财经英语看世界课后答案.docx
国际财务管理(英文版)课后习题答案2
CHAPTER 1GLOBALIZATION AND THE MULTINATIONAL FIRMSUGGESTED ANSWERS TO END—OF-CHAPTER QUESTIONS QUESTIONS1 。
Why is it important to study international financial management？Answer: We are now living in a world where all the major economic functions, i.e.，consumption，production, and investment，are highly globalized. It is thus essential for financial managers to fully understand vital international dimensions of financial management. This global shift is in marked contrast to a situation that existed when the authors of this book were learning finance some twenty years ago. At that time, most professors customarily (and safely, to some extent) ignored international aspects of finance 。
This mode of operation has become untenable since then.2. How is international financial management different from domestic financial management？Answer ：There are three major dimensions that set apart international finance from domestic finance 。
经济学资料(英文版)经济学课本答案22-23.doc
Chp22SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes:1・ Gross domestic product measures two things at once: (1) the total in come of everyone in the economy; and (2) the total expenditure on the economy's output of goods and services. It can measure both of these things at once because in come must equal expenditure for theeconomy as a whole.2The producti on of a pound of caviar con tributes more to GDP tha n the product! on of a pound of hamburger because the contribution to GDP is measured by market value and the price of a pound of caviar is much higher than the price of a pound of hamburger.3.The four components of expenditure are: (1) consumption; (2) investment; (3) governmentpurchases; and (4) net exports ・ The largest compone nt is con sumption, which accounts for about two-thirds of total expenditure.4.Nominal GDP is the production of goods and services valued at current prices. Real GDP is theproduction of goods and services valued at constant prices・ Real GDP is a better measure of economic well-being because it reflects the economy's ability to satisfy people's needs anddesires・ Thus a rise in real GDP means people have produced more goods and services, buta rise in nominal GDP could occur either because of increased production or because of higherprices・5.Although GDP is not a perfect measure of well-being, policymakers should care about itbecause a larger GDP means that a nation can afford better health care, better educationalsystems, and more of the material necessities of life・Questions for Review:1 ・ An econom/s income must equal its expenditure, since every transaction has a buyer and a seller.Expe nditure by buyers equals in come by sellers ・2.The producti on of a luxury car con tributes more to GDP tha n the producti on of an economycar because the luxury car has a higher market value.3.The contribution to GDP is $3, the market value of the bread, which is the final good that issold.4.The sale of used records does n't affect GDP at all because it involves no curre nt producti on.5.The four components of GDP are consumption, such as the purchase of a music CD;investment, such as the purchase of a computer by a business; government purchases, such as an order for military aircraft; and net exports, such as the sale of American wheat to Russia.6.Economists use real GDP rather than nominal GDP to gauge economic well-being because realGDP is not affected by changes in prices, so it reflects changes in the amounts being produced.If nominal GDP rises, you don't know if that's because of increased production or higher prices ・Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.7.The percentage change in nominal GDP is (600-200)/200 x 100 = 200%. The percentagechange in real GDP is (400-200)/200 x 100 = 100%. The percentage change in the deflator is (150-100)/100 x 100 = 50%.8. It is desirable for a country to have a large GDP because people could enjoy more goods and services.But GDP isrYt the only important measure of well-being. For example, laws that restrictpollution cause GDP to be lower. If laws against pollution were eliminated, GDP would behigher but the pollution might make us worse off. Or, for example, an earthquake would raise GDP, as expenditures on cleanup, repair, and rebuilding in crease ・ But an earthquake is an un desirable event that lowers our welfare ・Problems and Applications:1 ・ a. Consumption increases because a refrigerator is a good purchased by a household.b・ Investment increases because a house is an investment good・c.Consumption increases because a car is a good purchased by a household, butinvestment decreases because the car in Ford?s inventory had been counted as aninvestment good until it was sold.d・Consumption increases because pizza is a good purchased by a household・ernment purchases increase because the government spent money to provide agood to the public・f.Consumption increases because the bottle is a good purchased by a household, butnet exports decrease because the bottle was imported・g.In vestment increases because new structures and equipment were built.2.With transfer payments, nothing is produced, so there is no contribution to GDP・3.Purchases of new housing are included in the in vestment portion of GDP because housing lastsfor a long time・ For the same reason, purchases of new cars could be thought of asinvestment, but by convention, they are not. The logic could apply to any durable good, such as household appliances・4.If GDP in eluded goods that are resold, it would be counting output of that particular year, plussales of goods produced in a previous year. It would double-count goods that were sold more than once and would count goods in GDP in several years if they were produced in one year and resold in another.5. a. Calculating nominal GDP:2001: ($1 per qt. of milk x 100 qts. milk) + ($2 per qt. of honey x 50 qts. honey) =$2002002: ($1 per qt. of milk x 200 qts. milk) + ($2 per qt. of honey x 100 qts. honey)=$4002003: ($2 per qt. of milk x 200 qts. milk) + ($4 per qt. of honey x 100 qts. honey) =$800Calculating real GDP (base year 2001):2001: ($1 per qt. of milk x 100 qts. milk) + ($2 per qt. of honey x 50 qts. honey) =$2002002: ($1 per qt. of milk x 200 qts. milk) + ($2 per qt. of honey x 100 qts. honey)=$4002003: ($1 per qt. of milk x 200 qts. milk) + ($2 per qt. of honey x 100 qts. honey)=$400Calculating the GDP deflator:2001: ($200/$200) x 100 = 1002002: ($400/$400) x 100 = 1002003: ($800/$400) x 100 = 200b.Calculating the percentage change in nominal GDP:Percentage change in nominal GDP in 2002 = [($400 - $200)/$200] x 100 = 100%.Percentage change in nominal GDP in 2003 = [($800 - $400)/$400] x 100 = 100%.Calculating the Dercentage change in real GDP:Percentage change in real GDP in 2002 = [($400 ・ $200)/$200] x 100 = 100%.Percentage change in real GDP in 2003 = [($400 ・ $400)/$400] x 100 = 0%.Calculating the Dercentage change in GDP deflator:Percentage change in the GDP deflator in 2002 = [(100 ・ 100)/100] x 100 = 0%.Percentage change in the GDP deflator in 2003 = [(200 - 100)/100] x 100 = 100%.c.Economic well-being rose more in 2002 than in 2003, since real GDP rose in 2002 butnot in 2003. In 2002, real GDP rose and prices didn't. In 2003, real GDP didn't rise andprices did.a.The growth rate of nominal GDP is ($8,111 - $7,662)/$7,662 x 100% = 5.9%.b.The growth rate of the deflator is (112 ・ 110)/110 x 100% = 1.8%.c.Real GDP in 1996 (in 1992 dollars) is $7,662/(110/100) = $6,965.d.Real GDP in 1997 (in 1992 dollars) is $& 111/(112/100) = $7,242.e.The growth rate of real GDP is ($7,242 ・ $6,965)/$6,965 x 100% = 4.0%.f.The growth rate of nominal GDP is higher than the growth rate of real GDPbecause of inflation.7.Economists ignore the rise in people's in comes that is caused by higher prices becausealthough incomes are higher, the prices of the goods and services that people buy are alsohigher. Thus economists prefer to look at real GDP instead of nominal GDP.8.Many possible answers・9. a. GDP equals the dollar amount Barry collects, which is $400.b.NNP = GDP 一depreciation = $400 ・ $50 = $350.c.National income = NNP ・ sales taxes = $350 ・ $30 = $320.d・Personal income = national income - retained earnings = $320 ・ $100 = $220.e. Disposable personal income = personal in come ・ personal income tax = $220 ・ $70 =$150.10.In countries like India, people produce and consume a fair amount of food at home that is notincluded in GDP. So GDP per person in India and the United States will differ by more than their comparative economic well-being.11.If the government cares about the total income of America ns, it will emphasize GNP, since thatmeasure includes the in come of Americans that is earned abroad ・ If the govemme nt cares about the total amount of economic activity occurring in the United States, it will emphasize GDP, which measures production in the country, whether produced by domestic citizens orforeigners・12・ a. The increased labor-force participation of women has increased GDP in the United States, since it means more people are working.b.If our measure of well-bei ng in eluded time spe nt worki ng in the home and taki ngleisure, it would n't rise as much as GDP, since the rise in women's labor-forceparticipation has reduced time spent working in the home and taking leisure・c.Other aspects of well-being that are associated with the rise in women f s in creasedlabor-force participation include increased self-esteem and prestige for women in theworkforce, especially at managerial levels, but decreased quality time spent withchildren, whose parents have less time to spend with them. Such aspects would bequite difficult to measure.Chapter 23SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1 ・ The consumer price index tries to measure the overall cost of the goods and services bought bya typical consumer. It is constructed by surveying consumers to fix a basket of goods andservices that the typical consumer buys, finding the prices of the goods and services over time, computing the cost of the basket at different times, choosing a base year, computi ng the in dex, the n computi ng the in flation rate.2.Since Henry Ford paid his workers $5 a day in 1914 and the consumer price index was 10 in1914 and 166 in 1999, then the Ford paycheck was worth $5 x 166/10 = $83 a day in 1999 dollars.Questions for Review1. A 10 percent increase in the price of chicken has a greater effect on the consumer price indexthan a 10 percent increase in the price of caviar because chicken is a bigger part of theaverage consumer's market basket・2.The three problems in the consumer price index as a measure of the cost of living are: (1)substitution bias, which arises because people substitute toward goods that have becomerelatively less expensive; (2) the introduction of new goods, which are not reflected quickly in the CPI; and (3) unmeasured quality change.3.If the price of a Navy submarine rises, there is no effect on the consumer price index, sinceNavy submarines aren't consumer goods・ But the GDP price index is affected, since Navy submarines are included in GDP.4.Since the overall price level doubled, but the price of the candy bar rose sixfold, the real price(the price adjusted for inflation) of the candy bar tripled.5.The nominal interest rate is the rate of interest paid on a loan in dollar terms・ The realinterest rate is the rate of interest corrected for in flation. The real interest rate is the nominal interest rate minus the rate of inflation.Problems and Applications1. a. The price of tennis balls increases 0%; the price of tennis racquets increases 50%[=($60-$40)/$40 x 100%]; the price of Gatorade increases 100% [= ($2 - $1)/$1 x100%].To find the percentage change in the overall price level, follow these steps:1.Determine the fixed basket of goods: 100 balls, 10 racquets, 200 Gatorades2.Find the price of each good in each year:pute the cost of the basket of goods in each year: 2001: (100 x $2) +(10x $40) + (200 x $1) = $800 2002: (100 x $2) + (10 x $60) + (200 x $2)= $1,2004.Choose one year as a base year (2001) and compute the CPI in each year:2001: $800/$800 x 100 = 1002002: $1,200/$800 x 100 = 150e the CPI to compute the inflation rate from the previous year: 2002: (150- 100)/100 x 100% = 50%b. Tennis racquets are less expensive relative to Gatorade, since their price rose 50% while theprice of Gatorade rose 100%. The well-being of some people changes relative to thewell-being of others・Those who purchase a lot of Gatorade become worse offrelative to those who purchase a lot of tennis racquets or tennis balls.2.To find the percentage change in the overall price level, follow these steps:a.Determine the fixed basket of goods: 100 heads of cauliflower, 50 bunches of broccoli,500 carrotsb・ Find the price of each good in each year:c. Compute the cost of the basket of goods in each year:2001： (100 x $2) + (50 x $1.50) + (500 x $.10) = $3252002: (100 x $3) + (50 x $1.50) + (500 x $.20) = $475d・ Choose one year as a base year (2001) and compute the CPI in each year:2001: $325/$325 x 100 = 1002002: $475/$325 x 100 = 146e. Use the CPI to compute the inflation rate from the previous year:2002: (146-100)/100 x 100% = 46%3.Since the CPI rose 637%, that means [CPI(1997)-CPI(1947)]/CPI(1947) x 100% = 637%, soCPI(1997)/CPI(1947) -1 = 6.37, so CPI(1997)/CPI(1947) = 7.37. So if an item costs under7.37 times as much in 1997 than it did in 1947, then it's relatively less expensive・ The easiestway to see this is to take the 1947 price, multiply it by 7.37, and compare it to the 1997 price.University of Iowa tuition: $130 x 7.37 = $958 < $2,470, so the 1997 cost is highergallon of gasoline: $0.23 x 7.37 = $1.70 > $1.22, so the 1997 cost is lower phone call: $2.50 x 7.37 = $18.42 > $0.45, so the 1997 cost is lower day in hospital: $35 x 7.37 = $258 < $2,300, so the 1997 cost is higher hamburger: $0.15 x 7.37 = $1.11 > $0.59, so the 1997 cost is lower4. a. Since the in crease in cost was considered a quality improvement, there was noin crease registered in the CPI.b・ The argument in favor of this is that consumers are getting a better good than before, so the price increase equals the improvement in quality. The problem is that theincreased cost might exceed the value of the improvement in air quality, soconsumers are worse off. In this case, it would be better for the CPI to at leastpartially reflect the higher cost.5. a. introduction of new goods; b・ unmeasured quality change; c. substitution bias; d.unmeasured quality change; e. substitution bias6. a. ($0.75 - $0.15)/$0.15 x 100% = 400%.b.