精品课程财务管理基础-英文课件ch02
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财务管理英文课件Cha
Profit budget
Identify the objectives and goals of the business: It is essential to understand the objectives and goals of the business before preparing a budget This helps to align the budget with the overall strategy of the organization
It provides direction: A financial plan serves as a roadmap, guiding businesses towards their financial goals It identifies the financial objectives and milestones to be achieved, allowing businesses to plot a course towards their desired outcomes
Financial Management PPT Englndamentals of Financial ManagementFinancial statement analysisBudget and financial planInvestment decisionFinancial risk management
It shows the company's assets, liabilities, and equity, and is used to assess the company's financial health and solvency The balance sheet is prepared at the end of each accounting period and is an important tool for investors and credits to evaluate a company's financial strength and creditworthiness
Identify the objectives and goals of the business: It is essential to understand the objectives and goals of the business before preparing a budget This helps to align the budget with the overall strategy of the organization
It provides direction: A financial plan serves as a roadmap, guiding businesses towards their financial goals It identifies the financial objectives and milestones to be achieved, allowing businesses to plot a course towards their desired outcomes
Financial Management PPT Englndamentals of Financial ManagementFinancial statement analysisBudget and financial planInvestment decisionFinancial risk management
It shows the company's assets, liabilities, and equity, and is used to assess the company's financial health and solvency The balance sheet is prepared at the end of each accounting period and is an important tool for investors and credits to evaluate a company's financial strength and creditworthiness
财务管理ppt英文课件Cha
A
4
Examples of External Uses of Statement Analysis
• Trade Creditors -- Focus on the liquidity of the firm. • Bondholders -- Focus on the long-term cash flow of the firm. • Shareholders -- Focus on the profitability and long-term health of the firm.
A
6
The Balance Sheet
Current Assets
Net
Working Capital
Current Liabilities
Fixed Assets 1.Tangible fixed assets 2.Intangible fixed assets
Total Value of Assets
A
3
Examples of Internal Uses of Statement Analysis
• Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
– Accounting liquidity – Debt versus equity – Value versus cost
A
8
Accounting Liquidity
• Refers to the ease and quickness with which assets can be converted to cash. • Current assets are the most liquid. • Some fixed assets are intangible. • The more liquid a firm’s assets, the less likely the firm is to experience problems
财务管理专业英语PPT课件
2020/2/21
山东轻工业学院商学院
9
1）Account、Accounting & Accountant
Accountant：会计师、会计人员 Certified Public Accountant 注册会计师（CPA）
2020/2/21
山东轻工业学院商学院
10
2）Assets、Liabilities & Owner’s Equity
2020/2/21
山东轻工业学院商学院
16
Cash
$50,000 Current liabilities (4)
Accounts receivable 50,000 Long-term debt
(5)
Inventory
(1)
Shareholders’ equity (6)
Plant and equipment
10% Total assets turnover = 2 times Sales = $2 million Debt ratio = 50%
9. Capital Structure 资本结构
10. Dividend Policy 股利政策
11. Working Capital Management 营运资本管理
2020/2/21
山东轻工业学院商学院
5
一、Contents—内容
12. International Financial Management 国际财务管理
会计科目；账户
2020/2/21
山东轻工业学院商学院
8
1）Account、Accounting & Accountant
Accounting：会计、会计学 Financial Accounting and Managerial Accounting are two major specialized fields in Accounting. 财务会计和管理会计是会 计的两个主要的专门领域。 Accounting elements 会计要素
《财务管理专业英语》课件
CHAPTER
01
Introduction
Course Title: PPT courseware for Financial Management Professional English
Course Objective: To provide learners with the knowledge and skills required to communicate effectively in English about financial management concepts and practices
PPT courseware for Financial Management Profession
目录
contents
IntroductionFundamentals of Financial ManagementFinancial English Professional TerminologyFinancial Management Practice CasesFinancial English Reading and WritingEpilogue
Financing
A company raises funds through the issuance of stocks, bonds, or other means to expand its business, research and development, or other investment activities.
Summary: Exploring case studies of corporate fundraising decisions, involving the selection of fundraising methods, optimization of capital structure, and other aspects.
