财务管理专业英语期末复习
财务管理试卷(英文版)答案
《财务管理(英）》课程期末考试试卷标准（参考）答案及评分标准Part 1: Choice Questions (16 questions, 1 point each, 16 points total)Part 2: Calculation Questions (3 questions, 8 points each, 24 points total)1.Answer:CAPM is: E(R i) = R f + [E(R M) – R f] × iSubstituting the values we are given, we find:E(R i) = .05 + (.14 – .05)(1.3) = .1670 or 16.70% (4 points)P0 = D0×(1+g)/(R-g) = 2×1.08/(16.7%-8%)=$24.83 ( 4 points)2.Answer: (10 points)The economic order quantity is:EOQ = [(2T × F)/CC]1/2EOQ = [2(52)(4,000)($2,600)/$40]1/2EOQ = 5,2003.Answer: (8 points)Bond value = 50×(P/A, 6%, 40) + 1000×(P/s, 6%,40 )=50×15.0463 ＋1000×0.0972=$849.54Part 3: Comprehensive Questions (4 questions, 15 points each, 60 points total ) 1.Answer:1)Compute the following ratios: ( 7 points)Current ratio: = 11,000/10,000 =1.1Total debt ratio (10,000+12,000)/ 38,000 = 57.9%Total asset turnover = 10,400/ 38,000 = 27.4%Profit margin = 2,327/10,400 = 22.375%Equity multiplier = 38,000 / 16,000 = 2.375ROA = 2327 / 38000 = 6.12%ROE = 2327 / 16000 = 14.54%2)Using Du Pont Identity to compute the ROE ( 4 points)ROE = Profit margi n×Equity multiplier×Total asset turnover= 22.375%×2.375 ×27.4% = 14.56%3)( 4 points)The plowback ratio, b, is one minus the payout ratio, so:b = 1 – .20 = .80we can use the sustainable growth rate equation to get:Sustainable growth rate = (ROE × b) / [1 – (ROE × b)]= [0.1454(.80)] / [1 – 0.1454(.80)]= .1317 or 13.17%2.Answer:( 15 points)3.Answer:1) Annual depreciation = $618,000 ÷ 3 = $206,000Taxes = ($265,000 - $206,000) ⨯ .34 = $20,060OCF = $265,000 – $20,060 = $244,940 (4 points)2) After tax Salvage value = $60,000 ⨯ (1 - .34)] = 39,600 ( 3 points)CF 0 = -$618,000 + (-$23,000) = -$641,000 CF1—CF2 = $244,940CF 3 = $244,940 + [$60,000 ⨯ (1 - .34)] + $23,000 = $307,5404)321)09.1(540,307$)09.1(940,244$)09.1(940,244$000,641$NPV +++++-== $27,354.00 ( 4 points)4. (15 points)The Capital Structure QuestionCapital Structure and the Cost of CapitalThe Effect of Financial LeverageThe Basics of Financial LeverageCorporate Borrowing and Homemade Leverage ( 3 points)Case I: M&M Capital Structure and the Cost of Equity Capital ( 3 points)M&M Proposition I: The Pie ModelThe Cost of Equity and Financial Leverage: M&M Proposition II Business and Financial RiskCase II: M&M Propositions I and II with Corporate Taxes ( 4 points)The Interest Tax ShieldTaxes and M&M Proposition ITaxes, the WACC, and Proposition IICase III: M&M Propositions I and II with Corporate Taxes and Bankruptcy Costs ( 4 points)Direct Bankruptcy Costs Indirect Bankruptcy CostsTaxes and Bankruptcy Costs , M&M Proposition ITaxes and Bankruptcy Costs , the WACC, Proposition IISummery: Optimal Capital Structure ( 1 point)Optimal Capital Structure and the Cost of Capital。
财务管理专业英语期末复习
财务管理专业英语期末复习财务管理专业英语期末重点一、单词Topic1财务管理 financial management资本预算 capital budgeting资本结构 capital structure股利政策 dividend policy存货 inventory风险规避 risk aversion股东权益 stockholder s’ equity流动负债 current liabilityTopic2财务风险 financial risk合伙制企业 partnership私人业主制企业 sole proprietorship收入 revenue主计长 controller财务困境 financial distress股票期权 stock option首次公开发行股票(IPO) initial public offeringTopic 3盈利能力 profitability偿付能力 solvency利润表 income statement有价证券 marketable securities提款 withdrawal应收账款 accounts receivable递延税款 deferred taxTopic4流动性比率 liquidity ratio权益乘数 equity multiplier资产收益率(ROA) return on assets毛利 gross profit margin权益报酬率 return on equity市盈率 P/E ratio杠杆比率 leverage ratio息税前盈余(EBIT) earnings before interest and taxesTopic5货币时间价值 time value of money年金 annuity折现率 discount rate机会成本 opportunity cost递延年金 deferred annuity条款 covenant到期收益率 yield to maturity违约风险 default riskTopic6组合 portfolio可分散风险 diversifiable risk概率 probability灵敏度分析 sensitivity analysis有效市场假说 efficient market hypothesis 套利定价理论(APT) arbitrage pricing theory 资本资产定价模型capital asset pricing model期望收益 expected returnTopic7资本支出 capital expenditure资本预算 capital budget破产 bankruptcy制造费用 overhead模拟 simulation期后审计 post-auditTopic10股票回购 stock repurchase股票股利 stock dividends股票分割 stock split所有权稀释 dilution of ownership剩余股利政策 residual dividend policy清算股利 liquidating dividend现金股利 cash dividends股票股利 stock dividendsTopic11营运资本管理 working capital management商业票据 commercial paper支出 disbursement信用期限 credit period交易动机 transaction motive短期有价证券 marketable security回购协议 repurchase agreement银行承兑汇票 bankers’ acceptanceTopic12国际财务管理international financial management国际货币基金组织 International MonetaryFund跨国公司multinational corporation /international corporation汇率 exchange rate间接标价 indirect quotation贬值 depreciate远期交易 forward trade货币互换 currency swap二、计算公式资本资产定价模型公式 capitalR M=2.wacc公式加权平均资本成本weighted average cost of capitalWACC=(k e*w e)+［k d*(1-t)*W d］WACC=［equity/(equity+debt)］*costof equity*(1-corporate tax rate) Wacc=(股权/总资本)*股权成本+（债务/总资本）*债务成本*（1-企业所得税率）三、填空1.The risk of an asset can be considered in two ways (1)on a stand-alone basis. where the asset’s cash flows are analyzed by themselves ,or(2)a portfolio context, where the asset’s cash flows are combine with those of other asset.2.In a portfolio context ,an asset’s risk can be divided into two components ：在投资组合中资产风险可以分为（1）diversifiable risk ,which can be diversified away and thus is of little concern to diversified investors , and (2)market risk, which reflect the risk of a general stock market risk decline and cannot be eliminated by diversification.3 .There are three types of financial market efficiency 金融市场的有效性(1)allocationally efficient(2)operationally efficient(3)informationally efficient4. Project Classifications 项目分类Payback period (PP) 回购期 and （5）Discounted payback period (DDP) 折扣回购期6，The post-audit has two main purpose :期后审计的两个虽最重要目的（1）Improve forecasts 提高预测（2）Improve operations 改善经营7.Financial market serve three important functions in a healthy economy:金融市场在场和公开市场9.investment banks provide three major services in handing a new security issue :投资银行在持有新证券发行时提供的三个主要服务：（1）Advising 咨询（2）Underwriting 承销（3）Marketing 营销10.Equity 股权融资（1）Owner’s equity所有者权益（2）Venture Capital and private Equity风险投资和私募投资（3）common stock 普通股（4）warrants 认证权证（5）Contingent value right 或有价值权利11.Debt债务融资（1）bank debt 银行借款（2）bonds 债券（3）leases 租赁12.Firms generally consider the following factor when making capital structure decisions:公司选择资本结构时一般要考虑下列因素（1）Sale stability 销售稳定性（2）Asset structure 资产结构（3）Operating leverage 经营杠杆（4）Growth 增长率（5）Profitability 盈利能力（6）Taxes 税收（7）Control 控制（8）Management attitudes 管理（9） Lender and rating agency attitudes 贷款人及评级机构的态度（10） Market conditions 市场条件（11）factors 公司因素 (3) Other constraints 其他因素16. Cash management involves three major decision areas 现金管理的三个决策（1）Determining appropriate cash balances确定适当的现金余额（2）Investing idle cash 投资闲置资金（3）Managing collections and disbursements 管理收款和付款17. Credit policy 信贷政策5csOne technique that is useful aid in deciding whether to grant credit is the Five Cs of Credit .Credit analysts generally consider five factors when determining whether to grant credit:(1)character 特征(2) capacity 能力(3) capital 资本(4) collateral 抵押(5)conditions 条件18. Inventory management techniques 存货管理技术Management commonly use four inventory management techniques:管理者通常使用的4个存货管理制度（1）the abc system abc系统（2）the economic order quantity(EOQ) model 经济定价量模型（3）the just-in-time (JII) system 定时采购系统 (4) the materials requirementplanning (MRP) system 物料需求。
财务管理专业英语复习题(参考答案)
D. working sheet D. equipment depreciation C. capital budgeting. A. time deposits A. the initial cost of the project can be reduced. C. notes payable B. sunk A. I and III only C. salaries payable D. product producing C. initial public offering (IPO). A. total A. future value D. (1+8%/2)2-1 B. $295,000 D. collecting accounts receivable faster A. m D. common stock A. gross profit margin A. liquidity ratios B. degree to which the net present value reacts to changes in a single variable.B. the transaction is complete and the goods or services delivered.A. Return on equity A. general economic risk D. It does not include depreciation.C. Interest. B.$108 B. $37.62 B. Corporate investment decisions have nothing to do with financial markets,A. Financial management A. double taxation of dividends D. compound interest D. The market is overvaluing the stock.B. approximately 10 B.640,000 D. issue common stock.A. Net profit margin ×Total asset turnover ×Equity multiplier B.bond issuing C. capital budgeting B. marketability A. future value流动比率Current ratio= Current assets/ Current liabilities=1.91速动比率Quick ratio=( Current assets- Inventory)/ Current liabilities=1.27应收账款周转率Accounts receivables turnover ratio=Sales/Accounts receivable=4.37债务比率Debt ratio= Total liabilities/ Total assets=50.3%资产收益率Return on assets= Net income/ Total assets=3.45%Price/earnings ratio= Market price per share/ Earnings per share=45.83Current ratio = Current assets / Current liabilities = 1.1Total debt ratio =(Total assets – Total equity) / Total assets = 0.58Total asset turnover = Sales / Total assets = 0.27Profit margin = Net income / Sales = 0.22Equity multiplier = Total assets / Total equity = 2.375ROA= Net income / Total assets = 0.061ROE= Net income / Total equity = 0.1452) ROE= Profit margin * Equity multiplier * Total assets turnover = 14.56%Financial management is an integrated decision-making process concerned with acquiring, financing, and managing assets to accomplish some overall goal within a business entity. Other names for financial management include managerial finance, corporate finance, and business finance. Making financial decisions is an integral part of all forms and sizes of business organizations from small privately-held firms to large publicly-traded corporations财务管理是一个通过收购、融资和资产管理来完成一些企业总体目标的综合决策过程。
财务管理英语复习资料
财务管理英语复习资料一、财务管理英语的重要性在当今全球化的商业环境中，财务管理英语已经成为企业财务管理领域中不可或缺的一部分。
无论是与国际合作伙伴进行商务交流，阅读和理解国际财务报告，还是参与跨国投资和融资活动，具备良好的财务管理英语能力都能够为财务专业人士提供更多的机会和竞争优势。
二、财务管理英语的基础词汇（一）财务报表相关词汇1、 Balance Sheet（资产负债表）2、 Income Statement（利润表）3、 Cash Flow Statement（现金流量表）4、 Assets（资产）5、 Liabilities（负债）6、 Equity（所有者权益）（二）财务比率相关词汇1、 Current Ratio（流动比率）2、 Quick Ratio（速动比率）3、 DebttoEquity Ratio（负债权益比）4、 Return on Investment （ROI)（投资回报率）5、 Net Profit Margin（净利润率）（三）财务决策相关词汇1、 Capital Budgeting（资本预算）2、 Working Capital Management（营运资本管理）3、 Cost of Capital（资本成本）4、 Dividend Policy（股利政策）三、财务管理英语的常用句型（一）描述财务状况1、 The company's financial position is stable, with a healthy balance sheet and a positive cash flow（公司的财务状况稳定，资产负债表健康，现金流为正。
）2、 The current ratio of the firm is 2:1, indicating a strong shortterm liquidity position（公司的流动比率为 2:1，表明短期流动性状况良好。
财务英语期末复习资料
财务英语期末复习资料第十五章1、What is the financial deficit? 财政赤字是什么？The gap between the cash that companies need and the cash that they generate internally is the financial deficit.2、 To make up the deficit, companies need to raise money from the outside — borrow or sell new equity. what are the two patterns for corporations to raise money?企业筹集资金的两种模式是什么？Firms may raise funds from external sources or plow back profits rather than distribute them to shareholders.3、 Should a firm elect external financing, they may choose between debt or equity sources. define authorized share capital,issued andoutstanding ,issued but not outstanding,treasury shares.定义法定股本，发行及未偿还，已颁布但尚未行使，发行但偿还，库存股份。