($13.84 - $3.35)/$3.35 x 100% = 313%.c.In 1970: $.15/($3.35/60) = 2.7 minutes. In 1999: $.75/($13.84/60) = 3.3 minutes.d・ Workers1 purchasing power fell in terms of newspapers・7. a. If the elderly consume the same market basket as other people, Social Securitywould provide the elderly with an improvement in their standard of living each yearbecause the CPI overstates in flation and Social Security payments are tied to the CPI.b・ Since the elderly consume more health care than younger people, and since health care costs have risen faster than overall inflation, it's possible that the elderly are worse off.To investigate this, you'd need to put together a market basket for the elderly, whichwould have a higher weight on health care・ You'd then compare the rise in the costo f the "elderly” basket with that of the general basket for CPI.8.Many answers are possible. A common answer may be that as students, they spend a greaterproportion of their in come on tuiti on and books than the typical household ・ Since theprices of tuition and books have risen faster than average prices, students face a higherinflation rate than the typical household・9.Whe n bracket creep occurred, inflatio n in creased people's nominal in comes, pushi ng theminto higher tax brackets, so they had to pay a higher proportion of their in comes in taxes, eve n though they were n't getting higher 如/incomes. As a result, real tax revenue rose.10.In decidi ng how much in come to save for retireme nt, workers should con sider the realinterest rate, since they care about their purchasing power in the future, not the number of dollars theyll have.11 ・ a. When inflation is higher than was expected, the real interest rate is lower thanexpected・ For example, suppose the market equilibrium has an expected realinterest rate of 3% and people expect inflation to be 4%, so the nominal interestrate is 7% ・ If in flation turns out to be 5%, the real in terest rate is 7% minus 5% equals 2%, which is less than the 3% that was expected・b・ Since the real interest rate is lower than was expected, the lender loses and the borrower gains. The borrower is repaying the loan with dollars that are worth less than wasexpected.c. Homeowners in the 1970s who had fixed-rate mortgages from the 1960s benefited from theunexpected inflation, while the banks who made the mortgage loans lost a lot ofmoney.。
财金英语教程参考答案
财金英语教程参考答案Chapter 1: Introduction to Finance1. What is finance?- Finance is the management of money and includesactivities such as investing, borrowing, lending, budgeting, saving, and forecasting.2. What are the three main functions of finance?- The three main functions of finance are planning, acquiring, and managing financial resources.3. What is the time value of money?- The time value of money is the concept that a sum of money is worth more now than the same sum in the future dueto its potential earning capacity.4. How does inflation affect the value of money?- Inflation erodes the purchasing power of money over time, meaning that the same amount of money will buy fewer goodsand services in the future.5. What is the difference between a bond and a stock?- A bond is a debt instrument where an investor lends money to an entity in exchange for interest payments, while a stock represents ownership in a company and offers thepotential for capital gains and dividends.Chapter 2: Financial Statements1. What are the four main financial statements?- The four main financial statements are the balance sheet, income statement, cash flow statement, and statement of changes in equity.2. What is the purpose of a balance sheet?- The balance sheet provides a snapshot of a company's financial position at a specific point in time, showing its assets, liabilities, and equity.3. How is net income calculated?- Net income is calculated by subtracting all expensesfrom the total revenue of a company during a specific period.4. What does the cash flow statement show?- The cash flow statement shows the inflow and outflow of cash within a business over a period of time, categorizedinto operating, investing, and financing activities.5. What is the statement of changes in equity?- The statement of changes in equity shows the changes in the equity accounts of a company over a period of time, including retained earnings, capital contributions, and other comprehensive income.Chapter 3: Financial Analysis1. What are the main types of financial analysis?- The main types of financial analysis are ratio analysis,horizontal analysis, vertical analysis, and trend analysis.2. What is the purpose of ratio analysis?- Ratio analysis is used to evaluate a company's financial health by comparing various financial ratios such asliquidity, profitability, and leverage ratios.3. What is horizontal analysis?- Horizontal analysis involves comparing financial statement items over multiple periods to identify trends and changes in performance.4. What is vertical analysis?- Vertical analysis, also known as common-size analysis,is a method of financial statement analysis where each itemis expressed as a percentage of a base figure, typicallytotal assets or total revenue.5. What is trend analysis?- Trend analysis involves examining the historical data of financial metrics over time to predict future trends and performance.Chapter 4: Risk Management1. What is risk management?- Risk management is the process of identifying, assessing, and prioritizing potential risks to an investment or project, and taking steps to mitigate or avoid these risks.2. What are the types of risks in finance?- The types of risks in finance include market risk,credit risk, liquidity risk, operational risk, and legal risk.3. What is diversification?- Diversification is a risk management strategy that involves spreading investments across various financial instruments, industries, or geographic regions to reduce overall risk.4. What is hedging?- Hedging is a risk management technique used to reducethe risk of price fluctuations in an asset by taking an offsetting position in a related security.5. What is the role of insurance in risk management?- Insurance is a risk management tool that providesfinancial protection against potential losses or damages by transferring the risk to an insurance company in exchange for a premium.Chapter 5: Investment Strategies1. What are the different types of investment strategies?- Types of investment strategies include passive investing, active investing, value investing, growth investing, and income investing.2. What is the difference between passive and active investing?- Passive investing involves a "set it and forget it" approach, typically using index funds, while active investingrequires regular buying and selling of individual securities based on market research and analysis.3. What is value investing?- Value investing is an investment strategy that involves buying stocks that are considered undervalued by the market, with the expectation that their true value will eventually be recognized.4. What is growth investing?- Growth investing focuses on companies that are expected to grow at an above-average rate compared to the market, often investing in companies with strong competitive advantages and high growth potential.5. What is income investing?- Income investing is an investment strategy aimed at generating a steady stream of income from investments, typically through dividends or interest payments.Chapter 6: International Finance1. What is international。
财经英语答案