财务管理ppt英文课件Cha(2)
5
Interest Earned
6
Value
100 106
a
12
Future Values
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
a
10
Future Values
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
Today
Future Years
1
2
3
4
5
Interest Earned
Interest Earned
6.00
Value
100 106.00
a
21
Future Values
Example - Compound Interest
Interest earned at a rate of 6% for five years on the previous year’s balance.
a
7
Interest Rate Terminology
• Simple interest refers to interest earned only on the original capital investment amount.
• Compound interest复利 refers to interest earned on both the initial capital investment and on the interest reinvested from prior period.
《财务管理基础》英文ppt课件
Limited Partnership -- limited partners have liability limited to their capital contribution (investors only). At least one general partner is required and all general partners have unlimited liability.
2. Understand how to calculate a corporation's taxable income and how to determine the corporate tax rate - both average and marginal.
3. Understand various methods of depreciation. 4. Understand why acquiring assets through the use of debt
individual form
Disadvantages
• Unlimited liability • Hard to raise
additional capital • Transfer of
ownership difficulties
2-6
The Business Environment
Partnership -- A business form in which two or more individuals act as owners.
• Easy transfer of
• More diffiablish
• Unlimited life
• More expensive to
2. Understand how to calculate a corporation's taxable income and how to determine the corporate tax rate - both average and marginal.
3. Understand various methods of depreciation. 4. Understand why acquiring assets through the use of debt
individual form
Disadvantages
• Unlimited liability • Hard to raise
additional capital • Transfer of
ownership difficulties
2-6
The Business Environment
Partnership -- A business form in which two or more individuals act as owners.
• Easy transfer of
• More diffiablish
• Unlimited life
• More expensive to
财务管理培训课程英文版23页PPT.pptx
10- 1
Topics Covered
Measuring Beta Portfolio Betas CAPM and Expected Return Security Market Line Capital Budgeting and Project Risk
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
T u rb o R etu rn % + 0 .8 + 1 .8 - 0 .2 - 1 .8 + 0 .2 - 0 .8
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
10- 6
Measuring Market Risk
Example - continued
10- 12
Measuring Market Risk
Security Market Line - The graphic representation of the CAPM.
40
Expected Return (%) .
Rm 20
Rf 0 0
Irwin/McGraw-Hill
Security Market Line
When the market was down 1%, Turbo average % change was -0.8%
The average change of 1.6 % (-0.8 to 0.8) divided by the 2% (-1.0 to 1.0) change in the market produces a beta of 0.8.
Irwin/McGraw-Hill
Topics Covered
Measuring Beta Portfolio Betas CAPM and Expected Return Security Market Line Capital Budgeting and Project Risk
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
T u rb o R etu rn % + 0 .8 + 1 .8 - 0 .2 - 1 .8 + 0 .2 - 0 .8
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
10- 6
Measuring Market Risk
Example - continued
10- 12
Measuring Market Risk
Security Market Line - The graphic representation of the CAPM.
40
Expected Return (%) .
Rm 20
Rf 0 0
Irwin/McGraw-Hill
Security Market Line
When the market was down 1%, Turbo average % change was -0.8%
The average change of 1.6 % (-0.8 to 0.8) divided by the 2% (-1.0 to 1.0) change in the market produces a beta of 0.8.
Irwin/McGraw-Hill
财务管理 英文版PPT课件
1
Chapter
The Goals and Functions of Financial Management
Copyright © 2008 by The McGraw-Hill CompanieMs, IcnGc.rAalwl r-iHghitlsl/rIerswerivned.
Chapter Outline
– Cash and inventory management – Capital structure theory – Dividend policy
1-5
Modern Issues in Finance
• Focus has been on:
– Risk-return relationships – Maximization of return for a given level of risk – Portfolio management – Capital structure theory
– Income statements – Balance sheets – Statement of cash flows
• Finance links economic theory with the numbers of accounting
1-3
Evolution of the Field of Finance
• At the turn of the century: Emerged as a field separate from economics
• By 1930s: Financial practices revolved around such topics as:
– Preservation of capital – Maintenance of liquidity – Reorganization of financially troubled
Chapter
The Goals and Functions of Financial Management
Copyright © 2008 by The McGraw-Hill CompanieMs, IcnGc.rAalwl r-iHghitlsl/rIerswerivned.
