11级财务管理专业英语复习题(学生用)
财务管理英语试题及答案
财务管理英语试题及答案一、选择题（每题2分，共20分）1. 财务管理的主要目标是（）。
A. 利润最大化B. 股东财富最大化C. 企业价值最大化D. 产品成本最小化答案：C2. 企业进行长期投资决策时，主要考虑的是（）。
A. 短期收益B. 长期收益C. 短期现金流D. 长期现金流答案：B3. 下列哪项不是财务杠杆的表现形式？（）A. 债务融资B. 权益融资C. 经营杠杆D. 财务杠杆答案：B4. 企业进行资本结构决策时，主要考虑的因素不包括（）。
A. 债务成本B. 权益成本C. 税收影响D. 市场风险答案：D5. 企业进行股利政策决策时，主要考虑的因素不包括（）。
A. 企业的盈利能力B. 企业的资本需求C. 股东的偏好D. 企业的行业地位答案：D6. 下列哪项不是影响企业价值的因素？（）A. 企业的盈利能力B. 企业的资本结构C. 企业的市场规模D. 企业的社会责任答案：D7. 企业进行财务预测时，通常不使用的方法包括（）。
A. 销售百分比法B. 现金流量表法C. 资产负债表法D. 历史数据法答案：B8. 企业进行财务分析时，主要分析的财务报表不包括（）。
A. 利润表B. 资产负债表C. 现金流量表D. 所有者权益变动表答案：D9. 企业进行风险管理时，通常不采用的方法是（）。
A. 风险分散B. 风险转移C. 风险接受D. 风险创造答案：D10. 企业进行跨国财务管理时，主要考虑的因素不包括（）。
A. 汇率变动B. 政治风险C. 经济周期D. 企业规模答案：D二、判断题（每题1分，共10分）1. 财务管理的核心是资金的筹集、使用和分配。
（）答案：√2. 企业的财务目标与股东的财富最大化目标是一致的。
（）答案：×3. 财务杠杆可以增加企业的财务风险，但不会提高企业的收益。
（）答案：×4. 企业的资本结构决策只与债务和权益的相对比例有关。
（）答案：×5. 股利政策对企业的市场价值没有影响。
武汉市财政学校11级第一学期英语期末试卷（A卷）
武汉市财政学校11级第⼀学期英语期末试卷（A卷）武汉市财政学校11级第⼀学期英语期末试卷（A卷）学号_______________________________ 课程名称_______英语__________ 专业_______________________________学期2011-2012第⼀学期期末姓名_______________________________ 成绩______________________ 班级 _11财会1-3班及电会1班___ 教师签名瞿⽂华Ⅰ. Find out the ten misspelling words in the box and write their number and their correct form down on the following line. (从⽅框中找出10个拼写错误的单词，并将代号及正确的形式写在横线上。
)（10分）____________________________________________________________________Ⅱ. Match the words in the left column with the meanings in the right column.(词义搭配。
)（10分）A B1 start A not the same2 do sports B have a happy life3 take one’s advice C helpful4 different D quite5 useful E begin6 a little F carry7 very G listen to one’s advice8 take H a bit9 clean the rooms I do exercises10 be happy J keep the rooms cleanⅢ. Choose the best choice.(单项选择。
财务英语试题及答案
财务英语试题及答案一、选择题（每题2分，共20分）1. What is the term for the process of recording, summarizing, and reporting financial transactions?A. BudgetingB. AccountingC. AuditingD. Forecasting答案：B2. Which of the following is a financial statement that showsa company's financial position at a specific point in time?A. Income StatementB. Balance SheetC. Cash Flow StatementD. Statement of Retained Earnings答案：B3. The difference between the purchase price and the fair market value of an asset is known as:A. DepreciationB. AmortizationC. GoodwillD. Capital Gains答案：C4. What is the term for the systematic allocation of the cost of a tangible asset over its useful life?A. DepreciationB. AmortizationC. AccrualD. Provision答案：A5. Which of the following is not a type of revenue recognition?A. Cash basisB. Accrual basisC. Installment methodD. All of the above答案：D6. The process of estimating the cost of completing a project is known as:A. BudgetingB. Cost estimationC. Project managementD. Cost accounting答案：B7. Which of the following is a non-current liability?A. Accounts payableB. Wages payableC. Long-term debtD. Income tax payable答案：C8. The term used to describe the process of adjusting the accounts at the end of an accounting period is:A. Closing the booksB. JournalizingC. PostingD. Adjusting entries答案：D9. What is the term for the financial statement that shows the changes in equity of a company over a period of time?A. Balance SheetB. Income StatementC. Statement of Changes in EquityD. Cash Flow Statement答案：C10. The process of verifying the accuracy of financial records is known as:A. BudgetingB. AuditingC. ForecastingD. Valuation答案：B二、填空题（每空1分，共10分）1. The __________ is the process of determining the value of an asset or liability.答案：valuation2. A __________ is a type of financial instrument that represents a creditor's claim on a company's assets.答案：bond3. The __________ is the difference between the cost of an asset and its depreciation.答案：book value4. __________ is the process of converting non-cash items into cash equivalents.答案：Liquidation5. A __________ is a financial statement that provides information about a company's cash inflows and outflows during a specific period.答案：Cash Flow Statement6. The __________ is the process of estimating the useful life of an asset.答案：depreciation schedule7. __________ is the practice of recording revenues and expenses when they are earned or incurred, not when cash is received or paid.答案：Accrual accounting8. __________ is the process of recording transactions in the order they are received.答案：Journalizing9. __________ is the practice of matching expenses with the revenues they helped to generate.答案：Matching principle10. A __________ is a document that provides evidence of a transaction.答案：voucher三、简答题（每题5分，共20分）1. What are the main components of a balance sheet?答案：The main components of a balance sheet are assets, liabilities, and equity.2. Explain the concept of "double-entry bookkeeping."答案：Double-entry bookkeeping is a system of recording financial transactions in which every entry to an account requires a corresponding and opposite entry to another account, ensuring that the total of debits equals the total of credits.3. What is the purpose of an income statement?答案：The purpose of an income statement is to summarize a company's revenues, expenses, and profits or losses over a specific period of time.4. Describe the role of a financial controller in anorganization.答案：A financial controller is responsible for overseeing the financial operations of an organization, including budgeting, financial reporting, and ensuring compliance with financial regulations and policies.四、论述题（每题15分，共30分）1. Discuss the importance of financial planning in business management.答案：Financial planning is crucial in business management as it helps in setting financial goals。
专题资料（2021-2022年）11ManagerialAccountingStudent财务管理经
(2) Actual Quantity
of Input, at Standard Price
(AQ × SP)
(3) Actual Quantity
of Input, at Actual Price
(AQ × AP)
Quantity Variance (2) – (1)
Price Variance (3) – (2)
11-8
Setting Variable Manufacturing Overhead Standards
Price Standard
Quantity Standard
The rate is the variable portion of the predetermined overhead
rate.
two types of standards are commonly used.
Quantity standards specify how much of an input should be used to
make a product or provide a service.
