浙江财经大学金融英语复习版

单选2*5判断1*10中英互译8*5（中译英3，英译中2）名词解释5*6小作文10*1 结论+论据（5到6句话）单项选择比考点HKD 港币hongkongDEM 德国马克（Deutsche Mark）GermanyCHF 瑞士法郎SWITZERLAND 瑞士SEK 瑞典克朗sweden 瑞典BEF 比利时法郎Belgium 比利时CAD 加拿大元CanadaUSDGBP 英镑GREAT BRITAINITL 意大利里拉ItalyNLG 荷兰盾hollandNOK挪威克郎norwayDKK丹麦克朗denmarkFRF法国法郎franceJPY 日元AudESP 西班牙基点0.01% one hundredth of one percent名词解释Central bank: a financial institution designated by the central government to formulate and implement monetary policy and tosupervise and regulate the financial industrySavings（current）deposit(活期储蓄存款)：Savings（current）deposit is a method of deposit that sets no limit on length of maturity,time and amount of deposit and withdrawl.Time deposit :It is a kind of deposit with a definite length of maturity,deposited and,withdrawn together with the interest in a lump sum or by installmentTime deposit of lump-sum deposit and withdrawal(整存整取定期储蓄存款)（50元）:It is a kind of deposit with a definite length of maturity,deposited and,withdrawn together with the interest and principal in a lump sumTime deposite of small savings for lump-sum withdrawl(零存整取定期存款)(5元)It is a kind of deposit thar the length of maturity and a fixed amount of deposit are agreed at the time of account opening, and money is deposited by monthTime deposite of principal receiving and interest withdrawal(存本取息定期储蓄存款)5000It refers to savings deposit whose principal is deposited by lump sum,whose interset is withdrawn by installment and whose principal is repaid when on due date.Time or savings optional deposit (定活两便储蓄存款) 50It is a kind of deposit with indefinite length of maturity whose interest rate varies in line with the length of maturity.Housing loansThey are loans granted by bank to borrowers to facilitate their housing purchasses.Housing loans for personal possessionThey are loans granted by bank to borrowers to facilitate their housing purchasses by taking credit funds (信贷资金)from the bank as the sourse of paymentHousing loans on AuthorizationThey refer to loans to individuals who buy ordinary houses granted by the bank on the authorization of the public reserve fund management department, according to the prescribed requirements,and with the public reserve deposits as the source of funding.Auto loansThey are Renminbi consumer-loans granted to individuals or legal persons to finance the purchases of carsCommercial education loanCommercial education loan refers to consumer loans granted by the lender to borrowers to finance the tuition and miscellaneous fees of the borrowers or the persons under their legal guardianship in studyin at domestic secondary schools or ordinary higher learning institutes or for master’s or doctor’s degree,or studing at universities or for master’s or doctor’s d egree outside chinaState education loansState education loans refer to educational loans granted by the lender to borrowers that are given fiscal interest discounts by the central financial authorities or local financial sectoes,and are used for the tuition and micellaneous fees,lodging and livin expenses of the borrowers in studying at domestic higher learing instirutes for full-time undergraduate,professional,or graduate courses. Small consumer credit loansSmall consumer credit loans are consumer credit loans granted by the lender to borrowers with good credit standing to facilitate normal consumption,labor service and other fee payments.Expected rate of return 预期收益率The rate of return that we expect to earn when we loan money to someone or invest in a businessThe earnings or profit on money we lend or invest expressed as a percentage of the amount of money loaned or investedThe possibility that a loan or investment will not produce the return we expect or that we will actually lose money.Risk is the financial uncertainty that the actual return on an investment will be different from the expected return,Factors of risk that can affect an investment include inflation orA draft accepted by a bank and used as a form of borrowing in the money marketCapital market 资本市场Markets for financial assets and liabilities with maturity greater than one year,including long-term government and corporate bonds,preferred stock,and common stock.Money obtained by issuin this type of instrument is repayable after one yeat and in the case of most equity securities,it is not expected to be repaid.Capital Structure 资本结构The proportion of debt and equity and the particular forms of debt and equity chosen to finance the assets of the firmDefault risk 违约风险The uncertainty that some or all of an investment may nor be returnedLiquidity 流动性，变现能力Liquidity is the ease with which financial assets can be converted to cash without creating a substancial change in price or value.Liquidity is influenced by the amount of float in the security,investor interest and size of the investment being converted to cashPrivate placement 私募配售A securities issue privately placed with a small group of investors rather than through a publicShares that pay a fixed dividend and have a claim on the assets of a corporation ahead of the common shareholdersCapital gain 资本利得The amount of profit realized when an asset sold at a price higher than the purchase price. Capital loss 资本损失The amount of profit realized when an asset sold at a price less than the purchase price. Discount 贴现（单选）The margin by which the purchase price is cheaper than the redemption 赎回；偿还；补救price.If a bond is selling below its face value,it is said to sell at a discount.The return earned on an investment taking into account the annual income and its present capital value.There are a number of different types of yield and in some cases different methods of calculating each type.Yield to maturity 到期收益率The discout rate that equates the present value of interest payments and redemption n.赎回；偿还；补救value with the present price of the bondZero coupon bond 零息债券Bonds that are sold at a deep discount and pay no interestRegistered bonds 记名债券Bonds for which each issuer maintains a record of its bonds.countries requiring thar bonds be issued in registered form include the United States and Japan不记名债券Bearer bondsCommon shareSecurity representing equity ownership ina corporation;holders of common shares have the rightto elect the directors and receive dividends;common shareholders rank after creditors, bondholders and preferred shareholders.Private placement 私募配售A securities issue privately placed with a small group of investors rather than through a public offeringAt the time of account opening,you will be asked to fill in a deposit slip,and the savings outlet will give you a certificate of deposit agaist which the principal and interest may be withdrawn at tine of maturity当账户开立时，开户时，你会被要求填写一张存款单，并且储蓄机构会给你一个存款证明关于本金和利息可以在到期时收回。

浙江财经大学公司金融期末复习

Problem:1.Function of financial market and list some financial intermediarie Answer1:A.contributing to higher production and efficiency in the economyB.Improving the well-being of consumers by allowing them to their purchases better Answer2:(1) facilitate investment and financing.(2) a reasonable guidance of capital flow, which contributes to the concentration of capital and promotes the transfer of high-efficiency units.(3) convenient and flexible turnover of funds.(4) to achieve risk diversification, reduce transaction costs.(5) are conducive to enhancing the flexibility of macro-control.(6) to help strengthen economic ties between regions and countries. Intermediaries:BanksBuilding societiesCredit unionsFinancial advisers or brokersInsurance companiesCollective investment schemesPension fundsThe investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.2.Why profit maximization is not an ideal corporate finance objective?(1)The primary goal of corporate finance is maximize or increase shareholder value not profit(2)To a skilled accountant, however, a decision that increases profits under one set of accounting rules can reduce it under another.(3)Accounting profits are not necessarily the same as cash flows.(4)The problem with profit maximization as a goal is that it does not tell us when cash flows are to be received.(5)Profit maximization ignores the uncertainty or risk associated with cash flows. 总：For the fact that a firm cannot survive with mere profit maximization ,but must increase long-term security through investment and meeting shareholder expectations. This will increase their productive capacity for the future as well as encourage the risky capital investment of the shareholders.3. Characteristics of business organization:(1) sole proprietorship: A business owned and managed by a single individual.Features: Cheapest to form. no formal charter, few government regulationsPays no corporate income taxesUnlimited liability for business debts and obligations.Its life is limited by the life of the sole proprietorThe money raised is limited by the proprietor’s personal wealth(2) partnership: A business formed by two or more individuals or entities. General partnership: All partners share in gains or losses, all have unlimited liability for all partnership debts.Limited partnership: One or more general partners will run the business and have unlimited liability. The limited partner's liability is limited to their contribution to the partnership.Features: Often inexpensive and easy to formDifficult to transfer ownershipDifficult to raise large amounts of cashIncome is taxed as personal income(3) Corporation: Is a legal “person” separate and distinct from its owners . Features: Limited liability for stockholders.Unlimited life for the business.Ownership can be easily transferred.These characteristics make it easier for corporations to raise capital. The disadvantage to corporations is double taxation.4. What is corporate finance and describe their decisions?Corporate finance is the study of the answers to the following questions:(1) What long-term investments should you take on?(2)Where will you get the long-term financing to pay for your investment?(3) How will you manage your everyday financial activities?(WIKI)Corporate finance is the area of finance dealing with the sources of funding and the capital structure of corporations and the actions that managers take to increase the value of the firm to the shareholders, as well as the tools and analysis used to allocate financial resources.Investment Decisions: Concerning non-current assent or capital budgeting.Evaluating the size, timing and risk of future cash flow.Cash flow versus accounting profitFinancing Decisions: Determine how the assets will be financed.What is the best type of financing?What is the best financing mix?What is the best dividend policy (dividend decision)?Capital structureAsset Management Decisions: How do we manage existing assets efficiently?Greater emphasis on current asset management than fixed assetmanagement.Working capital management.5. Evaluate IRR ruleFor the fact that internal rate of return is a rate quantity, it always is used to be an excellent indicator of the efficiency, quality, or yield of an investment. However, As an investment decision tool, the calculated IRR should not be used to rate mutually exclusive projects, but only to decide whether a single project is worth investing in.The IRR does give you a rate of return, but the IRR could be for a small investment or for only a short period of time.6. Financial managementFinancial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind.The investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.7. Describe net operation theory，traditional theory, MM theory without(with)corporate tax, with bankruptcy and agency costNet Operating Income Approach -- A theory of capital structure in which the weighted average cost of capital and the total value of the firm remain constant as financial leverage is changed.Traditional Approach -- A theory of capital structure in which there exists an optimal capital structure and where management can increase the total value of the firm through the judicious use of financial leverage.The relationship between financial leverage and the cost of capital is explained by the NOI approach.Provide behavioral justification for a constant ko over the entire range of financial leverage possibilities.Total risk for all security holders of the firm is not altered by the capital structure.Therefore, the total value of the firm is not altered by the firm’s financing mix. Total market value is not altered by the capital structure (the total size of the pies are the same).M&M assume an absence of taxes and market imperfections.Investors can substitute personal for corporate financial leverage.No TaxesProposition I: Firm value is not affected by leverageVL = VUProposition II: Leverage increases the risk and return to stockholdersrs = r0 + (B / SL) (r0 - rB)rB is the interest rate (cost of debt)rs is the return on (levered) equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtSL is the value of levered equitywith Corporate TaxesProposition I (with Corporate Taxes):Firm value increases with leverage VL = VU + TC BProposition II (with Corporate Taxes):Some of the increase in equity risk and return is offset by interest tax shield rS = r0 + (B/S)×(1-TC)×(r0 - rB)rB is the interest rate (cost of debt)rS is the return on equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtS is the value of levered equityAgency Costs -- Costs associated with monitoring management to ensure that it behaves in ways consistent with the firm’s contractual agreements with creditors and shareholders.Value of levered firm= Value of firm if unlevered + Present value of tax-shield benefits of debt -Present value of bankruptcy and agency costsCalculation:1.Annuity;Perpetuity:PV:FVC = Cash flow per periodi = interest raten = number of paymentsC = Cash flow per periodi = interest raten = number of paymentsPV of a perpetuity = P / iIn this formula "P" represents your annual payment and "i" represents your interest or discount rate.PV of a growing perpetuity = P / (i - g)In this formula "P" represents your annual payment, "i" represents your interest or discount rate and "g" represents the growth rate.2.Valuation of bond(half year)and stock3.Investment criterion IRR,NPV,PBP,PINPV:Given the (period, cash flow) pairs (, ) where is the total number of periods, the net present value is given by:IRR:NPV=0,i=IRRGiven the (period, cash flow) pairs (, ) where is the total number of periods, the net present value is given by:PBP:Payback Period = W + (X - Y) / ZW is the year before which the investment value is crossed in cumulative cash flows X is the initial investment or the initial cash outlayY is the cumulative cash flow just before the investment value is crossed in cumulative cash flowsZ is the cash flow of the year in which the investment value is crossed in the cumulative cash flowsPI:PI=(PV of future cash flow )/(Initial investment)=1+NPV/(Initial investment)4.Expanding and Replacement:;EAC:EAC = NPV/A t, r where A= the present value of an annuity factort = number of periodsr = interest rateA t, r=(1-1/(1+r)^t)/r5.WACC,CAPM:WACC:where is the number of sources of capital (securities, types of liabilities); is the required rate of return for security ; and is the market value of all outstanding securities .where D is the total debt, E is the total shareholder’s equity, Ke is the cost of equity, and Kd is the cost of debt.Tax effects[edit]Tax effects can be incorporated into this formula. For example, the WACC for a company financed by one type of shares with the total market value of and cost of equity and one type of bonds with the total market value of and cost of debt , in a country with corporate tax rate , is calculated as:CAPM:where:is the expected return on the capital assetis the risk-free rate of interest such as interest arising from government bonds (the beta) is the sensitivity of the expected excess asset returns to the expected excess market returns, or also ,is the expected return of the marketis sometimes known as the market premium (the difference between the expected market rate of return and the risk-free rate of return).is also known as the risk premiumRestated, in terms of risk premium, we find that:Modified formula:"where:is required return on security iis risk-free rateis general market risk premiumis risk premium for small sizeis risk premium due to company-specific risk factor6.DOL,DFL,DTL,EPS-EBITDOL:DOL =% change in EBIT / % change in salesDFL:DFL =% change in EPS / % change in EBITDTL:DTL =% change in EPS / % change in salesEPS:earnings per shareEBIT:operating profit7.MM without and with corporate tax;arbitrageWithout taxesProposition Iwhereis the value of an unlevered firm = price of buying a firm composed only of equity, and is the value of a levered firm = price of buying a firm that is composedof some mix of debt and equity. Another word for levered is geared, which has the same meaning.Proposition IIwhereis the required rate of return on equity, or cost of equity.is the company unlevered cost of capital (ie assume no leverage).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.With taxesProposition Iwhereis the value of a levered firm.is the value of an unlevered firm.is the tax rate () x the value of debt (D)the term assumes debt is perpetualProposition IIwhere:is the required rate of return on equity, or cost of levered equity = unlevered equity + financing premium.is the company cost of equity capital with no leverage (unlevered cost of equity, or return on assets with D/E = 0).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.is the tax rate.。

