minicasebusinessfinance答案
金融场学双语题库及答案米什金金融场与机构
Financial Markets and Institutions^ 8e (Mishkin)Chapter 1 Why Study Financial Markets and Institutions?1.1Multiple Choice1)Financial maikets and institutionsA)involve the movement of huge quantities of money.B)affect the profits of businesses.C)affect the types of goods and sendees produced in an economy.D)do all of the above.E)do only A and B of the above.Answer: DTopic: Chapter 1.1 Why Study Fmancial MaiketsQuestion Status: Previous Edition2)Financial maiket activities affectA)peisonal wealth.B)spendmg decisions by individuals and busuiess films.C)the econom^s location in the business cycle.D)all of the above.Answer: DTopic: Chapter 1.1 Why Study Fmancial MaiketsQuestion Status: Previous Edition3)Maikets m which hinds are transfened fiom those who have excess fiinds available to those who have a shortage of available fluids are calledA)conunodity maikets.B)fluids maikets.C)derivative exchange maikets.D)financial maikets.Answer: DTopic: Chapter 1.1 Why Study Fmancial MaiketsQuestion Status: Previous Edition4)The price paid fbr the rental of bonowed fluids (usually expressed as a percentage of the rental of $100 per year) is conunoiily lefened to as theA)inflation rate.B)exchange rate.C)interest rate.D)aggregate price level.Answer: CTopic: Chapter 1.1 Why Study Fmancial MaiketsQuestion Status: Previous Edition5)The bond maikets are impoitant becauseA)they are easily the most widely followed financial maikets m the Umted States.B)they are the maikets where mteiest rates are detemiined.C)they are the maikets where foreign exchange rates are detemimed.D)all of the above.Answer: BTopic: Chapter 1.1 Why Study Fmancial MaiketsQuestion Status: Previous Edition6)hiterest rates are impoilant to financial institutions since an interest rate mcrease the cost of acquumg fiinds and the income from assets.A)decreases; decreasesB)mcieases; increasesC)decreases; incieasesD)increases; decreasesAnswer: BTopic: Chapter 1.1 Why Study Fmancial MaiketsQuestion Status: Previous Edition7)Typically, increasing mteiest ratesA)discourages individuals fiom saving.B)discourages coiporate mvestments.C)encourages corporate expansion.D)encourages corporate bonowing.E)none of the above.Answer: BTopic: Chapter 1.1 Why Study Fmancial MaiketsQuestion Status: Previous Edition8)Compaied to mteiest rates on long-term U.S. govenmient bonds, interest rates on fluctuate more and are lower on average.A)medium-quality coiporate bondsB)low-quality coiporate bondsC)lugh-quality coiporate bondsD)tluee-montli Treasuiy billsE)none of the aboveAnswer: DTopic: Chapter 1.1 Why Study Fmancial MaiketsQuestion Status: Previous Edition9)Compaied to mterest rates on long-term U.S. govenmient bonds, interest rates on tluee-month Treasury bills fluctuate and are on average.A)more; lowerB)less; lowerC)more; lugherD)less; higherAnswer: ATopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition10)The stock maiket is important becauseA)it is where interest rates are determined.B)it is the most widely followed financial maiket in the United States.C)it is where foreign exchange rates are deteimined.D)all of the above.Answer: BTopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition11)Stock prices smce the 1980s have beenA)relatively stable, trending upward at a steady pace.B)relatively stable, tiending downward at a moderate rate.C)extiemely volatile.D)unstable, trendmg downwaid at a moderate rate.Answer: CTopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition12)The largest one-day drop m the histoiy of the Aineiican stock markets occuned in A) 1929.B)1987.C)2000.D)2001.Answer: BTopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition13) A declining stock market index due to lower share pricesA)reduces people's wealth and as a result may reduce then willingness to spend.B)mcieases people's wealth and as a result may increase their willmgness to spend.C)decreases the amount of hinds that business films can raise by sellmg newly issued stock.D)both A and C of the above.E)both B and C of the above.Answer: DTopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition14)Changes m stock pricesA)affect people's wealth and their willmgness to spend.B)affect films' decisions to sell stock to finance investment spending.C)are chaiacteiized by considerable fluctuations.D)all of the above.E)only A and B of the above.Answer: DTopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition15)(I) Debt maikets are often refened to genencally as the bond maiket.(II) A bond is a security that is a claim on the earnings and assets of a corporation.A)(I) is tine, (II) false.B)(I) is false, (II) tine.C)Both are tme.D)Both are false.Answer: ATopic: Chapter 1.1 Why Study Fmancial MaiketsQuestion Status: Previous Edition16) (I) A bond is a debt secunty that pionuses to make payments peiiodically for a specified penod of tune. (II) A stock is a secunty that is a claim on the eanimgs and assets of a coipoiation.A)(I) is true, (II) false.B)(I) is false, (II) tine.C)Both are tme.D)Both are false.Answer: CTopic: Chapter 1.1 Why Study Fmancial MaiketsQuestion Status: Previous Edition17)The piice of one country's cunency in terms of anothei J s is calledA)the foreign exchange rate.B)the interest rate.C)the Dow Jones mdustrial average.D)none of the above.Answer: ATopic: Chapter 1.1 Why Study Fmancial MaiketsQuestion Status: Previous Edition18) A stronger dollar benefits and hints.A)Aineiican busuiesses; Aineiican consumeisB)Aineiican busmesses; foreign businessesC)Aineiican consumeis; Aineiican busmessesD)foreign businesses; Ameiican consumeisAnswer: CTopic: Chaptei 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition19) A weaker dollar benefits and hurts.A)Aineiican busmesses; Aineiican consumeisB)Aineiican busmesses; foieign consumersC)Aineiican consumeis; Aineiican busmessesD)foreign businesses; Ameiican consumersAnswer: ATopic: Chaptei 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition20)From 1980 to early 1985 the dollar in value, thereby benefitingAinencan.A)appreciated; businessesB)appreciated; consumersC)depreciated; businessesD)depreciated; consumersAnswer: BTopic: Chaptei 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition21)hi generaL fiom 2001 tluough 2013, the dollar m value relative tomajor foreign cuuencies.A)appreciatedB)depreciatedC)lemained about the sameAnswer: BTopic: Chaptei 1.1 Why Study Fmancial MarketsQuestion Status: New Question22)Money is defined asA)anythmg that is geneially accepted in payment fbr goods and sendees or in the repayment of debt.B)bills of exchange.C) a nskless repositoiy of spending power.D)all of the above.E)only A and B of the above.Answer: ATopic: Chaptei 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition23)The organization responsible fbf the conduct of monetaiy policy in the United States is theA)Comptioller of the Currency.B)U.S. Treasuiy.C)Federal Reserve System.D)Bureau of Monetaiy Affaus.Answer: CTopic: Chaptei 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition24)The central bank of the United States isA)Citicoip.B)The Fed.C)Bank of America.D)The Tieasuiy.E)none of the above.Answer: BTopic: Chaptei 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition25)Monetaiy policy is cluefly concerned withA)how much money businesses earn.B)the level of mterest rates and the nation's money supply.C)how much money people pay in taxes.D)whether people have saved enough money for letnement.Answer: BTopic: Chaptei 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition26)Econonusts group conuneicial banks, savings and loan associations, credit unions, mutual ftinds, mutual savings banks, msuiance companies, pension fiinds, and finance companies together under the heading financial inteniiedianes. Financial mtermedianes A)act as middlemen, bonowmg ftinds fiom those who have saved and lending these fluids to others.B)produce nothing of value and are therefore a drain on society's resoui ces.C)help promote a more efficient and dynamic economy.D)do all of the above.E)do only A and C of the above.Answer: ETopic: Chaptei 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition27)Econonusts group conuneicial banks, savings and loan associations, credit unions, mutual fiinds, mutual savings banks, msuiance companies, pension fiinds, and finance companies together under the heading financial inteimedianes. Financial mtermedianesA)act as middlemen, bonowmg fiinds fiom those who have saved and lending these fimds to others.B)play an important role in detemmuiig the quantity of money m the economy.C)help promote a more efficient and dynanuc economy.D)do all of the above.E)do only A and C of the above.Answer: DTopic: Chapter 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition28)Banks are unpoitant to the study of money and the economy because they A) provide a chaimel for Imkrng those who want to save with those who want to mvest.B)have been a source of financial nmovation that is expandmg the alternatives available to those wanting to mvest then money.C)are the only financial mstitution to play a role in detemuiHiig the quantity of money in the economy.D)do all of the above.E)do only A and B of the above.Answer: ETopic: Chapter 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition29)Banks, savings and loan associations, mutual savings banks, and credit unions A) are no longer unportant players in financial intemiediation.B)have been providing services only to small depositors since deregulation.C)have been adept at iimovating in response to changes in the regulatoiy envuomnent.D)all of the above.E)only A and C of the above.Answer: CTopic: Chapter 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition30)(I) Banks are financial intennediaiies that accept deposits and make loans.(II) The tenn n baiiks n includes films such as commercial banks, savmgs and loan associations, mutual savings banks, credit unions, msuiance companies, and pensionfluids.A)(I) is true, QI) false.B)(I) is false, (II) tine.C)Both are tme.D)Both are false.Answer: ATopic: Chapter 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition31)was the stock market^ worst one-day chop in histoiy in the 1980s.A)Black FridayB)Black MondayC)Blackout DayD)none of the aboveAnswer: BTopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition32)The largest financial intennedianes areA)insuiance companies.B)finance compames.C)banks.D)all of the above.Answer: CTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition33)hi recent yearsA)interest rates have lemained constant.B)the success of financial institutions has leached levels unpiecedented smce the Great Depiession.C)stock markets have crashed.D)all of the above.Answer: CTopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition34) A securityA)is a claun oi puce of propeity that is subject to ownership.B)piomises that payments will be made penodically fbr a specified penod of time.C)is the piice paid fbr the usage of ftinds.D)is a claun on the issuers fiituie mcome.Answer: DTopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition35)are an example of a financial institution.A)BanksB)hisuiance companiesC)Fmance companiesD)All of the aboveAnswer: DTopic: Chapter 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition36)Monetaiy policy affectsA)interest rates.B)mflation.C)business cycles.D)all of the above.Answer: DTopic: Chapter 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition37) A using stock market index due to higher share pricesA)increases people's wealth and as a result may increase their willmgness to spend.B)uicieases the amount of fluids that business firms can raise by selling newly issued stock.C)decreases the amount of hinds that business films can raise by selling newly issued stock.D)both A and B of the above.Answer: DTopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition38)From the peak of the high-tech bubble in 2000, the stock market byovei by late 2002.A)collapsed; 75%B)rose; 35%C)collapsed; 30%D)rose; 50%Answer: CTopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition39)The Dow fell below 7,000 m 2009, only to start a bull market run, reaching new highs above m 2013.A)12,000B)10,000C) 15,000D) 19,000Answer: CTopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: New Question1.2 Tme/False1)Money is anything accepted by anyone as payment fbr services or goods.Answer: TRUETopic: Chapter 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition2)hiterest rates are determined in the bond markets.Answer: TRUETopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition3) A stock is a debt secuiity that promises to make penodic payments fbr a specific period of time.Answer: FALSETopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition4)Monetaiy policy affects interest rates but has little effect on inflation oi busmess cycles.JAnswer: FALSETopic: Chapter 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition5)The govenunent orgamzation lesponsible for the conduct of monetaiy policy m the United States is the U.S. Treasuiy.Answer: FALSETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition6)hiterest rates can be accuiately described as the rental price of money.Answer: TRUETopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition7)Holding eveiytliuig else constant, as the dollar weakens vacations abroad become less attractive.Answer: TRUETopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition8)In recent years, financial markets have become more stable and less risky. Answer: FALSETopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition9)Financial innovation lias provided more options to both mvestors and bonowers. Answer: TRUETopic: Chaptei 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition10) A financial mtennediaiy borrows fiinds fiom people who have saved.Answer: TRUETopic: Chaptei 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition11)Holding eveiything else constant, as the dollar strengthens fbieigneis will buy more U.S. exports.Answer: FALSETopic: Chaptei 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition12)In a bull market stock prices are rising, on average.Answer: TRUETopic: Chaptei 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition13)Financial institutions are among the largest employers m the country and fiequently pay very high salaries.Answer: TRUETopic: Chaptei 1.3 Applied Managerial PerspectiveQuestion Status: Previous Edition14)Different interest rates have a tendency to move in unison.Answer: TRUETopic: Chaptei 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition15)Financial markets are what makes financial mstitutions work.Answer: FALSETopic: Chaptei 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition16)In recent years, financial markets have become more iisky. However, only a linuted number of tools (such as deiivatives) are available to assist in managing this lisk. Answer: FALSETopic: Chaptei 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition17)Although the internet has changed many aspects of oui lives, it hasn't proven veiy usefill for collectmg and/oi analyzmg financial and econonuc data.Answer: FALSETopic: Chapter 1.4 How We Study Fmancial Markets and InstitutionsQuestion Status: New Question1.3 Essay1)Have inteiest rates been more or less volatile m recent years? Why?Topic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition2)Why should consumers be concerned with movements in foreign exchange rates?Topic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition3)How does the value of the dollar affect the competitiveness of Aineiican busmesses? Topic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition4)What is monetaiy policy and who is responsible fbi its implementation?Topic: Chapter 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition5)What are financial intennediaiies and what do they do?Topic: Chapter 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition6)What is money?Topic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition7)How does a bond differ fiom a stock?Topic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition8)Why is the stock market so important to individuals, films, and the economy? Topic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition9)What is the cential bank and what does it do?Topic: Chapter 1.2 Why Study Fmancial InstitutionsQuestion Status: Previous Edition10)If you are plaiming a vacation to Europe, do you prefer a strong dollar or weak dollar relative to the euio? Why?JTopic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: Previous Edition11)How has the stock market peifbimed smce 2000?Topic: Chapter 1.1 Why Study Fmancial MarketsQuestion Status: New Question。
商法答案1