Price standards specify how much should be paid for each unit of the
Quantity Variance
Difference between actual quantity and standard quantity
Price Variance
Difference between actual price and standard price
11-12
Quantity and Price Standards
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。
财务管理其中考试题(英文)-1
财务管理其中考试题〔英文〕1..Finance, generally, deals withA)moneyB)marketsC)peopleD) all of the aboveAnswer: D2.Generally, a corporation is owned by the:A) ManagersB) Board of DirectorsC) ShareholdersD) All of the above.Answer: C3.The following are examples of real assets except:A) MachineryB) Common stockC) Office buildingsD) InventoryAnswer: B4.In finance, "short-term" meansA)less than three monthsB)less than six monthsC)less than one yearD)less than five yearsAnswer: C17. The treasurer usually oversees the following functions of a corporation except:A) Preparation of financial statementsB) Investor relationshipsC) Cash managementD) Obtaining financesAnswer: AType: DifficultPage: 618. The treasurer is usually responsible the following functions of a corporation except:A) Raising new capitalB) Cash managementC) Banking relationshipsD) Internal accountingAnswer: D20. The controller usually oversees the following functions of a corporation except:A) Cash managementB) Tax managementC) Internal accountingD) Preparation of financial statementsAnswer: A22. The following are advantages of separation of ownership and management ofcorporations except:A) Corporations can exist forever.B) Facilitate transfer of ownership without affecting the operations of the firm.C) Hire professional managersD) Incur agency costsAnswer: D24. The financial goal of a corporation is to:A) Maximize salesB) Maximize profitsC) Maximize the value of the firm for the shareholdersD) Maximize managers' benefitsAnswer: C26.In the principal-agent framework:A) Shareholders are the principalsB) Managers are the agentsC) Shareholders are the agentsD) Managers are the principalsE) A and BAnswer: ET F 30.A corporation has a legal existence of its own and is based on "articles ofincorporation."Answer: True4. Present value of $110,000 expected to be received one year from today at an interestrate (discount rate) of 10% per year is:A) $121,000B) $100,000C) $110,000D) None of the aboveAnswer: BType: EasyPage: 14Response: PV = (110,000) / (1.1) = 100,0005. One year discount factor at a discount rate of 10% per year is:A) 1.1B) 1.0C) 0.909D) None of the aboveAnswer: CType: EasyPage: 14Response: Discount Factor = 1/1.1 = 0.9096. Present Value of $100,000 expected to be received at the end of one year at adiscount rate of 100% per year is:A) $50,000B) $200,000C) $100,000D) None of the aboveAnswer: AType: EasyPage: 14Response: PV = (100,000) / (1+1) = 50,0007. The one-year discount factor at an interest rate of 25% per year is:A) 1.25B) 0.8C) 0.25D) None of the aboveAnswer: BType: EasyPage: 14Response: Discount factor = 1/(1.25) = 0.810. If the one-year discount factor is 0.85, what is the present value of $120 to bereceived one year from today?A) $100B) $102C) $141.18D) None of the aboveAnswer: BType: MediumPage: 14Response: PV = (120)(0.85) = 10220. If the five-year present value annuity factor is 3.791 and four-year present valueannuity factor is 3.170, what is the present value at the $1 received at the end of five years?A) $0.621B) $1.61C) $0.315D) None of the aboveAnswer: AType: DifficultPage: 39Response: PV = (3.791 3.170)*(1) = 0.62121. If the three-year present value annuity factor is 2.723 and two-year present valueannuity factor is 1.859, what is the present value of $1 received at the end of the 3years?A) $0.157B) $0.864C) $1.00D) None of the aboveAnswer: BType: DifficultPage: 39Response: PV = (2.723-1.859) *(1) = 0.86422. What is the present value annuity factor at a discount rate of 13% for 10 years?A) $5.4262B) $8.514C) $8.13D) None of the aboveAnswer: AType: MediumPage: 39Response: PV annuity factor = (1/0.13) (1/((0.13)(1.13^10))) = 5.426223. What is the present value annuity factor at an interest rate of 11% for 5 years?A) 8.514B) 6.145C) 3.6959D) None of the aboveAnswer: CType: MediumPage: 39Response: PV annuity factor = (1/0.11) (1/((0.11)(1.11^5))) = 3.695933.If the present value of $1.00 received n years from today at an interest rate of r is 0.270,then what is the future value of $1.00 invested today at an interest rate of r% for nyears?A) $1.00B) $3.70C) $1.70D) Not enough information to solve the problemAnswer: BType: DifficultPage: 40Response: FV = 1/(0.270) = 3.7034. If the future value of $1 invested today at an interest rate of r% for n years is 2.5937,what is the present value of $1 to be received in n years at r% interest rate?B) $1.00C) $0.621D) None of the aboveAnswer: AType: DifficultPage: 40Response: PV = 1/2.5937 = 0.3855541.Mr. Hopper is expected to retire in 30 years and he wishes accumulate $1,000,000 in hisretirement fund by that time. If the interest rate is 12% per year, how much should Mr. Hopper put into the retirement fund each year in order to achieve this goal?A) $4,143.66B) $8,287.32C) $4,000D) None of the aboveAnswer: AType: DifficultPage: 40Response: Future value annuity factor = [(1/0.12) (1/(0.12*1.12^30)]*(1.12^30) = 241.3827;payment = 1,000,000/241.3327 = 4143.6642. Mr. Hopper is expected to retire in 30 years and he wishes accumulate $750,000 inhis retirement fund by that time. If the interest rate is 10% per year, how muchshould Mr. Hopper put into the retirement fund each year in order to achieve thisgoal?A) $4,559.44B) $2,500C) $9,118.88D) None of the aboveAnswer: AType: DifficultPage: 40Response: Future value annuity factor = [(1/0.10) (1/(0.10*1.10^30)]*(1.10^30) = 164.494;payment = 750,000/164.494 = 4559.4443. If you invest $100 at 12% APR for three years, how much would you have at the endof 3 years using simple interest?B) $140.49C) $240.18D) None of the aboveAnswer: AType: MediumPage: 40Response: FV = 100 + (100*0.12*3) = $1362.If a firm permanently borrows $50 million at an interest rate of 8%, what is the presentvalue of the interest tax shield? Assume a 35% tax rate.A) $8.00 millionB) $8.75 millionC) $17.50 millionD) $25.00 millionE) None of the aboveAnswer: CType: MediumPage: 490Response: PV of interest tax shield = (0.35)(50) = $17.5 million3. If a firm borrows $25 million for one year at an interest rate of 10%, what is thepresent value of the interest tax shield? Assume a 35% tax rate. (Approximately.)A) $1.591 millionB) $1.75 millionC) $1.00 millionD) $5.00 millionE) None of the aboveAnswer: AType: DifficultPage: 490Response: PV of interest tax shield = ((0.35)(50)(0.1))/1.1 = $1.5915. If the before-tax cost of debt is 10% and the corporate tax rate is 30%, calculate theafter-tax cost of debt:A) 10%B) 3%C) 7%D)none of the aboveAnswer: CType: EasyPage: 5256. A firm has a total value of $1 million and debt valued at $400,000. What is theafter-tax weighted average cost of capital if the after - tax cost of debt is 12% and the cost of equity is 15%?A) 13.5%B) 13.8%C) 27.0%D)It's impossible to determine the WACC without debt and equity betasAnswer: BType: MediumPage: 525Response: WACC = 0.4(0.12) + 0.6(0.15) = 0.048 + 0.09 = 0.1387.The CR Corp. maintains a debt-equity ratio of 0.5 The cost of equity for CR Corp. is 15%and the after-tax cost of debt is 9%. What is the after-tax weighted average cost ofcapital?A) 11.86%B) 12.00%C) 13.00%D) None of the aboveAnswer: CType: MediumPage: 525Response: (1/3)(9) + (2/3)(15) = 13%8. A firm is financed with 50% risk-free debt and 50% equity. The risk-free rate is10%, the firm's cost of equity capital is 20%, and the firm's marginal tax rate is 35%.What is the firm's weighted average cost of capital?A) 13.25%B) 10.00%C) 20.00%D) None of the aboveAnswer: AType: MediumPage: 525Response: (0.50)(1-0.35)(10) + (0.5)(20) = 13.2510. A firm is financed with 40% risk-free debt and 60% equity. The risk-free rate is 7%,the firm's cost of equity capital is 18%, and the firm's marginal tax rate is 35%.What is the firm's weighted average cost of capital?A) 18.00%B) 7.00%C) 13.60%D) 12.62%E) None of the aboveAnswer: DType: MediumPage: 525Response: (0.4)(1-0.35)(7) + (0.6)(18) = 12.62%11. Which of the following statements characterize(s) the weighted average cost ofcapital formula?A) It requires knowledge of the required return on the firm if it is all-equity financedB) It is based on book values of debt and equityC) It assumes the project is a carbon copy of the firmD) It can be used to take account of issue costs and other such financing side effectsAnswer: CType: DifficultPage: 52612. A firm is financed with 30% risk-free debt, 60% common equity and 10% preferredequity. The risk-free rate is 5%, the firm's cost of common equity is 15%, and thatof preferred equity is 10%. The marginal tax rate is 30%. What is the firm'sweighted average cost of capital?A) 10.05%B) 11.05%C) 12.5%D) None of the aboveAnswer: BType: DifficultPage: 526Response: (0.3)(1-0.3)(5) + (0.6)(15) + (0.1)(10) = 11.0513. When the amount of debt is fixed, present value of tax-shield is calculated using:A)cost of debtB)cost of equityC)cost of capitalD)none of the aboveAnswer: AType: Medium Page: 527。
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。
财管英语11