（金融）--大学英语2复习资料（本）--周玉萍

（金融）--大学英语2复习资料（本）--周玉萍--大学英语2复习资料（金融）一、word match1.tuition fee ( J: 学费)2.within one’s means ( F:量入为出)3.pocket money ( L:零花钱)4.as opposed to ( A :与…..相反)5.advertising industry ( N:广告业)6.cash flow ( I :现金流)7.keep one’s option open (K:保留选择权)8.go out of the business (M:停业)9.fulfill the contract (O:履行合同)10.go bankrupt (D:破产)11.Declaration of Independence (H:独立宣言)/doc/d5b4ababec3a87c24028c4ed.ht ml ck discipline(C:缺乏自律)13.when it comes to sth (E:当提到…..)14.open-ended thinking (B:发散思维)/doc/d5b4ababec3a87c24028c4ed.ht ml unch pad(G:发射台)1. He got the job through an employment agency.2.Household chore, particularly those in the kitchen, are not her ider of fun.3. The government needs a more flexible approach to education.4.The sudden apperaence of her divorced husband caused her to run away.5.The terms of the contract are acceptable to us.6.He is a man of great executive ability7. they launch at least 2 spaceships into outer space each year.8.She gets an allowance for taking care of Amy.9. The law draws a distinction between temporary and permanent employees.10. Our honeymoon was two days in Las Vegas at a luxurious hotel called Le Mirage.11.Nowadays, many young adults rely on their parents for financial support.12.The millionaire put up a lot of money for the church.13.they intend to invest directly in shares.14.I’m always working under pressure to meet deadlines15. we need a big win to boost our confidence.三multiple choices.1. At the bus stop A__ a soldier and two young people on their way to the village.A. wereB. wasC. have beenD. would be2.. Three million tons of coal _A_every year in the city.A. is exploitedB. are exploitedC. had exlpoitedD. have exploited3. The swallow was lucky that it just missed __C__A. catchingB. to be caughtC. being caught4. Only one of these books is __D__A. worth to readB. worth being readC. worth of readingD. worth reading5. would you mind _D_ your radio a little, please?A. turn offB. turning offC. to turn downD. turning down6. My parents don’t mind what job I do _C_ I am happy.A. even thoughB. as soon asC. as long asD. as though7. __D_ hungry I am, I never seem to be able to finish off this loaf of bread.A. whateverB. whereverC. wheneverD. however8. The students will put off the outing until next week __A___ they won’t be so busy.A. when B as C. since D. in which9. An investigation was made into the accident, _D_ fifty people were killed.A. for thatB. whereC. when10. The time is not far away __A__modern communications will become widespread in China’s vast countryside.A. whenB. asC. untilD. before11. Lauguage is a city, to the building of _A_ every human being brought a stone.A. whichB. thatC. itD. this12 My parents live in a small village. They always keep candles in the house _C_ there is a power failure.A. if B . unless C. in case D. so that四．ClozeI fell in love with Yosemite National Park the first time I saw it, when I was 13. My parents took there for camping. On the way out, I asked them to wait while I ran up to El Captain, a ______ rock of 3,300 feet straight up, I touched that gaint rock and knew _______ I wanted t o climb it . That has been my life’s passion ever since-----_____ the rocks and mountains of Yosemite. I’ve long made Yosemite my ______.About 15 years ago, I started seeing a lot of ______, like toilet paper, beer cans, and empty boxes around the area. I t’s _____ me why visitors started respecting the places _____ and treated such a beautiful home-like place this way.I tried _____ trash myself, but the job was too big. I would _____ an hour or two on the job, only to find the area trashed allover again weeks later. Finally I got so _____ it that I decided to something had to change.As a rock-climbing guide, I knew _____ about organizing any big event. But in 2004, together with some climbers, I set a date for a _____. On that day , more than 300 people _____. Over three days, we collected about 6,000 pounds of trash. It was amazing how much we were able to ______. I could’t believe the _____ we made---- the park looked clean!Each year, volunteers come for the cleanup from everywhere. In 2007 alone, 2,945 people picked up 42,330 pounds of trash and ____ 132 miles of roadway.I often hear people ______ about their surroundings. If you are one of them, I would say the only way to change things is by _____ rather than complaining. We need to teach by _____. You can’t blame others ____ you start with yourself!B 1. A. distant B. huge C. narrow D. looseA 2. A. immediately B. finally C. gradually D. recentlyD 3. A. imagining B. painting C. discribing D. climbingB 4.A. garden B. home C. lab D. palceC 5.A. material B. resources C. waste D. goodsA 6.A. beyond B. agianst C. over D. withinC 7.A. more B. most C. less D. leastB 8. A. throwing away B. picking up C. breaking down D. digging outD 9. A. kill B. save C. wait D. spendC10. A. satisfied with B. delighted in C. tired of D. used toD11. A. something B. anything C. everything D. nothingA12. A. cleanup B. party C. picnic D. concertB13. A. dropped out B. showed up C. looked around D. called backC14. A . demand B. receive C.accomplish D. overcomeD15. A. plan B. visit C. contact D. differnceC16. A. crossed B. measured C. covered D. designedB17. A .talk B. complain C. argue D. quarrelA18. A. doing B. thinking C. questioning D. watchingC19. A . method B. explanation C. example D. researchD20. A . although B. if C. when D. unless 五．Comprehension readingText BA report consistently brought back by visitors to the US is how friendly，courteous and helpful most Americans were to them. To be fair，this observation is also frequently made of Canada and Canadians， and should best be considered North American. There are，of course，exceptions. Small-minded officials， rude waiters， and ill-mannered taxi drivers are hardly unknown in the US. Yet it is an observation made so frequently that it deserves comment. For a long period of time and in many parts of the country，a traveler was a welcome break in an otherwise dull existence.Dullness and loneliness were common problems of the families who generally lived distant from one another. Strangers and travelers were welcome sources of diversion，and brought news of the outside world. The harsh realities of the frontier also shaped this tradition of hospitality.Someone traveling alone，if hungry，injured，or ill，often had nowhere to turn except to the nearest cabin or settlement. It was not a matter of choice for the traveler or merely a charitable impulse on the part of the settlers. It reflected the harshness of daily life：if you didn‘t take in the stranger and take care of him，there was no one elsewho would. And someday，remember，you might be in the same situation. Today there are many charitable organizations which specialize in helping the weary traveler. Yet，the old tradition of hospitality to strangers is still very strong in the US，especially in the smaller cities and towns away from the busy tourist trails. "I was just traveling through，got talking with this American，and pretty soon he invited me home for dinner—amazing." Such observations reported by visitors to the US are not uncommon，but are not always understood properly.The casual friendliness of many Americans should be interpreted neither as superficial nor as artificial，but as the result of a historically developed cultural tradition. As is true of any developed society，in America a complex set of cultural signals，assumptions，and conventions underlies all social interrelationships. And， of course，speaking a language does not necessarily mean that someone understands social and cultural patterns. Visitors who fail to "translate" cultural meanings properly often draw wrong conclusions. For example，when an American uses the word "friend"，the cultural implications of the word may be quite different from those it has in the visitor‘s language and culture. It takes more than a brief encounter on a bus to distinguish between courteous convention and individual interest. Yet，being friendly is a virtue that many Americans value highly and expect from both neighbors and strangers.6、In the eyes of visitors from the outside world， D__.A. rude taxi drivers are rarely seen in the USB. small-minded officials deserve a serious commentC. Canadians are not so friendly as their neighborsD. most Americans are ready to offer help7、It could be inferred from the last paragraph that __A__.A. culture exercises an influence over social interrelationshipB. courteous convention and individual interest are interrelatedC. various virtues manifest themselves exclusively among friendsD. social interrelationships equal the complex set of cultural conventions8、Families in frontier settlements used to entertain strangers __C__.A. to improve their hard lifeB. in view of their long-distance travelC. to add some flavor to their own daily lifeD. out of a charitable impulse9、The tradition of hospitality to strangers __B__.A. tends to be superficial and artificialB. is generally well kept up in the united StatesC. is always understood properlyD. has something to do with the busy tourist trailsA 10、What‘s the author’s attitudes toward the American‘s friendliness？A. Favorable.B. Unfavorable.C. Indifferent.D. Neutral.六 chinese into english for translation.1. 最简单的做法就是开立一个银行账户。