Chapter Outline
– Cash and inventory management – Capital structure theory – Dividend policy
1-5
Modern Issues in Finance
• Focus has been on:
– Risk-return relationships – Maximization of return for a given level of risk – Portfolio management – Capital structure theory
– Income statements – Balance sheets – Statement of cash flows
• Finance links economic theory with the numbers of accounting
1-3
Evolution of the Field of Finance
• At the turn of the century: Emerged as a field separate from economics
• By 1930s: Financial practices revolved around such topics as:
– Preservation of capital – Maintenance of liquidity – Reorganization of financially troubled
财务管理英文版(PPT 60页)
13-2
13-3
Proposed Project Data
Julie Miller is evaluating a new project for her firm, Basket Wonders (BW).
She has determined that the after-tax cash flows for the project will be
$40,000 = $10,000(.909) + $12,000(.826) + $15,000(.751) + $10,000(.683) + $ 7,000(.621)
$40,000 = $9,090 + $9,912 + $11,265 + $6,830 + $4,347
= $41,444 [Rate is too low!!]
$1,444 $4,603
X
$1,444
.05 = $4,603
13-15
IRR Solution (Interpolate)
X .05
.10 $41,444 IRR $40,000 .15 $36,841
$1,444 $4,603
X
$1,444
.05 = $4,603
13-16
IRR Solution (Interpolate)
13-13
IRR Solution (Try 15%)
$40,000 = $10,000(PVIF15%,1) + $12,000(PVIF15%,2) + $15,000(PVIF15%,3) + $10,000(PVIF15%,4) + $ 7,000(PVIF15%,5)
13-3
Proposed Project Data
Julie Miller is evaluating a new project for her firm, Basket Wonders (BW).
She has determined that the after-tax cash flows for the project will be
$40,000 = $10,000(.909) + $12,000(.826) + $15,000(.751) + $10,000(.683) + $ 7,000(.621)
$40,000 = $9,090 + $9,912 + $11,265 + $6,830 + $4,347
= $41,444 [Rate is too low!!]
$1,444 $4,603
X
$1,444
.05 = $4,603
13-15
IRR Solution (Interpolate)
X .05
.10 $41,444 IRR $40,000 .15 $36,841
$1,444 $4,603
X
$1,444
.05 = $4,603
13-16
IRR Solution (Interpolate)
13-13
IRR Solution (Try 15%)
$40,000 = $10,000(PVIF15%,1) + $12,000(PVIF15%,2) + $15,000(PVIF15%,3) + $10,000(PVIF15%,4) + $ 7,000(PVIF15%,5)
财务管理 英文课件
2a-11
-
Expenses
Decreases in OE representing the consumption or loss of economic benefits in the form of reduction in assets or increases in liabilities
2a-8
500,000 $1,000,000
LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable . . . . Notes payable . . . . . . Accrued expenses . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . $ 80,000 100,000 30,000 210,000 90,000 300,000 50,000 100,000 250,000 300,000 700,000
2a-9
Long-term liabilities: Bonds payable, 2010 . . . . . . . . Total liabilities . . . . . . . . . Shareholders’ equity: Preferred shares, $100 par value, 500 shares Ordinary shares, $1 par value, 100,000 shares Capital paid in excess of par (ordinary shares) Retained earnings . . . . . . . . . . Total shareholders’ equity . . . . Total liabilities and shareholders’ equity .
精品课程《财务管理基础》英文课件ch
4-6
Bond Valuation
Important Terms Types of Bonds Valuation of Bonds Handling Semiannual Compounding
4-7
Important Bond Terms
A bond is a long-term debt instrument issued by a corporation or government. The maturity value (MV) [or face value] of a bond is the stated value. In the case of a U.S. bond, the face value is usually $1,000.
4-9
Different Types of Bonds
A perpetual bond is a bond that never matures. It has an infinite life.
V=
I
(1 + kd)1
I + (1 + kd)2
I + ... + (1 + kd)
I
=S
t=1
(1 + kd)t
4-8
Important Bond Terms
The bond’s coupon rate is the stated rate of interest; the annual interest payment divided by the bond’s face value. The discount rate (capitalization rate) is dependent on the risk of the bond and is composed of the risk-free rate plus a premium for risk.
Bond Valuation
Important Terms Types of Bonds Valuation of Bonds Handling Semiannual Compounding
4-7
Important Bond Terms
A bond is a long-term debt instrument issued by a corporation or government. The maturity value (MV) [or face value] of a bond is the stated value. In the case of a U.S. bond, the face value is usually $1,000.
