。
mba财务管理参考题目方向
mba财务管理参考题目方向英文回答：1. Financial Statement Analysis.Vertical and horizontal analysis.Common-size financial statements.Trend analysis.DuPont analysis.Ratio analysis.2. Working Capital Management.Cash conversion cycle.Inventory management.Accounts receivable management. Accounts payable management.3. Capital Budgeting.Net present value (NPV)。
Internal rate of return (IRR)。
Payback period.Profitability index.4. Risk Management.Financial risk.Operational risk.Market risk.5. Investment Analysis.Bond valuation.Stock valuation.Portfolio management.6. Financial Planning and Forecasting. Financial planning process.Forecasting techniques.Sensitivity analysis.7. Management Accounting.Cost accounting.Budgeting.Performance measurement.Transfer pricing.8. Corporate Finance.Capital structure.Dividend policy.Mergers and acquisitions.9. Financial Ethics.Fiduciary duty.Conflicts of interest.insider trading.10. International Financial Management.Foreign exchange risk.Currency hedging.International investment.中文回答：1. 财务报表分析。
财务类英语试题及答案
财务类英语试题及答案一、选择题（每题1分，共10分）1. Which of the following is a common financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. All of the above2. The term "equity" in finance refers to:A. Money owed to a company.B. Money invested in a company.C. Money earned by a company.D. Money spent by a company.3. What is the formula for calculating the return on investment (ROI)?A. ROI = (Net Income / Total Assets) * 100B. ROI = (Total Assets / Net Income) * 100C. ROI = (Net Profit / Cost of Investment) * 100D. ROI = (Cost of Investment / Net Profit) * 1004. The process of forecasting a company's future financial position is known as:A. BudgetingB. ForecastingC. PlanningD. Analysis5. Which of the following is not a type of financial risk?A. Credit riskB. Market riskC. Liquidity riskD. Fixed risk6. The term "leverage" in finance is used to describe:A. The use of borrowed money to increase potential returns.B. The process of selling a financial asset.C. The amount of money a company has in the bank.D. The ratio of a company's equity to its debt.7. What does "EBIT" stand for in financial analysis?A. Earnings Before Interest and TaxesB. Earnings Before Income and TaxesC. Earnings Before Interest and TotalD. Earnings Before Interest, Taxes, and Depreciation8. The "time value of money" concept implies that:A. Money received in the future is worth less than money received today.B. Money received in the past is worth more than money received today.C. Money has no value over time.D. The value of money is constant over time.9. Which of the following is a method of financial analysis?A. SWOT analysisB. PEST analysisC. Ratio analysisD. Porter's Five Forces analysis10. The "break-even point" in finance is the point at which:A. A company's revenue equals its expenses.B. A company's net income is zero.C. A company's assets equal its liabilities.D. A company's cash flow is positive.答案：1. D2. B3. C4. B5. D6. A7. A8. A9. C10. A二、填空题（每题1分，共5分）11. The __________ is a financial statement that shows a company's assets, liabilities, and equity at a particular point in time.Answer: Balance Sheet12. The __________ is the difference between revenue and expenses during a specific period.Answer: Net Income13. In finance, the term "capital" often refers to the__________ of the business.Answer: Owners' Equity14. If a company's current assets are greater than itscurrent liabilities, it is said to have a positive __________. Answer: Working Capital15. The __________ is a measure of how well a company can pay its current debts.Answer: Quick Ratio三、简答题（每题5分，共10分）16. What is the purpose of a financial statement analysis?Answer: The purpose of financial statement analysis is to assess the performance and financial health of a company. It helps investors, creditors, and other stakeholders to make informed decisions about the company's financial stability, profitability, and risk.17. Explain the difference between "operating activities" and "financing activities" in the context of a cash flow statement.Answer: Operating activities in a cash flow statement referto the cash transactions that are directly related to thecore business operations of the company, such as cashreceived from sales and cash paid for expenses. Financing activities, on the other hand, involve cash transactions related to the company's financing arrangements, such as issuing or repaying debt, issuing or buying back shares, and paying dividends.四、计算题（每题5分，共5分）18. If a company has a net profit of $100,000 and a cost of investment of $500,000, what is the ROI?Answer: ROI = (Net Profit / Cost of Investment) * 100ROI = (100,000 / 500,000) * 100ROI = 20%五、论述题（每题10分，共10分）19. Discuss the importance of financial planning in business management.Answer: Financial planning is a critical component of business management as it helps in setting financial goals, allocating resources efficiently, and forecasting。
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。
财务管理期末考试卷(英文)