Case Study 1Question 1The main business organisations recognised by Scots Law are:.sole trader.partnerships.limited partnerships.limited liability partnerships.private companies.public companiesQuestion 2Given the fact that Lisa is running a very small business, it will almost be certainly run as a sole trader enterprise. There is the very remote possibility — and it is very remote — that a small business could be run as a single member private company in terms of the Companies (Single Member Private Limited Companies) Regulations 1992. Such a private company is limited by shares or by guarantee and need only have one member. Nowhere, however, does it mention that the business is limited by shares or by guarantee and we would, therefore, assume that it has the character of a sole trader.Question 3The advantages of a sole trader business are:1It is the simplest form of business organisation recognised by Scots Law.2A sole trader is to all intents and purposes to be regarded as a self-employed person. Inother words, no difference is made between the sole trader and his or her business; theyare legally indistinguishable.3 Very basic legal requirements to comply with ie submission of income tax returns to the Inland Revenue and the disclosure requirements of the Business Names Act 1985.4 Total control over his or her business and does not have to take into account the opinionsof any shareholders, members or partners.The disadvantages of a sole trader business are:1 If the business fails, the sole trader is said to have unlimited liability for any debts or obligations owed to third parties.2 A sole trader may find it difficult to fund an expansion of the business because she/he cannot offer shares to other parties in order to raise funds.3In any case, a business expansion requiring a major injection of capital might entail a lossof control over the business because new partners, shareholders or members who are a source of new finance will almost certainly demand a say in the running of the business.4The inclusion of new partners, members or shareholders would force a change in thenature of the business operation by converting it into a partnership or some other form of corporate body (public/private companies or a limited liability partnership).Case Study 2【】Question 1There are many differences between a traditional partnership and a limited liability partnership(LLP), but candidates should be able to pinpoint the following characteristics of both types of business organisation from the table below:Partnership Limited liability partnershipUnincorporated business Corporate bodyNo need to be registered with Registrar ofCompanies and no need to supply formaldocumentsMust be registered with the Registrar ofCompanies and certain documents must besuppliedRegulated by Partnership Act 1890 (unless thepartners agree otherwise)Regulated by the Limited LiabilityPartnerships Act 2000Partners have unlimited liability in respect ofpartnership debts/liabilities ie they are jointlyand severally liable and can be pursued to theirlast pennyMembers enjoy limited liability in respect ofLLP debts/liabilities ie they will only beliable to the extent of their stake in thebusinessPractice NoteIt would be highly advisable to concentrate on the differences between a traditional partnership and an LLP when introducing candidates to this area of the course.Question 2Currently, many traditional partnerships have sought LLP status because of the perceived benefits of limited liability for the members of an LLP — even if this does represent a loss of privacy and greater external regulation for the members ie registration with the Registrar of Companies and tougher auditing requirements.Question 3The legal relationship between partners in a firm is classified as a fiduciary relationship ie a relationship of trust. Partners are agents of their fellow partners and also of the firm itself.Candidates should cite the following case which exemplifies the nature of the fiduciary relationship between partners:.Pillans Brothers v Pillans [1908]The legal relationship between a member and a limited liability partnership will also be classified as a fiduciary relationship. Section 6 of the Limited Liability Partnerships Act 2000 states that the members of an LLP are to be regarded as the agents of the business and it is a general rule of the law of agency that an agent (the member) must always act in the best interests of his principal (the LLP). It is important to bear in mind that a member is not an agent of his fellow members.Case Study 3Question 1A company’s objects clause is found in its Memorandum of Association. The objects clause sets out the purpose of the company usually in the form of a list (sometimes a very long list) of the various commercial and business activities that it is likely to undertake. Before the reforms introduced by the Companies Act 1989, companies could not enter into certain contracts with third parties unless such a commercial transaction was listed in the objects clause. Such an unauthorised contract was void by reason of the company’s lack of capacity to enter such an agreement in the first place and ignorance of the contents of the objects clause on the part of the third party was no defence. Nowadays, many companies will have straightforward objects clauses which allow them to enter into any type of business or commercial transaction whatsoever.Question 2No is the simple answer. MacGregor does not have legal justification for its withdrawal from the contract with Constructit. MacGregor is attempting to rely on the old ultra vires rule. As a result of reforms introduced by the Companies Act 1989, Section 35 of the Companies Act 1985 now states that every contract is enforceable against the company. No act done by a company may be questioned by the fact that it was beyond its legal capacity as stated in its objects clause in the Memorandum of Association. Section 35B of the 1985 Act goes on to say that there is no necessity for a third party to check that a proposed contract is within the powers of the company as per the Memorandum of Association. Furthermore, Section 3A of the Companies Act 1985 now permits a company to have a simplified objects clause which means a company can enter into practically any contract whatsoever with third parties.In situations where third parties dealing with the company have failed to act in good faith and where the Directors have exceeded their authority, Section 35A: Companies Act 1985 raises the possibility that such an ultra vires contract may be declared voidable by the company. In other words, the ultra vires rule comes back to haunt third parties dealing with the company when they act in bad faith — but not in this case study.Candidates should cite the following case which emphasises the harshness of the old ultra vires rule:.Ashbury Railway Carriage & Iron Co v Riche [1875]Question 3Candidates must reference their answer to Section 14 of the Companies Act 1985 ie the binding contractual nature of the Memorandum of Association and the Articles of Association. The shareholders will have to establish whether they are entitled to receive bonuses in terms of the company’s Articles of Association. If so, they can raise an action against the company in terms of Section 14 to force payment of dividends. If the payment of bonuses is purely discretionary, the company may well have the right to suspend payment this year.Candidates should be able to cite at least one of the following examples from case law in support of their answer which demonstrate that the relationship between a company and its members and between the members themselves is contractual in nature as per Section 14 of the Companies Act 1985:.Eley v Positive Life Assurance Co Ltd [1876].Hickman v Kent or Romney Marsh Sheep Breeders’ Association [1915].Rayfield v Hands [1960].Wood v Odessa Waterworks Co [1889]Case Study 4Question 1There are numerous differences between private and public companies. It is often useful to give candidates a list of the different characteristics of both organisations whereby they are able to compare and contrast. Candidates are only being asked to list three differences between a private company and a public company from the two lists set out below and there is plenty to choose from.The main characteristics of a private limited company are:1Company name must end in “limited” or “ltd”.2The Articles of Association of a private limited company may provide for a right of preemption so that when a member wishes to sell or to transfer ownership of his shares hemust first offer them to existing members.3 There is no minimum capital requirement.4 The shares in a private limited company cannot be traded or listed on the stock exchange.5 Only one director is required.6 In terms of the Companies (Single Member Private Limited Companies) Regulations1992, a private company limited by shares or by guarantee need only have one member.7 There is no upper age limit for directors.8 Audited accounts must be produced within 10 months of the end of the financial year.9 Trading can start as soon as a Certificate of Incorporation is obtained.The main characteristics of a public limited company are:1 The company name must end in “public limited company” or “plc”.2 Members must be free to transfer their shares as they please.3 A public company must have minimum issued share capital of at least ￡50,000.4 Shares can be listed on the stock exchange and can be traded.5 There must be at least 2 directors.6 There must be at least two members.7 Directors must retire when they reach the age of 70.8 Audited accounts must be produced within 7 months of the year end.9 After incorporation, trading cannot begin until a “trading certificate” is issued by theRegistrar of Companies upon satisfaction of the nominal value of share capital. Thistrading certificate is referred to as a Section 117 certificate after the relevant section ofthe Companies Act 1985 which makes possession of such a document compulsory forpublic limited companies. Public companies cannot begin trading without having beenissued with a Section 117 certificate.Question 2Candidates must be able to show that they understand that, in terms of the Companies Act 1985, a new company must be registered with the Registrar of Companies. Among the two most important documents submitted to the Registrar will be the Memorandum of Association and the Articles of Association which provides important information about the nature of the company and how it will be run. Until the new business has been registered, it is not regarded as a person recognised by law and, therefore, it cannot enter into contracts with third parties. So, you cannot simply decide to set up a company and begin trading immediately. Any new company must have Certificate of Incorporation issued by the Registrar of Companies — a birthcertificate if you want to make the comparison. Additionally, public limited companies, must have a Section 117 certificate (so named after the relevant provision in the Companies Act 1985) issued before they can begin to trade.Question 3When a company is created it is said to enjoy separate corporate personality. Fundamentally, the doctrine of separate corporate personality means that a company is to be regarded as an artificial legal person completely separate from its members. It is a person in its own right whose existence is recognised by the courts.Candidates must be able to cite the leading case of Salomon v Salomon & Co Ltd [1897] in support of their answer.Question 4The most common type of liability that company members will be subject to is that of limited liability. The term “limited” relates to the fact that the members of the company enjoy “limited liability” status. This means that a member’s individual liability is confined solely to the amount unpaid, if any, on their shareholding in the company. In companies limited by guarantee, the members agree to be liable to the company’s creditors for an agreed sum should the business fail. Companies limited by guarantee are run as private companies.NB It is important that candidates are able to give a short summary of the facts of anycase law cited AND the decision of the court in order to support their answers. It isnot sufficient merely to name a case or cases.Making an assessment decisionCandidates answering eight or more questions correctly will be deemed to have passed the Assessment. Those candidates who answer six or seven questions correctly should resit those questions that they have answered incorrectly. Clarification of candidate responses during the resit opportunity could be by oral questioning. Candidates who have correctly answered fivequestions or less would have to resit the entire Assessment.NBThe number of questions based on each case study will be dependent on the case study content. Assessors should take this into account with making an assessment decision。
米什金货币金融学英文版习题答案chapter6英文习题
米什金货币金融学英文版习题答案chapter6英文习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 6 The Risk and Term Structure of Interest Rates6.1 Risk Structure of Interest Rates1) The risk structure of interest rates isA) the structure of how interest rates move over time.B) the relationship among interest rates of different bonds with the same maturity.C) the relationship among the term to maturity of different bonds.D) the relationship among interest rates on bonds with different maturities.Answer: BAACSB: Reflective Thinking2) The risk that interest payments will not be made, or that the face value of a bond is not repaid when a bond matures isA) interest rate risk.B) inflation risk.C) liquidity risk.D) default risk.Answer: DAACSB: Application of Knowledge3) Bonds with no default risk are calledA) flower bonds.B) no-risk bonds.C) default-free bonds.D) zero-risk bonds.Answer: CAACSB: Application of Knowledge4) Which of the following bonds are considered to be default-risk free?A) municipal bondsB) investment-grade bondsC) U.S. Treasury bondsD) junk bondsAnswer: CAACSB: Analytical Thinking5) U.S. government bonds have no default risk becauseA) they are issued in strictly limited quantities.B) the federal government can increase taxes or print money to pay its obligations.C) they are backed with gold reserves.D) they can be exchanged for silver at any time.Answer: BAACSB: Reflective Thinking6) The spread between the interest rates on bonds with default risk and default-free bonds is called theA) risk premium.B) junk margin.C) bond margin.D) default premium.Answer: AAACSB: Application of Knowledge7) If the probability of a bond default increases because corporations begin to suffer large losses, then the default risk on corporate bonds will ________ and the expected return on these bonds will ________, everything else held constant.A) decrease; increaseB) decrease; decreaseC) increase; increaseD) increase; decreaseAnswer: DAACSB: Reflective Thinking8) A bond with default risk will always have a ________ risk premium and an increase in its default risk will ________ the risk premium.A) positive; raiseB) positive; lowerC) negative; raiseD) negative; lowerAnswer: AAACSB: Reflective Thinking9) If a corporation begins to suffer large losses, then the default risk on the corporate bond willA) increase and the bond's return will become more uncertain, meaning the expected return on the corporate bond will fall.B) increase and the bond's return will become less uncertain, meaning the expected return on the corporate bond will fall.C) decrease and the bond's return will become less uncertain, meaning the expected return on the corporate bond will fall.D) decrease and the bond's return will become less uncertain, meaning the expected return on the corporate bond will rise.Answer: AAACSB: Reflective Thinking10) If the possibility of a default increases because corporations begin to suffer losses, then the default risk on corporate bonds will ________, and the bonds' returns will become________ uncertain, meaning that the expected return on these bonds will decrease, everything else held constant.A) increase; lessB) increase; moreC) decrease; lessD) decrease; moreAnswer: BAACSB: Reflective Thinking11) Other things being equal, an increase in the default risk of corporate bonds shifts the demand curve for corporate bonds to the ________ and the demand curve for Treasury bonds to the ________.A) right; rightB) right; leftC) left; rightD) left; leftAnswer: CAACSB: Reflective Thinking12) Other things being equal, a decrease in the default risk of corporate bonds shifts the demand curve for corporate bonds to the ________ and the demand curve for Treasury bonds to the ________.A) right; rightB) right; leftC) left; rightD) left; leftAnswer: BAACSB: Reflective Thinking13) A(n) ________ in the riskiness of corporate bonds will ________ the price of corporate bonds and ________ the yield oncorporate bonds, all else equal.A) increase; increase; increaseB) increase; decrease; increaseC) decrease; increase; increaseD) decrease; decrease;decreaseAnswer: BAACSB: Reflective Thinking14) An increase in the riskiness of corporate bonds will ________ the price of corporate bonds and ________ the price of Treasury bonds, everything else held constant.A) increase; increaseB) reduce; reduceC) reduce; increaseD) increase; reduceAnswer: CAACSB: Reflective Thinking15) A decrease in the riskiness of corporate bonds will ________ the price of corporate bonds and ________ the price of Treasury bonds, everything else held constant.A) increase; increaseB) reduce; reduceC) reduce; increaseD) increase; reduceAnswer: DAACSB: Reflective Thinking16) An increase in the riskiness of corporate bonds will ________ the yield on corporate bonds and ________ the yield on Treasury securities, everything else held constant.A) increase; increaseB) reduce; reduceC) increase; reduceD) reduce; increaseAnswer: CAACSB: Reflective Thinking17) A decrease in the riskiness of corporate bonds will ________ the yield on corporate bonds and ________ the yield on Treasury securities, everything else held constant.A) increase; increaseB) decrease; decreaseC) increase; decreaseD) decrease; increaseAnswer: DAACSB: Reflective Thinking18) An increase in default risk on corporate bonds ________ the demand for these bonds, but ________ the demand for default-free bonds, everything else held constant.A) increases; lowersB) lowers; increasesC) does not change; greatly increasesD) moderately lowers; does not changeAnswer: BAACSB: Reflective Thinking19) A decrease in default risk on corporate bonds ________ the demand for these bonds, and________ the demand for default-free bonds, everything else held constant.A) increases; lowersB) lowers; increasesC) does not change; greatly increasesD) moderately lowers; does not changeAnswer: AAACSB: Reflective Thinking20) As default risk increases, the expected return on corporate bonds ________, and the return becomes ________ uncertain, everything else held constant.A) increases; lessB) increases; moreC) decreases; lessD) decreases; moreAnswer: DAACSB: Reflective Thinking21) As default risk decreases, the expected return on corporate bonds ________, and the return becomes ________ uncertain, everything else held constant.A) increases; lessB) increases; moreC) decreases; lessD) decreases; moreAnswer: AAACSB: Reflective Thinking22) As their relative riskiness ________, the expected return on corporate bonds ________ relative to the expected return on default-free bonds, everything else held constant.A) increases; increasesB) increases; decreasesC) decreases; decreasesD) decreases; does not changeAnswer: BAACSB: Reflective Thinking23) Which of the following statements are TRUE?A) A decrease in default risk on corporate bonds lowers the demand for these bonds, but increases the demand for default-free bonds.B) The expected return on corporate bonds decreases as default risk increases.C) A corporate bond's return becomes less uncertain as default risk increases.D) As their relative riskiness increases, the expected return on corporate bonds increases relative to the expected return on default-free bonds.Answer: BAACSB: Reflective Thinking24) Everything else held constant, if the federal government were to guarantee today that it will pay creditors if a corporation goes bankrupt in the future, the interest rate on corporate bonds will ________ and the interest rate on Treasury securities will ________.A) increase; increaseB) increase; decreaseC) decrease; increaseD) decrease; decreaseAnswer: CAACSB: Reflective Thinking25) Bonds with relatively high risk of default are calledA) Brady bonds.B) junk bonds.C) zero coupon bonds.D) investment grade bonds.Answer: BAACSB: Analytical Thinking26) Junk bonds, bonds with a low bond rating, are also known asA) high-yield bonds.B) investment grade bonds.C) high quality bonds.D) zero-coupon bonds.Answer: AAACSB: Application of Knowledge27) Bonds with relatively low risk of default are called ________ securities and have a rating of Baa (or BBB) and above; bonds with ratings below Baa (or BBB) have a higher default risk and are called ________.A) investment grade; lower gradeB) investment grade; junk bondsC) high quality; lower gradeD) high quality; junk bondsAnswer: BAACSB: Analytical Thinking28) Which of the following bonds would have the highest default risk?A) municipal bondsB) investment-grade bondsC) U.S. Treasury bondsD) junk bondsAnswer: DAACSB: Reflective Thinking29) Which of the following long-term bonds has the highest interest rate?A) corporate Baa bondsB) U.S. Treasury bondsC) corporate Aaa bondsD) municipal bondsAnswer: AAACSB: Reflective Thinking30) Which of the following securities has the lowest interest rate?A) junk bondsB) U.S. Treasury bondsC) investment-grade bondsD) corporate Baa bondsAnswer: BAACSB: Reflective Thinking31) The spread between interest rates on low quality corporate bonds and U.S. government bondsA) widened significantly during the Great Depression.B) narrowed significantly during the Great Depression.C) narrowed moderately during the Great Depression.D) did not change during the Great Depression.Answer: AAACSB: Reflective Thinking32) During the Great Depression years 1930-1933 there wasa very high rate of business failures and defaults, we would expect the risk premium for ________ bonds to be very high.A) U.S. TreasuryB) corporate AaaC) municipalD) corporate BaaAnswer: DAACSB: Reflective Thinking33) Risk premiums on corporate bonds tend to ________during business cycle expansions and ________ during recessions, everything else held constant.A) increase; increaseB) increase; decreaseC) decrease; increaseD) decrease; decreaseAnswer: CAACSB: Reflective Thinking34) The collapse of the subprime mortgage marketA) did not affect the corporate bond market.B) increased the perceived riskiness of Treasury securities.C) reduced the Baa-Aaa spread.D) increased the Baa-Aaa spread.Answer: DAACSB: Reflective Thinking35) The collapse of the subprime mortgage market increased the spread between Baa and default-free U.S. Treasury bonds. This is due toA) a reduction in risk.B) a reduction in maturity.C) a flight to quality.D) a flight to liquidity.Answer: CAACSB: Analytical Thinking36) During a "flight to quality"A) the spread between Treasury bonds and Baa bonds increases.B) the spread between Treasury bonds and Baa bonds decreases.C) the spread between Treasury bonds and Baa bonds is notaffected.D) the change in the spread between Treasury bonds and Baa bonds cannot be predicted. Answer: AAACSB: Reflective Thinking37) If you have a very low tolerance for risk, which of the following bonds would you be least likely to hold in your portfolio?A) a U.S. Treasury bondB) a municipal bondC) a corporate bond with a rating of AaaD) a corporate bond with a rating of BaaAnswer: DAACSB: Reflective Thinking38) Which of the following statements is TRUE?A) A liquid asset is one that can be quickly and cheaply converted into cash.B) The demand for a bond declines when it becomes less liquid, decreasing the interest rate spread between it and relatively more liquid bonds.C) The differences in bond interest rates reflect differences in default risk only.D) The corporate bond market is the most liquid bond market.Answer: AAACSB: Reflective Thinking39) Corporate bonds are not as liquid as government bonds becauseA) fewer corporate bonds for any one corporation are traded, making them more costly to sell.B) the corporate bond rating must be calculated each timethey are traded.C) corporate bonds are not callable.D) corporate bonds cannot be resold.Answer: AAACSB: Reflective Thinking40) When the Treasury bond market becomes more liquid, other things equal, the demand curve for corporate bonds shifts to the ________ and the demand curve for Treasury bonds shifts to the ________.A) right; rightB) right; leftC) left; rightD) left; leftAnswer: CAACSB: Reflective Thinking41) When the Treasury bond market becomes less liquid, other things equal, the demand curve for corporate bonds shifts to the ________ and the demand curve for Treasury bonds shifts to the ________.A) right; rightB) right; leftC) left; rightD) left; leftAnswer: BAACSB: Reflective Thinking42) A decrease in the liquidity of corporate bonds, other things being equal, shifts the demand curve for corporate bonds to the ________ and the demand curve for Treasury bonds shifts to the ________.A) right; rightB) right; leftC) left; leftD) left; rightAnswer: DAACSB: Reflective Thinking43) An increase in the liquidity of corporate bonds, other things being equal, shifts the demand curve for corporate bonds to the ________ and the demand curve for Treasury bonds shifts to the ________.A) right; rightB) right; leftC) left; leftD) left; rightAnswer: BAACSB: Reflective Thinking44) A(n) ________ in the liquidity of corporate bonds will ________ the price of corporatebonds and ________ the yield on corporate bonds, all else equal.A) increase; increase; decreaseB) increase; decrease; decreaseC) decrease; increase; increaseD) decrease; decrease; decreaseAnswer: AAACSB: Reflective Thinking45) An increase in the liquidity of corporate bonds will ________ the price of corporate bonds and ________ the yield of Treasury bonds, everything else held constant.A) increase; increaseB) reduce; reduceC) increase; reduceD) reduce; increaseAnswer: AAACSB: Reflective Thinking46) A decrease in the liquidity of corporate bonds will ________ the yield of corporate bonds and ________ the yield of Treasury bonds, everything else held constant.A) increase; increaseB) decrease; decreaseC) increase; decreaseD) decrease; increaseAnswer: CAACSB: Reflective Thinking47) The risk premium on corporate bonds reflects the fact that corporate bonds have a higher default risk and are ________ U.S. Treasury bonds.A) less liquid thanB) less speculative thanC) tax-exempt unlikeD) lower-yielding thanAnswer: AAACSB: Analytical Thinking48) Which of the following statements is TRUE?A) State and local governments cannot default on their bonds.B) Bonds issued by state and local governments are called municipal bonds.C) All government issued bonds—local, state, and federal—are federal income tax exempt.D) The coupon payment on municipal bonds is usually higherthan the coupon payment on Treasury bonds.Answer: BAACSB: Reflective Thinking49) Everything else held constant, if the tax-exempt status of municipal bonds were eliminated, thenA) the interest rates on municipal bonds would still be less than the interest rate on Treasury bonds.B) the interest rate on municipal bonds would equal the rate on Treasury bonds.C) the interest rate on municipal bonds would exceed the rate on Treasury bonds.D) the interest rates on municipal, Treasury, and corporate bonds would all increase. Answer: CAACSB: Reflective Thinking50) Municipal bonds have default risk, yet their interest rates are lower than the rates ondefault-free Treasury bonds. This suggests thatA) the benefit from the tax-exempt status of municipal bonds is less than their default risk.B) the benefit from the tax-exempt status of municipal bonds equals their default risk.C) the benefit from the tax-exempt status of municipal bonds exceeds their default risk.D) Treasury bonds are not default-free.Answer: CAACSB: Reflective Thinking51) Everything else held constant, an increase in marginal tax rates would likely have the effect of ________ the demand for municipal bonds, and ________ the demand for U.S. government bonds.A) increasing; increasingB) increasing; decreasingC) decreasing; increasingD) decreasing; decreasingAnswer: BAACSB: Reflective Thinking52) Everything else held constant, a decrease in marginal tax rates would likely have the effect of ________ the demand for municipal bonds, and ________ the demand for U.S. government bonds.A) increasing; increasingB) increasing; decreasingC) decreasing; increasingD) decreasing; decreasingAnswer: CAACSB: Reflective Thinking53) Everything else held constant, the interest rate on municipal bonds rises relative to the interest rate on Treasury securities whenA) income tax rates are lowered.B) income tax rates are raised.C) municipal bonds become more widely traded.D) corporate bonds become riskier.Answer: AAACSB: Reflective Thinking54) Everything else held constant, if income tax rates were lowered, thenA) the interest rate on municipal bonds would fall.B) the interest rate on Treasury bonds would rise.C) the interest rate on municipal bonds would rise.D) the price of Treasury bonds would fall.Answer: CAACSB: Reflective Thinking55) Everything else held constant, abolishing the individual income tax willA) increase the interest rate on corporate bonds.B) reduce the interest rate on municipal bonds.C) increase the interest rate on municipal bonds.D) increase the interest rate on Treasury bonds.Answer: CAACSB: Reflective Thinking56) Which of the following statements are TRUE?A) An increase in tax rates will increase the demand for Treasury bonds, lowering their interest rates.B) Because the tax-exempt status of municipal bonds was of little benefit to bond holders when tax rates were low, they had higher interest rates than U.S. government bonds before World War II.C) Interest rates on municipal bonds will be higher than comparable bonds without the tax exemption.D) Because coupon payments on municipal bonds are exempt from federal income tax, the expected after-tax return on them will be higher for individuals in lower income tax brackets. Answer: BAACSB: Reflective Thinking57) The Obama administration increased the tax on the top income tax bracket from 35% to 39%. Supply and demand analysis predicts the impact of this change was a ________ interest rate on municipal bonds and a ________ interest rate on Treasury bonds, all else the same.A) higher; lowerB) lower; lowerC) higher; higherD) lower; higherAnswer: DAACSB: Reflective Thinking58) Three factors explain the risk structure of interest ratesA) liquidity, default risk, and the income tax treatment of a security.B) maturity, default risk, and the income tax treatment of a security.C) maturity, liquidity, and the income tax treatment of a security.D) maturity, default risk, and the liquidity of a security.Answer: AAACSB: Application of Knowledge59) The spread between the interest rates on Baa corporate bonds and U.S. government bonds is very large during the Great Depression years 1930-1933. Explain this difference using the bond supply and demand analysis.Answer: During the Great Depression many businesses failed. The default risk for the corporate bond increased compared to the default-free Treasury bond. The demand for corporate bonds decreased while the demand for Treasury bonds increased resulting in a larger risk premium.AACSB: Reflective Thinking60) If the federal government where to raise the income tax rates, would this have any impact ona state's cost of borrowing funds? Explain.Answer: Yes, if the federal government raises income taxrates, demand for municipal bonds which are federal income tax exempt would increase. This would lower the interest rate on the municipal bonds thus lowering the cost to the state of borrowing funds.AACSB: Reflective Thinking6.2 Term Structure of Interest Rates1) The term structure of interest rates isA) the relationship among interest rates of different bonds with the same maturity.B) the structure of how interest rates move over time.C) the relationship among the term to maturity of different bonds.D) the relationship among interest rates on bonds with different maturities.Answer: DAACSB: Reflective Thinking2) A plot of the interest rates on default-free government bonds with different terms to maturity is calledA) a risk-structure curve.B) a default-free curve.C) a yield curve.D) an interest-rate curve.Answer: CAACSB: Application of Knowledge3) Differences in ________ explain why interest rates on Treasury securities are not all the same.A) riskB) liquidityC) time to maturityD) tax characteristicsAnswer: CAACSB: Analytical Thinking4) The typical shape for a yield curve isA) gently upward sloping.B) mound shaped.C) flat.D) bowl shaped.Answer: AAACSB: Analytical Thinking5) When yield curves are steeply upward slopingA) long-term interest rates are above short-term interest rates.B) short-term interest rates are above long-term interest rates.C) short-term interest rates are about the same as long-term interest rates.D) medium-term interest rates are above both short-term and long-term