14级财务管理专业英语习题

.《14级专业英语》复习资料#考#型：一、短语中英互译(20x1=20分)二、从下列选项中选出最佳(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，但是计算方法是相似的，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。PartIterminologytranslation(1*20points)Directions:interpretthefollowingterminologyinEnglishorChinese.（范围课后核心词汇）e.g.：1.financialmanagement---译成汉语2.普通股----译成英语PartIIChoicequestions(1*20points)(Pleasewriteyouranswerinthefollowingtable)1.Financialstatementdoesnotinclude()A.balancesheetB.incomestatementC.cashflowstatementD.workingsheet2.Anincreaseinwhichoneofthefollowingwillincreasetheoperatingcashflow?A.employeesalariesB.officerentC.buildingmaintenanceD.equipmentdepreciation3.Theprocessofplanningandmanagingafirm’slong-terminvestmentsiscalled:A.workingcapitalmanagement.B.financialdepreciation.C.capitalbudgeting.D.capitalstructure.4.Cashequivalentsinclude()A.timedepositsB.inventoriesC.accountsreceivableD.prepaidexpenses5.Theinternalrateofreturnforaprojectwillincreaseif:A.theinitialcostoftheprojectcanbereduced.B.thetotalamountofthecashinflowsisreduced.C.therequiredrateofreturnisreduced.D.thesalvagevalueoftheprojectisomittedfromtheanalysis.6.Whichofthefollowingbelongstocurrentliabilities?()A.mortgagespayableB.prepaidexpensesC.notespayableD.bondspayable7.Youspent$500lastweekfixingthetransmissioninyourcar.Now,thebrakesareactingupandyouaretryingtodecidewhethertofixthemortradethecarinforanewermodel.Inanalyzingthebrakesituation,the$500youspentfixingthetransmissionisa(n)___cost.A.opportunityB.sunkC.incrementalD.fixed8.Whichofthefollowingstatementsarecorrectconcerningdiversifiablerisks?I.Diversifiableriskscanbeessentiallyeliminatedbyinvestinginseveralsecurities.II.Themarketrewardsinvestorsfordiversifiableriskbypayingariskpremium.III. Diversifiablerisksaregenerallyassociatedwithanindividualfirmorindustry.IV.Betameasuresdiversifiablerisk.A.IandIIIonlyB.IIandIVonlyC.IandIVonlyD.IIandIIIonly9.Whichofthefollowingisaliabilityaccount?（）A.prepaidinsuranceB.additionalpaid-incapitalC.salariespayableD.accumulateddepreciation10.Accountantsemployedbylargecorporationsmayworkintheareasofthefollowingexcept()A.productcostingandpricingB.budgetingC.internalauditingD.productproducing11.Acorporation’sfirstsaleofequitymadeavailabletothepubliciscalleda(n):（）A.sharerepurchaseprogram.B.privateplacement.C.initialpublicoffering(IPO).D.seasonedequityoffering(SEO). 12.Standarddeviationmeasures____risk.A.totalB.nondiversifiableC.unsystematicD.systematic13.()isthevalueatsomefuturetimeofapresentamountofmoney,oraseriesofpayments,evaluatedatagiveninterestrate.A.futurevalueB.presentvalueC.intrinsicvalueD.marketvalue14.EllesmereCorporationissues1million$1parvaluebonds.Thestatedinterestrateis8%peryearandtheinterestispaidtwiceayear.Whatistherealinterestrateofthebond?()A.6%B.4%C.10%D.(1+8%/2)2-115.Yourfirmpurchasedawarehousefor$335,000sixyearsago.Fouryearsago,repairsweremadetothebuildingwhichcost$60,000.Theannualtaxesonthepropertyare$20,000.Thewarehousehasacurrentbookvalueof$268,000andamarketvalueof$295,000.Thewarehouseistotallypaidforandsolelyownedbyyourfirm.Ifthecompanydecidestoassignthiswarehousetoanewproject,whatvalue,ifany,shouldbeincludedintheinitialcashflowoftheprojectforthisbuilding?（）A.$268,000B.$295,000C.$395,000D.$515,00016.Whichoneofthefollowingwilldecreasetheoperatingcycle?A.payingaccountspayablefasterB.discontinuingthediscountgivenforearlypaymentofanaccountsreceivableC.decreasingtheinventoryturnoverrateD.collectingaccountsreceivablefaster 17.AssumethatdividendsofacommonstockwillbemaintainedatDforever,andtherequiredreturnofthestockholderisr,theparvalueofthestockism,thevalueofthestockis()A.mB.m+DC.m+D/rD.D/r18.Whichofthefollowingitemshasthemostrisk?