authorized share capital：The maximum number of shares of capital stock that can be sold to the public.Treasury shares ：are issued shares that have been reacquired by the corporation. Outstanding shares： are issued shares that are owned by stockholders.Issued shares are authorized shares of stock that have been sold.Unissued shares are authorized shares of stock that never have been sold.4、what is the difference between Majority Voting and Cumulative Voting? Majority Voting– each director is voted upon separately and stockholders can cast one vote for each share thatthey own.Cumulative Voting– the directors are voted upon jointly and stockholders can allot all their votes to just one candidate Suppose that there are five directors to be elected and you can own 100 shares. You therefore have a total of 500 votes.Under the majority voting system, you can cast a maximum of 100 votes for any one candidate.Under the cumulative voting system, you can cast all 500 votes for your favorite candidate5、Tunneling–the majority shareholders tunnels into the firm and acquire control of the assets forHimself.6、Proxy Contest – transference of corporate control7、优先股的特点Preferred Stock –Stock that takes priority over common stock in regards to dividends.8、Cumulative Preferred Stock–the firm must pay all past preferred dividends before common stockholders get a cent. 累积优先股9、“Default Risk” is the term used to describe the likelihood that a firm will walk away from its obligation, either voluntarily or involuntarily10、税收优势的定义无 Interest is paid from before-tax income, whereas dividendson common and preferred stock are paid from after-tax income. Therefore the government provides a tax subsidy on the use of debt that it does not provide on equity.11、senior debt：P398高级Junior（subordinated）debt：次级12、collateral：抵押品P39813、Warrant：the most dramatic example is provided by a warrant认股权证14、convertible bond：可转换债券P39915、What is primary market？secondary market？OTC？P40016、What is the function of financial intermediary？金融中介的作用p400第十六章1、Venture Capital：创业资本P4072、Some continue to grow with the aid of equity investment provided by wealthy individuals known as angel investors天使投资者3、新公司筹资的最重要方式是：family funds and banks loans；angel investors；specialist venture-capital firms.4、how could the Venture capitalists have opportunity of cash out？Venture capitalists may cash in on their investment in two ways.First, once the new business has established a track record, it may be sold out to a larger firm.Second, the company may decide to go public and so provide the original backers with an opportunity to “cash out,” selling their stock and leaving the original entrepreneurs in control.5、the two items of IPO:Primary Offering: New shares are sold to raise additional cash for the company. Secondary Offering: The existing shareholders decide to cash in by selling part of their holdings6、Bookbuilding：The underwriter builds a book of likely orders and uses this information to set the issue price.7、IPO步骤：P4238、Underwriter - Firm that buys an issue of securities from a company and resells it to the public.Spread - Difference between public offer price and price paid by underwriter. Greenshoe option - Option that allow the underwriter for a new issue to buy and resell additional shares.Prospectus - Formal summary that provides information on an issue of securities. Underpricing - Issuing securities at an offering price set below the true value of the security.9、Types of Auction拍卖Discriminatory auction In a discriminatory auction every winner is required to pay the price that he or she bid.Uniform-price auction In a uniform-price auction both would pay the price of the lowest winning bidder10、Rights Issue— Issue of securities offered only to current stockholders优先股发行 Also known as Privileged subscription 如何计算：Example 1- BNP needs to raise €5.50 billion of new equity. The market price is €77.40/sh. BNP decides to raise additional funds via a 1 for 10 rights offer at €65.40 per share. If we assume 100% subscription, what is the value of each right?Current Market Value = 10 x €77.40 = €774.00Total Shares = 10 + 1 = 11Amount of funds = 774 + 65.40 = €839.40New Share Price = (839.40) / 11 = €76.31Value of a Right = 76.31 –65.40 = €0.91Example2 - BNP needs to raise €1.28billion of new equ ity. The market price is €60/sh. BNP decides to raise additional funds via a 4 for 17 rights offer at €41 per share. If we assume 100% subscription, what is the value of each right? Current MarketValue = 17 x €60 = €1,020Total Shares = 17 + 4 = 21Amount of funds = 1,020 + (4x41) = €1,184New Share Price = (1,184) / 21 = €56.38Value of a Right = 56.38 –41 = €5.3812、Private Placement ：Sale of securities to a limited number of investors withouta public offering私募Disadvantage: A private placement is that the investors cannot easily resell the securities.Advantage: It costs less to arrange a private placement than to make a public issue 第十六章1、what are the two ways for corporations to return cash to their shareholders？ Dividend ；Stock Repurchase2、Types of Dividends：Cash Dividend1. Regular Cash Dividend2. Special Cash DividendStock DividendDividend Reinvestment Plan (DRIP)3、how the dividends are paid？Declaration date: This is the date on which the board of directors announces that the company will pay a dividend.Cum-Dividend Date: Last day when shares are traded with the right to receive the dividend.Ex-Dividend Date: First day when shares are traded without the right to receive the dividend. (a business day after the Cum-Dividend date). On or after this date the security trades without its dividend. The ex-date is the second business day before the date of record.Date of record : Shareholders are recorded to receive dividends.Payment date: Dividend checks mailed out.4、what is stock repurchase？What are the four main ways？Firms repurchase stock when they have accumulated a large amount of unwanted cash or wish to change their capital structure by replacing equity with debt.. Buy shares on the market. Tender Offer to Shareholders. Dutch Auction. Private Negotiation (Green Mail)5、Stock split: Issue of additional shares to a firm’s shareholders.Reverse split:A process by a company of issuing to each shareholder in that company a smaller number of new shares in proportion to that shareholder's original shares that are subsequently canceled6、分清后三者特点：7、分析Financial Influence对四者的影响：8、what are the three groups on whether the payout policy change the value of the stock？.Managers are reluctant to make dividend changes that might have to be reversed. They are particularly worried about having to rescind a dividend increase, and, if necessary, would choose to raise new funds to maintain the payout..To avoid the risk of a reduction in payout, managers “smooth” dividends. Consequently, dividend chan ges follow shift in long-run sustainable earnings. Transitory earnings changes are unlikely to affect dividend payouts.. Managers focus more on dividend changes than on absolute levels.9、what is MM theory？why MM claims that payout policy is irrelevant？Modigliani and Miller (MM) maintain that under ideal conditions, dividend policy is irrelevant.Assuming perfect capital markets with no taxes or costs of financial distress. ? Assuming efficient markets and fairly priced assets.The Irrelevancy of Dividend Policy：Since investors do not need dividends to convert shares to cash they will not pay higher prices for firms with higher dividend payouts. In other words, dividend policy will have no impact on the value of the firm. 第十八章1、The firm’s mix of debt and equity financing is called capital structure.2、Financial leverage measured as the ratio of total debt to total assets; greater the amount of debt, greater the financial leverage.3、What is the primary goal of financial managers？The financial manager wants to choose the capital structure that will maximize stockholder wealth.4、Is a policy that maximize the market value of the firm is also best for the firm’s stockholders？Why？5、M&M Proposition I：Firm value is determined on the left-hand side of the balance sheet by real assets, not by the proportions of debt and equity securities issued to buy the assets.6、MM’s Proposition 2：The expected rate of return on the common stock of a levered firm increases in proportion to the debt-equity ratio (D/E).7、Are M M’s Proposition 1 and 2 conflicting?Why？MM’s Proposition 1 and 2 are NOT conflicting.Any increase in expected return is exactly offset by an increase in risk and therefore in shareholder’s required rate of return.上一页下一页。
财务管理期末考试卷(英文)
Shanghai Institute of Foreign TradeFinal examination of corporate finance 2006.6（Paper A）Name : ____________________________Students Number: ___________________________Marks：__________________________Exam Rules:2.5 hours, no formulas, references, or other mechanical devices except non-programmable calculators can be used. Show all your work, all the formulas. Marks will only be assigned for problems for which complete methodology, formulas, and the process is shown. Peeking, copying or duplicating others' work will be considered as "cheating" and such students will be asked to leave the examination room immediately.True or false (1 mark each for problems from 1 to 20)1. In estimating the market value of a bond, the coupon rate should be used as the discount rate.2. The yield to maturity is equal to the interest payment of a bond..3.When the interest rate on a bond and its yield to maturity are equal, the bond will trade at parvalue..4.Retained earnings represent an internal source of funds that is raised without the payment ofinterest, or cost to the firm’s shareholders.5.If you expect interest rates to go up, you should buy a long-term bond now.6.Strip bonds are sold at face value.7.When interest rates rise, bond refunding becomes quite popular.8.The longer the maturity of a bond, the greater the impact on price to changes in market rates.9.Valuation of a common stock with no dividend growth potential is treated in the same manneras preferred stock.10.Firms with great potential tend to trade at low P/E ratios.11.The cost of new common stock is greater than the cost of outstanding common stock..12.The cost of retained earnings is equal to the required rate of return on a firm's commonstock..13.The calculation of the cost of capital depends upon historical costs of funds.14.Generally, the higher the coefficient of variation a project has, the higher the discountrate it should be assigned.15.Projects that are totally uncorrelated provide some overall reduction in portfolio risk.16. A common stock with a beta of 1.0 is said to be of equal risk with the market.17.Risk is not only measured in terms of losses, but also in terms of variability.18.The efficient market hypothesis is generally concern with the impact of information on thebehavior of stock prices.19. A stock split involves a reduction in the firm's retained earnings account .20.Investors in high marginal tax brackets prefer dividends while investors in low marginal taxbrackets prefer to have corporate earnings reinvested.Choice (1 mark each for problems from 21 to 40)21. A ten year bond pays 8% annual interest ( paid semi-annually ). If similar bonds arecurrently yielding 6% annually, what is the market value of the bond ?A. $1,000.00B. $1148.77C. $1155.77D. none of the above22.The relationship between a bond's price and the yield to maturityA.changes at a constant level for each percentage change of yield to maturity.B.is an inverse relationshipC.is an linear relationshipD. a and b .23.For a firm paying 7% for new debt, the higher the firm's tax rateA.the higher the aftertax cost of debt.B.the lower the aftertax cost of debt.C.aftertax cost is unchanged.D.not enough information to judge.ing the constant dividend growth model for common stock, if P0 goes upA.the assumed cost goes up.B.the assumed cost goes down.C.the assumed cost remains unchanged..D.need further information.25.A firm is paying an annual dividend of $3.63 for its preferred stock which is selling for$62.70. There is a selling cost of $3.50. What is the aftertax cost of preferred stock if the firm's tax rate is 33% ?A. 2.02%B. 4.09%C. 5.79%D. 6.11%26.The coupon rate