浙江财经大学公司金融期末复习

Problem:1.Function of financial market and list some financial intermediarieAnswer1:A.contributing to higher production and efficiency in the economyB.Improving the well-being of consumers by allowing them to their purchases betterAnswer2:(1) facilitate investment and financing.(2) a reasonable guidance of capital flow, which contributes to the concentration of capital and promotes the transfer of high-efficiency units.(3) convenient and flexible turnover of funds.(4) to achieve risk diversification, reduce transaction costs.(5) are conducive to enhancing the flexibility of macro-control.(6) to help strengthen economic ties between regions and countries.Intermediaries:BanksBuilding societiesCredit unionsFinancial advisers or brokersInsurance companiesCollective investment schemesPension fundsThe investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.2.Why profit maximization is not an ideal corporate finance objective?(1)The primary goal of corporate finance is maximize or increase shareholder value not profit(2)To a skilled accountant, however, a decision that increases profits under one set of accounting rules can reduce it under another.(3)Accounting profits are not necessarily the same as cash flows.(4)The problem with profit maximization as a goal is that it does not tell us when cash flows are to be received.(5)Profit maximization ignores the uncertainty or risk associated with cash flows.总：For the fact that a firm cannot survive with mere profit maximization ,but must increase long-term security through investment and meeting shareholder expectations. This will increase their productive capacity for the future as well as encourage the risky capital investment of the shareholders.3. Characteristics of business organization:(1) sole proprietorship: A business owned and managed by a single individual.Features: Cheapest to form. no formal charter, few government regulationsPays no corporate income taxesUnlimited liability for business debts and obligations.Its life is limited by the life of the sole proprietorThe money raised is limited by the proprietor’s personal wealth(2) partnership: A business formed by two or more individuals or entities.General partnership: All partners share in gains or losses, all have unlimited liability for all partnership debts.Limited partnership: One or more general partners will run the business and have unlimited liability. The limited partner's liability is limited to their contribution to the partnership. Features: Often inexpensive and easy to formDifficult to transfer ownershipDifficult to raise large amounts of cashIncome is taxed as personal income(3) Corporation: Is a legal “person”separate and distinct from its owners .Features: Limited liability for stockholders.Unlimited life for the business.Ownership can be easily transferred.These characteristics make it easier for corporations to raise capital.The disadvantage to corporations is double taxation.4. What is corporate finance and describe their decisions?Corporate finance is the study of the answers to the following questions:(1) What long-term investments should you take on?(2)Where will you get the long-term financing to pay for your investment?(3) How will you manage your everyday financial activities?(WIKI)Corporate finance is the area of finance dealing with the sources of funding and the capital structure of corporations and the actions that managers take to increase the value of the firm to the shareholders, as well as the tools and analysis used to allocate financial resources.Investment Decisions: Concerning non-current assent or capital budgeting.Evaluating the size, timing and risk of future cash flow.Cash flow versus accounting profitFinancing Decisions: Determine how the assets will be financed.What is the best type of financing?What is the best financing mix?What is the best dividend policy (dividend decision)?Capital structureAsset Management Decisions: How do we manage existing assets efficiently?Greater emphasis on current asset management than fixed assetmanagement.Working capital management.5. Evaluate IRR ruleFor the fact that internal rate of return is a rate quantity, it always is used to be an excellent indicator of the efficiency, quality, or yield of an investment.However, As an investment decision tool, the calculated IRR should not be used to rate mutually exclusive projects, but only to decide whether a single project is worth investing in.The IRR does give you a rate of return, but the IRR could be for a small investment or for only a short period of time.6. Financial managementFinancial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind.The investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.7. Describe net operation theory，traditional theory, MM theory without(with)corporate tax, with bankruptcy and agency costNet Operating Income Approach -- A theory of capital structure in which the weighted average cost of capital and the total value of the firm remain constant as financial leverage is changed. Traditional Approach -- A theory of capital structure in which there exists an optimal capital structure and where management can increase the total value of the firm through the judicious use of financial leverage.The relationship between financial leverage and the cost of capital is explained by the NOI approach.Provide behavioral justification for a constant ko over the entire range of financial leverage possibilities.Total risk for all security holders of the firm is not altered by the capital structure.Therefore, the total value of the firm is not altered by the firm’s financing mix.Total market value is not altered by the capital structure (the total size of the pies are the same).M&M assume an absence of taxes and market imperfections.Investors can substitute personal for corporate financial leverage.No TaxesProposition I: Firm value is not affected by leverageVL = VUProposition II: Leverage increases the risk and return to stockholdersrs = r0 + (B / SL) (r0 - rB)rB is the interest rate (cost of debt)rs is the return on (levered) equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtSL is the value of levered equitywith Corporate TaxesProposition I (with Corporate Taxes):Firm value increases with leverage VL = VU + TC BProposition II (with Corporate Taxes):Some of the increase in equity risk and return is offset by interest tax shield rS = r0 + (B/S)×(1-TC)×(r0 - rB)rB is the interest rate (cost of debt)rS is the return on equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtS is the value of levered equityAgency Costs -- Costs associated with monitoring management to ensure that it behaves in ways consistent with the firm’s contractual agreements with creditors and shareholders.Value of levered firm= Value of firm if unlevered + Present value of tax-shield benefits of debt -Present value of bankruptcy and agency costsCalculation:1.Annuity;Perpetuity:PV:FVC = Cash flow per periodi = interest raten = number of paymentsC = Cash flow per periodi = interest raten = number of paymentsPV of a perpetuity = P / iIn this formula "P" represents your annual payment and "i" represents your interest or discount rate. PV of a growing perpetuity = P / (i - g)In this formula "P" represents your annual payment, "i" represents your interest or discount rate and "g" represents the growth rate.2.Valuation of bond(half year)and stock3.Investment criterion IRR,NPV,PBP,PINPV:Given the (period, cash flow) pairs (, ) where is the total number of periods, the netpresent value is given by:IRR:NPV=0,i=IRRGiven the (period, cash flow) pairs (, ) where is the total number of periods, the netpresent value is given by:PBP:Payback Period = W + (X - Y) / ZW is the year before which the investment value is crossed in cumulative cash flowsX is the initial investment or the initial cash outlayY is the cumulative cash flow just before the investment value is crossed in cumulative cash flows Z is the cash flow of the year in which the investment value is crossed in the cumulative cash flowsPI:PI=(PV of future cash flow )/(Initial investment)=1+NPV/(Initial investment)4.Expanding and Replacement:;EAC:EAC = NPV/A t, r where A= the present value of an annuity factort = number of periodsr = interest rateA t, r=(1-1/(1+r)^t)/r5.WACC,CAPM:WACC:where is the number of sources of capital (securities, types of liabilities); is the requiredrate of return for security ; and is the market value of all outstanding securities .where D is the total debt, E is the total shareholder’s equity, Ke is the cost of equity, and Kd is the cost of debt.Tax effects[edit]Tax effects can be incorporated into this formula. For example, the WACC for a company financedby one type of shares with the total market value of and cost of equity and one typeof bonds with the total market value of and cost of debt , in a country with corporatetax rate , is calculated as:CAPM:where:is the expected return on the capital assetis the risk-free rate of interest such as interest arising from government bonds(the beta) is the sensitivity of the expected excess asset returns to the expected excess marketreturns, or also ,is the expected return of the marketis sometimes known as the market premium (the difference between the expected market rate of return and the risk-free rate of return).is also known as the risk premiumRestated, in terms of risk premium, we find that:Modified formula:"where:is required return on security iis risk-free rateis general market risk premiumis risk premium for small sizeis risk premium due to company-specific risk factor6.DOL,DFL,DTL,EPS-EBITDOL:DOL =% change in EBIT / % change in salesDFL:DFL =% change in EPS / % change in EBITDTL:DTL =% change in EPS / % change in salesEPS:earnings per shareEBIT:operating profit7.MM without and with corporate tax;arbitrageWithout taxesProposition Iwhereis the value of an unlevered firm = price of buying a firm composed only of equity, andis the value of a levered firm = price of buying a firm that is composed of some mix of debt and equity. Another word for levered is geared, which has the same meaning.Proposition IIwhereis the required rate of return on equity, or cost of equity.is the company unlevered cost of capital (ie assume no leverage).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.With taxesProposition Iwhereis the value of a levered firm.is the value of an unlevered firm.is the tax rate () x the value of debt (D)the term assumes debt is perpetualProposition IIwhere:is the required rate of return on equity, or cost of levered equity = unlevered equity + financing premium.is the company cost of equity capital with no leverage (unlevered cost of equity, or return on assets with D/E = 0).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.is the tax rate.。