Shanghai Institute of Foreign TradeFinal examination of corporate finance 2006.6（Paper A）Name : ____________________________Students Number: ___________________________Marks：__________________________Exam Rules:2.5 hours, no formulas, references, or other mechanical devices except non-programmable calculators can be used. Show all your work, all the formulas. Marks will only be assigned for problems for which complete methodology, formulas, and the process is shown. Peeking, copying or duplicating others' work will be considered as "cheating" and such students will be asked to leave the examination room immediately.True or false (1 mark each for problems from 1 to 20)1. In estimating the market value of a bond, the coupon rate should be used as the discount rate.2. The yield to maturity is equal to the interest payment of a bond..3.When the interest rate on a bond and its yield to maturity are equal, the bond will trade at parvalue..4.Retained earnings represent an internal source of funds that is raised without the payment ofinterest, or cost to the firm’s shareholders.5.If you expect interest rates to go up, you should buy a long-term bond now.6.Strip bonds are sold at face value.7.When interest rates rise, bond refunding becomes quite popular.8.The longer the maturity of a bond, the greater the impact on price to changes in market rates.9.V aluation of a common stock with no dividend growth potential is treated in the same manneras preferred stock.10.Firms with great potential tend to trade at low P/E ratios.11.The cost of new common stock is greater than the cost of outstanding common stock..12.The cost of retained earnings is equal to the required rate of return on a firm's commonstock..13.The calculation of the cost of capital depends upon historical costs of funds.14.Generally, the higher the coefficient of variation a project has, the higher the discountrate it should be assigned.15.Projects that are totally uncorrelated provide some overall reduction in portfolio risk.16.A common stock with a beta of 1.0 is said to be of equal risk with the market.17.Risk is not only measured in terms of losses, but also in terms of variability.18.The efficient market hypothesis is generally concern with the impact of information on thebehavior of stock prices.19.A stock split involves a reduction in the firm's retained earnings account .20.Investors in high marginal tax brackets prefer dividends while investors in low marginal taxbrackets prefer to have corporate earnings reinvested.Choice (1 mark each for problems from 21 to 40)21. A ten year bond pays 8% annual interest ( paid semi-annually ). If similar bonds arecurrently yielding 6% annually, what is the market value of the bond ?A. $1,000.00B. $1148.77C. $1155.77D. none of the above22.The relationship between a bond's price and the yield to maturityA.changes at a constant level for each percentage change of yield to maturity.B.is an inverse relationshipC.is an linear relationshipD. a and b .23.For a firm paying 7% for new debt, the higher the firm's tax rateA.the higher the aftertax cost of debt.B.the lower the aftertax cost of debt.C.aftertax cost is unchanged.D.not enough information to judge.ing the constant dividend growth model for common stock, if P0 goes upA.the assumed cost goes up.B.the assumed cost goes down.C.the assumed cost remains unchanged..D.need further information.25.A firm is paying an annual dividend of $3.63 for its preferred stock which is selling for$62.70. There is a selling cost of $3.50. What is the aftertax cost of preferred stock if the firm's tax rate is 33% ?A. 2.02%B. 4.09%C. 5.79%D. 6.11%26.The coupon rate on an issue of debt is 12%. The yield to maturity on this issue is 14%.The corporate tax rate is 31%. What would be the approximate aftertax cost of debt fora new issue of bonds?A. 4.34%B. 3.72%C. 9.66%D. 8.28%27.A firm's stock is selling for $78. The next annual dividend is expected to be $2.70. Thegrowth rate is 9%. The flotation cost is $5.00. What is the cost of retained earnings?A. 13.09%B. 12.46%C. 12.75%D. none of the above28.The aftertax cost of debt will always belowA.the before-tax cost of debt.B.the weighted average cost of capital.C.the cost of equity.D.all the above.29.An investment project has a positive net present value. The internal rate of return isA.less than the cost of capitalB.greater than the cost of capitalC.equal to the cost of capitalD.indeterminate, it depends on the length of the project30.Cash flow can be said to equalA.income before amortization and taxes minus taxes.B.income before amortization and taxes plus taxes.C.income before amortization and taxes plus amortization.D.income aftertax minus amortization .31.As the cost of capital increasesA.fewer projects are accepted.B.more projects are accepted.C.project selection remains unchanged.D.none of the above.32.The payback method has several disadvantages, among them:A.payback fails to choose the optimum or most economic solution to a capital budgetingproblem.B.payback ignores cash inflows after the payback period.C. a and b .D.none of the above.33.The "efficient frontier" indicatesA.alternatives with neutral combinations of risk and return.B.alternatives with the highest returns.C.alternatives with the best combinations of risk and return.D.alternatives with no risk .34.The coefficient of variation ( V ) can be defined as theA.expected value multiplied by the standard