on an issue of debt is 12%. The yield to maturity on this issue is 14%.The corporate tax rate is 31%. What would be the approximate aftertax cost of debt fora new issue of bonds?A. 4.34%B. 3.72%C. 9.66%D. 8.28%27.A firm's stock is selling for $78. The next annual dividend is expected to be $2.70. Thegrowth rate is 9%. The flotation cost is $5.00. What is the cost of retained earnings?A. 13.09%B. 12.46%C. 12.75%D. none of the above28.The aftertax cost of debt will always belowA.the before-tax cost of debt.B.the weighted average cost of capital.C.the cost of equity.D.all the above.29.An investment project has a positive net present value. The internal rate of return isA.less than the cost of capitalB.greater than the cost of capitalC.equal to the cost of capitalD.indeterminate, it depends on the length of the project30.Cash flow can be said to equalA.income before amortization and taxes minus taxes.B.income before amortization and taxes plus taxes.C.income before amortization and taxes plus amortization.D.income aftertax minus amortization .31.As the cost of capital increasesA.fewer projects are accepted.B.more projects are accepted.C.project selection remains unchanged.D.none of the above.32.The payback method has several disadvantages, among them:A.payback fails to choose the optimum or most economic solution to a capital budgetingproblem.B.payback ignores cash inflows after the payback period.C. a and b .D.none of the above.33.The "efficient frontier" indicatesA.alternatives with neutral combinations of risk and return.B.alternatives with the highest returns.C.alternatives with the best combinations of risk and return.D.alternatives with no risk .34.The coefficient of variation ( V ) can be defined as theA.expected value multiplied by the standard deviation.B.standard deviation divided by the mean (expected value).C.mean (expected value ) divided by the standard deviation.D.standard deviation squared, divided by the expected value.35.Which investment has the least of risk ?A.Standard deviation = $500, Expected return = $ 5,000B.Standard deviation = $700, Expected return = $ 500C.Standard deviation = $900, Expected return = $ 800D.Standard deviation = $400, Expected return = $ 30036.Which of the following is not a criteria for an efficient market ?A.prices adjust rapidly to new information.rge dollar amounts of securities can be absorbed without price destabilization.C.each successive trade is made at a price close to the previous trade.puterized handling of transactions.37.The efficient market hypothesis has several forms. The weak form states thatA.past price date is unrelated to future prices.B.prices reflected all public information.C.all information both public and private is immediately reflected in share prices.D.none of the above38.In an efficient marketA.All financial transactions have an NPV equal to zero.B.The investor does not receive abnormal returns consistently.C.The investor is compensated properly for risk borne.D.All the above are correct.39.A firm with excess cash and few investment alternatives might logicallyA.declare a stock dividend.B.split its stock two-for-one.C.repurchase some of its own shares.D.choose to issue preferred stock.40.A stock dividend willA.increase the value of a share of stock.B.decrease the common stock account.C.decrease the retained earnings account.D.none of the above.Problems41.Diaz Camera Company is considering two investments, both of which cost $10,000. Thecash flows are as follows:Year Project A Project B?1 $6,000 $5,0002 4,000 3,0003 3,000 8,000a.Which of the two projects should be chosen based on the payback period? (4 marks )b.Which of the two projects should be chosen based on the net present value method?Assume a cost of capital of 10 percent (4 marks )42.Simon calls his broker to inquiry about purchasing a bond of Disk Storage System. Hisbroker quotes a price of $1,180. Simon is concern that the bond might be overpriced based on the facts involved. The $1,000 par valve bond pays 14 percent annual interest payablesemiannually, and it has 25 years remaining until maturity. The current yield to maturity on similar bonds is 12 percent. Compute the new price of the bond and comment on whether you think it is overpriced in the marketplace? ( 6 marks )43.Given the follow information, calculate the weighted average cost of capital for Glamour GirlCosmetics. Line up the calculations ( K d , K p ,K e WACC ) in the order shown in the following . ( 10 marks )Percent of capital structure:Debt 40%Preferred stock 10%Common equity 50%Additional informationBond coupon rate 12%Bond yield 10%Dividend, expected common $3.00Dividend, preferred $9.20Price, common $60.00Price, preferred $99.00Flotation cost, preferred $4.00Corporate growth rate 9%Corporate tax rate 30%44.Skyline Corp. will invest $130,000 in a project that will not begin to produce returns untilafter the third year. From the end of the 3rd year until the end of the 12th year (10 periods), the annual cash flow will be $34,000. If the cost of capital is 12 percent, should this project be undertaken ? (6 marks)45.The Taylor Corporation is using a machine purchased two years before. The machine has abook value of 66,000 and a current market value of $40,000. The asset is in the Class 8 CCA pool (20 percent CCA rate). It will have no salvage value after 5 years and the tax rate is 40 percent. Jacqueline Elliot, the chief Financial Officer of Taylor is considering replacing this machine with a new model that costs $70,000. The new machine will cut operating costs by $10,000 per year for 5 years. Taylor’s cost of ca pital is 8 percent. Should the firm replace the asset? (Use the NPV methodology to solve this problem) ( 8 marks )46.The Presley Corporation is about to go public. It currently has a aftertax earnings of $7.5million, and 2.5 million shares are owned by the present stockholders (the Presley family).The new public issue will represent 600,000 new shares. The new shares will be priced the public at $20.00 per share, with a 5 percent spread on the offering price. There will also be $200,000 in out-of-pocket costs to the corporation.pute the net proceeds to the Presley Corporation. (3 marks )pute the earnings per share immediately before the stock issue. (3 marks )pute the earnings per share immediately after the stock issue. (3 marks)d.Determine what rate of rate of return must be earned on the net proceeds to the corporationso that there will not be a dilution in earnings per share during the year of going public. (4 marks)e.Determine what rate of rate of return must be earned on the net proceeds to the corporationso that there will be a 5 percent increase in earnings per share during the year of going public. (4 marks)47.The shares of Dyer Drilling Co. sell for $60. The firm has a P/E ratio 15 and 40 percent ofearnings are paid out in dividends. What is the dividend yield? (5 marks)48.。
财务管理英文题库及答案
财务管理英文题库及答案1. Question: What is the primary goal of financial management in a business?Answer: The primary goal of financial management in a business is to maximize the value of the firm to its shareholders by making optimal investment and financing decisions.2. Question: What is the difference between a current asset and a non-current asset?Answer: A current asset is an asset that is expected to be converted to cash or used up within one year or one operating cycle of the business. A non-current asset, on the other hand, is an asset that is not expected to be converted to cash or used up within one year or one operating cycle.3. Question: Explain the concept of Time Value of Money (TVM).Answer: The Time Value of Money (TVM) is a financial concept that states that a sum of money received today isworth more than the same sum received in the future due toits potential earning capacity. This principle is fundamental to finance and is used to evaluate the relative worth of money at different points in time.4. Question: What is the formula for calculating the presentvalue of a future sum of money?Answer: The formula for calculating the present value (PV) of a future sum of money (FV) is: PV = FV / (1 + r)^n, where r is the discount rate and n is the number of periods.5. Question: Define the term 'Leverage' in the context of financial management.Answer: Leverage in financial management refers to the use of borrowed funds to increase the potential return of an investment. It is a strategy that can amplify gains but also increases the risk of losses if the investment does not perform as expected.6. Question: What is the DuPont Identity and how is it usedin financial analysis?Answer: The DuPont Identity is a formula used to break down the return on equity (ROE) into three parts: net profit margin, asset turnover, and financial leverage. It is used in financial analysis to understand the drivers of a company's profitability and to compare it with other companies.7. Question: How does inflation affect a company's financial statements?Answer: Inflation affects a company's financial statements by reducing the purchasing power of money. It can lead to higher costs for raw materials and labor, which can decrease profit margins. Additionally, inflation can cause assets andliabilities to be understated, and it may affect the real value of reported earnings.8. Question: Explain the concept of Capital Budgeting and its importance.Answer: Capital Budgeting is the process of evaluating the profitability of long-term investments or projects. It is important because it helps a company decide which projects to undertake based on their potential to generate returns over time, considering the time value of money and the risks involved.9. Question: What is the difference between a fixed cost anda variable cost?Answer: A fixed cost is a cost that does not change with the level of production or sales, such as rent or salaries. A variable cost, however, changes in direct proportion to the level of production or sales, such as raw materials or direct labor costs.10. Question: Define the term 'Liquidity Ratios' and provide examples.Answer: Liquidity Ratios are financial metrics used to measure a company's ability to pay off its short-term debts. Examples include the Current Ratio (current assets divided by current liabilities) and the Quick Ratio (current assets minus inventory divided by current liabilities). These ratios help assess the liquidity position of a business.。
财务管理专业英语复习题-推荐下载
《11级财务管理专业英语》复习资料考试题型：一、短语中英互译(20x1=20分)二、从下列选项中选出最佳答案(20x1=20分)三、计算题（25分）四、段落中英互译（35分）同学们:考试的时候请带上没有存储功能的计算器，试卷上只要是涉及到计算的题里面的数字可能与复习资料上的数字不完全一样，但是计算方法是完全一样的，所以大家要掌握计算方法，考试的时候要自己计算。
预祝同学们取得好成绩。