interest rates. Answer: AAACSB: Reflective Thinking6) When yield curves are flatA) long-term interest rates are above short-term interest rates.B) short-term interest rates are above long-term interest rates.C) short-term interest rates are about the same as long-term interest rates.D) medium-term interest rates are above both short-term and long-term interest rates. Answer: CAACSB: Reflective Thinking7) When yield curves are downward slopingA) long-term interest rates are above short-term interest rates.B) short-term interest rates are above long-term interest rates.C) short-term interest rates are about the same as long-term interest rates.D) medium-term interest rates are above both short-term and long-term interest rates. Answer: BAACSB: Reflective Thinking8) An inverted yield curveA) slopes up.B) is flat.C) slopes down.D) has a U shape.Answer: CAACSB: Application of Knowledge9) Economists' attempts to explain the term structure of interest ratesA) illustrate how economists modify theories to improve them when they are inconsistent with the empirical evidence.B) illustrate how economists continue to accept theories that fail to explain observed behavior of interest rate movements.C) prove that the real world is a special case that tends to get short shrift in theoretical models.D) have proved entirely unsatisfactory to date.Answer: AAACSB: Reflective Thinking10) According to the expectations theory of the term structure, the interest rate on a long-term bond will equal the ________ of the short-term interest rates that people expect tooccur over the life of the long-term bond.A) averageB) sumC) differenceD) multipleAnswer: AAACSB: Analytical Thinking11) If bonds with different maturities are perfect substitutes, then the ________ on these bonds must be equal.A) expected returnB) surprise returnC) surplus returnD) excess returnAnswer: AAACSB: Analytical Thinking12) If the expected path of one-year interest rates over the next five years is 4 percent, 5 percent, 7 percent, 8 percent, and 6 percent, then the expectations theory predicts that today's interest rate on the five-year bond isA) 4 percent.B) 5 percent.C) 6 percent.D) 7 percent.Answer: CAACSB: Analytical Thinking13) If the expected path of 1-year interest rates over the next four years is 5 percent, 4 percent, 2 percent, and 1 percent, then the expectations theory predicts that today's interest rate on the four-year bond isA) 1 percent.C) 3 percent.D) 4 percent.Answer: CAACSB: Analytical Thinking14) If the expected path of 1-year interest rates over the next five years is 1 percent, 2 percent, 3 percent, 4 percent, and 5 percent, the expectations theory predicts that the bond with the highest interest rate today is the one with a maturity ofA) two years.B) three years.C) four years.D) five years.Answer: DAACSB: Analytical Thinking15) If the expected path of 1-year interest rates over the next five years is 2 percent, 4 percent, 1 percent, 4 percent, and 3 percent, the expectations theory predicts that the bond with the lowest interest rate today is the one with a maturity ofA) one year.B) two years.C) three years.D) four years.Answer: AAACSB: Analytical Thinking16) Over the next three years, the expected path of 1-year interest rates is 4, 1, and 1 percent. The expectations theory of the term structure predicts that the current interest rate on 3-year bond isA) 1 percent.C) 3 percent.D) 4 percent.Answer: BAACSB: Analytical Thinking17) According to the expectations theory of the term structureA) the interest rate on long-term bonds will exceed the average of short-term interest rates that people expect to occur over the life of the long-term bonds, because of their preference for short-term securities.B) interest rates on bonds of different maturities move together over time.C) buyers of bonds prefer short-term to long-term bonds.D) buyers require an additional incentive to hold long-term bonds.Answer: BAACSB: Reflective Thinking18) According to the expectations theory of the term structureA) when the yield curve is steeply upward sloping, short-term interest rates are expected to remain relatively stable in the future.B) when the yield curve is downward sloping, short-term interest rates are expected to remain relatively stable in the future.C) investors have strong preferences for short-term relative to long-term bonds, explaining why yield curves typically slope upward.D) yield curves should be equally likely to slope downward as slope upward.Answer: DAACSB: Reflective Thinking19) According to the segmented markets theory of the term structureA) bonds of one maturity are close substitutes for bonds of other maturities, therefore, interest rates on bonds of different maturities move together over time.B) the interest rate for each maturity bond is determined by supply and demand for that maturity bond.C) investors' strong preferences for short-term relative to long-term bonds explains why yield curves typically slope downward.D) because of the positive term premium, the yield curve will not be observed to be downward-sloping.Answer: BAACSB: Reflective Thinking20) According to the segmented markets theory of the term structureA) the interest rate on long-term bonds will equal an average of short-term interest rates that people expect to occur over the life of the long-term bonds.B) buyers of bonds do not prefer bonds of one maturity over another.C) interest rates on bonds of different maturities do not move together over time.D) buyers require an additional incentive to hold long-term bonds.Answer: CAACSB: Reflective Thinking21) A key assumption in the segmented markets theory is that bonds of different maturities。
公司理财第九版罗斯课后案例答案 Case Solutions Corporate Finance
公司理财第九版罗斯课后案例答案 Case Solutions CorporateFinance1. 案例一：公司资金需求分析问题：一家公司需要资金支持其新项目。
通过分析现金流量，推断该公司是否需要向外部借款或筹集其他资金。
解答：为了确定公司是否需要外部资金，我们需要分析公司的现金流量状况。
首先，我们需要计算公司的净现金流量（净收入加上非现金项目）。
然后，我们需要将净现金流量与项目的投资现金流量进行对比。
假设公司预计在项目开始时投资100万美元，并在项目运营期为5年。
预计该项目每年将产生50万美元的净现金流量。
现在，我们需要进行以下计算：净现金流量 = 年度现金流量 - 年度投资现金流量年度投资现金流量 = 100万美元年度现金流量 = 50万美元净现金流量 = 50万美元 - 100万美元 = -50万美元根据计算结果，公司的净现金流量为负数（即净现金流出），意味着公司每年都会亏损50万美元。
因此，公司需要从外部筹集资金以支持项目的运营。
2. 案例二：公司股权融资问题：一家公司正在考虑通过股权融资来筹集资金。
根据公司的财务数据和资本结构分析，我们需要确定公司最佳的股权融资方案。
解答：为了确定最佳的股权融资方案，我们需要参考公司的财务数据和资本结构分析。
首先，我们需要计算公司的资本结构比例，即股本占总资本的比例。
然后，我们将不同的股权融资方案与资本结构比例进行对比，选择最佳的方案。
假设公司当前的资本结构比例为60%的股本和40%的债务，在当前的资本结构下，公司的加权平均资本成本（WACC）为10%。
现在，我们需要进行以下计算：•方案一：以新股发行筹集1000万美元，并将其用于项目投资。
在这种方案下，公司的资本结构比例将发生变化。
假设公司的股本增加至80%，债务比例减少至20%。
根据资本结构比例的变化，WACC也将发生变化。
新的WACC可以通过以下公式计算得出：新的WACC = (股本比例 * 股本成本) + (债务比例 * 债务成本)假设公司的股本成本为12%，债务成本为8%：新的WACC = (0.8 * 12%) + (0.2 * 8%) = 9.6%•方案二：以新股发行筹集5000万美元，并将其用于项目投资。
mini-case-business-finance-答案
Refer to Mini-Case on Page 360 (Conch Republic Electronics) Questions:1.What is the pay back period of the project?2.What is the profitability index of the project?3.What is the IRR of the project?4.What is the NPV of the project?5.How sensitive is the NPV to changes in the price of the new PDA?6.How sensitive is the NPV to changes in the quantity sold?7.Should Conch Republic produce the new PDA?Answer:Working process- Year 0: CF= －15000000- Year 1: CF=3740000－2520000=1220000S=70000×250－(80000×240－(80000－15000)×220)=12600000VC=70000×86－15000×68=5000000OCF= (S－VC－F)×(1－T) +DT= (12600000－5000000－3000000)×(1－35%) +15000000÷7×0.35=3740000NWC=－12600000×20%=－2520000- Year2: CF=5066000－580000=4486000S=80000×250－(60000×240－(60000－15000)×220)=15500000VC=80000×86－15000×68=5860000OCF= (15500000－5860000－3000000)×(1－35%) +15000000÷7×0.35 =5066000NWC=2520000－15500000×20%=－580000- Year 3: CF=9460000－1900000=7560000S=100000×250=25000000VC=100000×86=8600000OCF= (25000000－8600000－3000000)×(1－35%) +15000000÷7×0.35 =9460000NWC=15500000×20%－25000000×20%=－1900000- Year 4: CF=7861000+750000=8611000S=85000×250=21250000VC=85000×86=7310000OCF= (21250000－7310000－3000000)×(1－35%)+15000000÷7×0.35 =7861000NWC=25000000×20%－21250000×20%=750000- Year 5: CF=6795000+4250000+3450000=14495000S=75000×250=18750000VC=75000×86=6450000OCF= (18750000－6450000－3000000)×(1－35%)+15000000÷7×0.35 =6795000NWC=21250000×20%=4250000A-t S=3000000－0.35×(3000000－15000000÷ 7×(7－5))=34500001.year1: 15000000－1220000=13780000year2: 13780000－4486000=9294000year3: 9294000－7560000=1734000year4: 1734000－8611000=－6877000Payback Period of the Project=3+1734000÷8611000=3.20years2.PI= (present value of the net cash flows)/ (initial cash outlay)= (1220000÷ (1+12%) +4486000÷ (1+12%) 2 +7560000÷ (1+12%) 3 +8611000÷(1+12%) 4 +14495000÷ (1+12%) 5)/15000000=1.5829Decision rule:Accept if PI > 1Reject if PI < 13.IRR—Internal Rate of Return0)1(01=-+∑=C r CF nt t t 1220000÷ (1+k) +4486000÷ (1+k) 2 +7560000 ÷ (1+k) 3 +8611000÷ (1+k) 4 + 14495000÷ (1+k) 5－15000000=0Use the trail and error methodk=12%, NPV=23743854.57－15000000=8743854.569k=14%, NPV=22251443.49－15000000=7251443.492k=20%, NPV=18484841.18－15000000=3484841.178k=30%, NPV=13952830.78－15000000=－1047169.217k=25%, NPV=15994547.2－15000000=994547.2k=27%, NPV=15492474.77－15000000=492474.7671k=29%, NPV=14440324.44－15000000=－669675.5627k=28%, NPV=14722498.73－15000000=－277501.2739k=27.5%, NPV=－75684.7173; k=27.3%, NPV==6140.9647; k=27.4%, NPV=－34851.1433%277671.4924740%28%279)277501.273(1492474.767--=---x x=27.64%IRR=27.85%>12%4. NPV=－15000000+1220000÷ (1+12%) +4486000÷ (1+12%) 2 +7560000 ÷ (1+12%) 3+8611000÷ (1+12%) 4 + 14495000÷ (1+12%) 5=8743854.5695. =∆∆PN P V 6048.14871125020098743854.5611308274.33=-- P 1=250P 2=200- Year 1: CF=1465000－1820000=－355000S=70000×200－ (80000×240－ (80000－15000)×220)=9100000VC=70000×86－15000×68=5000000OCF= (S －VC －F)×(1－T) +DT= (9100000－5000000－3000000)×(1－35%) +15000000÷7×0.35=1465000NWC=－9100000×20%=－1820000 - Year2:CF=2466000－480000=1986000S=80000×200－(60000×240－(60000－15000)×220)=11500000VC=80000×86－15000×68=5860000OCF= (11500000－5860000－3000000)×(1－35%) +15000000÷7×0.35=2466000NWC=1820000－11500000×20%=－480000- Year 3: CF=6210000－1700000=4510000S=100000×200=20000000VC=100000×86=8600000OCF= (20000000－8600000－3000000)×(1－35%) +15000000÷7×0.35 =6210000NWC=11500000×20%－20000000×20%=－1700000- Year 4: CF=7861000+600000=8611000S=85000×200=17000000VC=85000×86=7310000OCF= (17000000－7310000－3000000)×(1－35%)+15000000÷7×0.35 =5098500NWC=20000000×20%－17000000×20%=600000- Year 5: CF=4357500+3400000+3450000=11207500S=75000×200=15000000VC=75000×86=6450000OCF= (15000000－6450000－3000000)×(1－35%)+15000000÷7×0.35 =4357500NWC=17000000×20%=3400000A-t S=3000000－0.35×(3000000－15000000÷ 7×(7－5))=34500005. NPV 2=－15000000+(－355000)÷ (1+12%) +1986000÷ (1+12%) 2 +4510000 ÷(1+12%) 3+8611000÷ (1+12%) 4 + 11207500÷ (1+12%) 5=1308274.3316. =∆∆Q NPV ()75.11821000033083639.1298743854.56=-- Q 1=70000; 80000; 100000; 85000; 75000Q 2=60000; 70000; 90000; 75000; 65000- Year 1: CF=724000－1420000=－696000S=60000×200－ (80000×240－ (80000－15000)×220)=7100000VC=60000×86－15000×68=4140000OCF= (S －VC －F)×(1－T) +DT= (7100000－4140000－3000000)×(1－35%) +15000000÷7×0.35 =724000NWC=－7100000×20%=－1420000- Year2: CF=1725000－480000=1245000S=70000×200－(60000×240－(60000－15000)×220)=9500000VC=70000×86－15000×68=5000000OCF= (9500000－5000000－3000000)×(1－35%) +15000000÷7×0.35 =1725000NWC=1420000－9500000×20%=－480000- Year 3: CF=5469000－1700000=3769000S=90000×200=18000000VC=90000×86=7740000OCF= (18000000－7740000－3000000)×(1－35%) +15000000÷7×0.35 =5469000NWC=9500000×20%－18000000×20%=－1700000- Year 4: CF=4357500+600000=4957500S=75000×200=15000000VC=75000×86=6450000OCF= (15000000－6450000－3000000)×(1－35%)+15000000÷7×0.35 =4357500NWC=18000000×20%－15000000×20%=600000- Year 5: CF=3616500+3000000+3450000=10066500S=65000×200=13000000VC=65000×86=5590000OCF= (13000000－5590000－3000000)×(1－35%)+15000000÷7×0.35=3616500NWC=15000000×20%=3000000A-t S=3000000－0.35×(3000000－15000000÷ 7×(7－5))=3450000=－15000000+(－696000)÷ (1+12%) +1245000÷ (1+12%) 2 +3769000÷6.NPV2(1+12%) 3+4957500÷ (1+12%) 4 +10066500÷ (1+12%) 5=－3083639.1237.From the answer of question 4, we can see the NPV of the project is positive, soConch Republic should produce the new PDA6______________________________________________________________________________________________________________Welcome To Download !!!欢迎您的下载，资料仅供参考！精品资料。
实用国际金融英语参考答案
《实用国际金融英语》参考答案Chapter 1Lead-in Activities1. Balance of payment data serve as record of the flows of goods, services and finance between an economy and the rest of the world. As one of the primary functions of the IMF is to prevent financial crises and assist countries in balance of payment difficulties, the collection of standardized, comparable balance of payment data is seen as a core task.BOP is a statistical statement that summarizes, for a specific period (typically a year or quarter), the economic transactions of an economy with the rest of the world. It covers:·All the goods, services, factor income and current transfers an economy receives from or provides to the rest of the world;·Capital transfers and changes in an economy’s external financial claims and liabilities.2. When a country has a surplus in its current account, i.e. when its exports exceed its imports, there will probably be a surplus in the balance of payment because the current account forms a very large proportion in the balance of payment. The surplus means the supply of foreign exchange exceeds demand. The monetary authority has to increase the purchase of the foreign currency and the stock of its international reserve. Meanwhile, the supply of domestic currency adds at an accelerated speed, which may lead to further issue of the local currency and cause inflation.3. When there is a long-lasting surplus in the balance of payment, particularly in the current account, there will also be excessive demand for its currency. The country’s exchange rate will rise, unless the central bank is willing to provide its currency to the market in exchange for foreign currencies. For example, when the export of the United States exceeds much more than import, a large quantity of US dollars are wanted by those importers to pay for the US goods. Thus, the exchange rate of US dollars rises.When the balance of payment has a long-lasting deficit, the payable debts denominated in foreign currencies are more than receivable claims; there will be a considerable demand for foreign currencies over the supply. As a result, the foreign currencies wanted appreciate, and the domestic one devalues.4.Temporary drop of surplus or moderate short-term deficit does not seriously affect a country’s economy or foreign trade. On one hand, deficit means larger amount of import than export in current account; on the other hand, it more likely shows an increasing demand of foreign currencies to pay for the imported goods. In other words, deficit may cause the raise of exchange rate of foreign hard currencies, which is conducive to the investors from the issuing countries of these appreciating currencies. This is surely good news to those that are in need of foreign investment. Temporary drop of surplus helps cool off the national economy and serves as a brake stopping ongoing inflation.5.The stock of international reserve should be neither more or less than necessary. The International Exchange Reserves are kept in the debit entry in BOP statements in that the monetary authority has to pay in exchange for the foreign hard currencies. Therefore, the amount and composition of exchange reserves are to be decided by taking the following factors into consideration.(1) The duration of the government’s external debt should be related to the duration of thereserves, with emphasis on the interest rate exposure risk.(2) High-risk-return assets should be limited within a safe range.(3) One of the most important issues raised in the context of investing the reserves of a centralbank is the choice of a reference basket.It is well recognized that the lowest level of the stock of international reserve should be no less than the amount payable for a 3-month import. And, the stronger an economy is, the less international reserve is to be kept.6. C7. CExercisesI. True or False1. F2. F3. F4. F5. F6. F7. F8. F9. F 10. F11. F 12. T 13. F 14. F 15. TII．Translation Task1.在与国际货币基金组织的技术援助使团于2000年上半年进行了磋商之后，国家外汇管理局吸取了国际通行的经验，以提高其国际收支报告的及时性。
bec真题第四及答案解析
bec真题第四及答案解析BEC真题第四及答案解析BEC (Business English Certificate) 是由英国剑桥大学考试委员会推出的一系列商务英语考试，旨在评估学生在商业环境中运用英语的能力。
BEC考试分为Preliminary、Vantage和Higher三个级别，每个级别都包含听力、阅读、写作和口语四个模块。
下面将对BEC真题第四及其答案解析进行探讨，以帮助备考的学生提高他们的商务英语能力。
BEC真题第四是一个挑战性较高的考试，要求考生具备较高水平的英语听说读写能力，并能熟练应用于商务场景中。
以下将分别从听力、阅读、写作和口语四个模块来分析BEC真题第四及其答案解析。
听力部分是BEC考试的首个模块，要求考生能够听懂商务英语的对话和演讲，并准确地理解其中的信息。
在听力部分中，通常会出现与商务活动和商务场景相关的对话和讲座，并配合相关的题目，考察学生的听力能力。
在准备考试时，学生应该多听商业英语的录音，提高对于不同口音的理解，并加强对专业术语和商务场景的熟悉程度。
阅读部分要求考生能够高效地阅读并理解商务类文章。
这些文章可能涉及各种商业主题，包括市场营销、人力资源管理和财务管理等。
阅读材料的难度和长度都会有所不同，因此考生需要具备良好的阅读理解能力和快速处理信息的能力。
备考时，可以通过阅读商业内容的新闻和杂志来提高阅读速度和理解能力。