财经英语答案【篇一：浙江财经学院英语翻译大赛试卷和答案】txt>考核方式：闭卷考试时间：120分钟第一题：汉译英 15% 1.市场需求_____________________________________________________ 2.社会主义市场经济______________________________________________ 3.可持续发展战略________________________________________________ 4.深化改革______________________________________________________ 5.人寿保险公司__________________________________________________ 6.综合国力______________________________________________________ 7.消费者物价指数_________________________________________________ 8.社会主义和谐社会_______________________________________________ 9.九年制义务教育__________________________________________________ 10.中国人民政治协商会议___________________________________________ 第二题：英译汉 15% 1. intellectual propertyrights_________________________________________ 2. future exchange_____________________________________________ ____ 3. closingprice_________________________________________________ ____ 4. loan and trustcompany____________________________________________ 5. extensiveeconomy______________________________________________ __ 6. export quota_____________________________________________________ 7. certified publicaccountant_________________________________________ 8.at sixes andsevens_______________________________________________ __ 9. cast pearls before theswine__________________________________________10. scientific outlook ondevelopment___________________________________第三题：句子翻译 20%1.根据协议，所有的经济政策应该不加歧视地适用于所有人______________________________________________________ ______________________________________________________ ________________________________ 2.我们已争取到了政府强有力的支持，使公共场所吸烟成为违法行为。
财务会计英语版课后答案
Chapter 1Page 81.Classify following items as either an expense (E),a revenue(R),an asset(A),or a liability( L);Cash, buildings, salaries of the sales force, $5 owed to a company for work performed, Mortgage to a bank, sales.Answer:Cash—A Buildings—A Salaries of the sales force—E$5 owed—L Mortgage to a bank—L Sales—R2. Classify each of the following as n operating (O), bank (I) , or financing (F) in a statement of cash flows; Wage paid to workers, Cash received form a bank in the form of a mortgage, cash dividends paid to a supplier of inventory, Cash paid to purchase a new machine.Answer:Wage paid—O Cash of mortgage-- F Cash dividends paid -- FCash paid to supplier of inventory—O Cash paid to purchase a machine—IPage111.List several economic decisions that rely on accounting information.Answer:·Whether to grant a loan·How much to pay for a share of common stock.·Whether to grant a rate increase to an electric utility·How much in damages the loser of a lawsuit must pay ·How much of a bonus to pay a plant manager·Whether to enter a new market2. Why do financial statements have footnotes, and what kinds of information might you find in them?Answer:Financial statements have footnotes because financial disclosure is a complex business. The notes tell us some of the specifics about the company environment , what accounting methods the company has used, what the accounting numbers might be if alternative methods had been used, and some of the major contingencies that are not formally included in the statement proper.Page 201.Describe the process of setting accounting standards. What are the roles of all the parties you mention?Answer:The FASB, a private, not-for-profit organization ,sets GAAP in the U.S. It publicly declares an agenda, promulgates "ExposureDrafts" of proposed standards, holds open meetings, and invites input from interested parties. The FASB has been delegated this authority by the SEC, a government agency with legal authority to determine GAAP.2.Think of an example, like the executive compensation example in the chapter, where incentives might exist to bias accounting numbers one way or another.Answer:There are other examples, but here is one that is different. A taxpayer has incentives to bias reported income downward in order to minimize income tax payments. However, it is important to understand that tax accounting rules are different from GAAP, and this book is about GAAP. Chapter 14 covers GAAP for taxes in more detail.Other examples include:·An entrepreneur seeking a loan from a bank or funding from a venture capitalist might have incentives to bias accounting numbers to look favorable.·A firm that is subject to scrutiny for earning excess profits(e.g.,an oil company）might have incentives to bias accounting numbers to look less favorable.·A utility subject to rate regulation might have an incentive tobias accounting numbers to look less favorable in order to gain more generous increases in its rates. (At this writing, there is a rather severe controversy about whether electric utilities in California are genuinely in financial difficulty and should be allowed to continue to impose large rate increase.)Chapter 2Page 381 Define assets, liabilities, and equities.Gave an example ofeach. How are assets valued? How are liabilities valued? Answer:An asset is a probable future economic benefit obtained or controlled by an entity as a result of a past transaction. Cash marketable securities, accounts receivable, inventories, prepaid expenses, patents, copyrights, trademarks, and property, plant and equipment are all examples of assets. A liability isa probable future sacrifice of economic benefits arisingfrom present obligations of an entity to transfer assets or provide services as a result of a past transaction or event.Accounts payable, accrued liabilities, unearned revenues, warranties, and bonds payable are all examples of liabilities.Accounting valuation of assets uses severaldifferent methods, including market value, expected realizable value, lower of cost or market, present value of future cash flows, and historical cost. Accounting valuation of liabilities is the expected amount that will be paid, perhaps adjusted for the time value of money.2. Explain what is meant by the entity concept. Answer:The entity is the person or organization about which accounting's financial history is being written.3 .A company signs a ten-year employee contract with a vicepresident. The salary is $ per year, guaranteed. Is this contract an asset? Would it appear on the balance sheet?Explain.Answer:The rights conveyed by the contrat may be an asset from an economic point of view, but they are not an asset under GAAP. The contract would not appear on the balance sheet as an asset, because GAAP does not record executory contracts, which are contracts that require future performance form both parties. That is ,GAAP views the contract as determining what services will be provided, no asset is recognized under GAAP.(Neither is a liability for payment recognized until services have beenperformed.)4 .A company purchased a parcel of land 10 years ago at a cost of $.The land has recently been appraised at $. At what value is the land carried in the balance sheet? How does the appraisal affect the carrying value in the balance sheet? Answer:The land is on the balance sheet at its historical cost of $.The carrying value of the land is unaffected by the appraisal. Page 421、Define debit and credit .What kind of balance ,debit or credit ,would you expect to find in the inventory T-account？In the Common Stock T-account?Answer:A debit is an entry on the left side of a T-account. A credit is an entry on the right side of a T-account. We would except to find a debit balance in Inventory, and credit balances in Bonds Payable and Common Stock. The reason is the convention that increases in assets are debits and increases in liabilities and equities are credits.2、If the trial balances, it means that you have analyzed all the effects of transactions correctly. True or false？