Part I terminology translation (1*20 points)Directions: interpret the following terminology in English or Chinese.（范围课后核心词汇）e.g.：1. financial management---译成汉语2.普通股----译成英语Part II Choice questions (1*20 points) (Please write your answer in the following table)1. Financial statement does not include ( )A. balance sheetB. income statementC. cash flow statementD. working sheet2. An increase in which one of the following will increase the operating cash flow?A.employee salariesB. office rentC. building maintenanceD. equipment depreciation3. The process of planning and managing a firm’s long-term investments is called:A. working capital management.B. financial depreciation.C. capital budgeting.D. capital structure.4. Cash equivalents include ( )A. time depositsB. inventoriesC. accounts receivableD. prepaid expenses5. The internal rate of return for a project will increase if:A. the initial cost of the project can be reduced.B. the total amount of the cash inflows is reduced.C. the required rate of return is reduced.D. the salvage value of the project is omitted from the analysis.6. Which of the following belongs to current liabilities?( )A. mortgages payableB. prepaid expensesC. notes payableD. bonds payable7. You spent $500 last week fixing the transmission in your car. Now, the brakes are acting up and you are trying to decide whether to fix them or trade the car in for a newer model. In analyzing the brake situation, the $500 you spent fixing the transmission is a(n) ___ cost.A. opportunityB. sunkC. incrementalD. fixed8. Which of the following statements are correct concerning diversifiable risks?I. Diversifiable risks can be essentially eliminated by investing in several securities.II. The market rewards investors for diversifiable risk by paying a risk premium.III.Diversifiable risks are generally associated with an individual firm or industry.IV. Beta measures diversifiable risk.A. I and III onlyB. II and IV onlyC. I and IV onlyD. II and III only9. Which of the following is a liability account?（）A. prepaid insuranceB. additional paid-in capitalC. salaries payableD. accumulated depreciation10. Accountants employed by large corporations may work in the areas of the following except ( )A. product costing and pricingB. budgetingC. internal auditingD. product producing11. A corporation’s first sale of equity made available to the public is called a(n):（）A. share repurchase program.B. private placement.C. initial public offering (IPO).D.seasoned equity offering (SEO).12. Standard deviation measures ____ risk.A. totalB. nondiversifiableC. unsystematicD. systematic13. ( ) is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.A. future valueB. present valueC. intrinsic valueD. market value14. Ellesmere Corporation issues 1 million $1 par value bonds. The stated interest rate is 8% per year and the interest is paid twice a year. What is the real interest rate of the bond? ( )A. 6%B.4%C. 10%D. (1+8%/2)2-115. Your firm purchased a warehouse for $335,000 six years ago. Four years ago, repairs were made to the building which cost $60,000. The annual taxes on the property are $20,000. The warehouse has a current book value of $268,000 and a market value of $295,000. The warehouse is totally paid for and solely owned by your firm. If the company decides to assign this warehouse to a new project, what value, if any, should be included in the initial cash flow of the project for this building? （）A. $268,000B. $295,000C. $395,000D. $515,00016.Which one of the following will decrease the operating cycle?A. paying accounts payable fasterB. discontinuing the discount given for early payment of an accounts receivableC. decreasing the inventory turnover rateD. collecting accounts receivable faster17. Assume that dividends of a common stock will be maintained at D forever, and the required return of the stockholder is r, the par value of the stock is m, the value of the stock is ( )A. mB. m+DC. m+D/rD. D/r18. Which of the following items has the most risk? ( )A. treasury billB. corporate bondC. preferred stockD. common stock19. ( ) equals the gross profit divided by net sales of a firm.A. gross profit marginB. net profit marginC. return on investmentD. return on equity20. ( ) is the ratios that measure a firm’s ability to meet short-term obligationsA. liquidity ratiosB. leverage ratiosC. coverage ratiosD. activity ratios21.Sensitivity analysis helps you determine the:A. range of possible outcomes given possible ranges for every variable.B. degree to which the net present value reacts to changes in a single variable.C. net present value given the best and the worst possible situations.D. degree to which a project is reliant upon the fixed costs.22. According GAAP revenue is recognized as income when: （）A. a contract is signed to perform a service or deliver a good.B. the transaction is complete and the goods or services delivered.C. payment is received.D. income taxes are paid.E. all of the above.23. ( ) is the result of Net Profit Margin × total asset turnover × (total assets/shareholders’ equity)A. Return on equityB. return on investmentC. current ratioD. quick ratio24. Government tax law adjustment is ( ) to a firm.A. general economic riskB. inflation and deflation riskC. firm-specific risk25.Which of the following statements concerning the income statement is not true?A. It measures performance over a specific period of time.B. It determines after-tax income of the firm.C. It includes deferred taxes.D. It does not include depreciation.E. it treats interest as an expense.26.Which of the following is not a noncash deduction?A. Depreciation.B. Deferred taxes.C. Interest.D. Two of the aboveE. All of the above.27.Sasha Corp had an ROA of 10%. Sasha’s profit margin was 6% on sales of $180. What are total assets? （）A.$300B.$108C.$48. D$162.28. Calculate net income based on the following information ( )Sales = $200.00Cost of goods sold = $100.00Depreciation = $18.00Interest paid = $25.00Tax rate = 34%A. $16.50B. $37.62C. $34.60D. $4.6029.Which of the following is not true? （）A. Financial markets can be used to adjust consumption patterns over time.B. Corporate investment decisions have nothing to do with financial markets,C. Financial markets deal with cash flows over time.D. Investment decisions rely on the economic principles of financial markets.E. None of the above.30. ( ) is concerned with the acquisition, financing, and management of assets with some overall goal in mind.A. Financial managementB. Profit maximizationC. Agency theoryD. Social responsibility31. A major disadvantage of the corporate form of organization is the ( ).A. double taxation of dividendsB. inability of the firm to raise large sums of additional capitalC. limited liability of shareholdersD. limited life of the corporate form.32. Interest paid (earned) on both the original principal borrowed (lent) and previous interest earned is often referred to as ( ).A. present valueB. simple interestC. future valueD. compound interest33. If the intrinsic value of a share of common stock is less than its market value, which of the following is the most reasonable conclusion? ( )A. The stock has a low level of risk.B. The stock offers a high dividend payout ratio.C. The market is undervaluing the stock.D. The market is overvaluing the stock.34. A 250 face value share of preferred stock, pays a 20 annual dividend and investors require a 7% return on this investment. If the security is currently selling for 276, what is the difference (overvaluation) between its intrinsic and market value (rounded to the nearest whole dollar)?A. approximately 26B. approximately 10C. approximately 6D. approximately 135. Felton Farm Supplies, Inc., has an 8 percent return on total assets of 480,000 and a net profit margin of 6percent. What are its sales? ( )A. 3,750,000B.640,000C. 480,000D. 1,500,00036. A company can improve (lower) its debt-to-total asset ratio by doing which of the following?A. Borrow more.B. Shift short-term to long-term debt.C. Shift long-term to short-term debt.D. issue common stock.37. The DuPont Approach breaks down the earning power on shareholders' book value (ROE) as follows: ROE = ( ).A. Net profit margin × Total asset turnover × Equity multiplierB. Total asset turnover × Gross profit margin × Debt ratioC. Total asset turnover × Net profit marginD. Total asset turnover × Gross profit margin × Equity multiplier38. Which of the following items concerns financing decision? ( )A. sales forecastingB. bond issuingC. receivables collectionD. investment project selection39. Which of the following items is the function of a treasurer? ( )A. cost accountingB. internal controlC. capital budgetingD. general ledger40. For financial instruments, ( ) is judged in relation to the ability to sell a significant volume of securities ina short period of time without significant price concession.A. maturityB. marketabilityC. defaultD. inflation41. ( ) is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.A. future valueB. present valueC. intrinsic valueD. market valuePart III: Calculation Questions ( 2*10 points)（注意：要写出计算公式和计算过程，否则不得分；需要用文字描述的问题回答内容要详细，语句正确、完整。
财务管理英语考试内容复习
财务管理英语考试内容复习在当今全球化的商业环境中，财务管理英语已经成为财务专业人士必备的技能之一。
无论是在国际企业的财务工作中，还是在学术研究领域，具备良好的财务管理英语能力都能为我们打开更广阔的发展空间。
为了在财务管理英语考试中取得好成绩，对考试内容进行系统的复习是至关重要的。
一、词汇积累词汇是学习任何语言的基础，对于财务管理英语更是如此。
首先，我们需要掌握与财务会计相关的基本词汇，如“asset（资产）”“liability （负债）”“equity（权益）”“revenue（收入）”“expense（费用）”等。
此外，还应熟悉各类财务报表的相关词汇，比如“balance sheet（资产负债表）”“income statement（利润表）”“cash flow statement（现金流量表）”等。
在复习词汇时，可以通过制作单词卡片、使用记忆软件或者阅读相关的英文财务资料来加深记忆。
二、财务报告与分析理解和分析财务报告是财务管理的核心内容，也是考试的重点。
这包括能够读懂资产负债表、利润表和现金流量表，并能运用各种财务比率进行分析。
例如，“current ratio（流动比率）”“debttoequity ratio（负债权益比）”“return on investment（投资回报率）”等比率的计算和解读。
在复习这部分内容时，要多做练习题，熟悉不同类型的财务报告，并学会从报告中提取关键信息，进行准确的分析和判断。
三、成本管理成本管理方面的知识也是考试的重要组成部分。
需要掌握“fixedcost（固定成本）”“variable cost（变动成本）”“costvolumeprofit analysis （本量利分析）”等相关词汇和概念。
了解如何计算成本、控制成本以及进行成本效益分析，对于解决实际的财务管理问题非常重要。
四、预算编制预算编制是财务管理中的重要工作之一。
相关的词汇如“budget（预算）”“operating budget（经营预算）”“capital budget（资本预算）”等需要牢记。
财务管理(双语) 期末复习重点
Issued and outstanding shares已发行股票
Junk bond垃圾债券
Limited liability有限责任
Liquidity变现能力
liquidation value清算价值
Majority voting多数表决投票制度
Marginal tax rate边际税率
discount cash--flow贴现现金流
Discount factor贴现系数
Discount rate贴现率
Discounted cash-flow (DCF)现金流折现法
Dividend yield股利收益率
dividend discount model股利贴现模型
Dividend-payout ratio股息支付率
Retainedearnings留存收益
Risk and diversification风险与分散投资
Risk premium风险溢价
Secondary market二级市场
Secured debt有担保债务
Simple interest单利
Sinking fund偿债基金
Stakeholders利益共享者
Project cost of capital项目资本成本
Project risk项目风险
Protective covenant保护性条款
Proxy contest代理权争夺
PVGO增长机会的现值
Rate of return收益率
Random walk随机游走
Real assets实物资产
Real interest rate实际利率
1+实际年利率=（1+月利率）12
财经英语期末答案
一、英汉单词、词组互译（1.5X20=30）Financial Institutions 金融机构securities 有价证券Portfolio 投资组合financial assets 金融资产credit union 信用合作社pension funds 养老基金mutual funds 互助基金Universal credit card 万能信用卡annual fee 年度费用capital market 资本市场short-term securities 短期证券monetary policy 货币政策New York Stock Exchange 纽约证券交易所Federal Reserve（Bank）联邦储蓄银行commercial paper 商业票据equity market 股票市场Mortgage Markets 抵押品市场real property 不动产letter of credit 信用证draft 汇票sight draft 即期汇票time draft 远期汇票acceptance 承兑document of title 物权凭证policyholder 投保人insurance premium 保险费insurance policy 保险单investment return 投资回报junk bond 垃圾债券National Debt 国债Bonds and Shares 债券和股票maturity （票据的）期限inflation 通货膨胀interest return 利息收入yield rate 收益率二、选词填空（2X10=20）1、Now I’m clear about how the bank deals with the saver’s deposited money.2、Our company acquired that piece of land by purchase.3、Theory is based on practice and in turn serves practice.4、Adam Smith’s concept of ”invisible hand” can be applied to modern economy.5、The primary function of money is to facilitate exchange.6、U.S Treasury bills are central to money market transactions.7、Money and banks play dominant roles in our economic life.8、In the money market, the purpose of a dealer is distinct from that of a broker.9、Many finance companies in our country specialize in consumer finance, particularly in small loans.10、The sales contract specifies container shipment for the goods.11、Those goods have to be inspected prior to shipment.12、The economist sets out his ideas clearly in his article that the central bank should carry out a loose monetary policy,13、A letter of credit always indicates the exact documents which the beneficiary must submit.14、Insurance claims statistics reveal that drivers under 30 are involved in far more accidents than are older drivers.15、The marine insurance is associated with the risks such as fire, storm, collision, pilferage, leakage and explosions, etc.16、Many health insurance policies list the dollar value for specific medical procedures.三、英汉句子互译（4X10=40）1、Lower-then-expected returns on one issue may be offset by higher-then-expected returns on another,一项低于预期的证券收益可以通过另一项高于预期收益的证券发行来抵消。