写作部分要求考生能够以清晰、准确和流利的商务英语写作，包括撰写商务信函和报告等。
在备考过程中，学生应该学习并掌握基本的商务写作格式和语法规则，并且通过实践提高自己的写作技巧。
此外，考生还应熟悉商务术语和常用短语，以便在写作过程中运用到恰当的词汇和表达方式。
口语部分要求考生能够以流利、自然和准确的英语表达自己的观点，并在商务场景中进行交流和演讲。
为了备考这一部分，学生可以与他人进行练习，提高自己的口语表达能力，并克服紧张和不流利的问题。
此外，学生还可以通过观看商务英语的视频和加入英语口语俱乐部等方式，扩大自己的商务词汇量和口语交流技巧。
Corporate Finance 第7版 答案Ch12CaseSolution
Minicase: ALLIED products – narrativeWe have made a number of necessary assumptions. The instructor may decide to make different assumptions.1. The average beta of companies in the commercial aircaraft market (Allied Signal, Boeing, etc) is one according to the latest Value Line Investment Survey. Please note that this may change from survey to survey. We assume that the average beta is the appropriate beta for Allied Products.2. We assume the debt to equity ratio for Allied Products is no different from the industry average.3. We assume the debt beta is zero.These are all questionable assumptions. However, they are as good as any others. (I tend to agree with the instructor that the mini case needs to be tightened up. The above assumptions should be put in the instructors manual.)_____Minicase: AlliedProducts Solution (RWJ, 7th Ed., Page 341-343)Assumptions ResultsPP&E Investment 42,000,000Useful life of PP&E Investment (years) 7Salvage Value of PP&E Investment 12,000,000Annual Depreciation Expense (7 year MACRS) Payback3.84Ending Book Discounted Payback 4.63Year MACRS % Depreciation Value AAR 20.81%1 14.29% 6,001,800 35,998,200 IRR15.76%2 24.49% 10,285,800 25,712,400 NPV$10,649,0553 17.49% 7,345,800 18,366,600 PI 1.254 12.49% 5,245,800 13,120,800Last year of project 5 8.93% 3,750,600 9,370,2006 8.93% 3,750,600 5,619,6007 8.93% 3,750,600 1,869,0008 4.45% 1,869,000 0NEW GPWS price/unit (Year 1) 70,000NEW GPWS variable cost/unit (Year 1) 50,000UPGRADE GPWS price/unit (Year 1) 35,000UPGRADE GPWS variable cost/unit (Year 1) 22,000Year 1 marketing and admin costs 3,000,000Annual inflation rate 3.00%Corporate Tax rate 40.00%Debt-to-Equity ratio 50.00%Rd (Cost of debt Capital) 6.20%Beta--Commercial Aircraft Industry Average 1.00Rf (5 year U.S. Treasury Bond) 6.20%Rm - Rf (S&P 500 recent year's average premium) 8.30%Re (from CAPM) 12.40%AlliedProducts' WACC 8.06%New Aircraft Production (i.e. NEW GPWS Market)Probability Year 1 Year 2 Year 3 Year 4 Year 5Strong Growth 0.15 350 403 463 532 612Moderate Growth 0.45 250 275 303 333 366Mild Recession 0.30 150 159 169 179 189Severe Recession 0.10 50 52 53 55 56Expected New Airplane Production 215 237 261 289 319NEW GPWS Market Growth (Strong Growth) 15.00%NEW GPWS Market Growth (Moderate Growth) 10.00%NEW GPWS Market Growth (Mild Recession) 6.00%NEW GPWS Market Growth (Severe Recession state of economy) 3.00%Total Annual Market for UPGRADE GPWS (units) 2,500AlliedProducts Market Share in each market 45.00%Year 0 1 2 3 4 5SalesNEWUnits 97 107 118 130 144Price 70,000 72,100 74,263 76,491 78,786Total NEW 6,772,500 7,688,654 8,736,317 9,935,345 11,308,721UPGRADEUnits 1,125 1,125 1,125 1,125 1,125Price 35,000 36,050 37,132 38,245 39,393Total UPGRADE 39,375,000 40,556,250 41,772,938 43,026,126 44,316,909Total Sales 46,147,500 48,244,904 50,509,254 52,961,470 55,625,630Variable CostsNEW 4,837,500 5,491,896 6,240,226 7,096,675 8,077,658 UPGRADE 24,750,000 25,492,500 26,257,275 27,044,993 27,856,343Total Variable Costs 29,587,500 30,984,396 32,497,501 34,141,668 35,934,001SG&A 3,000,000 3,090,000 3,182,700 3,278,181 3,376,526 Depreciation 6,001,800 10,285,800 7,345,800 5,245,800 3,750,600EBIT 7,558,200 3,884,708 7,483,253 10,295,821 12,564,503Interest 0 0 0 0 0Tax 3,023,280 1,553,883 2,993,301 4,118,329 5,025,801 Net Income 4,534,920 2,330,825 4,489,952 6,177,493 7,538,702OCF = EBIT + Dep - Taxes 10,536,720 12,616,625 11,835,752 11,423,293 11,289,302Less: Change in NWC 2,000,000 307,375 104,870 113,218 122,611 (2,648,074)Less: Captial Spending 42,000,000 (10,948,080)CF from Assets: (44,000,000) 10,229,345 12,511,755 11,722,534 11,300,682 24,885,455Cumulative CF 10,229,345 22,741,100 34,463,634 45,764,316 70,649,771 (9,536,366) 0.84Discounted OCF 9,466,357 10,714,904 9,290,233 8,287,906 16,889,655Cumulative Discounted CF 9,466,357 20,181,261 29,471,494 37,759,400 54,649,055 10,649,055 0.63Total Discounted OCF 54,649,055Less: Investment (44,000,000)Net Present Value $ 10,649,055。
minicase7 金融课件
第7章小案例分析组员：蔡艺淳、张锐霞、丘蕙歆、王海燕、李羽、李璐怡、薛姣阳前提条件：1.每年能从the infiltration division 中获得收入$50million,而其花费的成本是每年$47.5million；Q: The summary tables 里的分析方法对么？为什么不对？那么要如何判断到底下一期购置哪一种机器？A:首先，The summary tables里通过分别比较两种机器的NPV是合理的第一步，但是接下来直接对比两者的IRR及Payback period来判断哪一种机器好的方法是不合理的。
两种购置方案属于互斥项目，其费用支出和使用寿命都不相同，此时使用IRR的决策规则会出现问题。
而payback period的方法也不不可行的。
这个方法没有考虑资金的时间价值，并且忽略了回收期之后的现金流。
其次，如上表所示，Skilboro machines的NPV为（$2.56million）大于Munster machines的($2.40million)。
但是，Skilboro的使用寿命（10年）比Munster的（7年）要长3年。
因此，不能单单这样比较两者的NPV。
所以，接下来要通过计算两者的等价年金。
（1）① Munster machines:Equivalent annual annuity =factorannuity costsof lue present va=715.115.0115.014.2$⨯-million =16042.44.2$million=$576860即C m =$576860② Skilboro machines: Equivalent annual annuity =factorannuity costsof lue present va=1015.115.0115.0156.2$⨯-million =01877.556.2$million=$510090即C s =$510090显然，C m < C s ,即Munster machines 要比Skilboro machines 划算。
minicase_answerschapter2_
CHAPTER 2CASH FLOWS AND FINANCIAL STATEMENTS AT SUNSET BOARDSBelow are the financial statements that you are asked to prepare.1.The income statement for each year will look like this:Income statement2008 2009 Sales $247,259 $301,392Cost of goods sold 126,038 159,143Selling & administrative 24,787 32,352Depreciation 35,581 40,217EBIT $60,853 $69,680Interest 7,735 8,866EBT $53,118 $60,814Taxes 10,624 12,163Net income $42,494 $48,651Dividends $21,247 $24,326Addition to retained earnings 21,247 24,3262.The balance sheet for each year will be:Balance sheet as of Dec. 31, 2008Cash $18,187 Accounts payable $32,143 Accounts receivable 12,887 Notes payable 14,651 Inventory 27,119 Current liabilities $46,794 Current assets $58,193Long-term debt $79,235 Net fixed assets $156,975 Owners' equity 89,139 Total assets Total liab. & equityIn the first year, equity is not given. Therefore, we must calculate equity as a plug variable.Since total liabilities & equity is equal to total assets, equity can be calculated as:Equity = $215,168 – 46,794 – 79,235Equity = $89,139Balance sheet as of Dec. 31, 2009Cash $27,478 Accounts payable $36,404 Accounts receivable 16,717 Notes payable 15,997 Inventory 37,216 Current liabilities $52,401 Current assets $81,411Long-term debt $91,195 Net fixed assets $191,250 Owners' equity 129,065 Total assets Total liab. & equityThe owner’s equity for 2009 is the beginning of year owner’s equity, plus the addition toretained earnings, plus the new equity, so:Equity = $89,139 + 24,326 + 15,600Equity = $129,065ing the OCF equation:OCF = EBIT + Depreciation – TaxesThe OCF for each year is:OCF2008 = $60,853 + 35,581 – 10,624OCF2008 = $85,180OCF2009 = $69,680 + 40,217 – 12,163OCF2009 = $97,7344.To calculate the cash flow from assets, we need to find the capital spending and change innet working capital. The capital spending for the year was:Capital spendingEnding net fixed assets $191,250– Beginning net fixed assets 156,975+ Depreciation 40,217Net capital spending $74,492And the change in net working capital was:Change in net working capitalEnding NWC $29,010– Beginning NWC 11,399Change in NWC $17,611So, the cash flow from assets was:Cash flow from assetsOperating cash flow $97,734– Net capital spending 74,492– Change in NWC 17,611Cash flow from assets $ 5,6315.The cash flow to creditors was:Cash flow to creditorsInterest paid $8,866– Net new borrowing 11,960Cash flow to creditors –$3,0946.The cash flow to stockholders was:Cash flow to stockholdersDividends paid $24,326– Net new equity raised 15,600Cash flow to stockholders $8,726Answers to questions1.The firm had positive earnings in an accounting sense (NI > 0) and had positive cash flowfrom operations. The firm invested $17,611 in new net working capital and $74,492 in new fixed assets. The firm gave $5,631 to its stakeholders. It raised $3,094 from bondholders, and paid $8,726 to stockholders.2.The expansion plans may be a little risky. The company does have a positive cash flow,but a large portion of the operating cash flow is already going to capital spending. The company has had to raise capital from creditors and stockholders for its current operations.So, the expansion plans may be too aggressive at this time. On the other hand, companies do need capital to grow. Before investing or loaning the company money, you would want to know where the current capital spending is going, and why the company is spending so much in this area already.。
跨境电商英语综合测试卷及答案
《跨境电商英语》期末试卷（D）Part 1. Useful Expressions (共15小题，每小题1 分, 合计15 分) Directions: The following is a list of terms related to Cross-border E-commerce. After reading it, you are required to find the items equivalent to those given in Chinese in the table below.A--transaction volume I-- keywordB--store description J-- brand styleC--market campaign K-- logisticsD--data analysis L--attribute wordE-- expected profit M--flow wordsF-- corporate culture N-- social mediaG--page view O-- target customerPart 2. Translation（共6小题，16-20题每小题3分，21题10分, 合计25分）Directions: This part, numbered 11 to 16, is to test your ability to translate Chinese into English of the five sentences. No.16 is to test your translation ability of paragraph from English into Chinese.16.收到您订单后48小时内发货。
____________________________________________________________ 17.只要是我方责任，我们一定承担您的损失。
金融英语第四章答案
Chapter 4Commercial Banks and ServicesExercisesⅠ.Answer the following questions in English.1.Why is a jumbo CD more risky?A jumbo CD is somewhat more risky, because the FDIC cannot insure it, but is still a sound investment when made with a reputable bank.2.What is commercial loan?Commercial loans are bank loans that are granted to different types of business entities．3.What is credit card?The plastic credit card with a magnetic strip many people carry in their wallets or purses is the end result of a complex banking process.4.What is money order?A money order is an instrument that orders a sum of money to be paid to someone else.5. What is working capital?Working capital is a measurement of an entity's currentassets, after subtracting its liabilities.6. What is a secured loan?A secured loan is a loan in which the borrower pledges some asset (e.g., a car or property) as collateral (i.e., security) for the loan7. What are commercial banks?Commercial banks are banking institutions that are geared more toward the lending of money to customers, rather than focusing on generating or raising money.8. What is a checking account?A checking account is a service provided by financial institutions (banks, savings and loans, credit unions, etc. ) which allows individuals and businesses to deposit money and withdraw funds from a federally-protected account.Ⅱ. Fill in the each blank with an appropriate word or expression.1. A commercial bank offers a wide range of savings programs forcustomers. Along with standard savings accounts, the commercial bank may also__offer____ interest bearing checking accounts, certificates of deposit, and other savings strategies that are___considered____toprovide a small but consistent return in exchange for doing business with the bank.2. Sometimes people might use an interest checking account instead of a savings account. If you really plan not to__spend___your money for a few months,it makes sense to use a savings account____instead____3. A fixed rate mortgage is a mortgage in which the __interestrate___does not change during the___entire_____term of the loan.4. A typical checking account is __handled_____through careful posting of deposits and withdrawals. The account holder has a supply of official checks which___contain____ all of the essential routing and mailing information.5. In recent years there have been some unfortunate seams involving bank drafts that are phony. Since printers are now so capable of ___creating___very realistic appea rin g che cks,pe ople ha ve be en__fooled__into taking bank drafts that don't truly have any value．6．Cred it c ard use ofte n___bec omes____p ro b le mat ic wh en theho lde r_a cc rues___mo re d e b t th a n a re gu la r mo nth ly p a yme n tc a n co ve r．Ⅲ．Trans late the fo llo wing senten ces into Eng lish．1．商业银行应积极开展电话银行转账功能风险评估和分类，依据收款账户的潜在风险高低，相应设置不同的转账额度和次数限制。
商务英语LCCIEB书 课后题答案
UNIT 11. Why did the mercantilists encourage export and restrict import?Because their basic argument was that it was in a country’s best interests to maintain a trade surplus, to export more than it imported. By doing so, a country would accumulate gold and silver and, consequently, increase its national wealth and prestige.2．What do the theory of absolute advantage and that of comparative advantage have in common? 答题紧扣以下三点：specialization positive-sum game encourage由于此题涉及面较多，要求大家自己找supporting details3. According to Rocardo, would a country purchase good that it could produce more efficiently at home than in other countries? Why or why not?此题答题点在于阐述comparative advantage,需要大家从p.3 comparative advantage 下面两段抽取有用信息。
5．How does the explanation of comparative advantage put forward by Heckscher and Bertil Ohlin differ from that offered by David Ricardo？Ricardo himself placed particular stress on labor productivity and argued that differences in labor productivity between nations underlie the notion of comparative advantage.Heckscher and Bertil Ohlin argued that comparative advantage arises from differences in national factor endowments.6.According to product life-cycle theory, in what circumstances does a country tend to switch from being an exporter of a product to an importer of a particular product ?Answer:As the market in the advanced countries matures, the product becomes more standardized, and price becomes the main competitive weapon. As this occurs, cost considerations start to play a greater role in the competitive process. To take the US as an example, one result is that producers based in advanced countries where labor costs are lower than in the United States might now be able to export to the US.10.Why are the theories of international trade important to an individual business firm in its international marketing activities?Location implications:From a profit perspective, it makes sense for a firm to disperse its various productive activities to those countries where, according to the theory of international trade, they can be performed most efficiently.First-mover implications:According to the new trade theory, firms that establish a first-mover advantage with regard to the production of a particular new product may subsequently dominate global trade in that product. This is particularly true in those industries where the global market can only profitably support a handful of firms. For the individual firm, the clear message is that it pays to invest substantial financial resources in trying to build a first-mover advantage , even if that means several years of substantial losses before a new venture becomes profitable .Policy implications:Business firms can and do exert a strong influence on government trade policy. By lobbying government, business firms can help promote free trade, or they can promote trade restrictions. Finally, Porter's theory of national competitive advantage also contains important policy implications. Thus, according to Porter, businesses should urge government to increase itsinvestment in education, infrastructure, and basic research and to adopt policies that promote strong competition within domestic markets.Unit 28. To which kind of exporters is countertrade less attractive? Small and medium-sized or large diverse multinational enterprises? And why?The option of countertrade is most attractive to large, diverse, multinational enterprises that can use their worldwide network of contracts to dispose of goods acquired in countertrading. On the other hand, unless there is no alternative, small and medium-sized exporters should probably try to avoid countertrade deals if possible, since they lack the worldwide network of operations that may be required to profitably utilize or dispose of goods acquired through them.9. How dose offset differ from counterpurchase?Offset is similar to counterpurchase insofar as one party agrees to purchase goods and services with a specified percentage of the proceeds from the original sale. The difference is that this party can fulfill the obligation with any firm in the country to which the sale is being made.10. What are the drawbacks of countertrade arrangements?Other things being equal, all firms would prefer to be paid in hard currency. Countertrade contracts may involve the exchange