Explain.Answer:False. A balanced means that the trial balance is consistent, not necessarily correct. For example. If an arbitrary entry is made that debits Cash and credits Common Stock for an equal amount, the trial balance will balance but it will be wrong. An accounting can receipt of cash and the issuance of common stock, but it alone can not make cash or additional common shares.3﹑Suppose Web sell leases a portion of its space to another company. Web sell’s accounts are debited and credited to record this transaction?Answer:Web sell would debit Cash and a liability, Rent Received in Advance, for the prepayment.Chapter 3Page 571. Define revenue and expense. How does one decide to list an item as revenue in an income statement? What is matching? Answer:Revenues are increases in net assets resulting from operations over a period of time .Expense are decreases in net assets resulting from operations over a period of time .Revenue isrecognized the earnings process is substantially complete , a transaction2. Give an example not found in the text , of an expense that is paid for in cash in a prior accounting period .In a subsequent accounting period.Answer:There are many allowable responses . An example is a patent that is purchased and paid for in one year and used in next .3. Give an example, not found in the text , of a revenue that is received in cash in a prior accounting period . In a subsequent accounting period .Answer:An example is a house painting contractor that receives payment for one-third of the contract price before beginning the painting .4. Explain why it is right to think of an asset as a cost and an expense as an expired cost .Answer:An asset is a future benefit . And there is an opportunity cost associated with not selling it for cash or exchanging it to settleChapter 6Page 120:1.The following table lists the adjustments and has an X in thecolumn indicating the approach:2. We first take adjustment for prepaid insurance and insurance expense. It would be easy to think of this adjustment as focusing on how much of the insurance coverage remained, as opposed to how much was used. In fact, the same type of logic could be used---computing a monthly rate for the coverage and applying that to the months reminding, instead of the months used.Now take adjustment for depreciation expense and accumulated depreciation. Estimating the value of the equipment at year end might be easy, for example, if there is a market for used equipment, or very difficult, for example, if the equipment was specially designed for Websell. Once a value estimate for the equipment at year end is obtained, depreciation expense would be the change in value over the year.Page 1231.$5000×(1+0.06)^10=$5000×1.79085=$8954.242.$5000×(1+0.06/2)^(10×2)=$5000×(1+0.03)^20=$5000×1.80611=$9030.563. $1000×(1.05)^3+$1000×(1.05)^2+$1000×(1.05)^1=$3310.134. ($1000×0.05/5)^13+$1000×(1+0.05/5)^10+$1000×(1+0.05/5)^5=($1000×(1.01)^15)+($1000×(1.01)^10)+($1000×(1.01)^5) =$1160.97+$1104.62+$1051.01=$3316.6Page 1241.x×.(1.07)^3=$3000 x=$3000/(1.07)^3=$2448.892. Calculate the present value at 10% of $1300 received two years from now. If that is greater than $1000, you are better offwith the $1300 to be received in two years. If its present value is less that $1000, you better off with $1000 now. $1300/(1.10)^2=$1074.38Therefore, you are better off receiving $1300 two years from now.Another way to do this problem is to take the future value at 10% of $1000. At the end of two years, the $1000 would compound up to:$1000×(1.10)^2=$1210,Which is less than you would have at that point if you took the $1300.3．The most I would be willing to pay is the present value at 8% of the stream of $1000 payment:$1000/(1.08)^1+$1000/(1,08)^2+$1000/(1,08)^3=$925.926+857.339+793.832=$ 2577.1(rounded)Chapter 8Page 1681.Aging takes the balance in accounts receivable at the end of the year, and sorts it by how long ago the transaction occurred that gave rise to that receivable. Experience has shown that “older” accounts have less likelihood of ever being collected.Percentages of likely uncollectibles for each category are applied to the totals in that category , and the results added to obtain an estimate of the allowance for uncollectibles required to value properly the estimated amount that will be collected from the accounts receivable. The bad debts expense then falls out as a “plug” in the allowance for uncollectibles.The percentage-of-sales method just estimates bad debt expense as a percent of sales, and plug the balance in the allowance account.2. Cash (118)Accounts receivable (118)12/31/2003(to recognize collection of cash from companies owing service co. from 2002 sales)Allow ance for doubtful accounts (7)Accounts receivable (7)12/31/2003(to write off accounts we know will not be collected) Ac counts receivable (125)Sales reven ue (125)12/31/2003(to recognize revenue and to anticipate collection of the receivable)If we focus on recording the bad debts expense that is associated with billings for 2003, we would record.06×$=$7500 in baddebts expense.B ad debts expense………………………………………7.5 Allowan ce for doubtful accounts…………………………7.5 12/31/2003(to record bad debt expense in anticipation of not collecting 100% of receivables)Method one: focus on the percentage of sales expected not to be collected.Allowance for doubtful accounts(10.5 is the “plug”,i.e., the number that drops out)Now we move to 2004, where events now proceed as expected . Collections are $117.5 thousand. Cash………………………………………………..117.5 Accounts receivable…………………………………117.512/31/2004(to recognize collection of cash form companies owing service co. from 2003 sales)Allowance for doubtful ac counts………………………7.5 Accounts receivable………………………………….7.512/31/2004(to write off accounts we know will not be collected)Accounts receivable (125)Sales revenue (125)12/31/2004(to recognize revenue and to anticipate collection of the receivable)If we focus on recording the bad debts expense that is associated with billings for 2004, we would record.06×$=$7500 in bad debts expense.Bad debts expense……………………………………7.5 Allowance for doubtful acco unts…………………………7.5 12/31/2003(to record bad debt expense in anticipation of not collecting 100% of receivables)The allowance for doubtful accounts using the peentage-of-sales method looks like this:Method one: focus on the percentage of sales expected not to be collected.Allowance for doubtful accountsOnly the entries recording bad debt expense are different using the aging method. Instead of the above entries recording bad debt expense, we would have the following analysis: Each year, we would adjust the balance in the allowance for doubtful accounts so that the net receivable ends up at $. That is, we would solve $-X=$,and find that the ending balance in the allowance for doubtful accounts must be $7500.Analyzing the account, we would determine that at 12/31/2003 we must add $4500 to the allowance for doubtful accounts: Bad debts expense………………………………..4.5 Allowanc e for doubtful accounts…………………….4.512/31/2004(to record bad debt expense in anticipation of not collecting 100% of receivables)At 12/31/2004, we must add $7500 to the allowance for doubtful accounts:Bad debts expense………………………………..7.5 Allowan ce for doubtful accounts…………………….7.512/31/2004(to record bad debt expense in anticipation of not collecting 100% of receivables)Using aging, the allowance for doubtful accounts T-account looks like this:Method two: focus on the ending balance in the allowance for doubtful accounts.Allowance for doubtful accountsChapter 9Page 1831.LIFO is last-in first-out. It means that in computing ending inventoryand cost of goods sold, the cost of items sold is assigned in reverse chronological order of their purchase, beginning from the most regent items purchased in a period. FIFO is first-in, first-out .It means that in computing ending inventory and cost of goods sold, the cost of items sold is assigned in chronological order of their purchase, beginning from the goods on hand at the beginning of the period. Average cost means that in computing ending inventory and cost of goods sold, the average unit cost of the