财务英语期末复习资料
第十五章1、What is the financial deficit? 财政赤字是什么？The gap between the cash that companies need and the cash that they generate internally is the financial deficit.2、 To make up the deficit, companies need to raise money from the outside — borrow or sell new equity. what are the two patterns for corporations to raise money?企业筹集资金的两种模式是什么？Firms may raise funds from external sources or plow back profits rather than distribute them to shareholders.3、 Should a firm elect external financing, they may choose between debt or equity sources. define authorized share capital,issued andoutstanding ,issued but not outstanding,treasury shares.定义法定股本，发行及未偿还，已颁布但尚未行使，发行但偿还，库存股份。
authorized share capital：The maximum number of shares of capital stock that can be sold to the public.Treasury shares ：are issued shares that have been reacquired by the corporation. Outstanding shares： are issued shares that are owned by stockholders.Issued shares are authorized shares of stock that have been sold.Unissued shares are authorized shares of stock that never have been sold.4、what is the difference between Majority Voting and Cumulative Voting? Majority Voting– each director is voted upon separately and stockholders can cast one vote for each share that they own.Cumulative Voting– the directors are voted upon jointly and stockholders can allot all their votes to just one candidateSuppose that there are five directors to be elected and you can own 100 shares. You therefore have a total of 500 votes.Under the majority voting system, you can cast a maximum of 100 votes for any one candidate.Under the cumulative voting system, you can cast all 500 votes for your favorite candidate5、Tunneling– the majority shareholders tunnels into the firm and acquire control of the assets forHimself.6、Proxy Contest – transference of corporate control7、优先股的特点Preferred Stock – Stock that takes priority over common stock in regards to dividends.8、Cumulative Preferred Stock– the firm must pay all past preferred dividends before common stockholders get a cent. 累积优先股9、“Default Risk” is the term used to describe the likelihood that a firm will walk away from its obligation, either voluntarily or involuntarily10、税收优势的定义无 Interest is paid from before-tax income, whereas dividendson common and preferred stock are paid from after-tax income. Therefore the government provides a tax subsidy on the use of debt that it does not provide on equity.11、senior debt：P398高级Junior（subordinated）debt：次级12、collateral：抵押品P39813、Warrant：the most dramatic example is provided by a warrant认股权证14、convertible bond：可转换债券P39915、What is primary market？secondary market？OTC？P40016、What is the function of financial intermediary？金融中介的作用p400第十六章1、Venture Capital：创业资本P4072、Some continue to grow with the aid of equity investment provided by wealthy individuals known as angel investors天使投资者3、新公司筹资的最重要方式是：family funds and banks loans；angel investors；specialist venture-capital firms.4、how could the Venture capitalists have opportunity of cash out？Venture capitalists may cash in on their investment in two ways.• First, once the new business has established a track record, it may be sold out to a larger firm.• Second, the company may decide to go public and so provide the original backers with an opportunity to “cash out,” selling their stock and leaving the original entrepreneurs in control.5、the two items of IPO:Primary Offering: New shares are sold to raise additional cash for the company. Secondary Offering: The existing shareholders decide to cash in by selling part of their holdings6、Bookbuilding：The underwriter builds a book of likely orders and uses this information to set the issue price.7、IPO步骤：P4238、Underwriter - Firm that buys an issue of securities from a company and resells it to the public.Spread - Difference between public offer price and price paid by underwriter. Greenshoe option - Option that allow the underwriter for a new issue to buy and resell additional shares.Prospectus - Formal summary that provides information on an issue of securities. Underpricing - Issuing securities at an offering price set below the true value of the security.9、Types of Auction拍卖•Discriminatory auction In a discriminatory auction every winner is required to pay the price that he or she bid.•Uniform-price auction In a uniform-price auction both would pay the price of the lowest winning bidder10、Rights Issue— Issue of securities offered only to current stockholders优先股发行 Also known as Privileged subscription如何计算：Example 1- BNP needs to raise €5.50 billion of new equity. The market price is €77.40/sh. BNP decides to raise additional funds via a 1 for 10 rights offer at €65.40 per share. If we assume 100% subscription, what is the value of each right?Current Market Value = 10 x €77.40 = €774.00Total Shares = 10 + 1 = 11Amount of funds = 774 + 65.40 = €839.40New Share Price = (839.40) / 11 = €76.31Value of a Right = 76.31 – 65.40 = €0.91Example2 - BNP needs to raise €1.28billion of new equity. The market price is €60/sh. BNP decides to raise additional funds via a 4 for 17 rights offer at €41 per share. If we assume 100% subscription, what is the value of each right? Current Market Value = 17 x €60 = €1,020Total Shares = 17 + 4 = 21Amount of funds = 1,020 + (4x41) = €1,184New Share Price = (1,184) / 21 = €56.38Value of a Right = 56.38 – 41 = €5.3812、Private Placement ：Sale of securities to a limited number of investors withouta public offering私募Disadvantage: A private placement is that the investors cannot easily resell the securities.Advantage: It costs less to arrange a private placement than to make a public issue 第十六章1、what are the two ways for corporations to return cash to their shareholders？ Dividend ；Stock Repurchase2、Types of Dividends：Cash Dividend1. Regular Cash Dividend2. Special Cash DividendStock DividendDividend Reinvestment Plan (DRIP)3、how the dividends are paid？Declaration date: This is the date on which the board of directors announces that the company will pay a dividend.Cum-Dividend Date: Last day when shares are traded with the right to receive the dividend.Ex-Dividend Date: First day when shares are traded without the right to receive the dividend. (a business day after the Cum-Dividend date). On or after this date the security trades without its dividend. The ex-date is the second business day before the date of record.Date of record : Shareholders are recorded to receive dividends.Payment date: Dividend checks mailed out.4、what is stock repurchase？What are the four main ways？Firms repurchase stock when they have accumulated a large amount of unwanted cash or wish to change their capital structure by replacing equity with debt.. Buy shares on the market. Tender Offer to Shareholders. Dutch Auction. Private Negotiation (Green Mail)5、Stock split: Issue of additional shares to a firm’s shareholders.Reverse split:A process by a company of issuing to each shareholder in that company a smaller number of new shares in proportion to that shareholder's original shares that are subsequently canceled6、分清后三者特点：7、分析Financial Influence对四者的影响：8、what are the three groups on whether the payout policy change the value of the stock？.Managers are reluctant to make dividend changes that might have to be reversed. They are particularly worried about having to rescind a dividend increase, and, if necessary, would choose to raise new funds to maintain the payout..To avoid the risk of a reduction in payout, managers “smooth” dividends. Consequently, dividend changes follow shift in long-run sustainable earnings. Transitory earnings changes are unlikely to affect dividend payouts.. Managers focus more on dividend changes than on absolute levels.9、what is MM theory？why MM claims that payout policy is irrelevant？Modigliani and Miller (MM) maintain that under ideal conditions, dividend policy is irrelevant.• Assuming perfect capital markets with no taxes or costs of financial distress. • Assuming efficient markets and fairly priced assets.The Irrelevancy of Dividend Policy：Since investors do not need dividends to convert shares to cash they will not pay higher prices for firms with higher dividend payouts. In other words, dividend policy will have no impact on the value of the firm. 第十八章1、The firm’s mix of debt and equity financing is called capital structure.2、Financial leverage measured as the ratio of total debt to total assets; greater the amount of debt, greater the financial leverage.3、What is the primary goal of financial managers？The financial manager wants to choose the capital structure that will maximize stockholder wealth.4、Is a policy that maximize the market value of the firm is also best for the firm’s stockholders？Why？5、M&M Proposition I：Firm value is determined on the left-hand side of the balance sheet by real assets, not by the proportions of debt and equity securities issued to buy the assets.6、MM’s Proposition 2：The expected rate of return on the common stock of a levered firm increases in proportion to the debt-equity ratio (D/E).7、Are MM’s Proposition 1 and 2 conflicting?Why？MM’s Proposition 1 and 2 are NOT conflicting.Any increase in expected return is exactly offset by an increase in risk and therefore in shareholder’s required rate of return.。
《财会专业英语》期末试卷及答案
《财会专业英语》期终试卷I。
Put the following into corresponding groups。
(15 points）1.Cash on hand2.Notes receivable3.Advances to suppliers 4。
Other receivables 5。
Short—term loans 6。
Intangible assets 7。
Cost of production 8。
Current year profit 9。
Capital reserve 10。
Long-term loans 11.Other payables 12. Con-operating expenses 13。
Financial expenses 14。
Cost of sale 15。
Accrued payrollII.Please find the best answers to the following questions. (25 Points)1. Aftin Co。
performs services on account when Aftin collects the accountreceivableA。
assets increase B.assets do not changeC。
owner’s equity decreases D.liabilities decrease2. A balance sheet report 。
A. the assets, liabilities, and owner’s equity on a particular dateB。
t he change in the owner's capital during the periodC. the cash receipt and cash payment during the periodD. the difference between revenues and expenses during the period3. The following information about the assets and liabilities at the end of 20 x1 and 20 x2 is given below：20 x 1 20 x 2Assets $ 75,000 $ 90，000Liabilities 36，000 45,000how much the o wner’sequity at the end of 20 x 2 ?A。
财务专业英语复习题