()A.treasurybillB.corporatebondC.preferredstockD.commonstock19.()equalsthegrossprofitdividedbynetsalesofafirm.A.grossprofitmarginB.netprofitmarginC.returnoninvestmentD.returnonequity20.()istheratiosthatmeasureafirm’sabilitytomeetshort-termobligationsA.liquidityratiosB.leverageratiosC.coverageratiosD.activityratios21.Sensitivityanalysishelpsyoudeterminethe:A.rangeofpossibleoutcomesgivenpossiblerangesforeveryvariable.B.degreetowhichthenetpresentvaluereactstochangesinasinglevariable.C.netpresentvaluegiventhebestandtheworstpossiblesituations.D.degreetowhichaprojectisreliantuponthefixedcosts.22.AccordingGAAPrevenueisrecognizedasincomewhen:（）A.acontractissignedtoperformaserviceordeliveragood.B.thetransactioniscompleteandthegoodsorservicesdelivered.C.paymentisreceived.D.incometaxesarepaid.E.alloftheabove.23.()istheresultofNetProfitMargin×totalassetturnover×(totalassets/shareholders’equity)A.ReturnonequityB.returnoninvestmentC.currentratioD.quickratio24.Governmenttaxlawadjustmentis()toafirm.A.generaleconomicriskB.inflationanddeflationriskC.firm-specificrisk25.Whichofthefollowingstatementsconcerningtheincomestatementisnottrue?A.Itmeasuresperformanceoveraspecificperiodoftime.B.Itdeterminesafter-taxincomeofthefirm.C.Itincludesdeferredtaxes.D.Itdoesnotincludedepreciation.E.ittreatsinterestasanexpense.26.Whichofthefollowingisnotanoncashdeduction?A.Depreciation.B.Deferredtaxes.C.Interest.D.TwooftheaboveE.Alloftheabove.27.SashaCorphadanROAof10%.Sasha’sprofitmarginwas6%onsalesof$180.Whataretotalassets?（）A.$300B.$108C.$48.D$162.28.Calculatenetincomebasedonthefollowinginformation()Sales=$200.00Costofgoodssold=$100.00Depreciation=$18.00Interestpaid=$25.00Taxrate=34%A.$16.50B.$37.62C.$34.60D.$4.6029.Whichofthefollowingisnottrue?（）A.Financialmarketscanbeusedtoadjustconsumptionpatternsovertime.B.Corporateinvestmentdecisionshavenothingtodowithfinancialmarkets,C.Financialmarketsdealwithcashflowsovertime.D.Investmentdecisionsrelyontheeconomicprinciplesoffinancialmarkets.E.Noneoftheabove.30.()isconcernedwiththeacquisition,financing,andmanagementofassetswithsomeoverallgoalinmind.A.FinancialmanagementB.ProfitmaximizationC.AgencytheoryD.Socialresponsibility31.Amajordisadvantageofthecorporateformoforganizationisthe().A.doubletaxationofdividendsB.inabilityofthefirmtoraiselargesumsofadditionalcapitalC.limitedliabilityofshareholdersD.limitedlifeofthecorporateform.32.Interestpaid(earned)onboththeoriginalprincipalborrowed(lent)andpreviousinterestearnedisoftenreferredtoas().A.presentvalueB.simpleinterestC.futurevalueD.compoundinterest33.Iftheintrinsicvalueofashareofcommonstockislessthanitsmarketvalue,whichofthefollowingisthemostreasonableconclusion?()A.Thestockhasalowlevelofrisk.B.Thestockoffersahighdividendpayoutratio.C.Themarketisundervaluingthestock.D.Themarketisovervaluingthestock.34.A250facevalueshareofpreferredstock,paysa20annualdividendandinvestorsrequirea7%returnonthisinvestment.Ifthesecurityiscurrentlysellingfor276,whatisthedifference(overvaluation)betweenitsintrinsicandmarketvalue(roundedtothenearestwholedollar)?A.approximately26B.approximately10C.approximately6D.approximately135.FeltonFarmSupplies,Inc.,hasan8percentreturnontotalassetsof480,000andanetprofitmarginof6percent.Whatareitssales?