beginning inventory and items purchased in a period is used to determine the cost of goods sold and remaininginventory.2.Yes, it is still a positive net present value project. In fact, its netpresent value is higher than when the purchase was made at$1.05 per unit, since the cash outflow is reduced but the cash inflow remains the same. The cash outflow on 12/31/01 when purchases are at $0.95 per unit is $114.This means the net cash flow at 12/31/01 is ($4) instead of ($16),and the NPV for Widget Company is:NPV=-100-$4/1.1+$10/ (1.1^2) +$144/ (1.1^3) =$12.82First, we redo the case of FIFO. The inventory T-account is:Widget Co. Inventory Account under FIFO Flow AssumptionInventory (FIFO)Ending inventory values can be read from the above T-account. Net incomes are:Widget Incomes using FIFONow we redo the case of FIFO. First, the inventory T-account is: Widget Co. Inventory Account under FIFO Flow AssumptionInventory (FIFO)Ending inventory values can be read from the above T-account. Net incomes are:Page 186To calculate the market-to-book ratios and accounting returns on equity: Market-to-book Ratios under Average CostAccounting Rates of Return under Average CostCollecting the results for FIFO from the chapter and these results for average cost, we have:Market-to-book Ratios under Various Cost Flow AssumptionAccounting Rates of Return under Various Cost Flow AssumptionAs is apparent, the market-to-book ratios and accounting rates of return for average cost are between for LIFO and FIFO.2. Because it has more recent costs on the balance sheet in the inventory account, FIFO has market-to-book ratios closer to 1regardless of whether prices rise or fall.Chapter 10Page 1961. The total profit on the transaction is the sales price of $880.00 less the original cost of $734.03:Sales price of securities $880.00Less : original cost ($735.03)Profit on transaction $144.97The cash flows were: $735.03 out on January1, 2001, and $880.00 in on January 3, 2003.There were profit in 2001, 2002, and 2003.In 2001, therewas a profit of $81.17.In 2003,there was a profit of $5.00.2. The unadjusted book value of the security on December 31,2002 was $793.83.If the market value of the security on that date was $790.00,an adjustment reducing its carrying value by $3.83 is required to write it down to its market value: Unrealized loss on market value securities-trading ……3.83 Marketable securities –trading ………… 3.83 If the security were sold for $810.00 on January 3, 2003, the entry would be:Cash ………………………………810.00Marketable securities –trading ………………790.00Gain on marketable securities-trading …………20.001/03/2003(To record the sale of the Marketable securities—trading )Page 1981. When a securities is classified as trading security, profits or losses show up on the income statement in every period from when the security is purchased until when it is sold. when a security is classified as available-for-sale ,profits or losses only show up on the income statement in the period in which the security is sold.2. the unadjusted book value of the security on December31,2002 was $793.83.If the market value of the security on that date was $790.00,an adjustment reducing it’s carrying value by $3.83 is required to write it down to it’s market value. however unlike the trading security case ,the unrealized loss is an equity account ,not a temporary account:Unrealized loss on marketable securities-available-for-sale 3.38 Marketable securities –trading ………………3.83To record the sale of the security for $810.00 on January 3,2003: Cash ………810.00Unrealized gain on marketable securities-available-for-sale(58.80-3.83) ………54.97Marketable securities-trading …………790.00Realized gain on marketable securities-available-for-sale ……………74.9712/31/2002(To mark-to-market the Marketable securities—available-for-sale)Chapter 111．a. Under straight-line depreciation, the depreciation expense each year is$600-$100/5 years=$100 per year.b. Under double-declining balance depreciation, the depreciation expense each year is given in the following table:c. Under sum-of-year’-digits depreciation, the depreciation expense each year is given in the following table:Sum-of years’-digits depreciation2. Intangible assets are most often shown in one line that is cost net of amortization. Tangible assets are sometimes shown in three lines: cost , accumulated depreciation, and net .3. Economic depreciation is the change in the economic value of the asset. Economic depreciation can be appreciation when the asset increases in value. We seen this already with marketable debt securities, which sometimes increase in valuebecause of unpaid interest4.It is easy and fulfills the requirement of GAAP to provide depreciation using a systematic and rational method. No GAAP depreciation method likely correctly reflects economic depreciation anyway ,so a simple expedient may be good enough.1．Sraight-line depreciation is $100 per year ($300/3 years).Double-declining balance depreciation is given in the following table:2.For straight-line depreciation,the entry is the same each year:Depreciation expense (100)Accumulateddepreciation (100)For double-declining balance depreciation,the entries are: Year1Depr eciation expense (200)Accu mulated depreciation (200)Year2Depreciation expense………………………………66.67 Acc umulated depreciation………………………66.67 Year3.declining balance because depreciation expense under straight-line is only $100,while under double-declining balance depreciation expense is $200.4.If the company buys one asset every year and each asset lasts three years,then in year 4 it will have three assets.Under straight-line depreciation,each of those assets generates a depreciation expense of $100;therefore total depreciation expense would be 3*$100,or $300.Under double-declining balance depreciation,total depreciation expense depends on the age of each asset.The company would have one asset in its first year of life,one in its second year of life,and one in its third year.Therefore,totaldepreciation expense would be:$200+$66.67+$33.33=$300,the same as under straight-line.Both depreciation methods give the same total depreciation because:1.Both methods fully depreciate the assets over their lives.2.The cost of the assets has remained constant.3.The company is in a steady state in which the number ofnew assets purchased in a period equals the number ofold assets being retired in that period.。
财经专业英语(第二版)unit1译文、课后答案、课件
Unit 1Passage: What Does It Take to Become a Successful Manager?