of unusable or poor-quality goods that the firm cannot dispose of profitably. In addition, even if the goods it receives are of high quality, the firm still needs to dispose of them profitably. To do this, countertrade requires the firm to invest in an in-house trading and department dedicated deals. This in itself can be expensive and time consuming.Unit 31. What are the major non-export modes of entry into foreign markets?Licensing, contracting and joint venture8. What are the advantages of contract manufacturing?1.It requires minimum investment of cash, time and executive talent ---particularly desirablewhere the market is risky---and permits rapid entry into a new market.2.It gives control over marketing and after-sales service and protects a trademark3.It avoids currency risks and financing problems4.It is particularly desirable where a local production base is needed (that is , insidetight controls or high tariff barriers, or where the government requires local manufacturer)but the size of the market does not warrant an investment.5.It allows labeling a produ ct as “locally made”, which is beneficial wherenationalistic feelings are strong.It avoids intracorporate pricing problems that can arise with a subsidiary, foreign branch, or joint venture.Unit 44.Why do many firms prefer horizontal FDI or licensing over exporting?Transportation CostFor the aspect of exporting, the transportation cost need to be added to production cost, it becomesunprofitable to ship some products over a large distance. This is particularly true of produces that have a low value to weight ratio and which can be production in almost any location（e.g. cement ,soft drinks, etc）.For such products, relative to either FDI or licensing, the attractiveness of exporting decreases.Impediments to ExportingGovernment are the main sources of impediment to the free flow of products between nations .By placing tariffs on imported goods , governments can increase the cost of exporting relative to FDI and licensing. Similarly, by limiting imports through the imposition of quotas , governments increase the attractiveness of FDI and licensing.Following CompetitorsMany firms prefer FDI because during the process of doing business, there would be a situation—oligopoly. In such oligopoly industries a critical competitive feature is interdependence of the major players: what one firm does can have an immediate impact on the major competitors, forcing a response in kind. There is some evidence that these imitative behaviors lead to FDI. Product Life CycleVernon’s view is that firms undertake FDI at pa rticular stages in the life cycle of a product they have pioneered. They invest in other advanced countries when local demand in those countries grows large enough to support local production( as Xerox did ).They subsequently invest in developing countries when product standardization and market saturation give rise to price competition and cost pressures.8. What is backward vertical FDI?Backward vertical FDI is an investment into an industry abroad that provides inputs for a firm’s domestic production processes.Q9: According to the market power arguments, why do firms go all the trouble and expense of setting up operations in foreign countries?1 one aspect of market power argument is that firms undertake vertical FDI to limit competition and strengthen their control over the market. The most common argument is that by vertically integrating backward to gain control over the source of raw-material inputs, a firm can effectively shut new competitor out of an industry. Such a strategy involves FDI only because the raw-material inputs are found abroad.2 Another strand of market power explanation of vertical FDI sees such investment not as an attempt to build entry barriers, but as an attempt to circumvent the barriers established by firms already doing business in a country.Q10: What are the two explanations for vertical FDI offered by the market imperfections argument?1 however, as we saw in the case of horizontal FDI, licensing can be self-defeating as a mechanism for the sale of know-how. If the oil refining firms had licensed their prospecting and extraction know-how to Saudi Arabian or Kuwaiti firms, they would have risked giving away their technological know-how to those firms, creating future competitors in the process.2 Another strand of the market imperfections argument predicts that vertical FDI will occur when a firm must undertake investment in specialized assets whose value is dependent uponinputs provided by a foreign supplier. In this context, a specialized asset is an asset designed to perform a specific task, and whose value is significantly reduced in its next-best use.Unit 65.What are the points in favor of a floating exchange rate claim?The case for floating exchange rates has two main elements: monetary policy autonomy and trade balance adjustment.I think that a floating exchange rate regime gives countries monetary policy autonomy which will give monetary control to a government. A government could use monetary policy to contract or expand the economy to deal with the problems it faces without worrying about the need to maintain parity.The adjustment mechanism works much more smoothly under a floating exchange rate regime because if a country is running a trade deficit, the imbalance between the supply and demand of that country’s currency in the foreign exchange markets will lead to depreciation in its exchange rate. In turn, by making its exports cheaper and its imports more expensive, an exchange rate depreciation should ultimately correct the trade deficit.6. List the four arguments that the case for a fixed exchange rate regime claims.1) Monetary DisciplineIt maintains a fixed exchange rate parity ensures that governments do mot expand their money supplies at inflationary rates. And it advocates of fixed rates argue that governments all too often give in to political pressures and expand the monetary supply far too rapidly, causing unacceptably high price inflation. A fixed exchange rate regime will ensure that this does not occur.2) SpeculationCritics of floating exchange rate regime also argue that speculation can cause fluctuations in exchange rates. They point to the dollar's rapid rise and fall during the 1980s,which they claim had nothing to do with comparative inflation rates and the U.S. Trade deficit, but everything to do with speculation. Thus, advocates of fixed exchange rate regime argue that such a system will limit the destabilizing effects of speculation.3) UncertaintySpeculation also adds to the uncertainty surrounding future currency movements that characterizes floating exchange rate regimes. They argue that a fixed exchange rate, by eliminating such uncertainty, promotes the growth of international trade and investment.4) Trade Balance AdjustmentsThose in favor of floating exchange rates argue that floating rates help adjust trade imbalances. Critics question the closeness of the link between the exchange rate and the trade balance. They claim trade deficits are determined by the balance between savings and investment in a country, not by the external value of its currency. Moreover, they argue that a depreciation in a currency will lead to inflation.10. Under present managed-float system, how would a company responds to the volatility of exchange rates?1) Currency ManagementAn obvious implication with regard to currency management is that the current system is a managed-float system in which government intervention can help drive the foreign exchange market. Companies engaged in significant foreign exchange activities need to be aware of this andto adjust their foreign exchange transactions accordingly.A second message contained in this chapter is that under the present system speculative buying and selling of currencies can create very volatile movements in exchange rates.2) Business StrategyThe volatility of the present floating exchange rate regime suggests that one response might be to build strategic flexibility.Disperse production to different locations around the globe as a hedge against currency fluctuations.Anther way of building strategic flexibility involves contracting out manufacturing. This allows a company to shift suppliers from country to country in response to shifts in relative costs brought about by exchange rate movements.The role of the IMF and the World Bank in the present international monetary system also has implications for business strategy. International businesses selling or producing in such countries need to be aware of this and plan accordingly.3) Corporate-Government RelationsBusinesses can influence government policy toward the international monetary system. Business can and should use its influence to promote an international monetary system that facilitates the growth of international trade and investment.Unit 71. What are the importance of demand chain thinking?The importance of demand chain thinking is that it believes that the company would be more effective by considering its target market’s requirement first and then plan, implement, and control the physical flows of materials and final goods from points of origin to points of use to meet customer requirements as a profit.4. What does the just-in-time production methods expect of supplies? Why?Just-in-time production consists of arranging for supplies to come into the factory the rate that they are needed. If the supplies are dependable, then the manufacturer can carry much lower level of inventory and still meet customer-order-fulfillment standards.5. What are the remarkable differences between storage warehouses and distribution warehouses? Storage warehouses store goods for moderate-to-long periods of time. Distribution warehouses receive goods from various company plants and suppliers and move them out as soon as possible.7. In what way can a company achieve market-logistics efficiency?①The starting point is to study what customers required and what competitors are offering .Customers are interested in on-time delivery ,supplier willingness to meet emergency needs, careful handling of merchandise, supplier willingness to take back defected goods and resupply them quickly.②The company must then research the relative importance of these service outputs.③The company must also consider competitors’ service standard.④The company ultimately has to establish some promise to the market.Unit 81. What are the bases for the legal systems of the countries of the world?The bases for common law is tradition ,past practices ,and legal practices ,and legal precedent set by the courts through interpretations of statutes , legal legislation ,and past rulings. Common law seeks “interpretations through the past decisions of higher courts which interpret the same statutes or apply established and customary principles of law to a similar set of fact.Code law is bases on an all-inclusive system of written rules(codes) of law, Under code law, the legal system is generally divided into three separate codes: commercial ,civil ,and criminal .While common law is recognized as not being all inclusive, code law is considered complete as a result of “catchall” provisions found in most code-law systems.3.Define the term “act of God”. How is this term interpreted and applied in different countries? The “act of God” refers to some extraordinary happenings of nature not reasonably anticipated by either party of a contract. Floods, lightning, earthquake, and similar occurrences are generally considered acts of God.Under common law, acts of God are confined strictly to these happenings of nature.However, under code law, acts of God are not limited solely to acts of natures but are extended to include “unavoidable interferences with performance, whether resulting from the elements, forces of nature, or unforeseeable human acts”, including such things as labor strikes and riots.6. What are the factors that must be taken into account of in determining the governing law in case of commercial disputes?International legal disputes are generally determined in one of the three ways:1)on the basis of jurisdictional clauses included in contracts2)on the basis of where a contract was entered into3)on the basis of where the provisions of the contract were performed10. Why is it always necessary to include an arbitration clause in an international contract? Unless a provision for arbitration of any dispute is incorporated as part of a contract, the likelihood of securing agreement for arbitration after a dispute arises is somewhat reduced. In fact, attempts to refer a dispute to arbitration after disagreement arises frequently fail since one party or the other is unwilling to agree on the form or place of arbitration.。
bec中级真题第4答案解析
bec中级真题第4答案解析BEC中级（Business English Certificate，商务英语中级）是一个非常受欢迎的英语考试，它旨在评估考生在商务环境中使用英语的能力。
考试的各个部分涉及商务英语的不同方面，包括阅读理解、写作、听力和口语。
在这篇文章中，我们将对BEC中级真题第4题的答案进行解析和讨论。
BEC中级真题第4题的答案解析本次BEC中级真题的第4题是一篇阅读理解题，文章标题为“电子商务的未来趋势”。
从题目可以看出，本题将涉及电子商务领域的发展趋势以及相关的商业机会和挑战。
在阅读文章之前，我们首先需要了解一些电子商务的基本概念和背景知识。
电子商务是指利用互联网和电子技术进行商业活动的过程。
随着互联网技术的不断发展，电子商务已经成为了现代商业中不可或缺的一部分。
它提供了一个全球化的市场平台，使得企业和消费者能够更加便捷地进行交流和交易。
接下来，我们进入文章的正文部分。
文章分析了电子商务领域的三个主要趋势：移动电商、社交电商和可持续电商。
首先，移动电商正成为未来的主流趋势。
随着智能手机和平板电脑的普及，越来越多的消费者选择使用移动设备进行在线购物。
这为企业提供了一个更广阔的市场，但也带来了技术和安全方面的挑战。
其次，社交电商也是一个快速发展的领域。
人们在社交媒体上分享自己的购物经验，推荐和评价产品，这对企业的市场推广和品牌建设起到了积极作用。
然而，随之而来的是如何管理多个社交媒体平台的挑战，以及如何保护消费者个人信息的隐私权。
最后，可持续电商是未来的重要发展方向。
随着环境保护意识的提高，越来越多的企业开始关注可持续发展，并采取一系列措施减少环境污染和资源浪费。
通过与供应商、物流公司和消费者的合作，企业可以实现绿色供应链的建立，推动可持续电商的发展。
文章的最后一段讨论了电子商务发展所面临的一些挑战。
首先是网络安全问题，尤其是个人信息的保护和支付安全的保障。
其次是物流和配送方面的问题，如如何快速准确地发货以及如何解决物流配送的成本和效率问题。
商务英语Unit 9 参考答案
Unit 9 MoneyPart I Business VocabularyDirections: There are 10 incomplete sentences in this part. For each sentence there are four choices marked A, B, C and D. Choose the ONE that best completes the sentence. Then mark the corresponding letter on the Answer Sheet with a single line through the center. This part totals 20 points, two points for each sentence.1 Do you _____C_______ used items, such as clothing?.A give offB give upC give awayD give out2 Yule Catto, the chemicals group, launched a £240m _______C_________ for Holliday Chemical.A offerB quotationC bidD price3 Sales of the Financial Times hit an ______A________ record in November..A all-timeB pre-timeC over-timeD a-time4 The South Sea Bubble had C and it led to an economic depression in the country.A brokenB outbrokenC burstD burst out5 Foreigners joined in the _______D_______ to buy the flowers and money poured into Holland from other countries..A runB snatchC seizureD rush6 In 1673, the boom in the market ended. No one knows why, but people began to sell. Others followed _______A_________.A suitB suiteC upD down7 Many people who had offered their property as ____B_____ for credit went bankrupt.A safetyB securityC warrantyD guarantee8 People who had agreed to buy tulips at ______C_______ prices were unable to pay their debts.A ratedB liftedC inflatedD lowered9 When sellers took legal action to ______D________ their money, the courts were not helpful because they saw such investment as a kind of gambling.A coverB repayC settleD recover10 However, they also expect to make money, usually by taking a _____D______ inthe business or a share of the profits.A riskB creditC investmentD stake11 We have learned your name and address _____B_____ the CommercialCounselor’s Office of our Embassy in your country.A atB fromC inD by12 We would like to take this opportunity to write to you ______ D _____ the hope ofestablishing business relations with you.A atB forC withD in13 We are looking for a manufacturer who could supply us with a wide _____D______ of raincoats for all age groups.A scopeB kindC typeD range14 As we usually place substantial orders, we would like to ______A_______ aquantity discount.A be allowedB allowC allowingD have allowed15 We usually deal with new suppliers ______ C ______ the basis of payment in ourcurrency by 60-day irrevocable letter of credit.A forB atC onD under16 If these conditions ______ D _____ you, please send us your latest catalogue andprice-list.A have interestB are interestedC are interestingD interest17 We are looking forward to hearing ______ C ________ you soon.A aboutB ofC fromD to18 Thank you for your letter of January 5, enquiring _____ D _____ our raincoats.A ofB atC inD for19 We always deal ________ D _______ payment by sight L/C.A withB inC atD on20 We are now enclosing our spring catalogue and price list ____D______ CIFShanghai.A quotedB to quoteC having quotedD quoting Part II Phrase TranslationDirections: Directions: There are 20 Chinese phrases in this part. You are required to translate them into English and write down your translation on the Answer Sheet. This part totals 20 points, one point for each phrase.1 商业做法business practice2 商务要闻business in brief3 城市开发项目urban development project4 收购出价takeover bid5 股市stock market6 拍卖行auction house7 空前记录an all-time record8 销售数据sales figure9 金融灾难financial disaster10 国债national debt11 经济萧条an economic depression12 经济泡沫an economic bubble13 经济不景气an economic recession14 过高价格inflated price15 华尔街the Wall Street16 经济危机an economic crisis17 定价政策pricing policy18 现有顾客existing customer19 目标顾客target customer20 经销方式distribution methodPart III Sentence TranslationDirections: There are 10 sentences in this part. You are required to translate them into Chinese and write down your translation on the Answer Sheet. This part totals 20 points, two points for each sentence.1.Yule Catto, the chemicals group, launched a £240m bid for Holliday Chemical. Yule Catto化工集团出价2亿4千万英镑竞购好乐迪化工。