浙江财经大学金融知识学习题最终版

《金融学》（彭兴韵）习题集带※表示下面答案里没有第一章货币与货币制度名词解释货币制度准货币货币的流动性结构格雷欣法则无限法偿金银复本位制金本位制铸币税问答题：1.货币产生的经济原因是什么？2.货币有哪些职能？3.如何划分货币的层次？不同层次的货币包含了哪些方面的内容？4.货币制度有哪些构成要素？第二章金融系统名词解释间接金融直接金融一级市场二级市场固定收益证券信息不对称道德风险逆向选择贷款承诺债务性金融工具权益性金融工具衍生金融工具证券化问答题：1.金融系统有哪些功能？2.金融活动中的信息不对称会导致什么问题？解决信息不对称问题有哪些方法？3.金融中介机构参与资金融通为何能降低交易成本？请分析其降低交易成本的机制。

第三章货币资金的时间价值名词解释：货币的时间价值年金即时年金普通年金永续年金计算题：1.假定你在银行有一笔存款总共10万元，存期为五年，年利率为7.2%，每年复利一次，五年后，你的账上会有多少钱？设政府征收的利息所得税为20%，今后五年中每年的通货膨胀率为3％，你的这笔存款的税后实际利率为多少？假定你在银行开了一个零存整取的储蓄账户，每月存入500元，存期为五年，月利率为5.25‰。

五年后，你的账户上本息总额会有多少？假定在这五年中，每个月的通货膨胀率为2.5‰，政府征收的利息所得税为20%，那么，五年后你账户上的实际余额是多少？2.假设你以90元购买了一张面值为100元的债券，该债券两年后按面值偿付，即两年后你能够得到100元，那么你购买这张债券的年利率是多少？3.假定你购买了一套住房，从银行得到了20万元的抵押贷款，偿还期为20年，贷款年利率为8.4%，那么你的月供是多少？4.利率为8％的一年期贷款如果按月计息（月利率为8%/12），那么这笔贷款的年收益率是多少？5.你打算通过分期付款的方式买一辆汽车。

第一个经销商提出的方案是，你在未来3年每满一年支付37400元；第二个经销商提出的方案是，未来四年每满一年支付28700元。

浙江财经大学金融学期末复习资料

第一章货币与货币制度一、名词解释：货币制度金银复本位制有限法偿无限法偿格雷欣法则二、不定项选择题1、货币的基本职能是（）。

A 价值尺度B 流通手段C 贮藏手段D 支付手段E 世界货币2、纸币的基本功能是（）。

A 价值尺度B 流通手段C 贮藏手段D 支付手段E 世界货币3、格雷欣法则一般发生在以下哪一种货币制度下（）。

A 平行本位制B 金本位制C 银本位制 D双本位制E 跛行本位制4、货币制度的构成要素有哪些（）。

A 币材的确定B 货币单位的确定C 流通货币的确定D 货币铸造和发行E 支付能力的规定5、香港的港元由以下哪几家商业银行发行（）。

A 花旗银行 B汇丰银行 C 渣打银行 D 中国银行 E 中国人民银行第二章信用一、名词解释：商业信用消费信用银行信用二、选择题1、银行对客户发放的房地产按揭贷款是（）。

A 商业信用B 银行信用C 消费信用D 国家信用E 国际信用2、高利贷信用的特点有（）。

A 利率高B 生产性C 非生产性D 保守性E 扩张性三、简答：1、简要比较商业信用与银行信用。

2、信用的三要素及主要形式有哪些？第三章利息与利率一、名词解释：基准利率弗雪效应二、选择题1、我国在1994年时银行存款利率为10.98％，物价上涨率为21.4％，那么，当时的实际利率为（）。

A 10.98％B 21.4％C –10.42％D 10.42％2、一张面值为100元的“零息债券”，发行价为90元，一年到期后按面值赎回，这张债券的实际收益率为（）。

A 10％B 11.1％C –10％D 0三、简答：1、决定和影响利率的主要因素有哪些？2、简述凯恩斯流动性偏好利率理论。

3、简述关于利率决定的可贷资金理论。

4、简述IS-LM的利率理论。

四、论述：１、试比较实际利率理论（古典利率理论）、凯恩斯的利率理论和可贷资金利率理论。

２、分析利率变动对投资和储蓄的理论影响效应，结合实际分析有哪些因素可能制约这些理论效应的发挥。

财经英语复习(终极版)

财经专业英语复习参考一·英汉互译20×1：经济状况economic conditions 共同的价值观shared values单一欧洲货币single European currency 申请表application form畅销品，热销产品hot property 登记费registration fee自由女神像the Statue of Liberty 实用新型专利utility patent商业周期business cycle 经济低迷时期economic downturn工会labor union 管理层面layers of management市场分析market analysis 生产成本production cost证券交易委员会the Securities and Exchange Commission共同市场Common Market 关税联盟customs union金融市场financial market 贸易障碍trade barriers贸易冲突the trading conflict 金融赤字finance deficit浮动（固定）兑换率flexible(fixed) exchange rate外汇储备foreign reserves 国际储备international reserves经济过热overheated economy 储备货币the reserve currency应付账款accounts payable(payable account) 信用卡credit card财务交易，财务事项financial transaction 存款make deposits取款make withdraws 社会保险Social Security货币转账（转让.转运）服务money transfer service知识产权Intellectual property 贸易简易化trade facilitation关税率customs duty rate二·单项选择20×1：1 They have received hangsome_____on their investments. (profits)2 In many countries tobacco is a government_______.(monopoly)3 The paper publishes a daily list of Stock Exchange_______.(transactions)4 The finance minister put forward a ______aiming at boosting the economy,which must be approved by Parliament.(budget)5 There is only one effective way to control long-range inflationary pressures,and that is increased_______.(productivity)6 Sell the house as soon as possible;there is evidence of a ______in the housing market.(downturn)7 If you feel your idea warrants a utility patent ,don’t attempt to secure it without a patent_____.(attorney)8 Bonds issued by corporations are called _____bonds,which have two basic types:mortgage bonds and debenture bonds.(corporate)9 Commercial and industrial loans _____at larger banks.(dominate)10 Air services are not yet sound enough economically to operate without government ______.(subsidies)11 His new assistant was rapidly ______him as manager of the project.(superseding)12 The trading _____between the U·S and Japan caused a row.(conflict)13 His graduation day ______with his birthday.(concurred)14 If we raise our import duties on their goods ,they may_____against us.(retaliate)15 We promise you to try our product out in the comfort of your own home with absolutely no _____to buy.(commitment)16 After _____with our accountants,we’ve decided how to cut costs within the company.(consultations)17 I am wondering how soon I can______the mortgage because I have no stable income.(redeem)18 The suspect was unable to escape a whole _____of proofs.(array)19 We pay a______when we use the bridge.(toll)三·单词运用15×1【Ex·3】(1) passports 护照Many refugees have arrived at the border without________.(2) prosperity 繁荣 A country’s future_______depends,to an extent,upon the quality of education of its people.(3) licensee获得许可的人In this passage ,a potential______refers to a company which own the license and is likely to buy your patent.(4) trademark 商标You’ve seen many times the R in a circle on some packages of products.It means a registered______.(5) overarching意义重大The project’s______aim is the improvement of education.(6) cheerleader 拉拉队队长She was a ______for the Dallas Cowboys.(7) market analysis 市场分析Before entering a new market intensive_______is required.(8) ratification 批准The agreement has to go to the board for______.(9) barriers 障碍The union has asked the government to impose trade______on foreign cars.(10) crash 垮台;崩溃He lost all his money in the ______of 1929.(11) float 漂流物The government has decided to______the pound.(12) prosperous 繁荣的In a ______country like this,no one should go hungry.(13) Telecommunication电传视讯___________is the extension of communication over a distance.(14) merchandise 商品Shoppers complained about poor quality______and high prices.(15) evolution 进程；过程The______of civilization has developed for a very long time.(16) speculators 投机的商人On market changing,______could get a certain amount of profits.(17) surplus 盈余The expansionary monetary policies were often taken by______countries.(18) expenditure 经费；开支；消费It is reported that this year there will be a(n)______of $ 2 billion on the navy.四·选词填空10×1【Ex·4】1 The international community has refused to _____the newly independent nation state.(recognize)2 The exhibition was______by the museum’s director.(conceived)3 The factory had to stop production because it had not been_____yet at the Industry and Commerce Bureau.(registered)4 The project ______the cooperation of both young and old.(involves)5 The government raises the customs______tariff on imports of foreign cars.(protective)6 He was arrested on suspicion of accepting______.(bribery)7 The college _______to grant degrees.(is empowers)8 H e’s the sort of person who watches a film and then ______it for hours.(dissects)9 The book _______500 pages.(runs to )10 Their statement______nothing more than a slick evasion.(amounts to)11 To make their export goods more competitive,the countries could _____their currencies.(evaluate)12 Because of the disorderly conditions in the exchange market,the government comes to _______in it.(intervene)13 The authorities _____them to investigate this event.(empower)14 Property on which money has been lent is ______when the loan is paid back.(redeemed)15 Medical supplies were ____only to those who obviously needed them.(dispensed)16 The newly developed information superhighway will______the long-distance education,multimedia information exchange ,as well as e-commerce.(facilitate)17 “China’s plan to make its currency fully convertible _______unchanged,”said the directorgeneral of the State Administration of Foreign Exchange.”However,the Asian financial crisis also has taught us some lessons.”he continued.(remains)五·根据课文内容填词15×11 According to the passage,there are three different types of patents.They are_________,______,and________.(Utility patents Plant patents Design patents)2 Copyrights are issued by_______.because copyrights offer protection for artistic and literary works.(the library of congress)3 Applying for a patent is a(n)_______process.Even the simplest application will probably cost several thousand dollars.(expensive)4 A ____________ gives you the right to go to court to protect your property.(copyright)5 If your work is registered before any infringement occurs,you can sue for recovery of your________.(Statutory Damages)6 We are living in the era of_______.(globalization)7 An______means a teacher in a college or university.(academic)8 By diversifying its business globally,an international company can spread its risks and uncertainties of an economic____in a particular part of the world.(downturn)9 The main objective of an international company is to attain the lowest possible production cost and highest possible______.(profit)10 By mass _____a company can reduce the production cost.(production)11 The regional trade organizations try to lower and/or remove trade______among member countries.(barriers)12 The regional trade organizations tend to impose trade_____for products and services from outside of the association.(restrictions)13 The EU’s_______is located in Brussels.(headquarter)14 Integrating the Canadian and American economies is a relatively simple task,while ________of Mexico is one major problem.(integration)15 The first challenge facing the WTO is the trading______between the United States and Japanover automobiles.(conflict)16 European Central Bank is responsible for____________policy and managing the euro.(monetary)17 European_________is elected by the peoples of the Member states of the EU.(parliament)18 In 2004 the biggest ever______of the EU took place with 10 new countries joining.(enlargement)19 The _______is the name of the single European currency.(euro)20 All the WTO agreements signed by the trading nations must be ratified in their_______.(parliaments)21 __________services include banking,insurance,securities and financial information.(Financial)22 By negotiating rules and______by them,the members can ensure that trade is as fair as possible and as free as is practical.(abiding)23 Countries are encouraged to settle their difference through _____without bringing disputes to the WTO.(consultation)六·缩写全拼及翻译5×1ATM自动柜员机automated teller machineEU欧盟the European UnionIMF国际货币基金组织the International Monetary FundWTO世界贸易组织the World Trade OrganizationPTO (美)专利商标局the Patent and Trademark Office。