Activity Based Costing（ABC）【字体：大中小】【打印】[对应中文教材2008年财务成本管理第十六章:作业成本计算与管理]1 Activity based costingAn alternative to absorption costing is activity based costing （ABC）.ABC involves the identification of the factors （cost drivers） which cause the costs of an organization’s major activities.Support overheads are charged to products on the basis of their usage of an activity.For costs that vary with production level in the short term, the cost driver will be volume related （labor or machine hours）.Overheads that vary with some other activity （and not volume of production）should be traced to products using transaction-based cost drivers such as production runs or number of orders received.1.1 Reasons for the development of ABCThe traditional cost accumulation system of absorption costing was developed in a time when most organizations produced only a narrow range of products（so that products underwent similar operations and consumed similar proportions of overheads）.And overhead costs were only a very small fraction of total costs, direct labor and direct material costs accounting for the largest proportion of the costs.The benefits of more accurate systems for overhead allocation would probably have been relatively small.In addition, information processing costs were high.In recent years, however, there has been a dramatic fall in the costs of processing information.And, with the advent of advanced manufacturing technology （AMT）,overheads are likely to be far more important and in fact direct labor may account for as little as 5% of a product’s cost.It therefore now appears difficult to justify the use of direct labor or direct material as the basis for absorbing overheads or to believe that errors made in attributing overheads will not be significant.Many resources are used in non-volume related support activities,（which have increased due to AMT） such as setting-up, production scheduling, inspection and data processing.These support activities assist the efficient manufacture of a wide range of products and are not, in general, affected by changes in production volume.They tend to vary in the long term according to the range and complexity of the products manufactured rather than the volume of output.The wider the range and the more complex the products, the more support services will be required. Consider, for example, factory X which produces 10,000units of one product, the Alpha, and factory Y which produces 1000 units each of ten slightly different versions of the Alpha. Support activity costs in the factory Y are likely to be a lot higher than in factory X but the factories produce an identical number of units. For example, factor X will only need to set-up once whereas Factory Y will have to set-up the production run at least ten times for the ten different products. Factory Y will therefore incur more set-up costs for the same volume of production.Traditional costing systems, which assume that all products consume all resources in proportion to their production volumes, tend to allocate too great a proportion of overheads to high volume products （which cause relatively little diversity and hence use fewer support services） and too small a proportion of overheads to low volume products （which cause greater diversity and therefore use more support services）. Activity based costing （ABC） attempts to overcome this problem.1.2 Definition of ABCActivity base costing （ABC） involves the identification of the factorswhich cause the costs of an organization’s major activities. Supportoverheads are charged to products on the basis of their usage of the factorcausing the overheads.The major ideas behind activity based costing are as follows.（a） Activities cause costs. Activities include ordering, materials handling, machining, assembly, production scheduling and dispatching.（b） Producing products creates demand for the activities.（c） Costs are assigned to a product on the basis of the product's consumption of the activities.1.3 Outline an ABC systemAn ABC system operates as follows.Step 1 Identify an organization’s major activities.Step 2Identify the factors which determine the size of the costs of anLook at the following examples.Step 3 Collect the costs associated with each cost driver into what are known as cost pools.Step 4 Charge costs to products on the basis of their usage of the activity.A product's usage of an activity is measured by the number of the activity's cost driver it generates.2 Absorption costing versus ABCThe following example illustrates the point that traditional cost accounting techniques result in a misleading and inequitable division of costs between low-volume and high-volume products, and that ABC can provide a more meaningful allocation of costs.2.1 Example: Activity based costingSuppose that Cooplan manufactures four products, W, X, Y and Z. Output and cost data for the period justEnded are as follows.Number ofProductionruns in the Material cost Direct labourMachineOutput units period per unit hours per unit hours per unit$W 10 2 20 11X 10 2 8O 33Y 100 5 20 11Z 100 5 80 3314Direct labour cost per hour$5Overhead costs$Short run variable costs3,080Set-up costs10,920Expediting and scheduling costs9,100Materials handling costs7,70030,800RequiredPrepare unit costs for each product using conventional costing and ABC.[答疑编号810110101：针对该题提问]SolutionUsing a conventional absorption costing approach and an absorption rate for overheads based on either direct labour hours or machine hours, the product costs would be as follows.W X Y Z Total$ $ $ $ $ Direct material 200 800 2,000 8,000Direct labour 50 150 500 1,500Overheads* 700 2,100 7,000 21,000950 3,050 9.500 30,500 44,000 Units produced 10 10 100 100Cost per unit $95 $305 $95 $305* $30,800 ÷ 440 hours = $70 per direct labour or machine hour.Using activity based costing and assuming that the number of production runs is the cost driver for set-up costs, expediting（[5ekspidait]v加速, 派出） and scheduling costs and materials handling costs and that machine hours are the cost drivers for short-run variable costs, unit costs would be as follows.W X Y Z Total$ $ $ $ $Direct material 200 800 2,000 8,000 Direct labour 50 150 500 1,500 Short-run variable overheads （W1） 70 210 700 2,100 Set-up costs （W2） 1,560 1,560 3,900 3,900 Expediting, scheduling costs （W3） 1,300 1,300 3,250 3,250 Materials handling costs （W4） 1,1 O0 1,1 O0 2,750 2,7504,280 5,120 13,10021,500 44,0O0Units produced 10 10 100 100 Cost per unit $428 $512 $131 $215 Workings1. $3,080 ÷ 440 machine hours =$7 per machine hour2. $10,920 ÷ 14 production runs = $780 per run3. $9,100 ÷ 14 production runs =$650 per run4. $7,700 ÷ 14 production runs =$550 per runSummaryConventional costing ABC Difference perDifference inProduct unit cost unit cost unittotal$ $ $ $W 95 428 + 333+3,330X 305 512 + 207+2,070Y 95 131 + 36+3,600Z 305 215 - 90-9,000The figures suggest that the traditional volume-based absorption costing system is flawed.A. It under-allocates overheads costs to low-volume products （here, W and X） and over-allocates overheads to higher-volume products （here Z in particular）.B. It under-allocates overheads costs to smaller-sized products （here W and Y with just one hour of work needed per unit） and over-allocates overheads to larger products （here X and particularly Z）.2.2 ABC versus traditional costing methodsBoth traditional absorption costing and ABC systems adopt the two stage allocation process.2.2.1 Allocation of overheadsABC establishes separate cost pools for support activities such as despatching. As the costs of these activities are assigned directly to products through cost driver rates, reapportionment of service department costs is avoided.2.2.2 Absorption of overheadsThe principal difference between the two systems is the way in which overheads are absorbed into products.（a） Absorption costing most commonly uses two absorption bases （labour hours and/or machine hours） to charge overheads to products.（b） ABC uses many cost drivers as absorption bases （e.g. number of orders or despatches）. Absorption rates under ABC should therefore be more closely linked to the causes of overhead costs.2.3 Cost driversThe principal idea of ABC is to focus attention on what causes costs to increase, is the cost drivers.（a） The costs that vary with production volume, such as power costs, should be traced to products using production volume-related cost drivers, such as direct labour hours or direct machine hours.Overheads which do not vary with output but with some other activity should be traced to products using transaction-based cost drivers, such as number of production runs and number of orders received.（b） Traditional costing systems allow overheads to be related to products in rather more arbitrary ways producing, it is claimed, less accurate product costs.Question: Traditional costing versus ABCA company manufactures two products, L and M, using the same equipment and similar processes. An extract of the production data for these products in one period is shown below.L M Quantity produced （units） 5,000 7,000Direct labour hours per unit 1 2Machine hours per unit 3 1Set-ups in the period 10 40Orders handled in the period 15 60Overhead costs $Relating to machine activity 220,000Relating to production run set-ups 20,000Relating to handling of orders 45,000 285,000RequiredCalculate the production overheads to be absorbed by one unit of each of the products using the following costing methods.