deviation.B.standard deviation divided by the mean (expected value).C.mean (expected value ) divided by the standard deviation.D.standard deviation squared, divided by the expected value.35.Which investment has the least of risk ?A.Standard deviation = $500, Expected return = $ 5,000B.Standard deviation = $700, Expected return = $ 500C.Standard deviation = $900, Expected return = $ 800D.Standard deviation = $400, Expected return = $ 30036.Which of the following is not a criteria for an efficient market ?A.prices adjust rapidly to new information.rge dollar amounts of securities can be absorbed without price destabilization.C.each successive trade is made at a price close to the previous trade.puterized handling of transactions.37.The efficient market hypothesis has several forms. The weak form states thatA.past price date is unrelated to future prices.B.prices reflected all public information.C.all information both public and private is immediately reflected in share prices.D.none of the above38.In an efficient marketA.All financial transactions have an NPV equal to zero.B.The investor does not receive abnormal returns consistently.C.The investor is compensated properly for risk borne.D.All the above are correct.39.A firm with excess cash and few investment alternatives might logicallyA.declare a stock dividend.B.split its stock two-for-one.C.repurchase some of its own shares.D.choose to issue preferred stock.40.A stock dividend willA.increase the value of a share of stock.B.decrease the common stock account.C.decrease the retained earnings account.D.none of the above.Problems41.Diaz Camera Company is considering two investments, both of which cost $10,000. Thecash flows are as follows:Y ear Project A Project B?1 $6,000 $5,0002 4,000 3,0003 3,000 8,000a.Which of the two projects should be chosen based on the payback period? (4 marks )b.Which of the two projects should be chosen based on the net present value method?Assume a cost of capital of 10 percent (4 marks )42.Simon calls his broker to inquiry about purchasing a bond of Disk Storage System. Hisbroker quotes a price of $1,180. Simon is concern that the bond might be overpriced based on the facts involved. The $1,000 par valve bond pays 14 percent annual interest payablesemiannually, and it has 25 years remaining until maturity. The current yield to maturity on similar bonds is 12 percent. Compute the new price of the bond and comment on whether you think it is overpriced in the marketplace? ( 6 marks )43.Given the follow information, calculate the weighted average cost of capital for Glamour GirlCosmetics. Line up the calculations ( K d , K p ,K e W ACC ) in the order shown in the following . ( 10 marks )Percent of capital structure:Debt 40%Preferred stock 10%Common equity 50%Additional informationBond coupon rate 12%Bond yield 10%Dividend, expected common $3.00Dividend, preferred $9.20Price, common $60.00Price, preferred $99.00Flotation cost, preferred $4.00Corporate growth rate 9%Corporate tax rate 30%44.Skyline Corp. will invest $130,000 in a project that will not begin to produce returns untilafter the third year. From the end of the 3rd year until the end of the 12th year (10 periods), the annual cash flow will be $34,000. If the cost of capital is 12 percent, should this project be undertaken ? (6 marks)45.The Taylor Corporation is using a machine purchased two years before. The machine has abook value of 66,000 and a current market value of $40,000. The asset is in the Class 8 CCA pool (20 percent CCA rate). It will have no salvage value after 5 years and the tax rate is 40 percent. Jacqueline Elliot, the chief Financial Officer of Taylor is considering replacing this machine with a new model that costs $70,000. The new machine will cut operating costs by $10,000 per year for 5 years. Taylor’s cost of ca pital is 8 percent. Should the firm replace the asset? (Use the NPV methodology to solve this problem) ( 8 marks )46.The Presley Corporation is about to go public. It currently has a aftertax earnings of $7.5million, and 2.5 million shares are owned by the present stockholders (the Presley family).The new public issue will represent 600,000 new shares. The new shares will be priced the public at $20.00 per share, with a 5 percent spread on the offering price. There will also be $200,000 in out-of-pocket costs to the corporation.pute the net proceeds to the Presley Corporation. (3 marks )pute the earnings per share immediately before the stock issue. (3 marks )pute the earnings per share immediately after the stock issue. (3 marks)d.Determine what rate of rate of return must be earned on the net proceeds to the corporationso that there will not be a dilution in earnings per share during the year of going public. (4 marks)e.Determine what rate of rate of return must be earned on the net proceeds to the corporationso that there will be a 5 percent increase in earnings per share during the year of going public. (4 marks)47.The shares of Dyer Drilling Co. sell for $60. The firm has a P/E ratio 15 and 40 percent ofearnings are paid out in dividends. What is the dividend yield? (5 marks)。
财务管理试卷及答案(英文版)
