惠崇春江晓景的意思-serein
《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 sheet B. income statement
C. cash flow statement D. working
sheet
2. An increase in which one of the
following will increase the operating cash flow?
ee salaries B. office rent
C. building maintenance D.
equipment depreciation
3. 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 deposits B.
inventories
C. accounts receivable
D. prepaid expenses
5. 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 payable B. prepaid expenses
C. notes payable D. bonds
payable
7. 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. opportunity B. sunk
1
C. incremental
D. fixed
8. 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 only B. II and IV only
C. I and IV only D. II and
III only
9. Which of the following is a
liability account?( )
A. prepaid insurance
B. additional paid-in capital
C. salaries
payable D. accumulated
depreciation
10. Accountants employed by
large corporations may work in the areas of the
following except ( )
A. product costing and
pricing B. budgeting
C. internal
auditing D. product producing
11. 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).
ed equity offering (SEO).
12. Standard
deviation measures ____ risk.
A. total
B. nondiversifiable C. unsystematic
D. systematic
13. ( ) 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 value B. present
value C. intrinsic value D. market value
14. Ellesmere Corporation issues 1 million $$1
par value bonds. The stated interest rate is 8%
per
year and the interest is paid twice a
year. What is the real interest rate of the bond?
( )
A. 6% B.4% C. 10%
D. (1+8%2)
2
-1
15. Your firm
purchased a warehouse for $$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. $$268,000 B.
$$295,000 C. $$395,000 D. $$515,000
one of the following will decrease the
operating cycle?
A. paying accounts payable
faster
B. discontinuing the discount given for
early payment of an accounts receivable
C.
decreasing the inventory turnover rate
D.
collecting accounts receivable faster
2
17. 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. m B. m+D
C. m+Dr D. Dr
18. Which of the
following items has the most risk? ( )
A.
treasury bill B. corporate bond C.
preferred stock D. common stock
19. (
) equals the gross profit divided by net sales of
a firm.
A. gross profit margin B. net profit
margin C. return on investment D. return on
equity
20. ( ) is the ratios that measure
a firm’s ability to meet short-term obligations
A. liquidity ratios B. leverage ratios
C. coverage ratios D. activity ratios
ivity
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 assetsshareholders’
equity)
A. Return on equity B. return on
investment C. current ratio D. quick
ratio
24. Government tax law adjustment is (
) to a firm.
A. general economic risk B.
inflation and deflation risk C. firm-specific
risk
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.
of
the following is not a noncash deduction?
A.
Depreciation. B. Deferred taxes. C. Interest.
D. Two of the above E. All of the above.
Corp had an ROA of 10%. Sasha’s profit margin was
6% on sales of $$180. What are total
assets? (
)
A.$$300 B.$$108 C.$$48. D$$162.
28. Calculate net income based on the
following information ( )
Sales = $$200.00
3
Cost of goods sold =
$$100.00
Depreciation = $$18.00
Interest
paid = $$25.00
Tax rate = 34%
A. $$16.50
B. $$37.62 C. $$34.60 D. $$4.60
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
management B. Profit maximization C. Agency
theory D. Social responsibility
31. A major
disadvantage of the corporate form of organization
is the ( ).
A. double taxation of
dividends B. inability of the firm to raise
large sums of additional capital
C. limited
liability of shareholders D. 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 value B. simple
interest C. future value D. compound interest
33. 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 26 B.
approximately 10 C. approximately 6 D.
approximately 1
35. 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. 3,750,000
B.640,000 C. 480,000 D. 1,500,000
36.
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
multiplier
4
B. Total asset
turnover × Gross profit margin × Debt ratio
C.
Total asset turnover × Net profit margin
D.
Total asset turnover × Gross profit margin ×
Equity multiplier
38. Which of the following
items concerns financing decision? ( )
A.
sales forecasting B. bond issuing C. receivables
collection D. investment project selection
39. Which of the following items is the
function of a treasurer? ( )
A. cost
accounting B. internal control C.
capital budgeting D. general ledger
40.
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.
maturity B. marketability C. default
D. inflation
41. ( ) 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 value B. present
value C. intrinsic value D. market value
Part 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。)
1. Use the financial information for the
ABC Corporation to answer problems.