4-9
Different Types of Bonds
A perpetual bond is a bond that never matures. It has an infinite life.
V=
I
(1 + kd)1
I + (1 + kd)2
I + ... + (1 + kd)
I
=S
t=1
(1 + kd)t
4-8
Important Bond Terms
The bond’s coupon rate is the stated rate of interest; the annual interest payment divided by the bond’s face value. The discount rate (capitalization rate) is dependent on the risk of the bond and is composed of the risk-free rate plus a premium for risk.
财务管理基础英文课件 (2)
Support Technologies
1. 2.
Chapters will include supporting PowerPoint files that focus primarily on employing tools such as Excel to solve financial problems Chapter 1 will include some basic documentation on the Texas Instruments BAII+. Some instructors may utilize the BAII+ Professional or another vendor in the classroom. These slides will focus only on the traditional BAII+.
Change the decimal places displayed from “2” to “Floating”
Press:
2nd 9 2nd
Format ENTER QUIT
1b.5
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
1b.7 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
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Transfer of ownership difficulties (generally)
Corporate Income Taxes
Corp. Taxable Income Tax
At Least
But < Rate
Tax Calculation
$
0 $ 50,000 15%
.15x(Inc > 0)
Limited Partnership -- limited partners have liability limited to their capital contribution (investors only). At least one general partner is required and all general partners have unlimited liability.
Chapter 2
The Business, Tax, and Financial Environments
© Pearson Education Limited 2019
Fundamentals of Financial Management, 12/e
Created by: Gregory A. Kuhlemeyer, Ph.D.
2-1
Carroll College, Waukesha, WI
After studying Chapter 2,
you should be able to:
1. Describe the four basic forms of business organization in the United States -- and the advantages and disadvantages of each.
corporation characteristics
Limited liability Centralized management Unlimited life Transfer of ownership without other owners’ prior consent
2-13
Summary for LLC
Business income is accounted for on each “member’s” individual income tax form.
2-12
Limited Liability Company (LLC)
Generally, an LLC will possess only the first two of the following four standard
2-15
Income Tax Example
Lisa Miller of Basket Wonders (BW) is calculating the income tax
liability, marginal tax rate, and average tax rate for the fiscal year
purposes, or both.
Generally, profitable firms prefer to use an accelerated method for tax reporting purposes.
Advantages
Limited liability
Eliminates double taxation
No restriction on number or type of owners
Easier to raise additional capital
2-14
Disadvantages
Limited life (generally)
2-9
Disadvantages
Unlimited liability for the general partner
Difficult to raise additional capital, but easier than sole proprietorship
Transfer of ownership difficulties
Business income is accounted for on each partner’s personal income tax form.
2-7
Types of Partnerships
General Partnership -- all partners have unlimited liability and are liable for all obligations of the partnership.
50,000
75,000 25% $ 7,500 + .25x(Inc > 50,000)
75,000 100,000 34% 13,750 + .34x(Inc > 75,000)
100,000 335,000 39% 22,250 + .39x(Inc > 100,000)
335,000 10,000,000 34% 113,900 + .34x(Inc > 335,000)
2-6
Disadvantages
Unlimited liability
Hard to raise additional capital
Transfer of ownership difficulties
The Business Environment
Partnership -- A business form in which two or more individuals act as owners.
Sole Proprietorships Partnerships (general and limited) Corporations Limited liability companies
2-4
The Business Environment
Sole Proprietorship -- A business form for which there is one owner. This single owner has unlimited liability for all debts of the firm.
Marginal tax rate = 39%
Average tax rate = $80,750 / $250,000 = 32.3%
2-17
Depreciation
Depreciation represents the systematic allocation of the cost of a capital asset over a period of time for financial reporting purposes, tax
2. Understand how to calculate a corporation's taxable income and how to determine the corporate tax rate - both average and marginal.
3. Understand various methods of depreciation. 4. Understand why acquiring assets through the use of debt
Business income is accounted for on the income tax form of the corporation.
2-10
Suited liability Easy transfer of ownership Unlimited life Easier to raise large quantities of capital
2-8
Summary for Partnership
Advantages Can be simple Low setup cost, higher than sole proprietorship Relatively quick setup Limited liability for limited partners
ending December 31.
BW’s corporate taxable income for this fiscal year was $250,000.