（a） A traditional costing approach using a direct labour hour rate to absorb overheads（b） An activity based costing approach, using suitable cost drivers to trace overheads to products[答疑编号810110102：针对该题提问]Solution:（a） Traditional costing approachDirect labourhours Product L = 5,000 units × 1 hour 5,000Product M = 7,000 units × 2 hours 14,00019,000 ∴ Overhead absorption rate= $285,00019,000= $15 per hourOverhead absorbed would be as follows.Product L 1 hour x $15 = $15 per unitProduct M 2 hours x $15 = $30 per unit（b） ABC approachMachine hoursProduct L = 5,000 units× 3 hours 15.000Product M = 7,000 units × 1 hour 7,00022,000 Using ABC the overhead costs are absorbed according to the cost drivers.$Machine-hour driven costs 220,000 ÷ 22,000 m/c hours = $10 per m/c hour Set-up driven costs 20,000 ÷ 50 set-ups = $400 per set-up Order driven costs 45,000 ÷ 75 orders = $600 per orderOverhead costs are therefore as follows.Product LProduct M$ $Machine-driven costs （15,000 hrs x $10） 150,000 （7,000 hrs x $10） 70,000 Set-up costs （10 x $400） 4,000 （40 x $400）16,000 Order handling costs （15 x $600） 9,000 （60 x $600）36,000163,000122,000Units produced 5,0007,000Overhead cost per unit $32.60$17.43These figures suggest that product M absorbs an unrealistic amount of overhead using a direct labour hour basis. Overhead absorption should be based on the activities which drive the costs, in this case machine hours, the number of production run set-ups and the number of orders handled for each product.3 Merits and criticisms of ABCABC has both advantages and disadvantages, and tends to be more widely used by larger organizations and the service sector.As you will have discovered when you attempted the question above, there is nothing difficult about ABC. Once the necessary information has been obtained it is similar to traditional absorption costing. This simplicity is part of its appeal. Further merits of ABC are as follows.A. The complexity of manufacturing has increased, with wider product ranges, shorter product life cycles and more complex production processes. ABC recognizes this complexity with its multiple cost drivers.B. In a more competitive environment, companies must be able to assess product profitability realistically. ABC facilitates a good understanding of what drives overhead costs.C. In modern manufacturing systems, overhead functions include a lot of non-factory-floor activities such as product design, quality control, production planning and customer services. ABC is concerned with all: overhead costs and so it takes management accounting beyond its 'traditional' factory floor boundaries.3.1 Criticisms of ABCIt has been suggested by critics that activity based costing has some serious flaws.A. Some measure of （arbitrary） cost apportionment may still be required at the cost pooling stage for items like rent, rates and building depreciation.B. Can a single cost driver explain the cost behavior of all items in its associated pool?C. Unless costs are caused by an activity that is measurable in quantitative terms and which can be related to production output, cost drivers will not be usable. What drives the cost of the annual external audit, for example?D. ABC is sometimes introduced because it is fashionable, not because it will be used by management to provide meaningful product costs or extra information. If management is not going to use ABC information, an absorption costing system may be simpler to operate.E. The cost of implementing and maintaining an ABC system can exceed the benefits of improved accuracy.F. Implementing ABC is often problematic.4 Implications of switching to ABC4.1 PricingAn ABC system gives management a good understanding of the cost structures of making and selling a wide range of products. Switching to ABC can change cost per unit calculations substantially. If an organization determines prices based on cost is using cost-plus pricing, greater costing information will be very useful and prices will change.Many organizations however price their products according to what the market will bear, so if costs are re-calculated, it is the profit margin for a product that will change rather than its price.Consider a business that produces a large volume standard product and a number of variants which are more refined versions of the basic product and sell in low volumes at a higher price. Such companies are common in practice in the modern business environment; also, such companies absorb fixed overheads on a conventional basis such as direct labour hours, and price their products by adding a mark up to full cost.In the situation described, the majority of the overheads would be allocated to the standard range, and only a small percentage to the up-market products. The result would be that the profit margin achieved on the standard range would be much lower than that on the up-market range.Thus the traditional costing and pricing system indicates that the firm might be wise to concentrate on its high margin, up-market products and drop its standard range. This is absurd, however. Much of the overhead cost incurred in such an organization is the cost of support activities like production scheduling: the more different varieties of product there are, the higher the level of such activities will become. The cost of marketing and distribution also increasesdisproportionately to the volume of products being made.The bulk of the overheads in such an organization are actually the costs of complexity'. Their arbitrary allocation on the basis of labour hours gives an entirely distorted view of production line profitability; many products that appear to be highly profitable actually make a loss if costs are allocated on the basis of what activities cause them.The problem arises with marginal cost-plus approaches as well as with absorption cost based approaches, particularly in a modern manufacturing environment, where a relatively small proportion of the total cost is variable. The implication in both cases is that conventional costing should be abandoned in favor of ABC.4.2 Sales strategyAs we have seen, the introduction of ABC has implications for the cost per unit, price and profit margin. For example, a product with few set-ups, material movements or inspections will have lower costs under ABC than traditional absorption costing. The organization could decide to reduce the product's selling price but if it is a high volume product, the number of units sold may not increase sufficiently to compensate for the loss in total revenue and contribution.ABC may result in a change in profit margins, with previously high margin products now being seen as less profitable. This can result in increased sales efforts on different products, especially if the sales department is rewarded on the basis of profits.4.3 Performance managementThe information provided by analyzing activities can support performance management provided it is used carefully and with full appreciation of its implications.4.3.1 PlanningBefore an ABC system can be implemented, management must analyze the organization’s activities, determine the extent of their occurrence and establish the relationships between activities, Products/services and their cost.The information database produced from such an exercise can then be used as a basis for forward planning and budgeting. For example, once an organization has set its budgeted production level, the database can be used to determine the number of times that activities will need to be carried out, thereby establishing necessary departmental staffing and machine levels. Financial budgets can then be drawn up by multiplying the budgeted activity levels by cost per activity.This activity-based approach may not produce the final budget figures but it can provide the basis for different possible planning scenarios.4.3.2 ControlThe information database also provides an insight into the way in which costs are structured and incurred in service and support departments. Traditionally it has been difficult to control the costs of such departments because of the lack of relationship between departmental output levels and departmental cost. With ABC, however, it is possible to control or manage the costs by managing the activities which underlie them by monitoring a number of key performance measures.4.4 Decision makingMany of ABC's supporters claim that it can assist with decision making in a number of ways.Provides accurate and reliable cost informationEstablishes a long-run product costProvides data which can be used to evaluate different ways of delivering business.It is therefore particularly suited to the following types of decision.PricingPromoting or discontinuing products or parts of the businessRedesigning products and developing new products or new ways to do businessNote, however, that an ABC cost is not a true cost, it is simply an average cost because some costs such as depreciation are still arbitrarily allocated toproducts. An ABC cost is therefore not a relevant cost for all decisions.。
财务管理专业英语练习及答案