ABC Corporation
Balance
Sheet as of December 31, 2005
(Millions of dollars)
Current assets
Current liabilities
Cash
$$ 2006 Accounts payable $$2325
Accounts receivable 4782
Other current debt 3009
Inventory 3401 Total
$$5334
Total $$10189
Long-term debt 1977
Fixed
assets Common stock
5215
Net fixed assets
4346 Retained earnings 2009
Total assets $$14535
Total liabilities and
stockholders' equity
$$14,535
ABC Corporation
Income
Statement for Year Ended December 31, 2005
(Millions of dollars)
Sales
$$20909
Cost of goods sold
14407
General, selling, and admin, expenses
3801
Depreciation
1225
Earnings before interest and taxes
$$1476
5
Interest expense
639
Earnings before taxes
$$837
Taxes (40%)
335
Net income $$
502
Per share data:
Outstanding shares
(millions) 1205
Earnings per
share $$0.42
Dividends per share
$$0.00
Market price per share
$$19.25
Book value per share
$$5.99
(1) Prepare a common-size balance
sheet for ABC Corporation. What are the largest
two expense
categories for the company? What
percentage of the company is financed by short-
term sources of funds?
how much and what
percentage of the company is financed by long-term
sources?
(2) Based on statements,
calculate the following ratios :
Current
ratio
Quick ratio
Accounts receivables
turnover ratio
Debt ratio
Return on
assets=
Priceearnings ratio
(3)
What do you think about ABC Corporation’s
financial situation?
2. The most recent
financial statements for company CCC are shown
here ($$):
Income Statement
Sales
Costs
Taxable
Income
Taxes
Net income
1,253
2,327
Total
38,000
Total
38,000
10,400
6,820
3,580
Current
assets
Fixed
assets
Long-term debt 12,000
16,000
27,000 Equity
Balance Sheet
11,000 Current
liabilities 10,000
1)Compute the following
ratios:
2)Using Du Pont Identity to compute
the ROE
6
3. You need
to have $$100000 at the end of 10 years. To
accumulate this sum, you have decided to save a
certain amount at the end of each next 10
years and deposit it in the bank. The bank pays 8%
interest
compounded annually for long-term
deposit. How much will you have to save each year?
(PVIF(
8%,10
)=0.463,
PVIFA(
8%,10
)=0.671,
FVIF(
8%,10
)=2.159,
FVIFA(
8%,10
)=14.487)
4. You
expect to deposit the following cash flows at the
end of years 1 through 5, 1,000; 4,000; 9,000;
5,000; and 2,000 respectively. Alternatively,
you could deposit a single amount today at the
beginning of
year 1 (end of year 0). How much
is the single deposit needed to be today if you
can earn 10%
compounded annually? (PVIF(
10
%,1
)=0.909,PVIFA(
10%,2
)=0.826,
FVIF(
10%,3
)=0.751, FVIFA(
10%,4
)=0.683,
FVIFA(
10%,5
)=0.621)
5. A Microgats Industries bond has a 10%
coupon rate and a $$1,000 face value. Coupons are
paid
semiannually, and the bond has 20 years
to maturity. If investor required a 12% yield,
what’s the bond’s
value?
(PA, 6%,
40)=15.0463 (Ps, 6%, 40) = 0.0972
(PA, 12%,
20)=7.4694 (Ps, 12%, 20) = 0.1037
Part IV
Translation
Topic 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. 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
理的其
他名称包括管理财务、公司理财和商业理财。财务决策对于小型私人公司和大型上市公司来
说,都是企业
组织形式和规模的重要组成部分。
Topic 2
A corporation is a
legal entity separate from its owners. This means
that the corporation can own
assets, enter
into contracts, sue and be sued. Being a separate
legal entity also implies that corporate
income is taxable, thus giving rise to double
taxation, i.e., corporate tax on profits plus
personal tax on
after-corporate-tax profits
distributed to shareholders (the exception being a
full imputation system).
There is a separation
of ownership (shareholders) and control
(managers). Shareholders who hold shares
in a
corporation own the corporation. Shares represent
a claim to corporate profits, which are
distributed
in the form of dividends, share
repurchases, or acquisition payout, (e.g.,
management buyouts and tender
offers).