()A.3,750,000B.640,000C.480,000D.1,500,00036.Acompanycanimprove(lower)itsdebt-to-totalassetratiobydoingwhichofthefollowing?A.Borrowmore.B.Shiftshort-termtolong-termdebt.C.Shiftlong-termtoshort-termdebt.D.issuecommonstock.37.TheDuPontApproachbreaksdowntheearningpoweronshareholders'bookvalue(ROE)asfollows:ROE=().A.Netprofitmargin×Totalassetturnover×EquitymultiplierB.Totalassetturnover×Grossprofitmargin×DebtratioC.Totalassetturnover×NetprofitmarginD.Totalassetturnover×Grossprofitmargin×Equitymultiplier38.Whichofthefollowingitemsconcernsfinancingdecision?()A.salesforecastingB.bondissuingC.receivablescollectionD.investmentprojectselection39.Whichofthefollowingitemsisthefunctionofatreasurer?()A.costaccountingB.internalcontrolC.capitalbudgetingD.generalledger40.Forfinancialinstruments,()isjudgedinrelationtotheabilitytosellasignificantvolumeofsecuritiesinashortperiodoftimewithoutsignificantpriceconcession.A.maturityB.marketabilityC.defaultD.inflation41.()isthevalueatsomefuturetimeofapresentamountofmoney,oraseriesofpayments,evaluatedatagiveninterestrate.A.futurevalueB.presentvalueC.intrinsicvalueD.marketvaluePartIII:CalculationQuestions(2*10points)（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.UsethefinancialinformationfortheABCCorporationtoanswerproblems.ABCCorporationBalanceSheetasofDecember31,2005(Millionsofdollars)CurrentassetsCurrentliabilitiesCash$2006Accountspayable$2325Accountsreceivable4782Othercurrentdebt3009Inventory3401Total$5334Total$10189Long-termdebt1977FixedassetsCommonstock5215Netfixedassets4346Retainedearnings2009Totalassets$14535Totalliabilitiesandstockholders'equity$14,535ABCCorporationIncomeStatementforYearEndedDecember31,2005(Millionsofdollars)Sales$20909Costofgoodssold14407General,selling,andadmin,expenses3801Depreciation1225Earningsbeforeinterestandtaxes$1476Interestexpense639Earningsbeforetaxes$837Taxes(40%)335Netincome$502Persharedata:Outstandingshares(millions)1205Earningspershare$0.42Dividendspershare$0.00Marketpricepershare$19.25Bookvaluepershare$5.99(1)Prepareacommon-sizebalancesheetforABCCorporation.Whatarethelargesttwoexpensecategoriesforthecompany?Whatpercentageofthecompanyisfinancedbyshort-termsourcesoffunds?howmuchandwhatpercentageofthecompanyisfinancedbylong-termsources?(2)Basedonstatements,calculatethefollowingratios:CurrentratioQuickratioAccountsreceivablesturnoverratioDebtratioReturnonassets=Price/earningsratio(3)WhatdoyouthinkaboutABCCorporation’sfinancialsituation?2.ThemostrecentfinancialstatementsforcompanyCCCareshownhere($): IncomeStatement BalanceSheet Sales 10,400 Currentassets 11,000 Currentliabilities 10,000 Costs 6,820 Long-termdebt 12,000 TaxableIncome 3,580 Fixedassets 27,000 Equity 16,000 Taxes 1,253 Total 38,000 Total 38,000 Netincome 2,327 1）Computethefollowingratios:Currentratio:TotaldebtratioTotalassetturnoverProfitmarginEquitymultiplierROAROE2）UsingDuPontIdentitytocomputetheROE3.Youneedtohave$100000attheendof10years.Toaccumulatethissum,youhavedecidedtosaveacertainamountattheendofeachnext10yearsanddeposititinthebank.Thebankpays8%interestcompoundedannuallyforlong-termdeposit.Howmuchwillyouhavetosaveeachyear?(PVIF(8%,10)=0.463,PVIFA(8%,10)=0.671,FVIF(8%,10)=2.159,FVIFA(8%,10)=14.487)4.Youexpecttodepositthefollowingcashflowsattheendofyears1through5,1,000;4,000;9,000;5,000;and2,000respectively.Alternatively,youcoulddepositasingleamounttodayatthebeginningofyear1(endofyear0).Howmuchisthesingledepositneededtobetodayifyoucanearn10%compoundedannually?