The following information is available for T om, a limited liability company:Summarized income statement for the year ended 31 December 2010.$’000Profit from operations 3,650Finance cost (loan note interest) (300)3,350Income tax expense (700)Net profit for the period 2,650Notes:1.The additional loan notes were issued on 1 January 2010. Interest was paid on 30 June2010 and 31 December 2010.2.Dividends paid during the year amounted to $750,000.RequiredPrepare the company’s cash flow statement for the year ended 31 December 2010.Cash flow statement for the year ended 31 December 2010$’000 Net profit 2,650 Add: depreciation [5,600-4,800] 800 Operating profit before working capital changes 3,450 Decrease in inventories (3,400-3,800) 400 Increase in receivables (3,800-2,900) (900) Increase in payables (3,700-3,200) 500 Increase in accruals (700-600) 100 Cash generated from operations 3,550Cash flows from investing activitiesPayments to acquire non-current assets (5,400-3,200+800) (3,000) Net cash used in investing activities (3,000)Cash flow from financing activitiesProceeds from issue of loan notes (3,000-2,000) 1,000 Dividends paid (750) Net cash from financing activities 250 Net increase in cash 800 Cash at 1 January 2010 400 Cash at 31 December 2010 1,200Below are the most recent financial statements for Wildhack. Based on the balance sheet and income statement, calculate the following ratios for 2010:(1)Current ratio; (2) Quick ratio; (3) Cash ratio; (4) Debt ratio; (5) Long-term debt ratio;(6) Times interest earned; (7) Cash flow coverage ratio; (8) Accounts receivable turnover ratio; (9) Inventory turnover ratio; (10) Accounts payable turnover ratio; (11) T otal asset turnover ratio; (12) Gross profit margin; (13) Net profit margin; (14) ROA (use net income in the numerator); (15) ROEWildhack Corporation2010 Income StatementWildhack CorporationBalance Sheet as of December 31, 2009 and 20101、Current ratio=648/1183=0.552、Quick ratio=(88+192)/1183=0.243、Cash ratio=88/1183=0.074、Debt ratio=(1183+2077)/6002=0.545、Long-term debt ratio=2077/6002=0.356、Times interest earned=813/613=1.337、Cash flow coverage ratio=(813+490)/613=2.138、Accounts receivable turnover ratio=2*3756/(224+192)=18.069、Inventory turnover ratio=2*2453/(424+368)=6.1910、Accounts payable turnover ratio=2*2453/(124+144)=18.3111、T otal assets turnover ratio=2*3756/(5996+6002)=0.6312、Gross profit margin=(3756-2453)/3756=0.3513、Net profit margin=132/3756=0.0414、ROA=2*132/(5996+6002)=0.0215、ROE=2*132/(2656+2742)=0.05Gross Sales 销售总额Less: Sales Returns and Allowances 销售退回及折让Sales Discounts 销售折扣Net Sales 销售净额Less: Cost of Goods Sold 销售成本Gross Profit on Sales 销售毛利Net Sales=Net Cash Sale + Net Credit Sale销售净额=现销净额+赊销净额。
财务管理专业英语练习题
专业英语作业Topic 1:Agency is an area of commercial institution dealing with a contractual or quasi-contractual, or non-contractual set of relationships when a person, called the agent, is authorized to act on behalf of another (called the principal) to create a legal relationship with a third party.Money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames.Capital market is a market for securities (debt or equity), where business enterprises and governments can raise long-term funds. It is defined as a market in which money is provided for periods longer than a year.Spontaneous financing refers to the automatic source of short term funds arising in the normal course of short term course of business. Trade credit and out standing expenses are examples of spontaneous financing.Financial intermediary is a financial institution that connects surplus and deficit agents. Secured loan is a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.Unsecured Loan A loan that is issued and supported only by the borrower's creditworthiness, rather than by some sort of collateral.Marketability is a measure of the ability of a security to be bought and sold for a price at which similar items are dealling.Perpetuity is an annuity that has no end, or a stream of cash payments that continues forever. Hedge-matching In asset management, the coordination of an organization's cash inflows with cash outflows by matching the maturity of income generating assets (such as certificates of deposit) with the maturity of interest incurring liabilities (debts).Topic 2:美国IBM从1984年左右开始由兴到衰，由年盈利66亿美元到1992年亏损达49.7亿美元。
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。
国际财务管理（英文版）第11版马杜拉答案Chapter3
Chapter 3International Financial Markets Lecture OutlineMotives for Using International Financial Markets Motives for Investing in Foreign MarketsMotives for Providing Credit in Foreign MarketsMotives for Borrowing in Foreign MarketsForeign Exchange MarketHistory of Foreign ExchangeForeign Exchange TransactionsExchange QuotationsForeignInterpretingCurrency Futures and Options MarketsInternational Money MarketOrigins and DevelopmentStandardizing Global Bank RegulationsInternational Credit MarketSyndicated LoansInternational Bond MarketEurobond MarketDevelopment of Other Bond MarketsComparing Interest Rates Among CurrenciesInternational Stock MarketsIssuance of Foreign Stock in the U.S.Issuance of Stock in Foreign MarketsComparison of International Financial MarketsHow Financial Markets Affect an MNC’s ValueChapter ThemeThis chapter identifies and discusses the various international financial markets used by MNCs. These markets facilitate day-to-day operations of MNCs, including foreign exchange transactions, investing in foreign markets, and borrowing in foreign markets.Topics to Stimulate Class Discussion1. Why do international financial markets exist?2. How do banks serve international financial markets?3. Which international financial markets are most important to a firm that consistently needsshort-term funds? What about a firm that needs long-term funds?Critical debateShould firms that go public engage in international offerings?Proposition Yes. When a firm issues shares to the public for the first time in an initial public offering (IPO), it is naturally concerned about whether it can place all of its shares at a reasonable price. It will be able to issue its shares at a higher price by attracting more investors. It will increase its demand by spreading the shares across countries. The higher the price at which it can issue shares, the lower is its cost of using equity capital. It can also establish a global name by spreading shares across countries.Opposing view No. If a firm spreads its shares across different countries at the time of the IPO, there will be less publicly traded shares in the home country. Thus, it will not have as much liquidity in the secondary market. Investors desire shares that they can easily sell in the secondary market, which means that they require that the shares have liquidity. To the extent that a firm reduces its liquidity in the home country by spreading its share across countries, it may not attract sufficient home demand for the shares. Thus, its efforts to create global name recognition may reduce its name recognition in the home country.With whom do you agree? State your reasons. Use InfoTrac or some other search engine to learn more about this issue. Which argument do you support? Offer your own opinion on this issue.ANSWER: The key is that students recognize the tradeoff involved. A firm that engages in a relatively small IPO will have limited liquidity even when all of the stock is issued in the home country. Thus, it should not consider issuing stock internationally. However, firms with larger stock offerings may be in a position to issue a portion of their shares outside the home country. They should not spread the stocks across several countries, but perhaps should target one or two countries where they conduct substantial business. They want to ensure sufficient liquidity in each of the foreign countries where they sell shares.Stock Markets are inefficientPropositionI cannot believe that if the value of the euro in terms of, say, the British pound increases three days in a row, on the fourth day there is still a 50:50 chance that it will go up or down in value. I think that most investors will see a trend and will buy, therefore the price is morelikely to go up. Also, if the forward market predicts a rise in value, on average, surely it is going to rise in value. In other words, currency prices are predictable. And finally, if it were so unpredictable and therefore unprofitable to the speculator, how is it that there is such a vast sum of money being traded every day for speculative purposes – there is no smoke without fire.The simple answer is that if that is what you believe, buy currencies that have viewOpposingincreased three days in a row and on average you should make a profit, buy currencies where the forward market shows an increase in value. The fact is that there are a lot of investors with just your sort of views. The market traders know all about such beliefs and will price the currency so that such easy profit (their loss) cannot be made. Look at past currency rates for yourself, check all fourth day changes after three days of rises, any difference is going to be not enough to cover transaction costs or trading expenses and the slight inaccuracy in your figures which are likely to be closing day mid point of the bid/ask spread. No, all currency movements are related to information and no-one knows if tomorrows news will be better or worse than expected.With whom do you agree? Could there be undiscovered patterns? Could some movements not be related to information? Could some private news be leaking out?ANSWER: Clearly there are no obvious patterns. Discussion on the impossibility of obvious patterns is worth emphasizing. However, does market inefficiency necessarily involve patterns, could market manipulation be occasional. There is worrying evidence from share price movements that there is unusual movement before announcements on many occasions, so the ideathat traders do not occasionally collude and move the price without supporting economic evidence is not an unreasonable view. Proof is however difficult as we have to separate anticipation from prior knowledge, the lucky speculator from the speculator who was in the know.Answers to End of Chapter Questions1. Motives for Investing in Foreign Money Markets. Explain why an