Shareholders have limiter liability.
有限公司是与其
所有者分开的一个法人实体。这意味着公司可以拥有资产、签订合同、起诉和被起
诉。作为一个独立的法
人实体也意味着要对企业收入征税,从而引起双重征税,如企业所得税加上
企业税后利润分配给股东的股
利所要交的个人所得税。公司制形成了所有权与经营权分离。持有公
7
<
br>司股份的股东拥有公司的所有权。所有者享有公司的利润,以股利、股票回购或收购(如管理层收
购和要约收购)的形式回馈给所有者。股东承担有限责任。
Topic 3
The
values of most items reported on a firm’s balance
sheet are reported in terms of their accounting
book values, which are based on historical
cost or original value. The historical cost of an
asset is the
price paid when the firm acquires
the asset. The historical cost of liability is the
amount involved when
the firm incurs the
liability.
公司资产负债表报告的价值大部分都是账面价值,账面价值基于历史成本或原始
价值。资产的
历史成本是公司购买资产时支付的价格。负债的历史成本是公司负有偿还责任时的金额。
Firms with complex capital structures have
potentially dilutive securities such as
convertible securities,
options ,and warrants
that could potentially dilute earnings per
share(EPS). These firms must report both
basic
and diluted earnings per share figures. The
diluted earnings figure per share provides a more
conservative earnings estimate by assuming
that the total shares of common stock in the
denominator
include all shares of common stock
plus potential shares from the likely future
conversing of outstanding
convertible
securities, stock options, and warrants.
复杂的资本
结构意味着公司有潜在稀释性证券,如可转换债券、期权和认股权证都会潜在的稀
释每股收益。这些公司
必须报告基本的和稀释的每股收益。稀释每股收益提供了更为保守的盈利预
测,分母中的普通股股数包括
所有普通股加上未来可能出现的可转换债券、股票期权和认股权证的
潜在股数。
Topic
4
Equal absolute changes in the numerator and
denominator may lead to apparent improvements or
deterioration in ratios that do not reflect
real changes in performance. Analysts should be
aware that a
firm’s managers may undertake
year-end transactions, such as the one described
above, to make certain
ratios appear better
following a period of disappointing performance.
This process is often called
“window dressing”
because it makes specific ratios from the
financial statements look better than without
making such changes.
分子和分母相同绝对值的变化,会导致比率明显
提高或减少,这个变化的实质不能反映真实情
况的。正如以上所述,分析家认为公司的管理者经过一段令
人失望的表现后,在进行年终时,计算
出更具吸引力的比率。这个过程通常称为账面粉饰。因为从报表中
得出的经过加工的比率会比那些
原始比率好看。
The PE ratio
indicates how many investors are willing to pay
per dollar of earnings for shares of the
firm’s common stock. It provides an important
indication of how the market perceives the growth
and
profit opportunities of a firm. High
growth firms with strong future profit
opportunities will command
higher PE ratio,
but it has several potential shortcomings. For
example, a firm can have negative earnings,
which produces a meaningless PE ratio. In
addition, management can distort reported earnings
because
of the discretion allowed by
accounting practices.
市盈率反映普通股股东愿意为每一美元净利润支付的价格,为预测一个企业的成长和获利机会
8
提供了重要的信息。未来具有较强获利机会的高增长公司希望较高的市盈
率,但是它有几个潜在的
缺点。例如,一个企业的收入是负的,那么市盈率就毫无意义。另外,管理者可
以通过会计惯例允
许的酌情处理权利来歪曲报告。
Topic 5
The interest rate is in essence a specialized
form of time value of money ,and pertains
generally to the
use of debt instruments.
Interest rates are also often used as riskless or
base rates to draw comparison to
alternative
riskier are two forms of interest rates : simple
and compound.
利率在本质上是表达货币时间价值的一种专业形式,通常从属于所使用
的债务工具。利率也经
常作为无风险或基准利率被用来与选择性的高风险投资做比较。利率有两种形式:
单利计息和复利
计息。
Book value is the accounting
value of a firm or an asset. Book value is a
historical value rather than
a current value.
Firms usually report book value on a per share
basis. Book value per share may bear little
relationship to liquidation value per share or
market value per share.