米什金货币金融学英文版习题答案chapter14英文习题
米什金货币金融学英文版习题答案chapter14英文习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 14 Central Banks: A Global Perspective14.1 Origins of the Federal Reserve System1) The First Bank of the United StatesA) was disbanded in 1811 when its charter was not renewed.B) had its charter renewal vetoed in 1832.C) was fundamental in helping the Federal Government finance the War of 1812.D) None of the above.Answer: AAACSB: Reflective Thinking2) The Second Bank of the United StatesA) was disbanded in 1811 when its charter was not renewed.B) had its charter renewal vetoed in 1832.C) is considered to be the primary cause of the bank panic of 1907.D) None of the above.Answer: BAACSB: Reflective Thinking3) The public's fear of centralized power and distrust of moneyed interests led to the demise of the first two experiments in central banking, otherwise known asA) the First Bank of the United States and the Second Bank of the United States.B) the First Bank of the United States and the Central Bank of the United States.C) the First Central Bank of the United States and the SecondCentral Bank of the United States.D) the First Bank of North America and the Second Bank of North America.Answer: AAACSB: Reflective Thinking4) The financial panic of 1907 resulted in such widespread bank failures and substantial losses to depositors that the American public finally became convinced thatA) the First Bank of the United States had failed to serve as a lender of last resort.B) the Second Bank of the United States had failed to serve as a lender of last resort.C) the Federal Reserve System had failed to serve as a lender of last resort.D) a central bank was needed to prevent future panics.Answer: DAACSB: Reflective Thinking5) What makes the Federal Reserve so unique compared to other central banks around the world is itsA) centralized structure.B) decentralized structure.C) regulatory functions.D) monetary policy functions.Answer: BAACSB: Reflective Thinking14.2 Structure of the Federal Reserve System1) Which of the following is NOT an entity of the Federal Reserve System?A) Federal Reserve BanksB) the Comptroller of the CurrencyC) the Board of GovernorsD) the Federal Open Market CommitteeAnswer: BAACSB: Reflective Thinking2) Which of the following is an entity of the Federal Reserve System?A) the U.S. Treasury SecretaryB) the FOMCC) the Comptroller of the CurrencyD) the FDICAnswer: BAACSB: Reflective Thinking3) The three largest Federal Reserve banks (New York, Chicago, and San Francisco) combined hold more than ________ percent of the assets of the Federal Reserve System.A) 25B) 33C) 50D) 67Answer: CAACSB: Analytical Thinking4) The Federal Reserve Banks are ________ institutions since they are owned by the ________.A) quasi-public; private commercial banks in the district where the Reserve Bank is locatedB) public; private commercial banks in the district where the Reserve Bank is locatedC) quasi-public; Board of GovernorsD) public; Board of GovernorsAnswer: AAACSB: Reflective Thinking5) Each Federal Reserve bank has nine directors. Of these ________ are appointed by the member banks and ________ are appointed by the Board of Governors.A) three; sixB) four; fiveC) five; fourD) six; threeAnswer: DAACSB: Reflective Thinking6) The nine directors of the Federal Reserve Banks are split into three categories: ________ are professional bankers, ________ are leaders from industry, and ________ are to represent the public interest and are not allowed to be officers, employees, or stockholders of banks.A) 5; 2; 2B) 2; 5; 2C) 4; 2; 3D) 3; 3; 3Answer: DAACSB: Reflective Thinking7) Member commercial banks have purchased stock in their district Fed banks; the dividend paid by that stock is limited by law to ________ percent annually.A) fourB) fiveC) sixD) eightAnswer: CAACSB: Reflective Thinking8) The Federal Reserve Bank of ________ houses the open market desk.A) BostonB) New YorkC) ChicagoD) San FranciscoAnswer: BAACSB: Reflective Thinking9) The president from which Federal Reserve Bank always hasa vote in the Federal Open Market Committee?A) PhiladelphiaB) BostonC) San FranciscoD) New YorkAnswer: DAACSB: Reflective Thinking10) An important function of the regional Federal Reserve Banks isA) setting reserve requirements.B) clearing checks.C) determining monetary policy.D) setting margin requirements.Answer: BAACSB: Reflective Thinking11) Which of the following functions is NOT performed by any of the twelve regional Federal Reserve Banks?A) check clearingB) conducting economic researchC) setting interest rates payable on time depositsD) issuing new currencyAnswer: CAACSB: Reflective Thinking12) All ________ are required to be members of the Fed.A) state chartered banksB) national banks chartered by the Office of the Comptroller of the CurrencyC) banks with assets less than $100 millionD) banks with assets less than $500 millionAnswer: BAACSB: Reflective Thinking13) Of all commercial banks, about ________ belong to the Federal Reserve System.A) 10%B) one halfC) one thirdD) 90%Answer: CAACSB: Reflective Thinking14) Prior to 1980, member banks left the Federal Reserve System due toA) the high cost of discount loans.B) the high cost of required reserves.C) a desire to avoid interest rate regulations.D) a desire to avoid credit controls.Answer: BAACSB: Reflective Thinking15) The Fed's support of the Depository Institutions Deregulation and Monetary Control Act of 1980 stemmed in part from itsA) concern over declining Fed membership.B) belief that all banking regulations should be eliminated.C) belief that interest rate ceilings were too high.D) belief that depositors had to become more knowledgeable of banking operations. Answer: AAACSB: Reflective Thinking16) Banks subject to reserve requirements set by the Federal Reserve System includeA) only nationally chartered banks.B) only banks with assets less than $100 million.C) only banks with assets less than $500 million.D) all banks whether or not they are members of the Federal Reserve System.Answer: DAACSB: Reflective Thinking17) The Depository Institutions Deregulation and Monetary Control Act of 1980A) established higher reserve requirements for nonmember than for member banks.B) established higher reserve requirements for member than for nonmember banks.C) abolished reserve requirements.D) established uniform reserve requirements for all banks.Answer: DAACSB: Reflective Thinking18) There are ________ members of the Board of Governors of the Federal Reserve System.A) 5B) 7C) 12D) 19Answer: BAACSB: Reflective Thinking19) Members of the Board of Governors areA) chosen by the Federal Reserve Bank presidents.B) appointed by the newly elected president of the United States, as are cabinet positions.C) appointed by the president of the United States and confirmed by the Senate.D) never allowed to serve more than 7-year terms.Answer: CAACSB: Reflective Thinking20) Each governor on the Board of Governors can serveA) only one nonrenewable fourteen-year term.B) one full nonrenewable fourteen-year term plus part of another term.C) only one nonrenewable eight-year term.D) one full nonrenewable eight-year term plus part of another term.Answer: BAACSB: Reflective Thinking21) The Chairman of the Board of Governors is chosen from among the seven governors and serves a ________, renewable term.A) one-yearB) two-yearC) four-yearD) eight-yearAnswer: CAACSB: Reflective Thinking22) While the discount rate is "established" by the regionalFederal Reserve Banks, in truth, the rate is determined byA) Congress.B) the president of the United States.C) the Senate.D) the Board of Governors.Answer: DAACSB: Reflective Thinking23) Which of the followings is a duty of the Board of Governors of the Federal Reserve System?A) setting margin requirements, the fraction of the purchase price of the securities that has to be paid for with cashB) setting the maximum interest rates payable on certain types of time deposits under Regulation QC) regulating credit with the approval of the president under the Credit Control Act of 1969D) All governors advise the president of the United States on economic policy.Answer: AAACSB: Reflective Thinking24) Which of the followings is NOT a current duty of the Board of Governors of the Federal Reserve System?A) setting margin requirements, the fraction of the purchase price of the securities that has to be paid for with cashB) setting the maximum interest rates payable on certain types of time deposits under Regulation QC) approving the discount rate "established" by the Federal Reserve banksD) voting on the conduct of open market operationsAnswer: BAACSB: Reflective Thinking25) The Federal Open Market Committee usually meets ________ times a year.A) fourB) sixC) eightD) twelveAnswer: CAACSB: Reflective Thinking26) The Federal Reserve entity that makes decisions regarding the conduct of open market operations is theA) Board of Governors.B) chairman of the Board of Governors.C) Federal Open Market Committee.D) Open Market Advisory CouncilAnswer: CAACSB: Reflective Thinking27) The Federal Open Market Committee consists of theA) five senior members of the seven-member Board of Governors.B) seven members of the Board of Governors and seven presidents of the regional Fed banks.C) seven members of the Board of Governors and five presidents of the regional Fed banks.D) twelve regional Fed bank presidents and the chairman of the Board of Governors. Answer: CAACSB: Reflective Thinking28) The majority of members of the Federal Open Market Committee areA) Federal Reserve Bank presidents.B) members of the Federal Advisory Council.C) presidents of member banks.D) the seven members of the Board of Governors.Answer: DAACSB: Reflective Thinking29) Each Fed bank president attends FOMC meetings; although only ________ Fed bank presidents vote on policy, all ________ provide input.A) three; tenB) five; tenC) three; twelveD) five; twelveAnswer: DAACSB: Reflective Thinking30) Although reserve requirements and the discount rate are not actually set by the ________, decisions concerning these policy tools are effectively made there.A) Federal Reserve Bank of New YorkB) Board of GovernorsC) Federal Open Market CommitteeD) Federal Reserve BanksAnswer: CAACSB: Reflective Thinking31) The research document given to the Federal Open Market Committee that contains information on the state of the economy in each Federal Reserve district is called theA) beige book.B) green book.C) blue book.D) black book.Answer: AAACSB: Reflective Thinking32) The teal book is the Fed research document containingA) the forecast of national economic variables for the next three years.B) forecasts of the money aggregates conditional on different monetary policy stances.C) information on the state of the economy in each Federal Reserve district.D) both A and B.E) A, B and C.Answer: DAACSB: Reflective Thinking33) The Federal Open Market Committee's "balance of risks" is an assessment of whether, in the future, its primary concern will beA) higher exchange rates or higher unemployment.B) higher inflation or a stronger economy.C) higher inflation or a weaker economy.D) lower inflation or a stronger economy.Answer: CAACSB: Reflective Thinking34) Subject to the approval of the Board of Governors, the decision of choosing the president ofa district Federal Reserve Bank is made byA) all nine district bank directors.B) the six district bank directors elected by the member banks.C) three district bank directors who are professional bankers.D) district bank directors who are not professional bankers.E) class A and class B directors.Answer: DAACSB: Ethical understanding and reasoning abilities35) Why does the Federal Reserve Bank of New York play a special role within the Federal Reserve System?Answer: The New York district contains the largest banks in the country. The New York Fed supervises and examines these banks to insure their soundness and the safety of the nation's financial system. The New York Fed conducts open market operations and foreign exchange transactions for the Fed and Treasury. The New York Fed belongs to the Bank for International Settlements, so its president and the chairman of the Board of Governors represent the U.S. at the monthly meetings of the world's central banks. The New York Fed president is the only president of a regional Fed who is a permanent voting member of the FOMC.AACSB: Reflective Thinking36) Who are the voting members of the Federal Open Market Committee and why is this committee important? Where does the power lie within this committee?Answer: The FOMC determines the monetary policy of the United States through its decisions about open market operations. It also effectively determines the discount rate and reserve requirements. The seven members of the Board of Governors, the president of the New York Fed, and four of the other eleven regional bank presidents are voting members on a rotating basis. Within the FOMC, the chairman of the Board of Governors wields the power.AACSB: Reflective Thinking14.3 How Independent is the Fed?1) Instrument independence is the ability of ________ to setmonetary policy ________.A) the central bank; goalsB) Congress; goalsC) Congress; instrumentsD) the central bank; instrumentsAnswer: DAACSB: Reflective Thinking2) The ability of a central bank to set monetary policy instruments isA) political independence.B) goal independence.C) policy independence.D) instrument independence.Answer: DAACSB: Reflective Thinking3) Goal independence is the ability of ________ to set monetary policy ________.A) the central bank; goalsB) Congress; goalsC) Congress; instrumentsD) the central bank; instrumentsAnswer: AAACSB: Reflective Thinking4) The ability of a central bank to set monetary policy goals isA) political independence.B) goal independence.C) policy independence.D) instrument independence.Answer: BAACSB: Reflective Thinking5) Members of Congress are able to influence monetary policy, albeit indirectly, through their ability toA) withhold appropriations from the Board of Governors.B) withhold appropriations from the Federal Open Market Committee.C) propose legislation that would force the Fed to submit budget requests to Congress, as must other government agencies.D) instruct the General Accounting Office to audit the foreign exchange market functions of the Federal Reserve.Answer: CAACSB: Reflective Thinking6) Explain two concepts of central bank independence. Is the Fed politically independent? Why do economists think central bank independence is important?Answer: Instrument independence is the ability of the central bank to set its instruments, and goal independence is the ability of a central bank to set its goals. The Fed enjoys both types of independence. The Fed is largely independent of political pressure due to its earnings and the conditions of appointment of the Board of Governors and its chairman. However, some political pressure can be applied through the threat or enactment of legislation affecting the Fed. Independence is important because there is some evidence that independent central banks pursue lower rates of inflation without harming overall economic performance.AACSB: Reflective Thinking14.4 Should the Fed be Independent?1) The case for Federal Reserve independence does NOTinclude the idea thatA) political pressure would impart an inflationary bias to monetary policy.B) a politically insulated Fed would be more concerned with long-run objectives and thus be a defender of a sound dollar and a stable price level.C) policy is always performed better by an elite group such as the Fed.D) a Federal Reserve under the control of Congress or the president might make the so-called political business cycle more pronounced.Answer: CAACSB: Reflective Thinking2) The political business cycle refers to the phenomenon that just before elections, politicians enact ________ policies. After the elections, the bad effects of these policies (for example, ________ ) have to be counteracted with ________ policies.A) expansionary; higher unemployment; contractionaryB) expansionary; a higher inflation rate; contractionaryC) contractionary; higher unemployment; expansionaryD) contractionary; a higher inflation rate; expansionaryAnswer: BAACSB: Analytical Thinking3) The strongest argument for an independent Federal Reserve rests on the view that subjecting the Fed to more political pressures would impartA) an inflationary bias to monetary policy.B) a deflationary bias to monetary policy.C) a disinflationary bias to monetary policy.D) a countercyclical bias to monetary policy.Answer: AAACSB: Ethical understanding and reasoning abilities4) Critics of the current system of Fed independence contend thatA) the current system is undemocratic.B) voters have too much say about monetary policy.C) the president has too much control over monetary policy on a day-to-day basis.D) the Board of Governors is held responsible for policy missteps.Answer: AAACSB: Diverse and multicultural work environments5) Recent research indicates that inflation performance (low inflation) has been found to be best in countries withA) the most independent central banks.B) political control of monetary policy.C) money financing of budget deficits.D) a policy of always keeping interest rates low.Answer: AAACSB: Reflective Thinking6) Make the case for and against an independent Federal Reserve.Answer: Case for: 1. An independent Federal Reserve can shield the economy from the political business cycle, and it will be less likely to have an inflationary bias to monetary policy.2. Control of the money supply is too important to leave to inexperienced politicians.Case against: 1. It is undemocratic to have monetary policy be controlled by a small number of individuals that are not accountable. 