MNC may invest fundsin a financial market outside its own country.ANSWER: The MNC may be able to earn a higher interest rate on funds invested in a financial market outside of its own country. In addition, the exchange rate of the currency involved may be expected to appreciate.2. Motives for Providing Credit in Foreign Markets. Explain why some financial institutionsprefer to provide credit in financial markets outside their own country.ANSWER: Financial institutions may believe that they can earn a higher return by providing credit in foreign financial markets if interest rate levels are higher and if the economic conditions are strong so that the risk of default on credit provided is low. The institutions may also want to diversity their credit so that they are not too exposed to the economic conditions in any single country.3. Exchange Rate Effects on Investing. Explain how the appreciation of the Australian dollaragainst the euro would affect the return to a French firm that invested in an Australian money market security.ANSWER: If the Australian dollar appreciates over the investment period, this implies that the French firm purchased the Australian dollars to make its investment at a lower exchange rate than the rate at which it will convert A$ to euros when the investment period is over.Thus, it benefits from the appreciation. Its return will be higher as a result of this appreciation.4. Exchange Rate Effects on Borrowing. Explain how the appreciation of the Japanese yenagainst the UK pound would affect the return to a UK firm that borrowed Japanese yen and used the proceeds for a UK project.ANSWER: If the Japanese yen appreciates over the borrowing period, this implies that the UK firm converted yen to pounds at a lower exchange rate than the rate at which it paid for yen at the time it would repay the loan. Thus, it is adversely affected by the appreciation. Its cost of borrowing will be higher as a result of this appreciation.5. Bank Services. List some of the important characteristics of bank foreign exchange servicesthat MNCs should consider.ANSWER: The important characteristics are (1) competitiveness of the quote, (2) the firm’s relationship with the bank, (3) speed of execution, (4) advice about current market conditions, and (5) forecasting advice.6. Bid/ask Spread. Delay Bank’s bid price for US dollars is £0.53 and its ask price is £0.55.What is the bid/ask percentage spread?ANSWER: (£0.55– £0.53)/£0.55 = .036 or 3.6%7. Bid/ask Spread. Compute the bid/ask percentage spread for Mexican peso in which the askrate is 20.6 New peso to the dollar and the bid rate is 21.5 New peso to the dollar.ANSWER: direct rates are 1/20.6 = $0.485:1 peso as the ask rate and 1/21.5 = $0.465:1 peso as the bid rate so the spread is[($0.485 – $0.465)/$0.485] = .041, or 4.1%. Note that the spread is fro the Mexiccan peso not the dollar.8. Forward Contract. The Wolfpack ltd is a UK exporter that invoices its exports to the UnitedStates in dollars. If it expects that the dollar will appreciate against the pound in the future, should it hedge its exports with a forward contract? Explain..ANSWER: The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. Yet, in this case, the Wolfpack Corporation should not hedge because it would benefit from appreciation of the dollar when it converts the dollars to pounds.9. Euro. Explain the foreign exchange situation for countries that use the euro when theyengage in international trade among themselves.ANSWER: There is no foreign exchange. Euros are used as the medium of exchange.10. Indirect Exchange Rate. If the direct exchange rate of the euro is worth £0.685, what is theindirect rate of the euro? That is, what is the value of a pound in euros?ANSWER: 1/0.685 = 1.46 euros.11. Cross Exchange Rate. Assume Poland’s currency (the zloty) is worth £0.17 and theJapanese yen is worth £0.005. What is the cross (implied) rate of the zloty with respect to yen?ANSWER: £0.17/£0.005 = 34 zloty:1 yen12. Syndicated Loans. Explain how syndicated loans are used in international markets.ANSWER: A large MNC may want to obtain a large loan that no single bank wants to accommodate by itself. Thus, a bank may create a syndicate whereby several other banks also participate in the loan.13. Loan Rates. Explain the process used by banks in the Eurocredit market to determine the rateto charge on loans.ANSWER: Banks set the loan rate based on the prevailing LIBOR, and allow the loan rate to float (change every 6 months) in accordance with changes in LIBOR.14. International Markets. What is the function of the international money market? Brieflydescribe the reasons for the development and growth of the European money market. Explain how the international money, credit, and bond markets differ from one another.ANSWER: The function of the international money market is to efficiently facilitate the flow of international funds from firms or governments with excess funds to those in need of funds.Growth of the European money market was largely due to (1) regulations in the U.S. that limited foreign lending by U.S. banks; and (2) regulated ceilings placed on interest rates of dollar deposits in the U.S. that encouraged deposits to be placed in the Eurocurrency market where ceilings were nonexistent.The international money market focuses on short-term deposits and loans, while the international credit market is used to tap medium-term loans, and the international bond market is used to obtain long-term funds (by issuing long-term bonds).15. Evolution of Floating Rates. Briefly describe the historical developments that led to floatingexchange rates as of 1973.ANSWER: Country governments had difficulty in maintaining fixed exchange rates. In 1971, the bands were widened. Yet, the difficulty of controlling exchange rates even within these wider bands continued. As of 1973, the bands were eliminated so that rates could respond to market forces without limits (although governments still did intervene periodically).16. International Diversification. Explain how the Asian crisis would have affected the returnsto a UK. firm investing in the Asian stock markets as a means of international diversification.[See the chapter appendix.]ANSWER: The returns to the UK firm would have been reduced substantially as a result of the Asian crisis because of both declines in the Asian stock markets and because of currency depreciation. For example, the Indonesian stock market declined by about 27% from June 1997 to June 1998. Furthermore, the Indonesian rupiah declined against the U.S. dollar by 84%.17.Eurocredit Loans.a.With regard to Eurocredit loans, who are the borrowers?b. Why would a bank desire to participate in syndicated Eurocredit loans?c. What is LIBOR and how is it used in the Eurocredit market?ANSWER:a. Large corporations and some government agencies commonly request Eurocredit loans.b. With a Eurocredit loan, no single bank would be totally exposed to the risk that theborrower may fail to repay the loan. The risk is spread among all lending banks within the syndicate.c. LIBOR (London interbank offer rate) is the rate of interest at which banks in Europe lendto each other. It is used as a base from which loan rates on other loans are determined in the Eurocredit market.18. Foreign Exchange. You just came back from Canada, where the Canadian dollar was worth£0.43. You still have C$200 from your trip and could exchange them for pounds at the airport, but the airport foreign exchange desk will only buy them for £0.40. Next week, you will be going to Mexico and will need pesos. The airport foreign exchange desk will sell you pesos for £0.055 per peso. You met a tourist at the airport who is from Mexico and is on his way to Canada. He is willing to buy your C$200 for 1500 New Pesos. Should you accept the offer or cash the Canadian dollars in at the airport? Explain.ANSWER: Exchange with the tourist. If you exchange the C$ for pesos at the foreign exchange desk, the C$200 is multiplied by £0.40 and then divided by £0.055 ie a ratio of £0.40/0.055 = 7.27 pesos to the C$. The total pesos would be 200 x 7.27 = 1454 pesos, a little less than is being offered by the tourist.19. Foreign Stock Markets. Explain why firms may issue stock in foreign markets. Why mightMNCs issue more stock in Europe since the conversion to a single currency in 1999?ANSWER: Firms may issue stock in foreign markets when they are concerned that their home market may be unable to absorb the entire issue. In addition, these firms may have foreign currency inflows in the foreign country that can be used to pay dividends on foreign-issued stock. They may also desire to enhance their global image. Since the euro can be used in several countries, firms may need a large amount of euros if they are expanding across Europe.20. Stock Market Integration. Bullet plc a UK firm, is planning to issue new shares on theLondon Stock Exchange this month. The only decision still to be made is the specific day on which the shares will be issued. Why do you think Bullet monitors results of the Tokyo stock market every morning?ANSWER: The UK stock market prices sometimes follow Japanese market prices. Thus, the firm would possibly be able to issue its stock at a higher price in the UK if it can use the Japanese market as an indicator of what will happen in the UK market. However, this indicator will not always be accurate.Advanced Questions21. Effects of September 11. Why do you think the terrorist attack on the U.S. was expected