财务专业英语复习题第一篇：财务专业英语复习题一、词汇翻译：1、优先股2、投资活动3、现金流入4、折旧5、财务报告6、资产负债表7、流动资产8、债权人9、存货10、合伙制企业11、财务管理12、余额，平衡13、应付账款14、财务比率15、资本预算16、流动资产17、负债18、利润表19、净利润20、账面价值21、现金股利22、应收账款23、普通股24、风险规避25、流动负债26、合伙人27、收入28、市场份额29、股票期权30、财务报表31、现金流出32、偿付能力33、赊销34、累计折旧35、资本盈余36、房地产37、摊销38、有价证券39、盈利比率40、资本预算41、股票发行42、财务比率43、存货44、财务困境45、账面价值46、优先股47、盈利能力48、应计费用49、合资企业50、流动性比率51、资产负债表52、权益乘数53、债权人54、杠杆比率55、收益二、单项选择题1、Which of the following users are not external users of financial management information?()A.managersB.creditorsC.investorsD.employees、Which of the following belongs to current liabilities?()A.mortgages payableB.prepaid expensesC.notes payableD.bonds payable3、Cash inflows related to investing activities are()A.cash received from the sale of assetsB.collection of notes receivableC.sale of another entity’s equity securities by the reporting entityD.both A and C4、Cash equivalents include()A.time depositsB.inventoriesC.accounts receivableD.prepaid expenses5、Which of the following service involves providing an independent report on the appropriateness of financial statements?()A.auditB.taxC.consultingD.budgeting6、Accountants employed by large corporations may work in the areas of the following except()A.product costing and pricingB.budgetingC.internal auditingD.product producing7、Which of the following is a liability account?（）A.prepaid insuranceB.additional paid-in capitalC.salaries payableD.accumulated depreciation8、Financial statement does not include()A.balance sheetB.income statementC.cash flow statementD.working sheet9、Net income or net loss are reported on the()A.balance sheetB.statement of owners’ equityC.income statementD.both b and c10、Which of thefollowing users are not external users of financial management information?()A.managersB.creditorsC.investorsD.employees11、Cash inflows related to investing activities are()A.cash received from the sale of assetsB.collection of notes receivableC.sale of another entity’s equity securities by the reporting entityD.both A and C12、Cash equivalents include()A.time depositsB.inventoriesC.accounts receivableD.prepaid expenses三、英译汉1、Public corporations in the US and many other countries are required to prepare and disclose the following financial statements to the public on a periodic basis: balance sheet;income statement;statement of cash flows;statement of retained earnings.（上市公司在美国和许多其他国家都要准备和披露以下财务报表上的公众一个周期性的基础，资产负债表，损益表，现金流量表的声明，声明的留存收益）Taken together, these statements give an accounting picture of the firm’s operations and financial position.The quantitative and verbal materials are equally important.The financial statements report what has actually happened to assets, earnings, and dividends over the past few years, whereas the verbal statements attempt to explain why things turned out the way they did.（综合起来，这些报表会计画公司的运营和财务状况，定量和语言是同等重要的，财务报表报告实际发生的资产，收益，股息过去几年来，而口头陈述试图解释为什么事情结果他们所做的事）The information contained in an annual report is used by investors to help form expectations about future earnings anddividends.Firms typically prepare these statements quarterly, but many analysts and users of financial statements concentrate on a firm’s fiscal year-end statements.Firms provide the annual statements in both the annual report to the SEC and the shareholder annual report.（所包含的信息的年度报告是用投资者对未来收入帮助形成预期和红利。
财务管理专业英语期末复习
财务管理专业英语期末复习Coca-cola standardization office【ZZ5AB-ZZSYT-ZZ2C-ZZ682T-ZZT18】财务管理专业英语期末重点一、单词Topic1财务管理 financial management资本预算 capital budgeting资本结构 capital structure股利政策 dividend policy存货 inventory风险规避 risk aversion股东权益 stockholder s’ equity流动负债 current liabilityTopic2财务风险 financial risk合伙制企业 partnership私人业主制企业 sole proprietorship收入 revenue主计长 controller财务困境 financial distress股票期权 stock option首次公开发行股票(IPO) initial public offeringTopic 3盈利能力 profitability偿付能力 solvency利润表 income statement有价证券 marketable securities提款 withdrawal应收账款 accounts receivable递延税款 deferred taxTopic4流动性比率 liquidity ratio权益乘数 equity multiplier资产收益率(ROA) return on assets毛利 gross profit margin权益报酬率 return on equity市盈率 P/E ratio杠杆比率 leverage ratio息税前盈余(EBIT) earnings before interest and taxes Topic5货币时间价值 time value of money年金 annuity折现率 discount rate机会成本 opportunity cost递延年金 deferred annuity条款 covenant到期收益率 yield to maturity违约风险 default riskTopic6组合 portfolio可分散风险 diversifiable risk概率 probability灵敏度分析 sensitivity analysis有效市场假说 efficient market hypothesis套利定价理论(APT) arbitrage pricing theory资本资产定价模型 capital asset pricing model期望收益 expected returnTopic7资本支出 capital expenditure资本预算 capital budget破产 bankruptcy制造费用 overhead模拟 simulation期后审计 post-audit沉没成本 sunk cost附加效应 side effectTopic8金融市场 financial market回购 repurchase操纵 manipulate承销 underwriting私人控股公司 privately held corporation公开上市 go public公开发行 public offer加权平均资本成本 weighted average cost of capital Topic9混合证券 hybrid security风险资本 venture capital期权交易 option exchange贷款额度 line of credit租赁 lease最优资本结构 optimal capital structure目标资本结构 desired or target capital structure 可转换债券 convertible bondTopic10股票回购 stock repurchase股票股利 stock dividends股票分割 stock split所有权稀释 dilution of ownership剩余股利政策 residual dividend policy清算股利 liquidating dividend现金股利 cash dividends股票股利 stock dividendsTopic11营运资本管理 working capital management商业票据 commercial paper支出 disbursement信用期限 credit period交易动机 transaction motive短期有价证券 marketable security回购协议 repurchase agreement银行承兑汇票 bankers’ acceptanceTopic12国际财务管理 international financial management国际货币基金组织 International Monetary Fund跨国公司 multinational corporation /international corporation汇率 exchange rate间接标价 indirect quotation贬值 depreciate远期交易 forward trade货币互换 currency swap二、计算公式公式资本资产定价模型公式 capital assets pricing modelr i=r RF+(R M- r RF)?i r RF= risk free rate资产无风市场风险系数R M= market rate预期险市回报回报场利率率率公式加权平均资本成本 weighted average cost of capitalWACC=(k e*w e)+［k d*(1-t)*W d］WACC=［equity/(equity+debt)］*cost of equity*(1-corporate tax rate) Wacc=(股权/总资本)*股权成本+（债务/总资本）*债务成本*（1-企业所得税率）三、填空risk of an asset can be considered in two ways (1)on a stand-alone basis. where the asset’s cash flows are analyzed bythemselves ,or(2)a portfolio context, where the asset’s cash flows are combine with those of other asset.a portfolio context ,an asset’s risk can be divided into two components ：在投资组合中资产风险可以分为（1）diversifiable risk ,which can be diversified away and thus is of little concern to diversifiedinvestors , and (2)market risk, which reflect the risk of a general stock market risk decline and cannot be eliminated by diversification.3 .There are three types of financial market efficiency 金融市场的有效性(1)allocationally efficient(2)operationally efficient(3)informationally efficient4. Project Classifications 项目分类（1）expansion project 扩建项目（2）replacement project 更新项目（3）Independent project 独立项目（4）Mutually exclusive project 互不相容项目Rules 投资政策Managers use a variety of rules to evaluate and select capital investments; 管理使用各种各样的规则来评估和选择投资（1）Net Present value (NPV) 净现值（2）Profitability index(PI) 现值系数（3）Internal rate of return (IRR) 内部报酬率（4）Payback period (PP) 回购期 and（5）Discounted payback period (DDP) 折扣回购期6，The post-audit has two main purpose :期后审计的两个虽最重要目的（1）Improve forecasts 提高预测（2）Improve operations 改善经营market serve three important functions in a healthy economy:金融市场在健全经济体系中的三个重要功能（1）Help channel funds from suppliers to demanders 帮助供应商和需求者建立资金渠道（2）Provide a resale market .提供零售市场（3）Set market price and rates of return 设置市场价格和收益率of Financial Markets 金融市场的类型（1）Money Market /Capital Market 货币市场和资本市场（2）Primary Market /Secondary market一级市场和二级市场(3)Private Market / Public Market 私下市场和公开市场banks provide three major services in handing a new security issue :投资银行在持有新证券发行时提供的三个主要服务：（1）Advising 咨询（2）Underwriting 承销（3）Marketing 营销股权融资（1）Owner’s equity所有者权益（2）Venture Capital and private Equity风险投资和私募投资（3）common stock 普通股（4）warrants 认证权证（5）Contingent value right 或有价值权利债务融资（1）bank debt 银行借款（2）bonds 债券（3）leases 租赁generally consider the following factor when making capital structure decisions:公司选择资本结构时一般要考虑下列因素（1）Sale stability 销售稳定性（2）Asset structure 资产结构（3）Operating leverage 经营杠杆（4）Growth 增长率（5）Profitability 盈利能力（6）Taxes 税收（7）Control 控制（8）Management attitudes 管理（9） Lender and rating agency attitudes 贷款人及评级机构的态度（10） Market conditions 市场条件（11） The firm’s internal condition 企业内部条件（12）Financial flexibility 财务灵活性payout procedure 派息程序（1）Declaration date 除息日（2）Ex-dividend date 除息日（3）record date 股权登记日（4）Payment date 股利支付日14. Types of dividends 股利种类（1）Cash dividend 现金股利（2） Stock dividend 股票股利（3）Property dividend 财产股利15. Factors Influencing the dividend decision 影响股利决策因素(1)Shareholder factors 股东因素 (2) Firm factors 公司因素 (3) Other constraints 其他因素16. Cash management involves three major decision areas 现金管理的三个决策（1）Determining appropriate cash balances 确定适当的现金余额（2）Investing idle cash 投资闲置资金（3）Managing collections and disbursements 管理收款和付款17. Credit policy 信贷政策5csOne technique that is useful aid in deciding whether to grant credit is the Five Cs of Credit .Credit analysts generally consider five factors when determining whether to grant credit:(1)character 特征 (2) capacity 能力 (3) capital 资本 (4) collateral 抵押(5)conditions 条件18. Inventory management techniques 存货管理技术Management commonly use four inventory management techniques:管理者通常使用的4个存货管理制度（1）the abc system abc系统（2）the economic order quantity(EOQ) model 经济定价量模型（3）the just-in-time (JII) system 定时采购系统(4) the materials requirement planning (MRP) system 物料需求。
财务管理专业英语复习题
《11级财务管理专业英语》复习资料考试题型：一、短语中英互译(20x1=20分)二、从下列选项中选出最佳答案(20x1=20分)三、计算题（25分）四、段落中英互译（35分）同学们:考试的时候请带上没有存储功能的计算器，试卷上只要是涉及到计算的题里面的数字可能与复习资料上的数字不完全一样，但是计算方法是完全一样的，所以大家要掌握计算方法，考试的时候要自己计算。
预祝同学们取得好成绩。
Part I terminology translation (1*20 points)Directions: interpret the following terminology in English or Chinese.（范围课后核心词汇）e.g.：1. financial management---译成汉语2.普通股----译成英语Part II Choice questions (1*20 points) (Please write your answer in the following table)1. Financial statement does not include ( )A. balance sheetB. income statementC. cash flow statementD. working sheet2. An increase in which one of the following will increase the operating cash flow?A.employee salariesB. office rentC. building maintenanceD. equipment depreciation3. The process of planning and managing a firm’s long-term investments is called:A. working capital management.B. financial depreciation.C. capital budgeting.D. capital structure.4. Cash equivalents include ( )A. time depositsB. inventoriesC. accounts receivableD. prepaid expenses5. The internal rate of return for a project will increase if:A. the initial cost of the project can be reduced.B. the total amount of the cash inflows is reduced.C. the required rate of return is reduced.D. the salvage value of the project is omitted from the analysis.6. Which of the following belongs to current liabilities?( )A. mortgages payableB. prepaid expensesC. notes payableD. bonds payable7. You spent $500 last week fixing the transmission in your car. Now, the brakes are acting up and you are trying to decide whether to fix them or trade the car in for a newer model. In analyzing the brake situation, the $500 you spent fixing the transmission is a(n) ___ cost.A. opportunityB. sunkC. incrementalD. fixed8. Which of the following statements are correct concerning diversifiable risks?I. Diversifiable risks can be essentially eliminated by investing in several securities.II. The market rewards investors for diversifiable risk by paying a risk premium.III. Diversifiable risks are generally associated with an individual firm or industry.IV. Beta measures diversifiable risk.A. I and III onlyB. II and IV onlyC. I and IV onlyD. II and III only9. Which of the following is a liability account?