[Para 1]Successful managers come from a wide variety of backgrounds and possess an equally wide variety of traits and skills. No sure–fire formula exists for getting to the top of the managerial ladder, but there are at least three general preconditions for achieving lasting success as a manager: ability (A), motivation to manage (M), and opportunity (O).Together, they constitute a basic formula for managerial success (S): S=A×M×O. Notice that success depends on a balanced combination of ability, motivation to manage, and opportunity. A total absence of one factor can cancel out strength in the other two. (Hence, the use of multiplication rather than addition signs.) For example, high ability and motivation are useless without opportunity.1. Ability[Para 2] As used here, the term managerial ability is the demonstrated capacity to achieve organizational objectives both effectively and efficiently. Actually, today's successful manager needs a whole package of conceptual, technical, and interpersonal abilities. According to recent work by the American Assembly of Collegiate Schools of Business (AACSB), an accrediting agency, business school graduates should be able to demonstrate certain skills and personal characteristics. AACSB's package of skills and characteristics can help everyone better understand the term ability to manage. They include1.Leadership.2.Oral communication and presentation skills.3.Written communication.4.Planning and organizing.rmation gathering and problem analysis.6.Decision making.7.Delegation and control.8.Self-objectivity (being aware of one's strengths and limitations).9.Disposition to lead (a willingness and desire to lead others in new directions).2. Motivation to Manage[Para 3] Uplifting stories about disabled persons and adventurers who succeed despite seemingly insurmountable odds are often summed up in one word: desire. The same force drives successful managers. All the ability in the world will not help a future manager succeed if he or she does not possess a persistent desire to move ahead. Linda Wachner, the only woman chief executiveofficer of a Fortune 500 company (garment maker Warnaco), is an inspiring case in point. Fortune magazine calls her America's most successful businesswoman:From the time she was 11 and growing up in Forest Hills, New York, Wachner knew she wanted to run something. That was the year she lay flat on her back, encased in a plaster cast from her head to her knees, the first step in a surgical procedure to correct severe scoliosis.Hardly able to move and facing the possibility that she would never walk again, Linda became determined that whatever she did in life, she would call the shots–––not doctors, or parents, or physical therapists. "The focus I have today comes from when I was sick," she says. "When you want to walk again, you learn how to focus on that with all your might, and you don't stop until you do it."That brand of determination was evident from the first day Wachner hit the job market in 1966.After graduating at age 20 from the University of Buffalo with a bachelor's degree in business administration, she landed at Associated Merchandising Corp, the New York City buying arm of Federated and other department stores. Her pay: $ 90 a week....A former boss remembers her: “Linda used to come flying through my door every morning hitting me with ideas on how we could run the business better. She wanted to tell our manufacturers how they could do more business with the stores.”[Para 4] Until the mid-1960s, this kind of desire was an intangible trait that could be measured only subjectively. Then a management researcher named John B. Miner developed a psychometric instrument to measure objectively an individual's motivation to manage. Miner's test, in effect, measures one's desire to be a manager.[Para 5] The Seven Dimensions of Motivation to Manage. Miner's measure of motivation to manage is anchored to the following seven dimensions:1.Favorable attitude toward those in positions of authority, such as superiors.2.Desire to engage in games or sports competition with peers.3.Desire to engage in occupational or work–related competition with peers,4.Desire to assert oneself and take charge.5.Desire to exercise power and authority over others.6.Desire to behave in a distinctive way, which includes standing out from the crowd.7.Sense of responsibility in carrying out the routine duties associated with managerial work. The higher the individual scores on each trait, the greater is the motivation to manage. (Although the complete instrument is not given here, you can readily gauge your own motivation to manage as low, moderate, or high.) Miner's research indicates that this concept can accurately predict how fast and how far one will move up the hierarchy.[Para 6] Motivation to Manage among Business Students. Miner and his colleagues wenton to track motivation–to–manage scores for business students at two major U.S. universities over a twenty–year period and came to some interesting conclusions. First, although the steady decline of motivation to manage during the 1960s and early 1970s had stopped, students' motivation to manage still was very low. Generally speaking, students continued to show a distaste for authority, competitiveness, assertiveness, and routine managerial duties. Miner believed this situation foreshadowed a shortage of managerial talent over the coming years. A second conclusion was that female students no longer lagged behind their male counterparts in motivation to manage.[Para 7] More recently, Miner's research has focused on international differences in motivation to manage. His student samples from Mexico, Japan, China, Korea, and Taiwan all scored consistently higher than did his samples from the United States. Miner perceives this pattern as a potential threat to America's global competitiveness.3. Opportunity to Manage[Para 8] Judging from headlines in recent years about corporate downsizings, middle manager layoffs, and the dramatic scaling back of the U. S. defense industry, students might be tempted to throw up their hands in frustration over the prospect of ever landing a management position. Indeed, from the perspective of large American companies, the market for managers has tightened considerably since the 1980s. But the broader picture presented by Business Week, seemingly gloomy at first glance, offers hope for future managers:In the U.S. some 13.5 million workers in private industry are classified as executives, administrators, and managers, and most are employed in the service sector --the focus of intensive restructuring in recent years. The upshot is that managerial jobs, which surged at a5.6% annual rate from 1984 through 1989, have shown no net growth at all sincethen––eliminating about 2.25 million jobs that would have been created if the earlier growth trend had been maintained.Even though the growth rate for the managerial slice of the U. S. labor pie slowed and even shifted into reverse during the early 1990s, it still is a huge slice: 13.5 million managers! Normal turnover–––through deaths, retirements, and career changes–––will open millions of managerial positions in the years ahead. Anticipated economic growth will create additional managerial opportunities.[Para 9] Significantly, the statistics in the preceding quote tell only part of the story for managerial job seekers. Not counted among the 13.5 million are the millions of administrators and managers in military, government, and nonprofit organizations. Also, there is the mushrooming small-business sector. One quick way to become a manager is to start your own business.[Para 10] Despite periodic ups and downs in job markets, there will continue to be a worldwide need for those with the right combination of ability and motivation to manage. The timeto start working out your own S= A×M×O formula is now.New Words*** accredit [☯❒♏♎♓♦]vt. 委派出任* anchor [ ✌☠☯] n.vt. 锚抛锚；依靠* anticipate [✌⏹♦♓♦♓☐♏♓♦] vt. 预见* assembly [☯♦♏❍♌●] n. 集会* assertiveness [☯♦♏♦♓⏹♓♦] n. 断定* brand [br✌⏹♎] n. 商标；烙印；印记* cast [k ♦♦] n. 浇铸*** collegiate [k☯●♓ ♎✞♓♦] adj. 专科学校的；学院的；大学的* conceptual [k☯⏹♦♏☐♦☞◆☯●] adj. 思维的，抽象的；概念的* counterpart [ ♋◆⏹♦☯☐ ♦] n. 对应的人（或物）* delegation [ ♎♏●♓ ♑♏♓☞☯⏹] n. 派遣** dimension [di ❍♏⏹☞☯⏹] n. 度量方法* disposition [disp☯♓☞☯⏹] n. 倾向** downsize [ ♎♋◆⏹ ♦♋♓] v. 减小；减少* encase [in ♏♓♦] vt. 包围；包裹* favorable [ ♐♏♓☯❒☯♌●] adj. 赞同的** foreshadow [f ☞✌♎☯◆] vt. 预示* frustration [fr✈♦♦❒♏♓☞☯⏹] n. 灰心* garment [ ♑❍☯⏹♦] n. 服装*** gauge [♑♏♎✞] vt. 估计，判断n. 方法，手段；标准* gloomy [ ♑●◆❍♓] adj. 黑暗的，昏暗的* headline [ ♒♏♎●♋♓⏹] n. 标题* hierarchy [ ♒♋♓☯❒♓] n. 等级制度；领导层*** insurmountable[ ♓⏹♦☯ ❍♋◆⏹♦☯♌●]adj. 