Examination Problems for Fundamentals of Financial Management 2004-2005 (Paper B)overall goal in mind.A. Financial managementB. Profit maximizationC. Agency theoryD. Social responsibility2.A major disadvantage of the corporate form of organization is the ( ).A. double taxation of dividendsB. inability of the firm to raise large sums of additional capitalC. limited liability of shareholdersD. limited life of the corporate form.3. Interest paid (earned) on both the original principal borrowed (lent) and previous interest earned is often referred to as ( ).A. present valueB. simple interestC. future valueD. compound interest4. If the intrinsic value of a share of common stock is less than its market value, which of the following is the most reasonable conclusion?A. The stock has a low level of risk.B. The stock offers a high dividend payout ratio.C. The market is undervaluing the stock.D. The market is overvaluing the stock.5. A 250 face value share of preferred stock, pays a 20 annual dividend and investors require a 7% return on this investment. If the security is currently selling for 276, what is the difference (overvaluation) between its intrinsic and market value (rounded to the nearest whole dollar)?A. approximately 26B. approximately 10C. approximately 6D. approximately 16. Felton Farm Supplies, Inc., has an 8 percent return on total assets of 300,000 and a net profit margin of 5 percent. What are its sales?A. 3,750,000B. 480,000C. 300,000D. 1,500,0007. A company can improve (lower) its debt-to-total asset ratio by doing which of the following?A. Borrow more.B. Shift short-term to long-term debt.C. Shift long-term to short-term debt.D. isssue common stock.8. The DuPont Approach breaks down the earning power on shareholders' book value (ROE) as follows: ROE = ( ).A. Net profit margin × Total asset turnover × Equity multiplierB. Total asset turnover × Gross profit margin × Debt ratioC. Total asset turnover × Net profit marginD. Total asset turnover × Gross profit margin × Equity multiplier9. Which of the following items concerns financing decision? ( )A. sales forecastingB. bond issuingC. receivables collectionD. investment project selection10. Which of the following items is the function of a treasurer? ( )A. cost accountingB. internal controlC. capital budgetingD. general ledger11. For financial instruments, ( ) is judged in relation to the ability to sell a significant volume of securities in a short period of time without significant price concession.A. maturityB. marketabilityC. defaultD. inflation12. ( ) is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.A. future valueB. present valueC. intrinsic valueD. market value13.Ellesmere Corporation issues 1 million $1 par value bonds. The stated interest rate is 6% per year and the interest is paid twice a year. What is the real interest rate of the bond? ( )A. 6%B.3%C. 12%D. (1+6%/2)2-114. Assume that dividends of a common stock will be maintained at D forever, and the required return of the stockholder is r, the par value of the stock is m, the value of the stock is ( )A. mB. m+DC. m+D/rD. D/r15. Which of the following items has the most risk? ( )A. treasury billB. corporate bondC. preferred stockD. common stock16. ( ) equals the gross profit divided by net sales of a firm.A. gross profit marginB. net profit marginC. return on investmentD. return on equity17. ( A ) is the ratios that measure a firm’s ability to meet short-term obligationsA. liquidity ratiosB. leverage ratios c. coverage ratios D. activity ratios18. ( A ) is the result of Net Profi t Margin × total asset turnover × (total assets/shareholders’ equity)A. Return on equityB. return on investmentC. current ratioD. quick ratio19. Government tax law adjustment is ( A ) to a firm.A. general economic riskB. inflation and deflation riskC. firm-specific riskD. international risk20 ( A ) equals the gross profit divided by net sales of a firm.A. gross profit marginB. net profit marginC. return on investmentD. return on equity II. Statement judgement (10 Points) (Please write your answer in the following1. Until around the first half of the 1900s, financial managers primarily raised funds and managed their firm’s cash positions. ( )2. In general, the higher the marketability of a security, the greater the yield necessary to attract investors ( )3. Discount Rate is the interest rate used to convert future values to present values. ( )4. The expected return of a portfolio is simply a weighted average of the expected return of the securities comprising that portfolio ( )5. The type of analysis varies according to the specific interests of the party involved ( )6. In a sole proprietorship, the owner is personally responsible for all financial obligations of thefirm. ( )7. When a stock goes "ex-rights, " its market price theoretically declines. ( )8. The market price of a particular bond is much greater today than it was yesterday. The calculated yield to maturity (YTM) based on today's market price would, therefore, be greater than the calculated YTM based on yesterday's market price. ( )9. A short average collection period assures us that accounts receivable are being efficiently managed. ( )10. Simple interest is interest that is paid on only the original amount borrowed (lent) ( )III. Questions (10 points) (Please write your answer on the answer paper)1. The method of depreciation does not alter the total amount deducted from income during the life of an asset. What does it alter and why is that important? (5 )2. What is primary and secondary market? (5)IV. Problems (60 Points) (Please write your answer on the answer paper)1. you need to have $100000 at the end of 10 years. To accumulate this sum, you have decided to save a certain amount at the end of each next 10 years and deposit it in the bank. The bank pays 8% interest compounded annually for long-term deposit. How much will you have to save each year? (PVIF(8%,10)=0.463, PVIFA(8%,10)=0.671, FVIF(8%,10)=2.159, FVIFA(8%,10)=14.487)2.Just today, Bird Seed Company’s common stock paid a $1.50 annual dividend per share and hada closing price of $24. Assume that the market’s required return for this investment is 12% and that dividends are expected to grow at a constant rate forever.a. calculate the implied growth rate in dividends.b. what is expected dividend yield and capital gains yield?3. The data for various companies in the same industry are as follows: (amounts are in millionDetermine the total asset turnover, net profit margin, and write your computation result in the table.4. You expect to deposit the following cash flows at the end of years 1 through 5, 1,000; 4,000; 9,000; 5,000; and 2,000 respectively. Alternatively, you could deposit a single amount today at the beginning of year 1 (end of year 0). How much is the single deposit needed to be today if you can earn 10% compounded annually? (10/ )5.Stock A has an expected growth rate of 16% for the first 3 years and 8% thereafter. Each share of stock just received an annual 3.24 dividend per share. The appropriate discount rate is 15%.What is the value of the common stock under this scenario? (10/ )6. The following common stocks are available for investment:COMMON STOCK (TICKER SYMBOL) BETANanyang Business Systems (NBS) 1.40Yunnan Garden Supply, Inc. (YUWHO) .80Bird Nest Soups Company (SLURP) .60! (WACHO) 1.80Park City Cola Company (BURP) 1.05Oldies Records, Ltd. (SHABOOM) .90a. If you invest 20 percent of your funds in each of the first four securities, and 10 percent in each of the last two, what is the beta of your portfolio? (5/ )b. If the risk-free rate is 8 percent and the expected return on the market portfolio is 14 percent, what will be the portfolio's expected return? (5/ )Solutions (B)1. Depreciation changes the timing of tax payments. The longer these payments can be delayed, the better off the business is.2. A primary market is a “new issues” market. Here, funds raised through the sale of new securities flow from ultimate savers to the ultimate investors in real assetsIn a secondary market, existing securities are bought and sold. Transactions in these already existing securities do not provide additional funds to finance capital investmentIV. Problems (60 Points) (Please write your answer on the answer paper)1. Answer:100000=A FVIF(8%,10)=14.487A A=100000/14.487=69032. Answer:a. 24=1.5(1+g)/(0.12-g), g=0.054b. dividend yield=0.12-g=0.066, capital gains yield=0.0541. (10/ ) Many different methods to lead to a correct solution.PV of this mixed flows problem = 1,000(PVIF10%,1) + 4,000(PVIF10%,2) + 9,000(PVIF10%,3) + 5,000(PVIF10%,4) + 2,000(PVIF10%,5) = 15,633.62.5. (1) Determine the annual dividends.D0 = $3.24 (this has been paid already)D1 = D0(1+g1)1 = $3.24(1.16)1 =3.76D2 = D0(1+g1)2 = $3.24(1.16)2 =4.36D3 = D0(1+g1)3 = $3.24(1.16)3 =5.06D4 = D3(1+g2)1 = $5.06(1.08)1 =5.46P3 = 5.46 / (.15 - .08) = $78 [CG Model](2) Determine the PV of cash flows.PV(D1) = D1(PVIF15%, 1) = 3.76 (.870) = 3.27PV(D2) = D2(PVIF15%, 2) = 4.36 (.756) = 3.30PV(D3) = D3(PVIF15%, 3) = 5.06 (.658) = 3.33PV(P3) = P3(PVIF15%, 3) = 78 (.658) = 51.32(3) Calculate the intrinsic value by summing all the cash flow present values.V = 3.27 + 3.30 + 3.33 + 51.326. a) (5/) The beta of a portfolio is simply a weighted average of the betas of the individual securities that make up the portfolio.TICKER SYMBOL BETA PROPORTION WEIGHTED BETANBS 1.40 .2 .280YUWHO .80 .2 .160SLURP .60 .2 .120W ACHO 1.80 .2 .360BURP 1.05 .1 .105SHABOOM .90 .1 .0901.0 1.115The portfolio beta is 1.115.b) (5/ ) Expected portfolio return=.08 + (.14 - .08)(1.115)= .08 + .0669 = .1469 or 14.69%。
财务面试英语试题及答案
财务面试英语试题及答案1. What is the difference between cash flow from operating activities, investing activities, and financing activities? Answer: Cash flow from operating activities refers to the cash generated or used by a company's primary business operations. Cash flow from investing activities includes cash spent on or received from investments, such as buying or selling property, plant, and equipment. Cash flow from financing activities involves cash transactions related to a company's financing arrangements, like issuing or repaying debt or issuing or buying back shares.2. How do you calculate the net present value (NPV) of an investment?Answer: The net present value (NPV) of an investment is calculated by discounting all future cash flows generated by the investment to their present value, using an appropriate discount rate, and then subtracting