（）A. prepaid insuranceB. additional paid-in capitalC. salaries payableD. accumulated depreciation10. Accountants employed by large corporations may work in the areas of the following except ( )A. product costing and pricingB. budgetingC. internal auditingD. product producing11. A corporation’s first sale of equity made available to the public is called a(n):（）A. share repurchase program.B. private placement.C. initial public offering (IPO).D.seasoned equity offering (SEO).12. Standard deviation measures ____ risk.A. totalB. nondiversifiableC. unsystematicD. systematic13. ( ) is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.A. future valueB. present valueC. intrinsic valueD. market value14. Ellesmere Corporation issues 1 million $1 par value bonds. The stated interest rate is 8% per year and the interest is paid twice a year. What is the real interest rate of the bond? ( )A. 6%B.4%C. 10%D. (1+8%/2)2-115. Your firm purchased a warehouse for $335,000 six years ago. Four years ago, repairs were made to the building which cost $60,000. The annual taxes on the property are $20,000. The warehouse has a current book value of $268,000 and a market value of $295,000. The warehouse is totally paid for and solely owned by your firm. If the company decides to assign this warehouse to a new project, what value, if any, should be included in the initial cash flow of the project for this building? （）A. $268,000B. $295,000C. $395,000D. $515,00016.Which one of the following will decrease the operating cycle?A. paying accounts payable fasterB. discontinuing the discount given for early payment of an accounts receivableC. decreasing the inventory turnover rateD. collecting accounts receivable faster17. Assume that dividends of a common stock will be maintained at D forever, and the required return of the stockholder is r, the par value of the stock is m, the value of the stock is ( )A. mB. m+DC. m+D/rD. D/r18. Which of the following items has the most risk? ( )A. treasury billB. corporate bondC. preferred stockD. common stock19. ( ) equals the gross profit divided by net sales of a firm.A. gross profit marginB. net profit marginC. return on investmentD. return on equity20. ( ) is the ratios that measure a firm’s ability to meet short-term obligationsA. liquidity ratiosB. leverage ratiosC. coverage ratiosD. activity ratios21.Sensitivity analysis helps you determine the:A. range of possible outcomes given possible ranges for every variable.B. degree to which the net present value reacts to changes in a single variable.C. net present value given the best and the worst possible situations.D. degree to which a project is reliant upon the fixed costs.22. According GAAP revenue is recognized as income when: （）A. a contract is signed to perform a service or deliver a good.B. the transaction is complete and the goods or services delivered.C. payment is received.D. income taxes are paid.E. all of the above.23. ( ) is the result of Net Profit Margin × total asset turnover × (total assets/shareholders’ equity)A. Return on equityB. return on investmentC. current ratioD. quick ratio24. Government tax law adjustment is ( ) to a firm.A. general economic riskB. inflation and deflation riskC. firm-specific risk25.Which of the following statements concerning the income statement is not true?A. It measures performance over a specific period of time.B. It determines after-tax income of the firm.C. It includes deferred taxes.D. It does not include depreciation.E. it treats interest as an expense.26.Which of the following is not a noncash deduction?A. Depreciation.B. Deferred taxes.C. Interest.D. Two of the aboveE. All of the above.27.Sasha Corp had an ROA of 10%. Sasha’s profit margin was 6% on sales of $180. What are total assets? （）A.$300B.$108C.$48. D$162.28. Calculate net income based on the following information ( )Sales = $200.00Cost of goods sold = $100.00Depreciation = $18.00Interest paid = $25.00Tax rate = 34%A. $16.50B. $37.62C. $34.60D. $4.6029.Which of the following is not true? （）A. Financial markets can be used to adjust consumption patterns over time.B. Corporate investment decisions have nothing to do with financial markets,C. Financial markets deal with cash flows over time.D. Investment decisions rely on the economic principles of financial markets.E. None of the above.30. ( ) is concerned with the acquisition, financing, and management of assets with some overall goal in mind.A. Financial managementB. Profit maximizationC. Agency theoryD. Social responsibility31. A major disadvantage of the corporate form of organization is the ( ).A. double taxation of dividendsB. inability of the firm to raise large sums of additional capitalC. limited liability of shareholdersD. limited life of the corporate form.32. Interest paid (earned) on both the original principal borrowed (lent) and previous interest earned is often referred to as ( ).A. present valueB. simple interestC. future valueD. compound interest33. If the intrinsic value of a share of common stock is less than its market value, which of the following is the most reasonable conclusion? ( )A. The stock has a low level of risk.B. The stock offers a high dividend payout ratio.C. The market is undervaluing the stock.D. The market is overvaluing the stock.34. A 250 face value share of preferred stock, pays a 20 annual dividend and investors require a 7% return on this investment. If the security is currently selling for 276, what is the difference (overvaluation) between its intrinsic and market value (rounded to the nearest whole dollar)?A. approximately 26B. approximately 10C. approximately 6D. approximately 135. Felton Farm Supplies, Inc., has an 8 percent return on total assets of 480,000 and a net profit margin of 6percent. What are its sales? ( )A. 3,750,000B.640,000C. 480,000D. 1,500,00036. A company can improve (lower) its debt-to-total asset ratio by doing which of the following?A. Borrow more.B. Shift short-term to long-term debt.C. Shift long-term to short-term debt.D. issue common stock.37. The DuPont Approach breaks down the earning power on shareholders' book value (ROE) as follows: ROE = ( ).A. Net profit margin × Total asset turnover × Equity multiplierB. Total asset turnover × Gross profit margin × Debt ratioC. Total asset turnover × Net profit marginD. Total asset turnover × Gross profit margin × Equity multiplier38. Which of the following items concerns financing decision? ( )A. sales forecastingB. bond issuingC. receivables collectionD. investment project selection39. Which of the following items is the function of a treasurer? ( )A. cost accountingB. internal controlC. capital budgetingD. general ledger40. For financial instruments, ( ) is judged in relation to the ability to sell a significant volume of securities ina short period of time without significant price concession.A. maturityB. marketabilityC. defaultD. inflation41. ( ) is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.A. future valueB. present valueC. intrinsic valueD. market valuePart III: Calculation Questions ( 2*10 points)（注意：要写出计算公式和计算过程，否则不得分；需要用文字描述的问题回答内容要详细，语句正确、完整。
财务管理期末考试卷(英文)
Shanghai Institute of Foreign TradeFinal examination of corporate finance 2006.6（Paper A）Name : ____________________________Students Number: ___________________________Marks：__________________________Exam Rules:2.5 hours, no formulas, references, or other mechanical devices except non-programmable calculators can be used. Show all your work, all the formulas. Marks will only be assigned for problems for which complete methodology, formulas, and the process is shown. Peeking, copying or duplicating others' work will be considered as "cheating" and such students will be asked to leave the examination room immediately.True or false (1 mark each for problems from 1 to 20)1. In estimating the market value of a bond, the coupon rate should be used as the discount rate.2. The yield to maturity is equal to the interest payment of a bond..3.When the interest rate on a bond and its yield to maturity are equal, the bond will trade at parvalue..4.Retained earnings represent an internal source of funds that is raised without the payment ofinterest, or cost to the firm’s shareholders.5.If you expect interest rates to go up, you should buy a long-term bond now.6.Strip bonds are sold at face value.7.When interest rates rise, bond refunding becomes quite popular.8.The longer the maturity of a bond, the greater the impact on price to changes in market rates.9.V aluation of a common stock with no dividend growth potential is treated in the same manneras preferred stock.10.Firms with great potential tend to trade at low P/E ratios.11.The cost of new common stock is greater than the cost of outstanding common stock..12.The cost of retained earnings is equal to the required rate of return on a firm's commonstock..13.The calculation of the cost of capital depends upon historical costs of funds.14.Generally, the higher the coefficient of variation a project has, the higher the discountrate it should be assigned.15.Projects that are totally uncorrelated provide some overall reduction in portfolio risk.16.A common stock with a beta of 1.0 is said to be of equal risk with the market.17.Risk is not only measured in terms of losses, but also in terms of variability.18.The efficient market hypothesis is generally concern with the impact of information on thebehavior of stock prices.19.A stock split involves a reduction in the firm's retained earnings account .20.Investors in high marginal tax brackets prefer dividends while investors in low marginal taxbrackets prefer to have corporate earnings reinvested.Choice (1 mark each for problems from 21 to 40)21. A ten year bond pays 8% annual interest ( paid semi-annually ). If similar bonds arecurrently yielding 6% annually, what is the market value of the bond ?A. $1,000.00B. $1148.77C. $1155.77D. none of the above22.The relationship between a bond's price and the yield to maturityA.changes at a constant level for each percentage change of yield to maturity.B.is an inverse relationshipC.is an linear relationshipD. a and b .23.For a firm paying 7% for new debt, the higher the firm's tax rateA.the higher the aftertax cost of debt.B.the lower the aftertax cost of debt.C.aftertax cost is unchanged.D.not enough information to judge.ing the constant dividend growth model for common stock, if P0 goes upA.the assumed cost goes up.B.the assumed cost goes down.C.the assumed cost remains unchanged..D.need further information.25.A firm is paying an annual dividend of $3.63 for its preferred stock which is selling for$62.70. There is a selling cost of $3.50. What is the aftertax cost of preferred stock if the firm's tax rate is 33% ?A. 2.02%B. 4.09%C. 5.79%D. 6.11%26.The coupon rate on an issue of debt is 12%. The yield to maturity on this issue is 14%.The corporate tax rate is 31%. What would be the approximate aftertax cost of debt fora new issue of bonds?A. 4.34%B. 3.72%C. 9.66%D. 8.28%27.A firm's stock is selling for $78. The next annual dividend is expected to be $2.70. Thegrowth rate is 9%. The flotation cost is $5.00. What is the cost of retained earnings?A. 13.09%B. 12.46%C. 12.75%D. none of the above28.The aftertax cost of debt will always belowA.the before-tax cost of debt.B.the weighted average cost of capital.C.the cost of equity.D.all the above.29.An investment project has a positive net present value. The internal rate of return isA.less than the cost of capitalB.greater than the cost of capitalC.equal to the cost of capitalD.indeterminate, it depends on the length of the project30.Cash flow can be said to equalA.income before amortization and taxes minus taxes.B.income before amortization and taxes plus taxes.C.income before amortization and taxes plus amortization.D.income aftertax minus amortization .31.As the cost of capital increasesA.fewer projects are accepted.B.more projects are accepted.C.project selection remains unchanged.D.none of the above.32.The payback method has several disadvantages, among them:A.payback fails to choose the optimum or most economic solution to a capital budgetingproblem.B.payback ignores cash inflows after the payback period.C. a and b .D.none of the above.33.The "efficient frontier" indicatesA.alternatives with neutral combinations of risk and return.B.alternatives with the highest returns.C.alternatives with the best combinations of risk and return.D.alternatives with no risk .34.The coefficient of variation ( V ) can be defined as theA.expected value multiplied by the standard deviation.B.standard deviation divided by the mean (expected value).C.mean (expected value ) divided by the standard deviation.D.standard deviation squared, divided by the expected value.35.Which investment has the least of risk ?A.Standard deviation = $500, Expected return = $ 5,000B.Standard deviation = $700, Expected return = $ 