账面价值是一个公司或一个资产的会计价值。帐面
价值是一个历史的价值,而不是目前的价值。
公司账面价值通常报告按每股分配。每股账面价值和每股清
算价值或每股市场价值没什么关系。
Coupon is the interest on a
bond that the issuer promises to pay the holder
until maturity. Coupon
payment is the periodic
interest payment which is equal to the coupon
interest rate as a percent rate
multiplied by
the maturity or par value of the bond. The coupon
interest rate, also called the nominal yield,
face value, is the contractual rate of
interest based on a bond’s par value.
息票率是指在到期
日之前债券发行者承诺支付给持有者的利率。息票支付是指周期性的利息支
付,它等于息票率乘以债券的
到期日价值或者面值。息票率,也被称为名义支付率,是指基于债券
的面值确定的合同利率。
Topic 7
Break-even analysis is a firm of
sensitivity analysis. Sensitivity analysis
generally involves finding
answers to “what
if” questions as:what will be the net present
value of the project if sales are 10 percent
less than expected? In break-even analysis the
question is turned around, in which the managers
ask: how
poor can sale become before the
project loses money? The break-even point is the
sales volume at
which the present values of
the project’s ash inflows and outflows are equal,
so that its net present value
is zero.
盈亏
平衡分析是灵敏度分析的一种形式。敏感性分析通常包含找到“如果……将会怎样”这种问题的
答案。比
如:如果销售值比预计少了10%,项目的净现值会怎样?盈亏平衡点分析将这个问题翻
了过来,管理者
就会问:在项目损失之前,销售量会有多么差?盈亏平衡点就是在项目的现金流入
和流出量的现值相等时
的销售量,此时净现值为0.
Topic 8
A money market is a
financial market for issuing and trading short-
term debt securities. Money markets
are
decentralized markets, consisting of securities
dealers who are linked by an electronic
9
communications network. A capital
market is a financial market for intermediate-or
long-term securities.
Corporations may raise
funds in capital markets by selling bonds,
preferred stock, and common stock. 货
币市场是一个发行和交
易的短期债务证券的金融市场。货币市场是分散的市场,它是由一个电子通
讯网络与经销商组成。资本市
场是一个中间交换或长期证券的金融市场。公司可能通过出售债券,
优先股和普通股基金在资本市场上筹
集资金。
More risky projects require a higher
cost of capital than less risky projects. Failing
to adjust the
differences in project risk
would lead a firm to accept too many value-
destroying risky projects and reject
too many
value-adding safe ones. Over time, the riskiness
of the firm would increase and lead to an
increase in its cost of capital. Eventually,
shareholder value would suffer. An important point
to
remember is that the cost of capital
depends mainly on the use of the funds, not on how
and where the
firm raises the capital.
风险较
大的项目比风险较小的项目要求更高的资本成本。未调整项目风险的差异将会导致公司接受
过多的价值损
坏风险的项目,并拒绝过多的价值升值的可靠项目。久而久之,该公司的风险会增加,
并导致其资本成本
的增加。最终,股东价值将受到影响。要记住重要的一点是,资本成本(适当的
折现率)主要取决于资金
的使用,而不是公司提高资本的方式和地点。
Topic 10
Ex-dividend
date. The ex-dividend date is the cut-off date for
receiving the dividend. Investors who
buy the
stock before the ex-dividend date are entitle to
the dividend, which those who buy shares on or
after the ex-dividend date are not.
除息日是收到
股利的截止日期。除息日之前购买股票的投资者有权获得股利,而那些在除息日
或除息日之后购买股票的
投资者将不会获得股利。
Record date. The record date is
the date on which an investor must be a
shareholder of the record to
be entitled to
the upcoming dividend only if they have bought the
stock for at least two business days
before
the record date.
股权登记日是投资者必须成为一个记录在案的将有权获得即将到来
股利的股东,且他们买入
股票的日期是在股利登记日前至少两天。
Payment date
. The payment date is the date when the firm mails
the dividend checks to the
shareholders of a
record. This date is usually several weeks after
the record date.
股利支付日是公司将股利派发给股东的登记日期。此日期通常是股利登记日的几星期之后。
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