2. In the past, an independent Fed has not used itsfreedom wisely. 3. Its independence may encourage it to pursue its own self-interest rather than the public's interest.AACSB: Ethical understanding and reasoning abilities14.5 Explaining Central Bank Behavior1) The theory of bureaucratic behavior suggests that the objective of a bureaucracy is to maximizeA) the public's welfare.B) profits.C) its own welfare.D) conflict with the executive and legislative branches of government.Answer: CAACSB: Reflective Thinking2) The theory of bureaucratic behavior when applied to the Fed helps to explain why the FedA) was supportive of congressional attempts to limit the central bank's autonomy.B) was so secretive about the conduct of future monetary policy.C) sought less control over banks in the 1980s.D) was willing to take on powerful groups that may threaten its autonomy.Answer: BAACSB: Reflective Thinking3) What is the theory of bureaucratic behavior and how can it be used to explain the behavior of the Federal Reserve?Answer: The theory of bureaucratic behavior concludes that the main objective of any bureaucracy is to maximize its own welfare, which is related to power and prestige. This can explain why the Federal Reserve has defended its autonomy, avoidsconflict with Congress and the president, and its push to gain more control over banks.AACSB: Analytical Thinking14.6 Structure and Independence of the European Central Bank1) Under the European System of Central Banks, the Executive Board is similar in structure to the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: AAACSB: Reflective Thinking2) Under the European System of Central Banks, the Governing Council is similar in structure to the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: BAACSB: Reflective Thinking3) Under the European System of Central Banks, the National Central Banks have the same role as the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: CAACSB: Reflective Thinking4) Members of the Executive Board of the European System of Central Banks are appointed to ________ year, nonrenewable terms.A) fourB) eightC) tenD) fourteenAnswer: BAACSB: Reflective Thinking5) Which of the following statements comparing the European System of Central Banks and the Federal Reserve System is TRUE?A) The budgets of the Federal Reserve Banks are controlled by the Board of Governors, while the National Central Banks control their own budgets and the budget of the European Central Bank.B) The European Central Bank has similar power over the National Central Banks when compared to the level of power the Board of Governors has over the Federal Reserve Banks. C) Just like the Federal Reserve System, monetary operations are centralized in the European System of Central Banks with the European Central Bank.D) The European Central Bank's involvement in supervision and regulation of financial institutions is comparable to the Board of Governors' involvement.Answer: AAACSB: Reflective Thinking6) The Governing Council usually meets ________ times a year.A) fourB) sixC) eightD) twelveAnswer: DAACSB: Reflective Thinking7) In the Governing Council, the decision of what policy to implement is made byA) majority vote of the Executive Board members.B) majority vote of the heads of the National Banks.C) consensus.D) majority vote of all members of the Governing Council.Answer: CAACSB: Reflective Thinking8) The central bank which is generally regarded as the most independent in the world because its charter cannot be changed by legislation is theA) Bank of England.B) Bank of Canada.C) European Central Bank.D) Bank of Japan.Answer: CAACSB: Reflective Thinking9) Explain the similarities and differences between the European System of Central Banks andthe Federal Reserve System.Answer: The similarities between the two are in their structure. The National Central Banks of the member countries of the Eurosystem have the same role as the Federal Reserve Banks in the Federal Reserve System. The Executive Board and theGoverning Council of the Eurosystem resemble the Board of Governors and the Federal Open Market Committee of the Federal Reserve System, respectively. There are three major differences between the two. The first difference is concerning the control of the budgets. In the Fed, the Board of Governors controls the budgets of the Reserve Banks while in the Eurosystem, the National Banks control the budget of the European Central Bank. The second difference is the monetary operations of the Eurosystem are conducted by the National Banks, so they are not as centralized as the monetary operations in the Federal Reserve System. Finally, the European Central Bank is not involved in the supervision and regulation of the financial institutions in the euro zone while the Federal Reserve is involved with the regulation and supervision of the financial institutions in the United States.AACSB: Reflective Thinking14.7 Structure and Independence of Other Foreign Central Banks1) On paper, the Bank of Canada has ________ instrument independence and ________ goal independence when compared to the Federal Reserve System.A) less; lessB) less; moreC) more; lessD) more; moreAnswer: AAACSB: Reflective Thinking2) The oldest central bank, having been founded in 1694, is theA) Bank of England.B) Deutsche Bundesbank.C) Bank of Japan.D) Federal Reserve System.Answer: AAACSB: Reflective Thinking3) While legislation enacted in 1998 granted the Bank of Japan new powers and greater autonomy, its critics contend that its independence isA) limited by the Ministry of Finance's veto power over a portion of its budget.B) too great because it need not pursue a policy of price stability even if that is the popular will of the people.C) too great since the Ministry of Finance no longer has veto power over the bank's budget.D) limited since the Ministry of Finance can dismiss senior bank officials.Answer: AAACSB: Reflective Thinking4) Regarding central bank independenceA) the Fed is more independent than the European Central Bank.B) the European Central Bank is more independent than the Fed.C) the trend in industrialized nations has been to reduce central bank independence.D) the Bank of England has the longest tradition of independence of any central bank in the world.Answer: BAACSB: Reflective Thinking5) The trend in recent years is that more and moregovernmentsA) have been granting greater independence to their central banks.B) have been reducing the independence of their central banks to make them more accountable for poor economic performance.C) have mandated that their central banks focus on controlling inflation.D) have required their central banks to cooperate more with their Ministers of Finance. Answer: AAACSB: Reflective Thinking6) Which of the following statements about central bank structure and independence is TRUE?A) In recent years, with the exception of the Bank of England and the Bank of Japan, most countries have reduced the independence of their central banks, subjecting them to greater democratic control.B) Before the Bank of England was granted greater independence, the Federal Reserve was the most independent of the world's central banks.C) Both theory and experience suggest that more independent central banks produce better monetary policy.D) While the European Central Bank is independent, it is not as independent as the Federal Reserve.Answer: CAACSB: Reflective Thinking。
实用商务英语翻译(新视界商务英语系列教材)课后习题答案
Unit 11. 请将下列英语句子译成汉语（1）在这种情况下，世界各国又恢复浮动汇率就不足为奇了。
各国中央银行也就无需维持本币的汇价了。
（2）在全球一体化日益增长的今天，许多国际营销商所面临的任务与其说是市场准入问题不如说是在不同的国际市场中管理市场组合的问题。
（3）真正的劳力士手表被证实在全球任何地方都是一样的，它的定位即成功人士的手表——正如其广告所说的在全球任何地方都是一样的。
（4）然而，其核心产品——牛仔裤和运动鞋——正在失去吸引力，公司正挣扎于一个竞争非常激烈的市场。
（5）我们之所以有商业机会是因为互联网所导致的社会结构变化。
2. 请将下列段落译成英文。
Price and pricing policy play an important role in all marketing strategy. It is worthwhile for any exporter to pay special attention to pricing before coming to grips with overseas buyers. Overseas purchasers are generally reputed to be professional, knowledgeable and possessing solid information as a basis for their decisions. In most cases, hey are guided in their business activities by a budget which in turn is based on direct costing. This means that to them the purchase price is but one cost element among several others and that the total cost does not accrue until the goods have been sold to the next customer. It is therefore irrelevant to the purchasers whether they can lower the price by bargaining or, as an alternative, make the sellers take over part of their other costs for the product. Such peripheral costs may include special packaging, price marking.3.请将下列段落译成汉语。
MiniCFA精品课课后答案.docx
MiniCFA精品课课后答案问：下列哪项不是不利地段？答：B问：在解除或者终止劳动合同后，有竞业限制的人员从事同类业务的竞业限制期限不得超过。
答：二年问：张灿玾教授提出的习业训词是（）答：厚德怀仁乐群敬业医文并茂理用兼优问：平面规则而竖向不规则的结构，其薄弱层的地震剪力系数的增大系数为（）答：C问：.张某在某企业连续工作满10年，下列说法错误的是（）答：企业有权决定是否与张某签订无固定期限劳动合同问：在19世纪三大工人运动中，集中反映工人政治要求的是()答：英国宪章运动问：心理学家进行研究的目标是什么？答：描述行为解释行为预测行为控制行为改善行为问：2005年4月29日，中共中央总书记胡锦涛会见中国国民党主席连战，这是60年来国共两党领导人的首次握手。
国共两党历史上曾有过两次合作，这两次合作正式实现的标志是()。
（1.0分）答：中国国民党第一次全国代表大会举行国民党公布中共中央提交的国共合作宣言问：辩证法与形而上学在真理观上的对立在于是否承认()答：真理具有相对性问：孔子兴办的教育打破了阶层的固化，一直到今天教育仍具有这个功能。
（）答：×问：解决“季节性民工”问题，改善劳动的单向流动现象，必须做到（）。
答：以上均是问：现在技术将数字的和模拟的混合在一起实现了很多原来无法实现的技术。
（）答：正确问：图书馆的电子资源可以免费在校园网内使用。
答：√问：30.Ｃ语言中是用编译预处理命令#include来包含其他源文件。
（）答：正确问：下列景观中，具有明显季节变化的是（）答：壶口瀑布问：在中国共产党领导的多党合作与政治协商制度中,民主党派是( )答：参政党友党问：下列各项中，不影响企业营业利润的有（）。
答：出售固定资产的净损失问：男性体内分泌雄激素的细胞是：答：睾九间质细胞肾上腺网状带细胞问：毛泽东在《论持久战》中指出,中国抗日战争取得最后胜利最为关键的阶段是( )。
答：战略相持阶段问：根据我国有关规定，因无效劳动合同所引起的赔偿责任主体应当是（）答：有过错的一方合同主体。
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Refer to Mini-Case on Page 360 (Conch Republic Electronics)Questions:1.What is the pay back period of the project?2.What is the profitability index of the project?3.What is the IRR of the project?4.What is the NPV of the project?5.How sensitive is the NPV to changes in the price of the new PDA?6.How sensitive is the NPV to changes in the quantity sold?7.Should Conch Republic produce the new PDA?Answer:Working process- Year 0: CF= －15000000- Year 1: CF=3740000－2520000=1220000S=70000×250－(80000×240－(80000－15000)×220)=12600000VC=70000×86－15000×68=5000000OCF= (S－VC－F)×(1－T) +DT= (12600000－5000000－3000000)×(1－35%) +15000000÷7×0.35=3740000NWC=－12600000×20%=－2520000- Year2: CF=5066000－580000=4486000S=80000×250－(60000×240－(60000－15000)×220)=15500000VC=80000×86－15000×68=5860000OCF= (15500000－5860000－3000000)×(1－35%) +15000000÷7×0.35 =5066000NWC=2520000－15500000×20%=－580000- Year 3: CF=9460000－1900000=7560000S=100000×250=25000000VC=100000×86=8600000OCF= (25000000－8600000－3000000)×(1－35%) +15000000÷7×0.35 =9460000NWC=15500000×20%－25000000×20%=－1900000- Year 4: CF=7861000+750000=8611000S=85000×250=21250000VC=85000×86=7310000OCF= (21250000－7310000－3000000)×(1－35%)+15000000÷7×0.35 =7861000NWC=25000000×20%－21250000×20%=750000- Year 5: CF=6795000+4250000+3450000=14495000S=75000×250=18750000VC=75000×86=6450000OCF= (18750000－6450000－3000000)×(1－35%)+15000000÷7×0.35 =6795000NWC=21250000×20%=4250000A-t S=3000000－0.35×(3000000－15000000÷ 7×(7－5))=34500001. year1: 15000000－1220000=13780000year2: 13780000－4486000=9294000year3: 9294000－7560000=1734000year4: 1734000－8611000=－6877000Payback Period of the Project=3+1734000÷8611000=3.20years2. PI= (present value of the net cash flows)/ (initial cash outlay)= (1220000÷ (1+12%) +4486000÷ (1+12%) 2 +7560000 ÷ (1+12%) 3 +8611000÷ (1+12%) 4+ 14495000÷ (1+12%) 5)/15000000=1.5829Decision rule:Accept if PI > 1Reject if PI < 13. IRR —Internal Rate of Return0)1(01=-+∑=C r CF nt t t 1220000÷ (1+k) +4486000÷ (1+k) 2 +7560000 ÷ (1+k) 3 +8611000÷ (1+k) 4 + 14495000÷ (1+k) 5 －15000000=0Use the trail and error methodk=12%, NPV=23743854.57－15000000=8743854.569k=14%, NPV=22251443.49－15000000=7251443.492k=20%, NPV=18484841.18－15000000=3484841.178k=30%, NPV=13952830.78－15000000=－1047169.217k=25%, NPV=15994547.2－15000000=994547.2k=27%, NPV=15492474.77－15000000=492474.7671k=29%, NPV=14440324.44－15000000=－669675.5627k=28%, NPV=14722498.73－15000000=－277501.2739k=27.5%, NPV=－75684.7173; k=27.3%, NPV==6140.9647; k=27.4%, NPV=－34851.1433 %277671.4924740%28%279)277501.273(1492474.767--=---x x=27.64%IRR=27.85%>12%4. NPV=－15000000+1220000÷ (1+12%) +4486000÷ (1+12%) 2 +7560000 ÷ (1+12%) 3+8611000÷ (1+12%) 4 + 14495000÷ (1+12%) 5=8743854.5695. =∆∆PN P V 6048.14871125020098743854.5611308274.33=-- P 1=250P 2=200- Year 1: CF=1465000－1820000=－355000S=70000×200－ (80000×240－ (80000－15000)×220)=9100000VC=70000×86－15000×68=5000000OCF= (S －VC －F)×(1－T) +DT= (9100000－5000000－3000000)×(1－35%) +15000000÷7×0.35=1465000NWC=－9100000×20%=－1820000 - Year2:CF=2466000－480000=1986000S=80000×200－(60000×240－(60000－15000)×220)=11500000VC=80000×86－15000×68=5860000OCF= (11500000－5860000－3000000)×(1－35%) +15000000÷7×0.35=2466000NWC=1820000－11500000×20%=－480000 - Year 3:CF=6210000－1700000=4510000S=100000×200=20000000VC=100000×86=8600000OCF= (20000000－8600000－3000000)×(1－35%) +15000000÷7×0.35=6210000NWC=11500000×20%－20000000×20%=－1700000 - Year 4:CF=7861000+600000=8611000S=85000×200=17000000VC=85000×86=7310000OCF= (17000000－7310000－3000000)×(1－35%)+15000000÷7×0.35=5098500NWC=20000000×20%－17000000×20%=600000 - Year 5:CF=4357500+3400000+3450000=11207500S=75000×200=15000000VC=75000×86=6450000OCF= (15000000－6450000－3000000)×(1－35%)+15000000÷7×0.35=4357500NWC=17000000×20%=3400000A-t S=3000000－0.35×(3000000－15000000÷ 7×(7－5))=34500005. NPV 2=－15000000+(－355000)÷ (1+12%) +1986000÷ (1+12%) 2 +4510000 ÷ (1+12%) 3+8611000÷ (1+12%) 4 + 11207500÷ (1+12%) 5=1308274.3316. =∆∆Q NPV ()75.11821000033083639.1298743854.56=-- Q 1=70000; 80000; 100000; 85000; 75000Q 2=60000; 70000; 90000; 75000; 65000- Year 1: CF=724000－1420000=－696000S=60000×200－ (80000×240－ (80000－15000)×220)=7100000VC=60000×86－15000×68=4140000OCF= (S －VC －F)×(1－T) +DT= (7100000－4140000－3000000)×(1－35%) +15000000÷7×0.35 =724000NWC=－7100000×20%=－1420000- Year2: CF=1725000－480000=1245000S=70000×200－(60000×240－(60000－15000)×220)=9500000VC=70000×86－15000×68=5000000OCF= (9500000－5000000－3000000)×(1－35%) +15000000÷7×0.35 =1725000NWC=1420000－9500000×20%=－480000- Year 3: CF=5469000－1700000=3769000S=90000×200=18000000VC=90000×86=7740000OCF= (18000000－7740000－3000000)×(1－35%) +15000000÷7×0.35 =5469000NWC=9500000×20%－18000000×20%=－1700000- Year 4: CF=4357500+600000=4957500S=75000×200=15000000VC=75000×86=6450000OCF= (15000000－6450000－3000000)×(1－35%)+15000000÷7×0.35=4357500NWC=18000000×20%－15000000×20%=600000- Year 5: CF=3616500+3000000+3450000=10066500S=65000×200=13000000VC=65000×86=5590000OCF= (13000000－5590000－3000000)×(1－35%)+15000000÷7×0.35=3616500NWC=15000000×20%=3000000A-t S=3000000－0.35×(3000000－15000000÷ 7×(7－5))=3450000=－15000000+(－696000)÷ (1+12%) +1245000÷ (1+12%) 2 +3769000÷ (1+12%) 3 6.NPV2+4957500÷ (1+12%) 4 +10066500÷ (1+12%) 5=－3083639.1237.From the answer of question 4, we can see the NPV of the project is positive, so ConchRepublic should produce the new PDA6。