2-16
Income Tax Example
Income tax liability
= $22,250 + .39 x ($250,000 - $100,000) = $22,250 + $58,500 = $80,750
financing offers a tax advantage over both common and preferred stock financing. 5. Describe the purpose and make up of financial markets. 6. Demonstrate an understanding of how letter ratings of the major rating agencies help you to judge a security’s default risk. 7. Understand what is meant by the term “term structure of interest rates” and relate it to a “yield curve.”
Oldest form of business organization. Business income is accounted for on your personal income tax form.
Corporate Income Taxes
Corp. Taxable Income Tax
At Least
But < Rate
Tax Calculation
$
0 $ 50,000 15%
.15x(Inc > 0)
Limited Partnership -- limited partners have liability limited to their capital contribution (investors only). At least one general partner is required and all general partners have unlimited liability.
Chapter 2
The Business, Tax, and Financial Environments
© Pearson Education Limited 2019
Fundamentals of Financial Management, 12/e
Created by: Gregory A. Kuhlemeyer, Ph.D.
2-1
Carroll College, Waukesha, WI
After studying Chapter 2,
you should be able to:
1. Describe the four basic forms of business organization in the United States -- and the advantages and disadvantages of each.
corporation characteristics
Limited liability Centralized management Unlimited life Transfer of ownership without other owners’ prior consent
2-13
Summary for LLC
Business income is accounted for on each “member’s” individual income tax form.
2-12
Limited Liability Company (LLC)
Generally, an LLC will possess only the first two of the following four standard
2-15
Income Tax Example
Lisa Miller of Basket Wonders (BW) is calculating the income tax
liability, marginal tax rate, and average tax rate for the fiscal year
purposes, or both.
Generally, profitable firms prefer to use an accelerated method for tax reporting purposes.
Advantages
Limited liability
Eliminates double taxation
No restriction on number or type of owners
Easier to raise additional capital
2-14
Disadvantages
Limited life (generally)
2-9
Disadvantages
Unlimited liability for the general partner
Difficult to raise additional capital, but easier than sole proprietorship
Transfer of ownership difficulties
Business income is accounted for on each partner’s personal income tax form.
2-7
Types of Partnerships
General Partnership -- all partners have unlimited liability and are liable for all obligations of the partnership.
50,000
75,000 25% $ 7,500 + .25x(Inc > 50,000)
75,000 100,000 34% 13,750 + .34x(Inc > 75,000)
100,000 335,000 39% 22,250 + .39x(Inc > 100,000)
335,000 10,000,000 34% 113,900 + .34x(Inc > 335,000)
2-6
Disadvantages
Unlimited liability
Hard to raise additional capital
Transfer of ownership difficulties
The Business Environment
Partnership -- A business form in which two or more individuals act as owners.
Sole Proprietorships Partnerships (general and limited) Corporations Limited liability companies
2-4
The Business Environment
Sole Proprietorship -- A business form for which there is one owner. This single owner has unlimited liability for all debts of the firm.
Marginal tax rate = 39%
Average tax rate = $80,750 / $250,000 = 32.3%
2-17
Depreciation
Depreciation represents the systematic allocation of the cost of a capital asset over a period of time for financial reporting purposes, tax
2. Understand how to calculate a corporation's taxable income and how to determine the corporate tax rate - both average and marginal.
3. Understand various methods of depreciation. 4. Understand why acquiring assets through the use of debt
Business income is accounted for on the income tax form of the corporation.
2-10
Suited liability Easy transfer of ownership Unlimited life Easier to raise large quantities of capital
2-8
Summary for Partnership
Advantages Can be simple Low setup cost, higher than sole proprietorship Relatively quick setup Limited liability for limited partners
ending December 31.
BW’s corporate taxable income for this fiscal year was $250,000.
2-16
Income Tax Example
Income tax liability
= $22,250 + .39 x ($250,000 - $100,000) = $22,250 + $58,500 = $80,750
financing offers a tax advantage over both common and preferred stock financing. 5. Describe the purpose and make up of financial markets. 6. Demonstrate an understanding of how letter ratings of the major rating agencies help you to judge a security’s default risk. 7. Understand what is meant by the term “term structure of interest rates” and relate it to a “yield curve.”
Oldest form of business organization. Business income is accounted for on your personal income tax form.