金融经济学(浙江财经大学)1461506161中国大学MOOC答案2023版完整版

金融经济学(浙江财经大学)中国大学MOOC答案2023版完整版模块一金融和金融系统个人家庭和企业的金融决策1、单选题：A business firm’s decision between financing the purchase of a delivery van by taking out a loan or by leasing is an example of ( ) A: capital-budgeting decisionB: working capital management decisionC: capital structure decisionD: risk management decision答案: capital structure decision2、单选题：In order to protect against a drop in price of the stocks you hold, you decide to lock in stock prices by signing a contract with financial intermediaries. What is the type of financial decision you make in the example? ( ) A: Consumption and saving decisionB: Investment decisionC: Financing decisionD: Risk-management decision答案: Risk-management decision金融市场的类型1、判断题：Stock is one of the financial instruments traded on the money market. A: 正确B: 错误答案:错误金融的概念1、判断题：The roles of time and conditions of uncertainty are the two distinguishing characteristics of financial decisions.A: 正确B: 错误答案:正确金融系统中资金的流动1、单选题：Suppose that Alice bought a house by obtaining a loan from a financialcompany, which raised funds by issuing stocks and bonds in the markets. Which one is correct about the flow of funds? ( )A: Surplus Units – Markets – Deficit UnitsB: Surplus Units – Markets – Intermediaries – Deficit UnitsC: Surplus Units – Intermediaries – Deficit UnitsD: Surplus Units – Intermediaries – Markets – Deficit Units答案: Surplus Units – Markets – Intermediaries – Deficit Units模块二跨时期优化时间价值与折现现金流分析PC1000项目1、单选题：Suppose you are a manager in the personal computer division of Compusell Corporation, a large firm that manufactures many different types of computers. You come up with an idea for a new type of personal computer, which you call the PC1000. Your estimates assume that sales will be 4,000 units per year at a price of $5,000 per unit. The total fixed costs are $3,500,000 per year, in which the depreciation is $400,000. The variable costs are $4,000 per unit for the PC1000. The corporate income tax rate is 40% per year. The initial outlay for PC1000 is $5,000,000 and an additional $2,200,000 you will get back at the end of the project’s life in year 7. The rate used to discount the cash flows is 15%. What would be the NPV of the PC1000 project?A: -$1,260,845B: -$1,360,645C: -$1,270,645D: -$1,260,645答案: -$1,260,6452、单选题：Suppose you are a manager in the personal computer division of Compusell Corporation, a large firm that manufactures many different types of computers. You come up with an idea for a new type of personal computer, which you call the PC1000. The initial outlay for PC1000 is $5,000,000. The total fixed costs are $3,500,000 per year, in which the depreciation is $400,000. The variable costs are $3,750 per unit for the PC1000. Your estimates assume that the price of the personal computer is $5,000 per unit. The corporate income tax rate is 40% per year. And an additional $2,200,000 you will get back at the end of the project’s life in year 7.What would be the break-even volume for the PC1000 project if the cost of capital is 25% per year?A: 4,281B: 4,181C: 4,151D: 4,256答案: 4,181个人生命周期财务规划1、单选题：Georgette is currently 30 years old, plans to retire at age 65 and to live to age 85. Her labor income is $25,000 per year, and she intends to maintain a constant level of real consumption spending over the next 55 years. Assume no taxes, no growth in real salary, and a real interest rate of 3% per year. What is the value of Georgette’s human capital? And what is her permanent income?A: $547,180.50; $20,063.19B: $537,180.50; $20,063.19C: $537,180.50; $20,763.19D: $537,190.50; $20,163.19答案: $537,180.50; $20,063.19净现值与内部报酬率的计算1、单选题：As CEO of ToysRFun, you are offered the chance to participate, without initial charge, in a project that produces cash flows of $5,000 at the end of the first period, $4,000 at the end of the next period and a loss of $11,000 at the end of the third and final year.(a)What is the net present value (NPV) if the relevantdiscount rate (the company’s cost of capital) is 10%?(b)What is the internal rate of return (IRR)?A: (a) -$423.22; (b) 13.6%B: (a) -$413.22; (b) 12.6%C: (a) -$413.22; (b) 13.6%D: (a) -$403.22; (b) 13.9%答案: (a) -$413.22; (b) 13.6%单利、复利等基本概念1、单选题：Suppose you put $1,000 into an account earning an interest rate of 5% per year for 5 years, and assuming you take nothing out of the account before then. What is the future value? What are the simple interest and the compound interest?A: FV=$1,376.28; simple interest=$350; compound interest=$26.28B: FV=$1,226.28; simple interest=$200; compound interest=$26.28C: FV=$1,276.28; simple interest=$250; compound interest=$26.28D: FV=$1,279.28; simple interest=$250; compound interest=$29.28答案: FV=$1,276.28; simple interest=$250; compound interest=$26.28复利、计息频率与有效年利率You take out a loan at an APR (annual percentage rate) of 12% with monthly compounding. What is the effective annual rate on your loan?A: 13.68%B: 12.98%C: 13.98%D: 12.68%答案: 12.68%2、单选题：Suppose a $10,000 T-bill that will mature in 3 months is currently selling for $9,800. If you purchase and hold the T-bill to maturity what rate of return would you earn on this investment computed as a continuously compounding annual rate (over the 3-month period)?A: 8.181%B: 8.081%C: 9.011%D: 8.053%答案: 8.081%资本预算决策与净现值法则You are taking out a $100,000 mortgage loan to be repaid over 25 years in 300 monthly payments. (a) If the interest rate is 16% per year what is the amount of the monthly payment?(b) If you can only afford to pay $1000 per month, how large a loan could you take? (c) If you can afford to pay $1500 per month and need to borrow $100,000, how many months would it take to pay off the mortgage?(d) If you can pay $1500 per month, need to borrow $100,000, and want a 25 year mortgage, what is the highest interest rate you can pay?A: (a) $1358.89; (b) $73,590; (c) 166; (d) 1.582% per monthB: (a) $1368.89; (b) $73,590; (c) 176; (d) 1.482% per monthC: (a) $1358.89; (b) $75,590; (c) 166; (d) 1.482% per monthD: (a) $1358.89; (b) $73,590; (c) 166; (d) 1.482% per month答案: (a) $1358.89; (b) $73,590; (c) 166; (d) 1.482% per month。

(完整word版)浙江财经大学《金融学》期末复习题库

一．名词解释1、货币制度：国家法律规定的国币流通的规则、结构和组织机构体系的总称。

2、金银复本位制：同时以金币和银币作为本位币，两种货币同时流通的货币制度。

3、有限法偿：主要是对辅币规定的，其含义是：在一次支付行为中，超过一定的金额，收款人有权拒收；在法定限额内，拒收则不受法律保护。

4、无限法偿：及法律规定的无限制偿付能力，其含义是：法律保护取得这种能力的货币，不论每次支付数额多大，不论属于何种性质的支付，即不论是购买商品、支付服务、结清债务、缴纳税款等，支付的对方均不得拒绝接受。

5、格雷欣法则：即两种市场价格不同而法定价格相同的货币同时流通时，市场价格偏高的货币（良币）会被市场价格偏低的货币（劣币）所排斥，在价值规律的作用下，良币退出流通进入贮藏，二劣币充斥市场，这种劣币驱逐良币的现象就是格雷欣法则。

6、商业信用：商业信用是企业之间以赊销、分期付款等形式提供的与商品交易直接联系的信用形式。

7、消费信用：为消费者个人提供的用于满足其消费方面所需货币的信用，是现代经济生活的一种信用形式。

8、银行信用：具有如下两个特点的信用：1)以金融机构（主要指银行以及经营类似银行业务的非银行的金融机构）作为媒介。

2）借贷的对象，直接就是出于货币形态的资本。

9、直接融资：资金需求者和资金供给者之间不与金融中介机构发生债权债务关系而直接融通资金。

（公司、企业在金融市场上通过发行股票或债券取得货币资金。

）10、间接融资：资金需求者和资金供给者之间通过与金融中介机构发生债权债务关系间接地发生金融联系。

11、商业汇票：由债权人向债务人发出的支付承诺说，承诺在约定期限支付一定款项给第三人或持票人12、商业期票（商业本票）：由债务人向债券人发出的支付承诺说，承诺在约定期限支付一定款项给债权人13、可转让大额存单：商业银行发行的一种金融产品，是存款人在隐含个的存款证明。