the initial investment cost. The formula is: NPV = ∑ (CF_t / (1 + r)^t) - Initial Investment, where CF_t is the cash flow at time t, r is the discount rate, and t is the time period.3. What is the purpose of financial forecasting?Answer: Financial forecasting is the process of estimating a company's future financial performance based on historical data, trends, and assumptions. Its purpose is to help management make informed decisions regarding resource allocation, budgeting, strategic planning, and riskmanagement.4. Explain the concept of working capital and its importance to a company.Answer: Working capital is the difference between a company's current assets and current liabilities. It represents the liquid assets available to cover short-term obligations. The importance of working capital lies in its ability to indicate a company's liquidity and operational efficiency. Adequate working capital ensures that a company can meet its day-to-day operational expenses and avoid financial distress.5. What are the key components of a balance sheet and how do they interrelate?Answer: The balance sheet consists of three main components: assets, liabilities, and equity. Assets are what a company owns or controls with future economic benefit, divided into current and non-current assets. Liabilities are obligations or debts that a company owes to others, including current and long-term liabilities. Equity represents the ownership interest of the shareholders in the company's assets after deducting its liabilities. These components interrelate through the fundamental accounting equation: Assets = Liabilities + Equity.6. How do you interpret a company's financial statements? Answer: Interpreting financial statements involves analyzing the balance sheet, income statement, and cash flow statement to understand a company's financial health, profitability, liquidity, and cash flow generation. This analysis helps in assessing the company's performance, making investmentdecisions, and identifying potential risks.7. What is the difference between a budget and a forecast? Answer: A budget is a detailed financial plan that outlines a company's expected revenues and expenses for a specific period, usually a year. It serves as a benchmark formeasuring actual performance. A forecast, on the other hand,is a projection of future financial performance based on assumptions and historical data. It is used to anticipate trends and make strategic decisions.8. How do you evaluate the financial performance of a company? Answer: Evaluating a company's financial performance involves analyzing various financial metrics such as profitabilityratios (e.g., net profit margin, return on assets), liquidity ratios (e.g., current ratio, quick ratio), and efficiencyratios (e.g., inventory turnover, asset turnover). These metrics provide insights into the company's ability to generate profits, manage its working capital, and use its assets effectively.9. What is the role of internal controls in financial management?Answer: Internal controls are policies and procedures put in place to ensure the accuracy and reliability of financial reporting, safeguard assets, and promote operational efficiency. They play a crucial role in financial managementby reducing the risk of fraud, errors, and non-compliancewith financial regulations.10. How do you handle financial discrepancies during thereconciliation process?Answer: During the reconciliation process, financial discrepancies arise when there are differences between recorded amounts in financial statements and actual amounts. To handle these discrepancies, one must investigate the cause, document the findings, make necessary adjustments to the financial records, and implement corrective actions toprevent future discrepancies. This process helps maintain the integrity of financial data and ensures accurate reporting.。
财务管理试卷(英文版)答案
《财务管理(英）》课程期末考试试卷标准（参考）答案及评分标准Part 1: Choice Questions (16 questions, 1 point each, 16 points total)Part 2: Calculation Questions (3 questions, 8 points each, 24 points total)1.Answer:CAPM is: E(R i) = R f + [E(R M) – R f] × iSubstituting the values we are given, we find:E(R i) = .05 + (.14 – .05)(1.3) = .1670 or 16.70% (4 points)P0 = D0×(1+g)/(R-g) = 2×1.08/(16.7%-8%)=$24.83 ( 4 points)2.Answer: (10 points)The economic order quantity is:EOQ = [(2T × F)/CC]1/2EOQ = [2(52)(4,000)($2,600)/$40]1/2EOQ = 5,2003.Answer: (8 points)Bond value = 50×(P/A, 6%, 40) + 1000×(P/s, 6%,40 )=50×15.0463 ＋1000×0.0972=$849.54Part 3: Comprehensive Questions (4 questions, 15 points each, 60 points total ) 1.Answer:1)Compute the following ratios: ( 7 points)Current ratio: = 11,000/10,000 =1.1Total debt ratio (10,000+12,000)/ 38,000 = 57.9%Total asset turnover = 10,400/ 38,000 = 27.4%Profit margin = 2,327/10,400 = 22.375%Equity multiplier = 38,000 / 16,000 = 2.375ROA = 2327 / 38000 = 6.12%ROE = 2327 / 16000 = 14.54%2)Using Du Pont Identity to compute the ROE ( 4 points)ROE = Profit margi n×Equity multiplier×Total asset turnover= 22.375%×2.375 ×27.4% = 14.56%3)( 4 points)The plowback ratio, b, is one minus the payout ratio, so:b = 1 – .20 = .80we can use the sustainable growth rate equation to get:Sustainable growth rate = (ROE × b) / [1 – (ROE × b)]= [0.1454(.80)] / [1 – 0.1454(.80)]= .1317 or 13.17%2.Answer:( 15 points)3.Answer:1) Annual depreciation = $618,000 ÷ 3 = $206,000Taxes = ($265,000 - $206,000) ⨯ .34 = $20,060OCF = $265,000 – $20,060 = $244,940 (4 points)2) After tax Salvage value = $60,000 ⨯ (1 - .34)] = 39,600 ( 3 points)CF 0 = -$618,000 + (-$23,000) = -$641,000 CF1—CF2 = $244,940CF 3 = $244,940 + [$60,000 ⨯ (1 - .34)] + $23,000 = $307,5404)321)09.1(540,307$)09.1(940,244$)09.1(940,244$000,641$NPV +++++-== $27,354.00 ( 4 points)4. (15 points)The Capital Structure QuestionCapital Structure and the Cost of CapitalThe Effect of Financial LeverageThe Basics of Financial LeverageCorporate Borrowing and Homemade Leverage ( 3 points)Case I: M&M Capital Structure and the Cost of Equity Capital ( 3 points)M&M Proposition I: The Pie ModelThe Cost of Equity and Financial Leverage: M&M Proposition II Business and Financial RiskCase II: M&M Propositions I and II with Corporate Taxes ( 4 points)The Interest Tax ShieldTaxes and M&M Proposition ITaxes, the WACC, and Proposition IICase III: M&M Propositions I and II with Corporate Taxes and Bankruptcy Costs ( 4 points)Direct Bankruptcy Costs Indirect Bankruptcy CostsTaxes and Bankruptcy Costs , M&M Proposition ITaxes and Bankruptcy Costs , the WACC, Proposition IISummery: Optimal Capital Structure ( 1 point)Optimal Capital Structure and the Cost of Capital。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
笔试题考试题型：一、从下列选项中选出最佳答案(40x1.5=60分)二、计算题（10x2=20分）三、段落中英互译（5x4=20分）Part I Choice questions 40x1.5=60 points) (Please write your answer in the following table)1. Financial statement does not include ( )A. balance sheetB. income statementC. cash flow statementD. working sheet2. An increase in which one of the following will increase the operating cash flow?A.employee salariesB. office rentC. building maintenanceD. equipment depreciation3. The process of planning and managing a firm’s long-term investments is called:A. working capital management.B. financial depreciation.C. capital budgeting.D. capital structure.4. Cash equivalents include ( )A. time depositsB. inventoriesC. accounts receivableD. prepaid expenses5. The internal rate of return for a project will increase if:A. the initial cost of the project can be reduced.B. the total amount of the cash inflows is reduced.C. the required rate of return is reduced.D. the salvage value of the project is omitted from the analysis.6. Which of the following belongs to current liabilities?( )A. mortgages payableB. prepaid expensesC. notes payableD. bonds payable7. You spent $500 last week fixing the transmission in your car. Now, the brakes are acting up and you are trying to decide whether to fix them or trade the car in for a newer model. In analyzing the brake situation, the $500 you spent fixing the transmission is a(n) ___ cost.A. opportunityB. sunkC. incrementalD. fixed8. Which of the following statements are correct concerning diversifiablerisks?I. Diversifiable risks can be essentially eliminated by investing inseveral securities.II. The market rewards investors for diversifiable risk by paying a risk premium.III. Diversifiable risks are generally associated with an individualfirm or industry.IV. Beta measures diversifiable risk.A. I and III onlyB. II and IV onlyC. I and IV onlyD. II and III only9. Which of the following is a liability account?（）A. prepaid insuranceB. additional paid-in capitalC. salaries payableD. accumulated depreciation10. Accountants employed by large corporations may work in the areas ofthe following except ( )A. product costing and pricingB. budgetingC. internal auditingD. product producing11. A corporation’s first sale of equity made available to the public iscalled a(n):（）A. share repurchase program.B. private placement.C. initial public offering (IPO).D.seasoned equity offering (SEO).12. Standard deviation measures ____ risk.A. totalB. nondiversifiableC. unsystematicD. systematic13. ( ) is the value at some future time of a present amount of money,or a series of payments, evaluated at a given interest rate.A. future valueB. present valueC. intrinsic valueD.market value14. Ellesmere Corporation issues 1 million $1 par value bonds. The statedinterest rate is 8% per year and the interest is paid twice a year. Whatis the real interest rate of the bond? ( )A. 6%B.4%C. 10%D. (1+8%/2)2-115. Your firm purchased a warehouse for $335,000 six years ago. Four yearsago, repairs were made to the building which cost $60,000. The annual taxes on the property are $20,000. The warehouse has a current book value of $268,000 and a market value of $295,000. The warehouse is totally paid for and solely owned by your firm. If the company decides to assign this warehouse to a new project, what value, if any, should be included in the initial cash flow of the project for this building? （）A. $268,000B. $295,000C. $395,000D. $515,00016.Which one of the following will decrease the operating cycle?A. paying accounts payable fasterB. discontinuing the discount given for early payment of an accounts receivableC. decreasing the inventory turnover rateD. collecting accounts receivable faster17. Assume that dividends of a common stock will be maintained