(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.AMicrogatsIndustriesbondhasa10%couponrateanda$1,000facevalue.Couponsarepaidsemiannually,andthebondhas20yearstomaturity.Ifinvestorrequireda12%yield,what’sthebond’svalue?(P/A,6%,40)=15.0463(P/s,6%,40)=0.0972(P/A,12%,20)=7.4694(P/s,12%,20)=0.1037PartIVTranslationTopic1IntroductiontoFinancialManagementFinancialmanagementisanintegrateddecision-makingprocessconcernedwithacquiring,financing,andmanagingassetstoaccomplishsomeoverallgoalwithinabusinessentity.Othernamesforfinancialmanagementincludemanagerialfinance,corporatefinance,andbusinessfinance.Makingfinancialdecisionsisanintegralpartofallformsandsizesofbusinessorganizationsfromsmallprivately-heldfirmstolargepublicly-tradedcorporations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。Topic2Acorporationisalegalentityseparatefromitsowners.Thismeansthatthecorporationcanownassets,enterintocontracts,sueandbesued.Beingaseparatelegalentityalsoimpliesthatcorporateincomeistaxable,thusgivingrisetodoubletaxation,i.e.,corporatetaxonprofitspluspersonaltaxonafter-corporate-taxprofitsdistributedtoshareholders(theexceptionbeingafullimputationsystem).Thereisaseparationofownership(shareholders)andcontrol(managers).Shareholderswhoholdsharesinacorporationownthecorporation.Sharesrepresentaclaimtocorporateprofits,whicharedistributedintheformofdividends,sharerepurchases,oracquisitionpayout,(e.g.,managementbuyoutsandtenderoffers).Shareholdershavelimiterliability.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。Topic3Thevaluesofmostitemsreportedonafirm’sbalancesheetarereportedintermsoftheiraccountingbookvalues,whicharebasedonhistoricalcostororiginalvalue.Thehistoricalcostofanassetisthepricepaidwhenthefirmacquirestheasset.Thehistoricalcostofliabilityistheamountinvolvedwhenthefirmincurstheliability.公司资产负债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。Firmswithcomplexcapitalstructureshavepotentiallydilutivesecuritiessuchasconvertiblesecurities,options,andwarrantsthatcouldpotentiallydiluteearningspershare(EPS).Thesefirmsmustreportbothbasicanddilutedearningspersharefigures.Thedilutedearningsfigurepershareprovidesamoreconservativeearningsestimatebyassumingthatthetotalsharesofcommonstockinthedenominatorincludeallsharesofcommonstockpluspotentialsharesfromthelikelyfutureconversingofoutstandingconvertiblesecurities,stockoptions,andwarrants.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。Topic4Equalabsolutechangesinthenumeratoranddenominatormayleadtoapparentimprovementsordeteriorationinratiosthatdonotreflectrealchangesinperformance.Analystsshouldbeawarethatafirm’smanagersmayundertakeyear-endtransactions,suchastheonedescribedabove,tomakecertainratiosappearbetterfollowingaperiodofdisappointingperformance.Thisprocessisoftencalled“windowdressing”becauseitmakesspecificratiosfromthefinancialstatementslookbetterthanwithoutmakingsuchchanges.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，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。TheP/Eratioindicateshowmanyinvestorsarewillingtopayperdollarofearningsforsharesofthefirm’scommonstock.Itprovidesanimportantindicationofhowthemarketperceivesthegrowthandprofitopportunitiesofafirm.HighgrowthfirmswithstrongfutureprofitopportunitieswillcommandhigherP/Eratio,butithasseveralpotentialshortcomings.Forexample,afirmcanhavenegativeearnings,whichproducesameaninglessP/Eratio.Inaddition,managementcandistortreportedearningsbecauseofthediscretionallowedbyaccountingpractices.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。精选word范本！