tocause a decline in U.S. interest rates? Given the expectations for a potential decline in U.S.interest rates and stock prices, how were capital flows between the U.S. and other countries likely affected?ANSWER: The attack was expected to cause a weaker economy, which would result in lower U.S. interest rates. Given the lower interest rates, and the weak stock prices, the amount of funds invested by foreign investors in U.S. securities would be reduced.22. International Financial Markets. Carrefour the French Supermarket chain has established retail outlets worldwide. These outlets are massive and contain products purchased locally as well as imports. As Carrefour generates earnings beyond what it needs abroad, it may remit those earnings back to France. Carrefour is likely to build additional outlets especially in China.a. Explain how the Carrefour outlets in China would use the spot market in foreign exchange.ANSWER:The Carrefour stores in China need other currencies to buy products from other countries, and must convert the Chinese currency (yuan) into the other currencies in the spot market to purchase these products. They also could use the spot market to convert excess earnings denominated in yuan into euros, which would be remitted to the French parent.b. Explain how Carrefour might utilize the international money markets when it isestablishing other Carrefour stores in Asia.ANSWER: Carrefour may need to maintain some deposits in the Eurocurrency market that can be used (when needed) to support the growth of Carrefour stores in various foreign markets. When some Carrefour stores in foreign markets need funds, they borrow from banks in the Eurocurrency market. Thus, the Eurocurrency market serves as a deposit or lending source for Carrefour and other MNCs on a short-term basis. (Eurocurrency refers to international currencies, most likely the dollar, not just the euro!)c. Explain how Carrefour could use the international bond market to finance theestablishment of new outlets in foreign markets.ANSWER: Carrefour could issue bonds in the Eurobond market to generate funds needed to establish new outlets. The bonds may be denominated in the currency that is needed; then, once the stores are established, some of the cash flows generated by those stores could be used to pay interest on the bonds.23.Interest Rates. Why do interest rates vary among countries? Why are interest rates normallysimilar for those European countries that use the euro as their currency? Offer a reason why the government interest rate of one country could be slightly higher than that of the government interest rate of another country, even though the euro is the currency used in both countries.ANSWER: Interest rates in each country are based on the supply of funds and demand for funds for a given currency. However, the supply and demand conditions for the euro are dictated by all participating countries in aggregate, and do not vary among participating countries. Yet, the government interest rate in one country that uses the euro could be slightly higher than others that use the euro if it is subject to default risk. The higher interest rate would reflect a risk premium.Blades plc Case Study。
财务管理试卷及答案(英文版)
Examination Problems for Fundamentals of Financial Management 2004-2005 (Paper B)overall goal in mind.A. Financial managementB. Profit maximizationC. Agency theoryD. Social responsibility2.A major disadvantage of the corporate form of organization is the ( ).A. double taxation of dividendsB. inability of the firm to raise large sums of additional capitalC. limited liability of shareholdersD. limited life of the corporate form.3. Interest paid (earned) on both the original principal borrowed (lent) and previous interest earned is often referred to as ( ).A. present valueB. simple interestC. future valueD. compound interest4. If the intrinsic value of a share of common stock is less than its market value, which of the following is the most reasonable conclusion?A. The stock has a low level of risk.B. The stock offers a high dividend payout ratio.C. The market is undervaluing the stock.D. The market is overvaluing the stock.5. A 250 face value share of preferred stock, pays a 20 annual dividend and investors require a 7% return on this investment. If the security is currently selling for 276, what is the difference (overvaluation) between its intrinsic and market value (rounded to the nearest whole dollar)?A. approximately 26B. approximately 10C. approximately 6D. approximately 16. Felton Farm Supplies, Inc., has an 8 percent return on total assets of 300,000 and a net profit margin of 5 percent. What are its sales?A. 3,750,000B. 480,000C. 300,000D. 1,500,0007. A company can improve (lower) its debt-to-total asset ratio by doing which of the following?A. Borrow more.B. Shift short-term to long-term debt.C. Shift long-term to short-term debt.D. isssue common stock.8. The DuPont Approach breaks down the earning power on shareholders' book value (ROE) as follows: ROE = ( ).A. Net profit margin × Total asset turnover × Equity multiplierB. Total asset turnover × Gross profit margin × Debt ratioC. Total asset turnover × Net profit marginD. Total asset turnover × Gross profit margin × Equity multiplier9. Which of the following items concerns financing decision? ( )A. sales forecastingB. bond issuingC. receivables collectionD. investment project selection10. Which of the following items is the function of a treasurer? ( )A. cost accountingB. internal controlC. capital budgetingD. general ledger11. For financial instruments, ( ) is judged in relation to the ability to sell a significant volume of securities in a short period of time without significant price concession.A. maturityB. marketabilityC. defaultD. inflation12. ( ) is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.A. future valueB. present valueC. intrinsic valueD. market value13.Ellesmere Corporation issues 1 million $1 par value bonds. The stated interest rate is 6% per year and the interest is paid twice a year. What is the real interest rate of the bond? ( )A. 6%B.3%C. 12%D. (1+6%/2)2-114. Assume that dividends of a common stock will be maintained at D forever, and the required return of the stockholder is r, the par value of the stock is m, the value of the stock is ( )A. mB. m+DC. m+D/rD. D/r15. Which of the following items has the most risk? ( )A. treasury billB. corporate bondC. preferred stockD. common stock16. ( ) equals the gross profit divided by net sales of a firm.A. gross profit marginB. net profit marginC. return on investmentD. return on equity17. ( A ) is the ratios that measure a firm’s ability to meet short-term obligationsA. liquidity ratiosB. leverage ratios c. coverage ratios D. activity ratios18. ( A ) is the result of Net Profi t Margin × total asset turnover × (total assets/shareholders’ equity)A. Return on equityB. return on investmentC. current ratioD. quick ratio19. Government tax law adjustment is ( A ) to a firm.A. general economic riskB. inflation and deflation riskC. firm-specific riskD. international risk20 ( A ) equals the gross profit divided by net sales of a firm.A. gross profit marginB. net profit marginC. return on investmentD. return on equity II. Statement judgement (10 Points) (Please write your answer in the following1. Until around the first half of the 1900s, financial managers primarily raised funds and managed their firm’s cash positions. ( )2. In general, the higher the marketability of a security, the greater the yield necessary to attract investors ( )3. Discount Rate is the interest rate used to convert future values to present values. ( )4. The expected return of a portfolio is simply a weighted average of the expected return of the securities comprising that portfolio ( )5. The type of analysis varies according to the specific interests of the party involved ( )6. In a sole proprietorship, the owner is personally responsible for all financial obligations of thefirm. ( )7. When a stock goes "ex-rights, " its market price theoretically declines. ( )8. The market price of a particular bond is much greater today than it was yesterday. The calculated yield to maturity (YTM) based on today's market price would, therefore, be greater than the calculated YTM based on yesterday's market price. ( )9. A short average collection period assures us that accounts receivable are being efficiently managed. ( )10. Simple interest is interest that is paid on only the original amount borrowed (lent) ( )III. Questions (10 points) (Please write your answer on the answer paper)1. The method of depreciation does not alter the total amount deducted from income during the life of an asset. What does it alter and why is that important? (5 )2. What is primary and secondary market? (5)IV. Problems (60 Points) (Please write your answer on the answer paper)1. you need to have $100000 at the end of 10 years. To accumulate this sum, you have decided to save a certain amount at the end of each next 10 years and deposit it in the bank. The bank pays 8% interest compounded annually for long-term deposit. How much will you have to save each year? (PVIF(8%,10)=0.463, PVIFA(8%,10)=0.671, FVIF(8%,10)=2.159, FVIFA(8%,10)=14.487)2.Just today, Bird Seed Company’s common stock paid a $1.50 annual dividend per share and hada closing price of $24. Assume that the market’s required return for this investment is 12% and that dividends are expected to grow at a constant rate forever.a. calculate the implied growth