at D forever, and the required return of the stockholder is r, the par value of the stock is m, the value of the stock is ( )A. mB. m+DC. m+D/rD. D/r18. Which of the following items has the most risk? ( )A. treasury billB. corporate bondC. preferred stockD. common stock19. ( ) equals the gross profit divided by net sales of a firm.A. gross profit marginB. net profit marginC. return on investmentD. return on equity20. ( ) is the ratios that measure a firm’s ability to meet short-term obligationsA. liquidity ratiosB. leverage ratiosC. coverage ratiosD. activity ratios21.Sensitivity analysis helps you determine the:A. range of possible outcomes given possible ranges for every variable.B. degree to which the net present value reacts to changes in a single variable.C. net present value given the best and the worst possible situations.D. degree to which a project is reliant upon the fixed costs.22. According GAAP revenue is recognized as income when: （）A. a contract is signed to perform a service or deliver a good.B. the transaction is complete and the goods or services delivered.C. payment is received.D. income taxes are paid.E. all of the above.23. ( ) is the result of Net Profit Margin ×total asset turnover ×(total assets/shareholders’ equity)A. Return on equityB. return on investmentC. current ratioD. quick ratio24. Government tax law adjustment is ( ) to a firm.A. general economic riskB. inflation and deflation riskC.firm-specific risk25.Which of the following statements concerning the income statement isnot true?A. It measures performance over a specific period of time.B. It determines after-tax income of the firm.C. It includes deferred taxes.D. It does not include depreciation.E. it treats interest as an expense.26.Which of the following is not a noncash deduction?A. Depreciation.B. Deferred taxes.C. Interest.D. Two of the aboveE. All of the above.27.Sasha Corp had an ROA of 10%. Sasha’s profit margin was 6% on salesof $180. What are total assets? （）A.$300B.$108C.$48. D$162.28. Calculate net income based on the following information ( )Sales = $200.00Cost of goods sold = $100.00Depreciation = $18.00Interest paid = $25.00Tax rate = 34%A. $16.50B. $37.62C. $34.60D. $4.6029.Which of the following is not true? （）A. Financial markets can be used to adjust consumption patterns over time.B. Corporate investment decisions have nothing to do with financial markets,C. Financial markets deal with cash flows over time.D. Investment decisions rely on the economic principles of financial markets.E. None of the above.30. ( ) is concerned with the acquisition, financing, and management of assets with some overall goal in mind.A. Financial managementB. Profit maximizationC. Agency theoryD. Social responsibility31. A major disadvantage of the corporate form of organization is the ( ).A. double taxation of dividendsB. inability of the firm to raise large sums of additional capitalC. limited liability of shareholdersD. limited life of the corporate form.32. Interest paid (earned) on both the original principal borrowed (lent) and previous interest earned is often referred to as ( ).A. present valueB. simple interestC. future valueD. compound interest33. If the intrinsic value of a share of common stock is less than its market value, which of the following is the most reasonable conclusion? ( )A. The stock has a low level of risk.B. The stock offers a high dividend payout ratio.C. The market is undervaluing the stock.D. The market is overvaluing the stock.34. A 250 face value share of preferred stock, pays a 20 annual dividend and investors require a 7% return on this investment. If the security is currently selling for 276, what is the difference (overvaluation) between its intrinsic and market value (rounded to the nearest whole dollar)?A. approximately 26B. approximately 10C. approximately 6D. approximately 135. Felton Farm Supplies, Inc., has an 8 percent return on total assets of 480,000 and a net profit margin of 6percent. What are its sales? ( )A. 3,750,000B.640,000C. 480,000D. 1,500,00036. A company can improve (lower) its debt-to-total asset ratio by doing which of the following?A. Borrow more.B. Shift short-term to long-term debt.C. Shift long-term to short-term debt.D. issue common stock.37. The DuPont Approach breaks down the earning power on shareholders' book value (ROE) as follows: ROE = ( ).A. Net profit margin × Total asset turnover × Equity multiplierB. Total asset turnover × Gross profit margin × Debt ratioC. Total asset turnover × Net profit marginD. Total asset turnover × Gross profit margin × Equity multiplier38. Which of the following items concerns financing decision? ( )A. sales forecastingB. bond issuingC. receivables collectionD. investment project selection39. Which of the following items is the function of a treasurer? ( )A. cost accountingB. internal controlC. capital budgetingD. general ledger40. For financial instruments, ( ) is judged in relation to the ability to sell a significant volume of securities in a short period of time without significant price concession.A. maturityB. marketabilityC. defaultD. inflationPart II: Calculation Questions (10x2 points)（注意：要写出计算公式和计算过程，否则不得分；需要用文字描述的问题回答内容要详细，语句正确、完整。