14、回购市场：是指对回购协议进行交易的短期融资市场。

15、场外市场：是指在证券交易所以外进行证券交易的网络。

浙江财经大学大学英语(四)期末考试复习要点

Unit 6 Risks1 At some time or other, all of us have played the part of a hypochondriac, imagining that we have some terrible disease on the strength of very minor symptoms. Some people just have to hear about a new disease and they begin checking themselves to see if they may be suffering from it. But fear of disease is not our only fear, and neither is risk of disease the only risk we run. Modern life is full of all manner of threats—to our lives, our peace of mind, our families, and our future. And from these threats come questions that we must pose to ourselves: Is the food I buy safe? Are toys for my children likely to hurt them? Should my family avoid smoked meats? Am I likely to be robbed on vacations? Our uncertainties multiply indefinitely.2 Anxiety about the risks of life is a bit like hypochondria; in both, the fear or anxiety feeds on partial information. But one sharp difference exists between the two. The hypochondriac can usually turn to a physician to get a definitive clarification of the situation—either you have the suspected disease or you don't. It is much more difficult when anxiety about other forms of risk is concerned, because with many risks, the situation is not as simple.3 Risks are almost always a matter of probability rather than certainty. You may ask, "Should I wear a seat belt?" If you're going to have a head-on collision, of course. But what if you get hit from the side and end up trapped inside the vehicle, unable to escape because of a damaged seat belt mechanism? So does this mean that you should spend the extra money for an air bag? Again, in head-on collisions, it may well save your life. But what if the bag accidentally inflates while you are driving down the highway, thus causing an accident that would never have occurred otherwise?Unit 7 College life2 There's no doubt that Neusner should have taken a closer look at what college life is really like before formulating such a strong opinion about it. He is completely ignoring all the pressures and hard times students go through to make it at college. It is not the way he describes it at all.5 To me, living in a crowded triple, having a one-day reading period before finals, tons of readings, papers, and midterms due the same week are not exactly my idea of "easy, free, forgiving, attentive, comfortable, interesting, unchallenging fun".Unit 6 Risks1.He was finally offered the job on the strength of his good memory (凭借他的记忆力好) and the many exams he had passed.2.She favors a bit of adventure as well as a certain degree of self-government when her children's education is concerned(当涉及到她孩子的教育时).3.Most people who are sick with AIDS want to stay at home, rather than spend time unnecessarily in hospital (而不愿意毫无必要地呆在医院里).4.What if I choose to give small amounts of money regularly over a period of time (在一段时间内定期给少量的钱) instead of donating a large sum once for all?5.I am afraid, Mr. Peterson, the answer is that (答案是这样的) we have to be more efficient than our European competitors.6. The museum does not intend to focus on a particular aspect of modern art (并不打算只关注现代艺术的某个具体方面), but prefers to offer material for the public to study and compare.7. She has decided not to go for a drive on such a windy day even supposing a car was available (即便能搞到一辆车).8. I am well aware of the fact that you have cut yourself off from your past and have starteda totally new life (你已经同过去一刀两断，并已经开始全新的生活这一事实).Unit 7 College life1.Drops executed in the first two weeks of the course will leave no record / won't leave a record on students' transcript (在学生的成绩单上不会留下记录) , but a drop executed during the third through eighth week will result in a grade of W (withdrawal).2.We often heard of stories about some people who could still think calmly and creatively when confronting / facing difficulty (当面临困难的时候).3.You should be aware that applications won't be accepted if they're beyond the deadline (过了截止时间).4.The manager was so angry that he tossed the report on the desk (猛地把报告扔在桌上) and shouted at Sam, "Get out! I don't want to see you again!"5.You must start by unlearning all the bad habits (改掉所有的坏习惯) your previous piano teacher taught you!6.Some trees have grown too high and deprived the house of light (挡住了房中的光线).7.What would be the first word that would pop into your mind (跃入你的脑海) when you see Sunflowers by Vincent van Gogh.8.Living on his own on the campus, he has learned to budget his time (安排好时间).9.These details were supposed to be secrets / confidential (本应是机密), but were somehow leaked out.10.This is a reminder that proposals for state research funding are due this Friday (本周五截止).Unit 9 Science and Technology1. Hardly had she sat down (她刚刚坐下) when the phone rang.2. You need to book your ticket in advance, especially if / when you want to reserve a good seat (特别是如果你想要订一个好位子的话) .3. Anger is not necessarily the most useful (并不一定是最有用的) or acceptable reaction to such events.4. What sort / kind of person do you have in mind (你心里觉得什么样的人适合) for the job?5. There's a limit on the time (有时间限制) you have to take the test.6. Woodhead spent part of his childhood (度过部分童年时光) in a small town in Italy.7. There were three times as many girls as boys (女孩是男孩的三倍).8. I travel to London every day, as do most of the people who live / living in this village (就像住在这个村子里的大多数人一样).9. On the one hand, expansion would be good, but on the other hand it would be sad to lose the family atmosphere (但是另一方面，失去家庭氛围也是很悲哀的).10. Despite / In spite of international pressure (虽然有来自国际上的压力), progress has been made in the peace talks.。

浙江财经大学公司金融期末复习

Problem:1.Function of financial market and list some financial intermediarie Answer1:A.contributing to higher production and efficiency in the economyB.Improving the well-being of consumers by allowing them to their purchases better Answer2:(1) facilitate investment and financing.(2) a reasonable guidance of capital flow, which contributes to the concentration of capital and promotes the transfer of high-efficiency units.(3) convenient and flexible turnover of funds.(4) to achieve risk diversification, reduce transaction costs.(5) are conducive to enhancing the flexibility of macro-control.(6) to help strengthen economic ties between regions and countries. Intermediaries:BanksBuilding societiesCredit unionsFinancial advisers or brokersInsurance companiesCollective investment schemesPension fundsThe investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.2.Why profit maximization is not an ideal corporate finance objective?(1)The primary goal of corporate finance is maximize or increase shareholder value not profit(2)To a skilled accountant, however, a decision that increases profits under one set of accounting rules can reduce it under another.(3)Accounting profits are not necessarily the same as cash flows.(4)The problem with profit maximization as a goal is that it does not tell us when cash flows are to be received.(5)Profit maximization ignores the uncertainty or risk associated with cash flows. 总：For the fact that a firm cannot survive with mere profit maximization ,but must increase long-term security through investment and meeting shareholder expectations. This will increase their productive capacity for the future as well as encourage the risky capital investment of the shareholders.3. Characteristics of business organization:(1) sole proprietorship: A business owned and managed by a single individual.Features: Cheapest to form. no formal charter, few government regulationsPays no corporate income taxesUnlimited liability for business debts and obligations.Its life is limited by the life of the sole proprietorThe money raised is limited by the proprietor’s personal wealth(2) partnership: A business formed by two or more individuals or entities. General partnership: All partners share in gains or losses, all have unlimited liability for all partnership debts.Limited partnership: One or more general partners will run the business and have unlimited liability. The limited partner's liability is limited to their contribution to the partnership.Features: Often inexpensive and easy to formDifficult to transfer ownershipDifficult to raise large amounts of cashIncome is taxed as personal income(3) Corporation: Is a legal “person” separate and distinct from its owners . Features: Limited liability for stockholders.Unlimited life for the business.Ownership can be easily transferred.These characteristics make it easier for corporations to raise capital. The disadvantage to corporations is double taxation.4. What is corporate finance and describe their decisions?Corporate finance is the study of the answers to the following questions:(1) What long-term investments should you take on?(2)Where will you get the long-term financing to pay for your investment?(3) How will you manage your everyday financial activities?(WIKI)Corporate finance is the area of finance dealing with the sources of funding and the capital structure of corporations and the actions that managers take to increase the value of the firm to the shareholders, as well as the tools and analysis used to allocate financial resources.Investment Decisions: Concerning non-current assent or capital budgeting.Evaluating the size, timing and risk of future cash flow.Cash flow versus accounting profitFinancing Decisions: Determine how the assets will be financed.What is the best type of financing?What is the best financing mix?What is the best dividend policy (dividend decision)?Capital structureAsset Management Decisions: How do we manage existing assets efficiently?Greater emphasis on current asset management than fixed assetmanagement.Working capital management.5. Evaluate IRR ruleFor the fact that internal rate of return is a rate quantity, it always is used to be an excellent indicator of the efficiency, quality, or yield of an investment. However, As an investment decision tool, the calculated IRR should not be used to rate mutually exclusive projects, but only to decide whether a single project is worth investing in.The IRR does give you a rate of return, but the IRR could be for a small investment or for only a short period of time.6. Financial managementFinancial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind.The investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.7. Describe net operation theory，traditional theory, MM theory without(with)corporate tax, with bankruptcy and agency costNet Operating Income Approach -- A theory of capital structure in which the weighted average cost of capital and the total value of the firm remain constant as financial leverage is changed.Traditional Approach -- A theory of capital structure in which there exists an optimal capital structure and where management can increase the total value of the firm through the judicious use of financial leverage.The relationship between financial leverage and the cost of capital is explained by the NOI approach.Provide behavioral justification for a constant ko over the entire range of financial leverage possibilities.Total risk for all security holders of the firm is not altered by the capital structure.Therefore, the total value of the firm is not altered by the firm’s financing mix. Total market value is not altered by the capital structure (the total size of the pies are the same).M&M assume an absence of taxes and market imperfections.Investors can substitute personal for corporate financial leverage.No TaxesProposition I: Firm value is not affected by leverageVL = VUProposition II: Leverage increases the risk and return to stockholdersrs = r0 + (B / SL) (r0 - rB)rB is the interest rate (cost of debt)rs is the return on (levered) equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtSL is the value of levered equitywith Corporate TaxesProposition I (with Corporate Taxes):Firm value increases with leverage VL = VU + TC BProposition II (with Corporate Taxes):Some of the increase in equity risk and return is offset by interest tax shield rS = r0 + (B/S)×(1-TC)×(r0 - rB)rB is the interest rate (cost of debt)rS is the return on equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtS is the value of levered equityAgency Costs -- Costs associated with monitoring management to ensure that it behaves in ways consistent with the firm’s contractual agreements with creditors and shareholders.Value of levered firm= Value of firm if unlevered + Present value of tax-shield benefits of debt -Present value of bankruptcy and agency costsCalculation:1.Annuity;Perpetuity:PV:FVC = Cash flow per periodi = interest raten = number of paymentsC = Cash flow per periodi = interest raten = number of paymentsPV of a perpetuity = P / iIn this formula "P" represents your annual payment and "i" represents your interest or discount rate.PV of a growing perpetuity = P / (i - g)In this formula "P" represents your annual payment, "i" represents your interest or discount rate and "g" represents the growth rate.2.Valuation of bond(half year)and stock3.Investment criterion IRR,NPV,PBP,PINPV:Given the (period, cash flow) pairs (, ) where is the total number of periods, the net present value is given by:IRR:NPV=0,i=IRRGiven the (period, cash flow) pairs (, ) where is the total number of periods, the net present value is given by:PBP:Payback Period = W + (X - Y) / ZW is the year before which the investment value is crossed in cumulative cash flows X is the initial investment or the initial cash outlayY is the cumulative cash flow just before the investment value is crossed in cumulative cash flowsZ is the cash flow of the year in which the investment value is crossed in the cumulative cash flowsPI:PI=(PV of future cash flow )/(Initial investment)=1+NPV/(Initial investment)4.Expanding and Replacement:;EAC:EAC = NPV/A t, r where A= the present value of an annuity factort = number of periodsr = interest rateA t, r=(1-1/(1+r)^t)/r5.WACC,CAPM:WACC:where is the number of sources of capital (securities, types of liabilities); is the required rate of return for security ; and is the market value of all outstanding securities .where D is the total debt, E is the total shareholder’s equity, Ke is the cost of equity, and Kd is the cost of debt.Tax effects[edit]Tax effects can be incorporated into this formula. For example, the WACC for a company financed by one type of shares with the total market value of and cost of equity and one type of bonds with the total market value of and cost of debt , in a country with corporate tax rate , is calculated as:CAPM:where:is the expected return on the capital assetis the risk-free rate of interest such as interest arising from government bonds (the beta) is the sensitivity of the expected excess asset returns to the expected excess market returns, or also ,is the expected return of the marketis sometimes known as the market premium (the difference between the expected market rate of return and the risk-free rate of return).is also known as the risk premiumRestated, in terms of risk premium, we find that:Modified formula:"where:is required return on security iis risk-free rateis general market risk premiumis risk premium for small sizeis risk premium due to company-specific risk factor6.DOL,DFL,DTL,EPS-EBITDOL:DOL =% change in EBIT / % change in salesDFL:DFL =% change in EPS / % change in EBITDTL:DTL =% change in EPS / % change in salesEPS:earnings per shareEBIT:operating profit7.MM without and with corporate tax;arbitrageWithout taxesProposition Iwhereis the value of an unlevered firm = price of buying a firm composed only of equity, and is the value of a levered firm = price of buying a firm that is composedof some mix of debt and equity. Another word for levered is geared, which has the same meaning.Proposition IIwhereis the required rate of return on equity, or cost of equity.is the company unlevered cost of capital (ie assume no leverage).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.With taxesProposition Iwhereis the value of a levered firm.is the value of an unlevered firm.is the tax rate () x the value of debt (D)the term assumes debt is perpetualProposition IIwhere:is the required rate of return on equity, or cost of levered equity = unlevered equity + financing premium.is the company cost of equity capital with no leverage (unlevered cost of equity, or return on assets with D/E = 0).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.is the tax rate.。

