财务管理专业英语复习题(参考答案)

1D.workingsheetD.equipmentdepreciationC.capitalbudgeting.A.timedepositsA.theinitialcostoftheprojectcanbereduced.C.notespayableB.sunkA.IandIIIonlyC.salariespayableD.productproducingC.initialpublicoffering(IPO).A.totalA.futurevalueD.(1+8%/2)2-1B.$295,000D.collectingaccountsreceivablefasterA.mD.commonstockA.grossprofitmarginA.liquidityratiosB.degreetowhichthenetpresentvaluereactstochangesinasinglevariable.B.thetransactioniscompleteandthegoodsorservicesdelivered.A.ReturnonequityA.generaleconomicriskD.Itdoesnotincludedepreciation.C.Interest.B.$108B.$37.62B.Corporateinvestmentdecisionshavenothingtodowithfinancialmarkets,A.FinancialmanagementA.doubletaxationofdividendsD.compoundinterestD.Themarketisovervaluingthestock.B.approximately10B.640,000D.issuecommonstock.A.Netprofitmargin×Totalassetturnover×EquitymultiplierB.bondissuingC.capitalbudgetingB.marketabilityA.futurevalue流动比率Currentratio=Currentassets/Currentliabilities=1.91速动比率Quickratio=(Currentassets-Inventory)/Currentliabilities=1.27应收账款周转率Accountsreceivablesturnoverratio=Sales/Accountsreceivable=4.37债务比率Debtratio=Totalliabilities/Totalassets=50.3%资产收益率Returnonassets=Netincome/Totalassets=3.45%Price/earningsratio=Marketpricepershare/Earningspershare=45.83Currentratio=Currentassets/Currentliabilities=1.1Totaldebtratio=(Totalassets–Totalequity)/Totalassets=0.58Totalassetturnover=Sales/Totalassets=0.27Profitmargin=Netincome/Sales=0.22Equitymultiplier=Totalassets/Totalequity=2.375ROA=Netincome/Totalassets=0.061ROE=Netincome/Totalequity=0.1452)ROE=Profitmargin*Equitymultiplier*Totalassetsturnover=14.56%Financialmanagementisanintegrateddecision-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。Acorporationisalegalentityseparatefromitsowners.Thismeansthatthecorporationcanownassets,enterintocontracts,sueandbesued.Beingaseparatelegalentityalsoimpliesthatcorporateincomeistaxable,thusgivingrisetodoubletaxation,i.e.,corporatetaxonprofitspluspersonaltaxonafter-corporate-taxprofitsdistributedtoshareholders(theexceptionbeingafullimputationsystem).2Thereisaseparationofownership(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。Thevaluesofmostitemsreportedonafirm’sbalancesheetarereportedintermsoftheiraccountingbookvalues,whicharebasedonhistoricalcostororiginalvalue.Thehistoricalcostofanassetisthepricepaidwhenthefirmacquirestheasset.Thehistoricalcostofliabilityistheamountinvolvedwhenthefirmincurstheliability.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。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。Equalabsolutechangesinthenumeratoranddenominatormayleadtoapparentimprovementsordeteriorationinratiosthatdonotreflectrealchangesinperformance.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，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。TheP/Eratioindicateshowmanyinvestorsarewillingtopayperdollarofearningsforsharesofthefirm’scommonstock.Itprovidesanimportantindicationofhowthemarketperceivesthegrowthand3profitopportunitiesofafirm.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