500C.Standard deviation = $900, Expected return = $ 800D.Standard deviation = $400, Expected return = $ 30036.Which of the following is not a criteria for an efficient market ?A.prices adjust rapidly to new information.rge dollar amounts of securities can be absorbed without price destabilization.C.each successive trade is made at a price close to the previous trade.puterized handling of transactions.37.The efficient market hypothesis has several forms. The weak form states thatA.past price date is unrelated to future prices.B.prices reflected all public information.C.all information both public and private is immediately reflected in share prices.D.none of the above38.In an efficient marketA.All financial transactions have an NPV equal to zero.B.The investor does not receive abnormal returns consistently.C.The investor is compensated properly for risk borne.D.All the above are correct.39.A firm with excess cash and few investment alternatives might logicallyA.declare a stock dividend.B.split its stock two-for-one.C.repurchase some of its own shares.D.choose to issue preferred stock.40.A stock dividend willA.increase the value of a share of stock.B.decrease the common stock account.C.decrease the retained earnings account.D.none of the above.Problems41.Diaz Camera Company is considering two investments, both of which cost $10,000. Thecash flows are as follows:Y ear Project A Project B?1 $6,000 $5,0002 4,000 3,0003 3,000 8,000a.Which of the two projects should be chosen based on the payback period? (4 marks )b.Which of the two projects should be chosen based on the net present value method?Assume a cost of capital of 10 percent (4 marks )42.Simon calls his broker to inquiry about purchasing a bond of Disk Storage System. Hisbroker quotes a price of $1,180. Simon is concern that the bond might be overpriced based on the facts involved. The $1,000 par valve bond pays 14 percent annual interest payablesemiannually, and it has 25 years remaining until maturity. The current yield to maturity on similar bonds is 12 percent. Compute the new price of the bond and comment on whether you think it is overpriced in the marketplace? ( 6 marks )43.Given the follow information, calculate the weighted average cost of capital for Glamour GirlCosmetics. Line up the calculations ( K d , K p ,K e W ACC ) in the order shown in the following . ( 10 marks )Percent of capital structure:Debt 40%Preferred stock 10%Common equity 50%Additional informationBond coupon rate 12%Bond yield 10%Dividend, expected common $3.00Dividend, preferred $9.20Price, common $60.00Price, preferred $99.00Flotation cost, preferred $4.00Corporate growth rate 9%Corporate tax rate 30%44.Skyline Corp. will invest $130,000 in a project that will not begin to produce returns untilafter the third year. From the end of the 3rd year until the end of the 12th year (10 periods), the annual cash flow will be $34,000. If the cost of capital is 12 percent, should this project be undertaken ? (6 marks)45.The Taylor Corporation is using a machine purchased two years before. The machine has abook value of 66,000 and a current market value of $40,000. The asset is in the Class 8 CCA pool (20 percent CCA rate). It will have no salvage value after 5 years and the tax rate is 40 percent. Jacqueline Elliot, the chief Financial Officer of Taylor is considering replacing this machine with a new model that costs $70,000. The new machine will cut operating costs by $10,000 per year for 5 years. Taylor’s cost of ca pital is 8 percent. Should the firm replace the asset? (Use the NPV methodology to solve this problem) ( 8 marks )46.The Presley Corporation is about to go public. It currently has a aftertax earnings of $7.5million, and 2.5 million shares are owned by the present stockholders (the Presley family).The new public issue will represent 600,000 new shares. The new shares will be priced the public at $20.00 per share, with a 5 percent spread on the offering price. There will also be $200,000 in out-of-pocket costs to the corporation.pute the net proceeds to the Presley Corporation. (3 marks )pute the earnings per share immediately before the stock issue. (3 marks )pute the earnings per share immediately after the stock issue. (3 marks)d.Determine what rate of rate of return must be earned on the net proceeds to the corporationso that there will not be a dilution in earnings per share during the year of going public. (4 marks)e.Determine what rate of rate of return must be earned on the net proceeds to the corporationso that there will be a 5 percent increase in earnings per share during the year of going public. (4 marks)47.The shares of Dyer Drilling Co. sell for $60. The firm has a P/E ratio 15 and 40 percent ofearnings are paid out in dividends. What is the dividend yield? (5 marks)。
财务管理英语考试复习
财务管理英语考试复习财务管理英语是一门将财务管理知识与英语语言相结合的学科，对于学习财务专业的同学来说，掌握这门课程至关重要。
在面临财务管理英语考试时，有效的复习是取得好成绩的关键。
下面就来详细探讨一下如何进行财务管理英语考试的复习。
首先，我们要明确考试的重点和范围。
通常，老师在课堂上会提及或者在教学大纲中有明确的规定。
这可能包括财务报表的英语表述与分析、财务比率的计算与解释、预算编制的英文流程、投资决策的相关术语和计算等等。
我们要仔细对照这些重点内容，有针对性地进行复习。
接下来，就是复习资料的准备。
教材是基础，要把教材中的知识点梳理一遍，特别是重点章节和案例。
同时，课堂笔记也是非常重要的复习资料，它记录了老师强调的重点和讲解的思路。
如果有老师提供的课件或者复习提纲，那更是要认真对待。
此外，还可以寻找一些相关的英文财务书籍和杂志，拓宽知识面，了解最新的财务动态和专业词汇的运用。
在词汇方面，财务管理英语有大量的专业术语。
我们可以制作单词卡片，将常见的术语及其英文解释、例句写在上面，随时拿出来背诵和复习。
对于一些容易混淆的词汇，要特别加以区分和记忆。
比如，“asset”（资产）和“liability”（负债），“revenue”（收入）和“profit”（利润）等等。
语法也是不能忽视的一部分。
虽然财务管理英语更注重专业内容的理解和运用，但正确的语法能够让我们更清晰准确地表达自己的观点。
要复习一些常见的时态、语态、从句等语法知识，避免在考试中出现语法错误。
然后是对财务报表的复习。
资产负债表（Balance Sheet）、利润表（Income Statement）和现金流量表（Cash Flow Statement）是财务管理的核心内容。
要熟练掌握这些报表中各项科目的英文名称、计算方法和分析方法。
能够读懂英文报表，并能用英语准确地描述报表中的数据和趋势。
关于财务比率的计算和分析，要记住各种比率的计算公式，如流动比率（Current Ratio）、资产负债率（Debt Ratio）、净资产收益率（Return on Equity）等。
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财务管理专业英语期末重点一、单词Topic1财务管理financial management资本预算capital budgeting资本结构capital structure股利政策dividend policy存货inventory风险规避risk aversion股东权益stockholder s’ equity流动负债current liabilityTopic2财务风险financial risk合伙制企业partnership私人业主制企业sole proprietorship收入revenue主计长controller财务困境financial distress股票期权stock option首次公开发行股票(IPO) initial public offering Topic 3盈利能力profitability偿付能力solvency利润表income statement有价证券marketable securities提款withdrawal应收账款accounts receivable递延税款deferred taxTopic4流动性比率liquidity ratio权益乘数equity multiplier资产收益率(ROA) return on assets毛利gross profit margin权益报酬率return on equity市盈率P/E ratio杠杆比率leverage ratio息税前盈余(EBIT) earnings before interest and taxes Topic5货币时间价值time value of money年金annuity折现率discount rate机会成本opportunity cost递延年金deferred annuity条款covenant到期收益率yield to maturity违约风险default riskTopic6组合portfolio可分散风险diversifiable risk概率probability灵敏度分析sensitivity analysis有效市场假说efficient market hypothesis套利定价理论(APT) arbitrage pricing theory资本资产定价模型capital asset pricing model期望收益expected returnTopic7资本支出capital expenditure资本预算capital budget破产bankruptcy制造费用overhead模拟simulation期后审计post-audit沉没成本sunk cost附加效应side effectTopic8金融市场financial market回购repurchase操纵manipulate承销underwriting私人控股公司privately held corporation公开上市go public公开发行public offer加权平均资本成本weighted average cost of capital Topic9混合证券hybrid security风险资本venture capital期权交易option exchange贷款额度line of credit租赁lease最优资本结构optimal capital structure目标资本结构desired or target capital structure可转换债券convertible bondTopic10股票回购stock repurchase股票股利stock dividends股票分割stock split所有权稀释dilution of ownership剩余股利政策residual dividend policy清算股利liquidating dividend现金股利cash dividends股票股利stock dividendsTopic11营运资本管理working capital management商业票据commercial paper支出disbursement信用期限credit period交易动机transaction motive短期有价证券marketable security回购协议repurchase agreement银行承兑汇票bankers’ acceptanceTopic12国际财务管理international financial management国际货币基金组织International Monetary Fund跨国公司multinational corporation /international corporation汇率exchange rate间接标价indirect quotation贬值depreciate远期交易forward trade货币互换currency swap二、计算公式1.Capm公式资本资产定价模型公式capital assets pricing modelr i=r RF+(R M- r RF)ßi r RF= risk free rate资产无风市场风险系数R M= market rate预期险市回报回报场利率率率2.wacc公式加权平均资本成本weighted average cost of capitalWACC=(k e*w e)+［k d*(1-t)*W d］WACC=［equity/(equity+debt)］*cost of equity*(1-corporate tax rate)Wacc=(股权/总资本)*股权成本+（债务/总资本）*债务成本*（1-企业所得税率）三、填空1.The risk of an asset can be considered in two ways (1)on a stand-alone basis. where the asset’s cash flows are analyzed by themselves ,or(2)a portfolio context, where the asset’s cash flows are combine with those of other asset.2.In a portfolio context ,an asset’s risk can be divided into two components ：在投资组合中资产风险可以分为（1）diversifiable risk,which can be diversified away and thus is of little concern to diversified investors , and (2)market risk, which reflect the risk of a general stock market risk decline and cannot be eliminated by diversification.3 .There are three types of financial market efficiency 金融市场的有效性(1)allocationally efficient(2)operationally efficient(3)informationally efficient4. Project Classifications 项目分类（1）expansion project 扩建项目（2）replacement project 更新项目（3）Independent project 独立项目（4）Mutually exclusive project 互不相容项目5.Investment Rules 投资政策Managers use a variety of rules to evaluate and select capital investments; 管理使用各种各样的规则来评估和选择投资（1）Net Present value (NPV) 净现值（2）Profitability index(PI) 现值系数（3）Internal rate of return (IRR) 内部报酬率（4）Payback period (PP) 回购期 and（5）Discounted payback period (DDP) 折扣回购期6，The post-audit has two main purpose :期后审计的两个虽最重要目的（1）Improve forecasts 提高预测（2）Improve operations 改善经营7.Financial market serve three important functions in a healthy economy:金融市场在健全经济体系中的三个重要功能（1）Help channel funds from suppliers to demanders 帮助供应商和需求者建立资金渠道（2）Provide a resale market .提供零售市场（3）Set market price and rates of return 设置市场价格和收益率8.Types of Financial Markets 金融市场的类型（1）Money Market /Capital Market 货币市场和资本市场（2）Primary Market /Secondary market一级市场和二级市场(3)Private Market / Public Market 私下市场和公开市场9.investment banks provide three major services in handing a new security issue :投资银行在持有新证券发行时提供的三个主要服务：（1）Advising 咨询（2）Underwriting 承销（3）Marketing 营销10.Equity 股权融资（1）Owner’s equity所有者权益（2）Venture Capital and private Equity风险投资和私募投资（3）common stock 普通股（4）warrants 认证权证（5）Contingent value right 或有价值权利11.Debt债务融资（1）bank debt 银行借款（2）bonds 债券（3）leases 租赁12.Firms generally consider the following factor when making capital structure decisions:公司选择资本结构时一般要考虑下列因素（1）Sale stability 销售稳定性（2）Asset structure 资产结构（3）Operating leverage 经营杠杆（4）Growth 增长率（5）Profitability 盈利能力（6）Taxes 税收（7）Control 控制（8）Management attitudes 管理（9）Lender and rating agency attitudes 贷款人及评级机构的态度（10）Market conditions 市场条件（11）The firm’s internal condition 企业内部条件（12）Financial flexibility 财务灵活性13.Dividend payout procedure 派息程序（1）Declaration date 除息日（2）Ex-dividend date 除息日（3）record date 股权登记日（4）Payment date 股利支付日14. Types of dividends 股利种类（1）Cash dividend 现金股利（2）Stock dividend 股票股利（3）Property dividend 财产股利15. Factors Influencing the dividend decision 影响股利决策因素(1)Shareholder factors 股东因素(2) Firm factors 公司因素(3) Other constraints 其他因素16. Cash management involves three major decision areas 现金管理的三个决策（1）Determining appropriate cash balances 确定适当的现金余额（2）Investing idle cash 投资闲置资金（3）Managing collections and disbursements 管理收款和付款17. Credit policy 信贷政策5csOne technique that is useful aid in deciding whether to grant credit is the Five Cs of Credit .Credit analysts generally consider five factors when determining whether to grant credit:(1)character 特征(2) capacity 能力(3) capital 资本(4) collateral 抵押(5)conditions 条件18. Inventory management techniques 存货管理技术Management commonly use four inventory management techniques:管理者通常使用的4个存货管理制度（1）the abc system abc系统（2）the economic order quantity(EOQ) model 经济定价量模型（3）the just-in-time (JII) system 定时采购系统(4) the materials requirement planning (MRP) system 物料需求。