金融专业英语复习重点

Question for Chapter 1 & 21.What’s the specialty of Treasury Securities?●Low risk●High liquidity.2.What’s the specialty of Money Market?●They are usually sold in large denominations;●The have low default risk;●They mature in one year or less from their original issue date. Most money marketinstruments mature in less than 120 days.3.Who are the participants of money market?●The government;●The Central Bank●Commercial Banks●Businesses●Investment Companies●Insurance Companies4.What market does international financial market include?They include Foreign exchange market, money market, capital market and gold market.5.What does international financial transaction include?It includes Purchases and sales of foreign currency, securities, gold bullion , an lending and borrowing.6.What does financial intermediary mean? Give 2 examples.Financial intermediary means financial service agent, such as Bank, credit union etc.7.What does foreign exchange influenced by?It is influenced by economic and political circumstances of the currencies of the relative countries.8.How to eliminate foreign exchange risk?The risk can be eliminated through forward transactions and foreign currency futures.9.What’s the difference between primary market and secondary market?Primary market: initial issue of bond / stockSecondary market: subsequent trading of bond / stock.10.What’s the difference between money market and capital market?Money market: short term debt instruments (maturity of less than one year) are traded;Capital market: long-term debt and equity instruments (maturity of one year of longer) are traded.11.Which methods could be used to balance the international payment deficit?●Import restriction;●Export promotion●Tighten monetary policy●Tighten fiscal policy●devaluation12.What are risky securities?Stock (shares) and corporate bonds. 3 products traded in Money market.●Treasury bills;●Inter-bank markets;●Commercial paper;●Negotiable certificates of deposit●Banker’s acceptance(any three of above will do) 2 words have similar meaning to characteristics.Specialty, mark, state, condition (any 2 of them will do)15.What’s the other word for “Borrower” and “Lender”?Borrower – debtorLender – Creditor16.What does “significance” mean? Defination17.What does APEC stand for?Asia-Pacific Economic Cooperation18.What’s the word has similar meaning as “mergers”?acquisitions19.What are the 3 functions of Central Bank?●Banker to the government;●Banker to the commercial banks;●Lender of last resort.20.What are the 3 steps for central Bank to turn its direct macro-economic control system into indirect control system?●Replaced the credit line system with the asset-liability management system from the 1stof January;●To reform the reserve requirement policy;●The central bank has reduced interest rates 3 times this year to regulate the macroeconomy.21.What’s Chinese central bank?The People’s Bank of China22.What does “par’ mean?It means face value.23.What does “yield” mean?It means return.24.Which two forms are there of inflation?●Demand-full inflation;●Cost-push inflation25.What does market risk include?●Exchange rate risk●Interest rate riskQuestion for Chapter 3 & 41.Who are primary issuers of capital market securities?P33●Governments and●corporations.2.Which interest rate is higher between long term and short term interest rate? WhyP33Long term interest rates are higher than short-term rates due to risk premiums. ernment can issue both stocks and bonds in the capital market. This statement is T/F?P33False. Governments never issue stocks. 2 ways that Corporation can finance its growth.P33●Debt●equity5.Capital market trading occurs only in the Secondary market. It is T/F?P34False. The trading occurs in both primary and secondary market.6.What’s the different between government notes & bonds?P34●notes have an original maturity of 1 to 10 years●bonds have an original maturity of 10 to 30 years.7.Corporate Bonds with high credit rating has lower interest rate, and vice versa. It is T/F?P35True. 2 ways that the investors earn returns from the shares.P35●Share price rise over time.●Dividend received from the company.9.Shareholders (Stockholders) have a lower priority than bondholders when the company is in trouble. It is T/F?P35True.10.What are the 2 marked Foreign Exchange rate method?P71●Direct method●Indirect method11.For direct foreign exchange rate method, the maxim is “buy high, sell low”, for indirect rates, the maxim is “buy low, sell high”. It is T/F?P50False.12.The system a foreign exchange dealer use is called SWIFT. It is T/F?P52False. It is called Reuters dealing system. 2 forms of foreign exchange conversion.P51●Spot transaction●Forward operation.14.What do financial derivatives include?P53-57●Spot transaction●Forward operations●Swaps●Futures●Currency and interest rate options15.Foreign exchange forward operation price in practice is higher than the spot price. It’s T/F?P54False. Foreign exchange forward operation price in practice is either higher or lower than the spot price16.Swaps contain 2 separable contract-deals. It’s T/F?P55False. Swaps contain 2 simultaneous inseparable contract-deals. It means the contract contains:●Buy and sell at the same time.●Contracts amount are the same.●Different maturity date, i.e. first for spot delivery, and the second for future delivery.17.Futures are forward transactions. Future contracts are customer made. It’s T/F?P56False. Future contracts are standardized in terms of quantity, settlement dates and quotation.18.What are the products traded on Future market?P56Commodity futures and financial futures.Commodity futures including:●Good●MetalsFinancial futures including:●Stocks●Interest rates●Currencies●Stock indexes19.What are the reasons caused the Asian Financial Crisis.P69●Huge deficit in current account●Inappropriate foreign investment policy●Excessive dependence on foreign loans especially short-term loans●Inappropriate foreign exchange policy●Excessive opening up of financial market●Imbalance of economic structure20.Central Bank is usually authorized to act as buying and selling agents of the exchange control authority. It’s T/F?P59False. It’s commercial banks.Question for Chapter 5 -81.What’s the relationship between commercial banks and customers?P81 Debtor-creditor relationship Principal-agent relationship2.What’s the intermediary services provided by commercial banks?P82 Settlement; trust service; Lease; Factoring.3.The Uniform Customs and Practices provide some basic principles: the autonomy of the documentary credit and the documentary credit deals with documents, not with goods. T/F?P87-88 true4.Under the Down or advance payment guarantees, the bank issues the guarantee in favour of buyer at the request of seller. T/F? P91 True5.Long-term commercial loans are often used to finance working capital needs. T/F？P95 False6.Give an example of off-balance sheet instruments.i.e. Finance Lease7.A buyer credit loan is usually arranged in support of a supply contract for capital goods and related service mainly from the country to provide loan. T/F?P96 T8.P91 – GuaranteesFor the 5 guarantees listed in the book, you need to know:The bank issues the bank guarantee at the request of____________, in favour of ________.9.What’s the difference between drafts and promissory notes?P98 Drafts: issued by seller, it is a payment orderPromissory notes: issued by buyer, it is a payment promise.9.ABC Company would like to sell their draft/promissory note to the bank. The face value of the draft/note is US$4m. If the cover rate is 80%, what’s the maximum funds ABC Company can borrow from the bank?P100 $3.20M10.A syndicated loan is negotiated between a group of borrowers and a single bank, but actually funded by several other banks. P102 FA syndicated loan is negotiated between a group of borrower and a single bank, but actuallyfunded by several other banks11.What’s the purpose of syndicated loan? P103To finance a major development, a project, a temporary imbalance of payments, a majorcapital investment program, a project cost over-run, acquisition of a company, short-termto long-term debt conversion, or rationalization of its schedule of long-term debtrepayment.12.The statements regarding ‘Forfaiting’: P98 - 99●Forfaiting provides a source of non-recourse finance through use of drafts, promissorynotes or other instruments representing sums due to the exporter.●Forfaiting provides an arrangement for larger sales being financed on a medium-termbasis.●Forfaiting banks require the institution to have a guarantee by an internationallyrecognized bank.●The most common currencies forfaiting deals are US dollars, Euros and Swiss francs.13.Under BOT, the vehicle company established specially by the sponsors carries out the construction and operations of the project. Who are the parties responsible for the finance of the BOT project?P105●The vehicle company;●sponsors14.What are investment banking activities?P149Securities underwriting, making a market in securities, and arranging mergers, acquisitions and restructuring.15.The regulatory framework for commercial bank and investment bank is the same.P151 f16.We use insurance to protect against the possibility of loss, usually financial loss. The fee we pay the insurance company for this purpose is called premium.P162 true17.Which risk that can be insured by insurance company?P161 pure risk18.Give 2 examples of debt securities:Government bond and corporation bond.19.Which securities represent the ownership of corporations?P183 Equity securities20.I nsurance is a way of managing risk and keeping things stay at its current situation?P1691 fInsurance is a way of managing risk and keeping things on the move.21.In china, the stock exchange is now in general non-profit-making legal entity.P186 T22.In securities trading, both spot trading and future trading are allowed.●P186 falseIn securities trading, only spot trading are allowed23.Preferred shares are somewhat like bonds. T/F?T24.Bond interest is paid first and then preferred dividends. T/F?T25.Preferred shareholders expect to receive dividends, they have no legal right to force the company to pay them. T/F?T26.Bond interest is paid before or after corporate income taxes is calculated?BEFORE27.Western countries usually use 5C loan credit appraisal method. What is 5C?P129It’s character, capacity, capital, collateral and conditions.28.The 5 loan grade is:Pass; Special mentioned; Substandard; Doubtful; Loss29.Underwriting securities means the investment banker promises to buy the securities and selling them to public. T/FT30.Principle of indemnity is usually contained in all insurance contracts for it is a legal base. T31.The payment methods commonly used by banks include mail transfer, demand draft and telegraphic transfer. T/F? T32.If there are more purchases than sales on it, which render its price up, it is called bull market, on the contrary, it is called bear market. T33.Financial markets facilitate the lending of funds from savers to those who wish to undertake investments. It is T/F? T34.Foreign bank notes are foreign exchange in the narrower sense. T/F?P51 F Foreign bank notes are not foreign exchange in the narrower sense35.Banks are prohibited from owning risky securities, such as stocks or corporate bonds. It is T/F?True.36.The purpose of insurance is to provide an opportunity for financial gain. T/FF37.Fundamentalists study the cause of market movement while technicians believe that the effect is all that they need to know. It is T/F? True.。