rate in dividends.b. what is expected dividend yield and capital gains yield?3. The data for various companies in the same industry are as follows: (amounts are in millionDetermine the total asset turnover, net profit margin, and write your computation result in the table.4. You expect to deposit the following cash flows at the end of years 1 through 5, 1,000; 4,000; 9,000; 5,000; and 2,000 respectively. Alternatively, you could deposit a single amount today at the beginning of year 1 (end of year 0). How much is the single deposit needed to be today if you can earn 10% compounded annually? (10/ )5.Stock A has an expected growth rate of 16% for the first 3 years and 8% thereafter. Each share of stock just received an annual 3.24 dividend per share. The appropriate discount rate is 15%.What is the value of the common stock under this scenario? (10/ )6. The following common stocks are available for investment:COMMON STOCK (TICKER SYMBOL) BETANanyang Business Systems (NBS) 1.40Yunnan Garden Supply, Inc. (YUWHO) .80Bird Nest Soups Company (SLURP) .60! (WACHO) 1.80Park City Cola Company (BURP) 1.05Oldies Records, Ltd. (SHABOOM) .90a. If you invest 20 percent of your funds in each of the first four securities, and 10 percent in each of the last two, what is the beta of your portfolio? (5/ )b. If the risk-free rate is 8 percent and the expected return on the market portfolio is 14 percent, what will be the portfolio's expected return? (5/ )Solutions (B)1. Depreciation changes the timing of tax payments. The longer these payments can be delayed, the better off the business is.2. A primary market is a “new issues” market. Here, funds raised through the sale of new securities flow from ultimate savers to the ultimate investors in real assetsIn a secondary market, existing securities are bought and sold. Transactions in these already existing securities do not provide additional funds to finance capital investmentIV. Problems (60 Points) (Please write your answer on the answer paper)1. Answer:100000=A FVIF(8%,10)=14.487A A=100000/14.487=69032. Answer:a. 24=1.5(1+g)/(0.12-g), g=0.054b. dividend yield=0.12-g=0.066, capital gains yield=0.0541. (10/ ) Many different methods to lead to a correct solution.PV of this mixed flows problem = 1,000(PVIF10%,1) + 4,000(PVIF10%,2) + 9,000(PVIF10%,3) + 5,000(PVIF10%,4) + 2,000(PVIF10%,5) = 15,633.62.5. (1) Determine the annual dividends.D0 = $3.24 (this has been paid already)D1 = D0(1+g1)1 = $3.24(1.16)1 =3.76D2 = D0(1+g1)2 = $3.24(1.16)2 =4.36D3 = D0(1+g1)3 = $3.24(1.16)3 =5.06D4 = D3(1+g2)1 = $5.06(1.08)1 =5.46P3 = 5.46 / (.15 - .08) = $78 [CG Model](2) Determine the PV of cash flows.PV(D1) = D1(PVIF15%, 1) = 3.76 (.870) = 3.27PV(D2) = D2(PVIF15%, 2) = 4.36 (.756) = 3.30PV(D3) = D3(PVIF15%, 3) = 5.06 (.658) = 3.33PV(P3) = P3(PVIF15%, 3) = 78 (.658) = 51.32(3) Calculate the intrinsic value by summing all the cash flow present values.V = 3.27 + 3.30 + 3.33 + 51.326. a) (5/) The beta of a portfolio is simply a weighted average of the betas of the individual securities that make up the portfolio.TICKER SYMBOL BETA PROPORTION WEIGHTED BETANBS 1.40 .2 .280YUWHO .80 .2 .160SLURP .60 .2 .120W ACHO 1.80 .2 .360BURP 1.05 .1 .105SHABOOM .90 .1 .0901.0 1.115The portfolio beta is 1.115.b) (5/ ) Expected portfolio return=.08 + (.14 - .08)(1.115)= .08 + .0669 = .1469 or 14.69%。
财务类英语试题及答案
财务类英语试题及答案一、选择题（每题1分，共10分）1. Which of the following is a common financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. All of the above2. The term "equity" in finance refers to:A. Money owed to a company.B. Money invested in a company.C. Money earned by a company.D. Money spent by a company.3. What is the formula for calculating the return on investment (ROI)?A. ROI = (Net Income / Total Assets) * 100B. ROI = (Total Assets / Net Income) * 100C. ROI = (Net Profit / Cost of Investment) * 100D. ROI = (Cost of Investment / Net Profit) * 1004. The process of forecasting a company's future financial position is known as:A. BudgetingB. ForecastingC. PlanningD. Analysis5. Which of the following is not a type of financial risk?A. Credit riskB. Market riskC. Liquidity riskD. Fixed risk6. The term "leverage" in finance is used to describe:A. The use of borrowed money to increase potential returns.B. The process of selling a financial asset.C. The amount of money a company has in the bank.D. The ratio of a company's equity to its debt.7. What does "EBIT" stand for in financial analysis?A. Earnings Before Interest and TaxesB. Earnings Before Income and TaxesC. Earnings Before Interest and TotalD. Earnings Before Interest, Taxes, and Depreciation8. The "time value of money" concept implies that:A. Money received in the future is worth less than money received today.B. Money received in the past is worth more than money received today.C. Money has no value over time.D. The value of money is constant over time.9. Which of the following is a method of financial analysis?A. SWOT analysisB. PEST analysisC. Ratio analysisD. Porter's Five Forces analysis10. The "break-even point" in finance is the point at which:A. A company's revenue equals its expenses.B. A company's net income is zero.C. A company's assets equal its liabilities.D. A company's cash flow is positive.答案：1. D2. B3. C4. B5. D6. A7. A8. A9. C10. A二、填空题（每题1分，共5分）11. The __________ is a financial statement that shows a company's assets, liabilities, and equity at a particular point in time.Answer: Balance Sheet12. The __________ is the difference between revenue and expenses during a specific period.Answer: Net Income13. In finance, the term "capital" often refers to the__________ of the business.Answer: Owners' Equity14. If a company's current assets are greater than itscurrent liabilities, it is said to have a positive __________. Answer: Working Capital15. The __________ is a measure of how well a company can pay its current debts.Answer: Quick Ratio三、简答题（每题5分，共10分）16. What is the purpose of a financial statement analysis?Answer: The purpose of financial statement analysis is to assess the performance and financial health of a company. It helps investors, creditors, and other stakeholders to make informed decisions about the company's financial stability, profitability, and risk.17. Explain the difference between "operating activities" and "financing activities" in the context of a cash flow statement.Answer: Operating activities in a cash flow statement referto the cash transactions that are directly related to thecore business operations of the company, such as cashreceived from sales and cash paid for expenses. Financing activities, on the other hand, involve cash transactions related to the company's financing arrangements, such as issuing or repaying debt, issuing or buying back shares, and paying dividends.四、计算题（每题5分，共5分）18. If a company has a net profit of $100,000 and a cost of investment of $500,000, what is the ROI?Answer: ROI = (Net Profit / Cost of Investment) * 100ROI = (100,000 / 500,000) * 100ROI = 20%五、论述题（每题10分，共10分）19. Discuss the importance of financial planning in business management.Answer: Financial planning is a critical component of business management as it helps in setting financial goals, allocating resources efficiently, and forecasting。
财务管理中英复习题
财务管理中英复习题一、在每个小题给出的四个选项中只有一项符合题目要求把所选项前的字母填在（）1.非上市的公司（）A不公开交易股票或债券 B必须拥有最少20,000美元的股本 C必须拥有最少两个董事 D股东必须承担无限责任2.承担有限责任的是（）A专营商 B上市和非上市的公司 C仅非上市公司 D合伙企业3.企业提供财务报表的频次一般是（）A由审计员每年提供两次 B由审计员每年提供一次 C由董事会每年提供两次 D由董事会每年提供一次4.公司通常由（）A雇员管理 B董事会管理C审计员管理 D股东管理5.股利收益率是（）A盈利能力比率 B效率比率 C流动性比率 D投资者关心的比率6.下列关于财务比率的表述中错误的是（）A财务比率是建立在数据资料基础之上的B财务比率忽略了绝对值的大小C财务比率考虑了会计政策的不同 D财务报表粉饰使财务比率失真7、反映投资项目平均会计利润百分比的是（）A净现值 B内部收益率 C会计收益率 D投资回收期8、通过股东财富分析来评价投资项目应考虑（）A利润增长的可能性 B实现股东财富最大化C股权资本和债务资本的报酬率 D每股利润的增长状况9、当投资者面临两个期望收益率相同的投资项目时会毫不犹豫地选择风险较低的项目这种态度是（）A风险爱好 B风险中性 C风险厌恶 D风险调整10、公司不用还本的负债筹资方式是（）A发行普通股 B发行优先股 C发行只付息不还本的公司债 D发行可赎回公司债11.消除可分散风险是下列哪个选项的目标之一（）A 套利理论B 无风险利率C 资本资产定价模型D 风险溢价12.发放股票一般会（）A 减少股票市场价值B 增加股票的市场价值C 对股票的市场价值没有影响D 只在一定情况下会影响股票的市场价值13.某公司每股股票面值1, 每股市场价值3.5元。
该公司实行4配1配股, 配股价格为每股2.75元。
则该公司的股东（）A 如果接受配股权, 则会增加财富B 如果接受配股权, 则会减少财富C 如果放弃配股权, 则会增加财富D 如果放弃配股权, 则会减少财富14.股票市场是（）A 仅是一级市场B 仅是二级市场C 既是一级市场又是二级市场D 同时是一级市场、二级市场和三级市场15.股票的市场价值充分反映了市场中所有信息（无论是公开披露的信息还是非公开披露的信息）, 该资本市场属于（）A 弱势市场B 半弱势市场C 半强势市场D 强势市场16.面值为1元的不可赎回优先股的股利率是10%, 其每股市价为1.8元。
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。
财务管理专业英语(吐血整理)
Topic1：1、Financial management is an integrated decision-making process concerned with acquiring, financing, and managing assets to accomplish some overall goal within a business entity.财务管理是为了实现一个公司总体目标而进行的涉及到获取、融资和资产管理的综合决策过程。
2、Making financial decisions is an integral part of all forms and sizes of business organizations from small privately-hold forms to large publicly-traded corporations.做财务决策对于所有形式和规模的商业组织，无论是小型私人公司还是大型公开上市公司，都是不可分割的一部分。
3、In today’s rapidly changing environment, the financ ial manager must have the flexibility to adapt to external factors such as economic uncertainty, global competition, technological change, volatility of interest and exchange rates, changes in laws and regulations, and ethical concerns.在当今瞬息万变的环境中，财务经理必须具备足够的灵活性以适应外部因素，如经济的不确定性、国际竞争、技术变革、利息波动、汇率变动、法律法规变化以及商业道德问题。
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《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. Y ou 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. Y our 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 × t otal 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 in a 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。