财务管理专业英语复习题(参考答案).doc

D. working sheet D. equipment depreciationC. 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 producingC. 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 stockA. 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 managementA. 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 multiplierB. 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=45.83
Current ratio = Current assets / Current liabilities = 1.1
Total debt ratio =(Total assets – Total equity) / Total assets = 0.58
Total asset turnover = Sales / Total assets = 0.27
Profit margin = Net income / Sales = 0.22
Equity multiplier = Total assets / Total equity = 2.375
ROA= Net income / Total assets = 0.061
ROE= Net income / Total equity = 0.145
2) 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。
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。
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。
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 P/E 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 P/E ratio, but it has several potential shortcomings. For example, a firm can have negative earnings, which produces a meaningless P/E 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。

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 investments.There 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。
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.
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 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。
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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