2020年浙江财经大学研究生英语口语复试真题

2020年浙江财经大学研究生英语口语复试真题浙江财经大学经济学院国际商务英语口语面试：英语自我介绍（2-3min）一专门的口语老师和你对话（生活口语）1、为什么考研？2、大学闲暇时间主要干啥？4、最喜欢的书/电影？5、介绍你的家乡6、为什么选这个专业学院：金融学院专业：金融专硕英语口语考试过程：英语自我介绍（3min）→英语老师提问回答问题（3min）英语口语题目：1、你最喜欢的本科课程是什么2、你觉得努力和天赋哪个更重要3、你喜欢的学生工作是什么4、你的兴趣爱好是什么5、如何看待学术与诚实6、如果平衡工作和学习（自我介绍有说工作经历）7、为什么未报考浙江财经大学8、介绍一下自己的家乡9、介绍一下杭州这个城市学院：财政税务学院专业：财政学硕英语口语考试过程：英语自我介绍（10min）→抽题目回答问题（5min）英语口语题目：1、为什么报考浙江财经大学？2、学习方法3、读过的书；是否学过stata学院：金融学院专业：金融学硕英语口语考试过程：英语自我介绍（5min）英语口语题目：1、为什么报考浙江财经大学？2、为什么要学习英语3、读过的书4、如何学习英语5、英语对金融的作用6、最敬佩的人是谁7、为这次复试做了什么准备北京工商大学北京工商大学其中英文题目一般都是专业相关的基本名词，比如机会成本、寻租理论等。

英文自我介绍没有要求，但可以准备一下，以防万一。

What kind of product will you buy on the internet and why？Please give a brief introduce of opportunity cost and give an example、The best income that producers can derive from the use of the same factors of production in other production uses、For example，as farmers get more land，he can't raise chickens if he choose to raise pigs，the opportunity cost of raising pigs is to give up the income from raising chickensPlease give a brief introduce of rent seeking。

金融学(双语)复习资料第4章

A Chapter 4F 1. A financial intermediary transfers funds from borrowersto lenders by creating claims on itself.金融中介机构通过建立自身债权转让从借款人的资金贷款T 2. When cash is deposited in a checking account, thereserves of commercial banks are increased.当现金存入支票帐户时，商业银行的准备金增加F 3. When funds are deposited in a savings account, the excess reserves of banks are unaffected.当资金存入储蓄账户中，银行的超额准备金不受影响F 4. Large certificates of deposit in units of $500,000 are insured by FDIC.存款50万元的单位大证由美国联邦存款保险公司的保险保障T 5. In general, banks prefer loans that stress liquidityand safety.一般情况下，银行更喜欢强调流动资金贷款和安全性T 6. Savings and loan associations are a major source of mortgage funds.储蓄和贷款协会是抵押贷款资金的主要来源F 7. Insurance companies are a major source of loans to individuals.保险公司是个人贷款的主要来源T 8. Money market mutual funds invest in short-term securities like U.S. Treasury bills.货币市场共同基金投资于如美国国库券的短期证券F 9. An increase in interest rates tends to reduce theearnings of money market mutual funds.在利率上升往往会降低货币市场共同基金的收益T 10. A pension plan that invests in the stock of IBM orVerizon does not perform the function of a financial intermediary.投资于IBM或Verizon公司的股票的退休金计划不执行金融中介的功能F 11. Investments in money market mutual funds are insured up to $100,000 by the federal government.在货币市场共同基金投资是投保高达10万美元的联邦政府T 12. A financial intermediary creates claims on itself, when it accepts depositors' funds.金融中介机构建立自身债权，当它接受存款人的资金F 13. If a firm issues securities that are sold to a commercial bank, individuals' savings are directly transferred to the firm. 。

浙江财经大学赵吟佳外贸英语函电期末复习

UNIT 1 BUSINESS LETTERS WRITING1.Basic Principles of Business Letters Writing (7c)(1) Consideration(2) Correctness(3) Completeness(4) Concreteness(5) Conciseness(6) Clearness (clarity)(7) Courtesy2.Structure of Business Letters(1)Letterhead①the name of the firm②telephone number, telegraphic address, telegraphic codes used, telexnumbers③E-mail account④trademark or the kind of business carried on(2)Dateline①In full, in the logical order of day, month, year.e.g. 12th May 2004 or 12 May 2004②For the day, either cardinal numbers or ordinal numbers can be used.e.g. 3rd April 1991 or 3 April 1991③The day can also be written after the month, but a comma must bewritten after the day.e.g. June 1st, 2003 or July 2nd, 2004④Never give the date in figures: 12/10/1999, 12/07/1998⑤The date is usually placed two lines below the last line of the letterhead,at the left margin for full block style or ending with the right margin forindented style.(3)Inside Address①The name and address, including：a. courtesy titlesa. name of the house or companyb. number of the house and name of the streetc. name of city and townd. country or state and its post codee. name of country / E-mail address②The name and address to be placed at the left-hand margin of the writingpaper.③The courtesy titles generally used are Mr. (Esq.), Mrs., Miss, Messrs.④Esq. (for Esquire) is legally restricted to certain classes of persons inAmerica (e.g. judges, magistrates, barristers)⑤In England, to single person, Mr. Name or Name, Esq. But Americansnever use Name, Esq.⑥Mrs. (for mistress) is used for a married woman and Miss for anunmarried woman.⑦Ms. As the courtesy title for all women, particularly career women.⑧Most often used: Messrs. as the plural form of Mr. is used only forcompanies or firms, the names of which include a personal element.e.g. Messrs. J. Harvey & Co. It is not used in any of the following cases: (a)when an individual is addressed; (b) when the title is impersonal; (c)when courtesy title is already included; (d) when the title begins withThe.(4)Salutation①Dear Sirs; Gentlemen; Dear Madam or SirNote that you cannot use Sirs alone and that Gentlemen cannot be usedin the singular.②After the inside name and address, the salutation is typed two lines down,flush with the left margin(5)Body of Letter(6)Complimentary Close①Yours sincerely (Dear Mr. Name with formality or Americans); Yoursfaithfully (Dear Sirs/Dear Madam, used as standard practice in Britain);Yours truly (Americans)②The complimentary close appears in the middle of the page or flush withthe left margin in fully blocked letters and two lines below the lastsentence of the letter.(7)Signature①It mainly consists of the addresser’s signature, the typed name of himand his position immediately below the complimentary close. It shouldbe written in ink.②Yours faithfullyCompany name(signature)Title (e.g. manager) 3.Miscellaneous matters(1)References①In letterheadsYour ref:Our ref:②The part of the first paragraph of the reply letter.Dear Sir:Thank you for your letter, reference ALM/PS, of 15th September.③Typed as a heading.Dear Sir:Your Ref: ALM/PSThank you for your letter of 15th September.(2)For the attention of…It is considered as a part of inside name and address and it leads to a particular person or department when the letter is addressed to a company.It is typed two line-spacing above the salutation, underlined.e.g.Messrs. Sullivan & Son264 Chorlton StreetCARACASVanezuelaAttention: Import DepartmentDear Sir,Subject(3)Subject headings①Main headingsThe heading is placed two line-spacing below the salutation, underlined,and centered over the body of the letter or at the left-hand margin to callthe attention to what content the letter is about.e.g.Dear Sir:Your Order NO. 3456②Paragraph headingsThe heading is placed at the beginning of each paragraph.(4)Enclosurese.g.①Encls: 2 commercial invoices②Enc-21.Price List2.Terms and Conditions of Sales(5)Carbon Copy NotationWhen copies of the letter are sent to others, type c c (CC) below the signature at the left margin.e.g. CC (to) Edwa McNeile(6)Postscript (p.s.)Add to the letter something forgotten to mention or for emphasis.Two lines below any other notations.Try to avoid using P.S. since it may suggest that the writer failed to plan theletter well.4.The Formats of a Business Letter(1)The Full Block Format (Page 12)(2)Semi-indented (block) Format (Page 11)UNIT 2 ESTABLISHING BUSINESS RELATIONSTranslation1.Set up / open up / enter into / establish business relations 建立业务关系2.We are willing to enter into business relations with you.3.We express our desire to…4.First Enquiry 首次询价5.Through the courtesy of… 承蒙……的介绍We owe your name to the…Your company has been kindly introduced to us.6.Specialize in / Deal in / Engage in / Handle （products we handle）经营、从事7.Fall within the scope of our business activities. 在我们的经营范围内。

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