不能克服的* intangible [in ♦✌⏹♎✞☯♌●] adj. 无形的，无法接触的* interpersonal[ ♓⏹♦☯ ☐☯♦☯⏹●]adj. 人际的；交际的** layoff [ ●♏♓ ♐] n. 下岗，失业期间** merchandise[ ❍☯♦☞☯⏹♎♋♓] n.vt.商品；货品劝人购物* motivation[ ❍☯◆♦♓♏♓☞☯⏹]n. 动机；动力* multiplication[ ❍✈●♦♓☐●♓♏♓☞☯⏹]n. 乘法** mushroom [ ❍✈☞❒◆❍] vi. 迅速生长* objectivity n. 客观[ ♌♎✞♏ ♦♓♓♦♓]* odds [ ♎] n. 有可能出现的麻烦事* peer [pi☯] n. 同龄人；同等地位的人* perspective [p☯ ♦☐♏♦♓] n. 观点，看法；视角；* plaster [ ☐● ♦♦☯] n. 灰泥；石膏* presentationn. 赠送；引见；介绍；呈现[ ☐❒♏♏⏹ ♦♏♓☞☯⏹]adj. 心理测量的* psychometric[ ♦♋♓☯◆ ❍♏♦❒♓]*** restructuring [ri ♦♦❒✈♦☞☯] n. 重新组建*** scoliosis [ ♦ ●♓☯◆♦♓♦] n. 脊柱侧凸* superior [sju ☐♓☯❒♓☯] n. 上级，长官*** surefire [ ☞◆☯♐♋♓☯] adj. 确定的* surge [s☯♎✞] vi. 上升* surgical [ ♦☯♎✞♓☯●] adj. 外科的* therapist [ ♏❒☯☐♓♦♦] n. 治疗者* trait [treit] n. 特性，特征* turnover [ ♦☯⏹☯◆☯] n. 移交* uplifting [✈☐●♓♐♦] adj. 使人振奋的* upshot [ ✈☐☞ ♦] n. 结局注: *为基础词汇**为常用的财经专业词汇***为非常用的基础和财经词汇，以下各课同Special Termsaccrediting agency 授权机构assert oneself 坚持自己的权利，显示自己的权威business administration 企业管理career changes 跳槽chief executive officer 董事长corporate downsizing 公司滑坡defense industry 国防工业dimensions of motivation to manage 管理动机的度量方法disposition to lead 有领导倾向favorable attitude 赞同态度Fortune 500 company 500强企业job market 劳务市场job seeker 求职者managerial position 管理岗位motivation to manage 管理动机nonprofit organization 非赢利组织oral (written) communication 口头（书面）交流organizational objective 管理目标presentation skill 交际技巧private industry 私人企业self-objectivity 自知之明sense of responsibility 责任感show a distaste for 表现不喜欢…A w hole package of…全面的…Abbreviation(s)AACSB the American Assembly of Collegiate Schools of Business 美国盎瑟贝财经学院Notes to the Passage1.[Para 1] A total absence of one factor can cancel out strength in the other two.管理成功的公式里共三个要素，如果其中的一个是零的话（即a total absence），那就会取消(cancel out)另外的两个要素的力量之和（strength in the other two）。
财经英语试题及答案
财经英语试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a financial instrument?A. StockB. BondC. CommodityD. Insurance policyAnswer: D2. In financial markets, what is the term for the difference between the buying and selling prices of a security?A. SpreadB. DividendC. YieldD. Interest rateAnswer: A3. What is the term used to describe the risk of a security's value changing due to market fluctuations?A. Credit riskB. Market riskC. Liquidity riskD. Operational riskAnswer: B4. Which of the following is not a type of financial statement?A. Balance sheetB. Income statementC. Cash flow statementD. Profit and loss statementAnswer: D5. What is the term for the process of evaluating an investment based on various factors to determine its potential return and risk?A. Due diligenceB. Portfolio managementC. Financial analysisD. Risk assessmentAnswer: C6. What does GDP stand for in economics?A. Gross Domestic ProductB. Gross Domestic ProfitC. Gross Domestic PerformanceD. Gross Domestic PriceAnswer: A7. In the context of finance, what does the acronym "IPO" stand for?A. Initial Public OfferingB. International Profit OrganizationC. International Portfolio OrganizationD. International Product OfferingAnswer: A8. What is the term for a financial contract that gives the buyer the right, but not the obligation, to buy or sell anunderlying asset at a specified price on or before a certain date?A. Call optionB. Put optionC. Forward contractD. Futures contractAnswer: A9. Which of the following is not a component of the financial system?A. BanksB. Securities exchangesC. Insurance companiesD. Manufacturing companiesAnswer: D10. What is the term used to describe the process of determining a company's value based on its financial performance and potential for future growth?A. ValuationB. ForecastingC. BudgetingD. AuditingAnswer: A二、填空题（每题2分，共20分）1. The process of converting cash into other assets is known as ____________.Answer: investing2. A __________ is a financial institution that acceptsdeposits, offers loans, and provides other financial services. Answer: bank3. The __________ is a document that outlines the terms and conditions of a loan, including the interest rate and repayment schedule.Answer: loan agreement4. __________ is the risk that a borrower may default ontheir loan payments.Answer: credit risk5. A __________ is a financial statement that shows acompany's financial position at a specific point in time. Answer: balance sheet6. __________ is the process of evaluating a company'sfinancial health by analyzing its financial statements. Answer: financial analysis7. The __________ is a financial statement that shows a company's revenues, expenses, and net income over a specific period.Answer: income statement8. __________ is the risk that a security's value maydecrease due to a decline in the overall market.Answer: market risk9. A __________ is a financial instrument that represents an ownership interest in a company.Answer: stock10. __________ is the risk that a security may be difficult to sell at a desired price.Answer: liquidity risk三、简答题（每题10分，共20分）1. Explain the difference between a stock and a bond. Answer: A stock represents ownership in a company and typically offers the potential for capital appreciation and dividends. A bond, on the other hand, is a debt instrument issued by a company or government, promising to pay periodic interest and return the principal at maturity.2. What are the main factors that influence a company'scredit rating?Answer: The main factors that influence a company's credit rating include its financial stability, debt levels, profitability, management quality, industry position, and economic conditions. Credit rating agencies assess these factors to determine the likelihood of the company meetingits financial obligations.四、论述题（每题15分，共30分）1. Discuss the importance of diversification in an investment portfolio.Answer: Diversification is crucial in an investment portfolio as it helps to spread risk across a variety of investments, reducing the impact of a poor-performing asset on the overall portfolio. By investing in different asset classes, sectors, and geographical regions, investors can potentially achievebetter returns and lower volatility. Diversification also allows for the exploitation of different market opportunities and can protect against unforeseen events that may affect specific investments.2. Explain the role of financial statements in business decision-making.Answer: Financial statements play a vital role in business decision。
财经英语看世界课后答案.docx
财经英语看世界课后答案.docx财经英语看世界课后答案问：对中国的企业来说，最重要的不是经营权改⾰，是所有权改⾰。
（）答：正确问：对中国电影的主要意识形态叙述错误的是答：⾮主流意识形态问：对中国⽽⾔，⼀个典型的倾销的产品是（）答：彩⾊胶卷问：对中国法学做出巨⼤贡献的是谁？答：沈家本问：对中国古代商业的分布和发展影响最⼤的因素是（）。
答：制度因素问：对中国古代书法特点叙述不正确的是答：书法是为后⼈⽽创造问：对中国古代⽂明起源时间的确定有重要意义的遗址是答：东⼭村遗址问：对中国科学技术史研究最好的是（）答：李约瑟问：对中国历史发展的⾃然和地理条件的叙述正确的是：（）答：上述三项都是问：对中国明清时代的天⽂仪器的制作及天⽂观测起过较⼤影响的西⽅天⽂学家是（）。
答：第⾕问：对中国企业来说,最重要的是()。
答：所有权改⾰问：对中国清明时代的天⽂仪器的制作及天⽂观测起过较⼤影响的西⽅天⽂学家是：答：第⾕问：对中国⼊仕官员影响很⼤的是⽼⼦的思想。
（）答：错问：对中国三个产业利⽤外商直接投资情况分析不正确的是（）。
答：第⼀第⼆第三产业利⽤外资分布⽐较均衡问：对中国⽂化性格的塑造起最⼤作⽤的是？答：儒教与道家问：对中国学界⽽⾔，⽐较⽂学研究最突出的重点是（）。
答：⽂学间性问：对中国政治的分析,⾸先要对中国的哪⼀个因素进⾏分析?()答：社会结构问：对中华传统道德的继承我们可以采取历史虚⽆主义。
答：错问：对中间商的营业推⼴⽅式包括（）答：现⾦折扣问：对中世纪欧洲⼤学影响最⼤的事件是？答：宗教改⾰。
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财经英语看世界课后答案
问：对中国的企业来说，最重要的不是经营权改革，是所有权改革。
（）答：正确
问：对中国电影的主要意识形态叙述错误的是
答：非主流意识形态
问：对中国而言，一个典型的倾销的产品是（）
答：彩色胶卷
问：对中国法学做出巨大贡献的是谁？
答：沈家本
问：对中国古代商业的分布和发展影响最大的因素是（）。
答：制度因素
问：对中国古代书法特点叙述不正确的是
答：书法是为后人而创造
问：对中国古代文明起源时间的确定有重要意义的遗址是
答：东山村遗址
问：对中国科学技术史研究最好的是（）
答：李约瑟
问：对中国历史发展的自然和地理条件的叙述正确的是：（）
答：上述三项都是
问：对中国明清时代的天文仪器的制作及天文观测起过较大影响的西方天文学家是（）。
答：第谷
问：对中国企业来说,最重要的是()。
答：所有权改革
问：对中国清明时代的天文仪器的制作及天文观测起过较大影响的西方天文学家是：
答：第谷
问：对中国入仕官员影响很大的是老子的思想。
（）
答：错
问：对中国三个产业利用外商直接投资情况分析不正确的是（）。
答：第一第二第三产业利用外资分布比较均衡
问：对中国文化性格的塑造起最大作用的是？
答：儒教与道家
问：对中国学界而言，比较文学研究最突出的重点是（）。
答：文学间性
问：对中国政治的分析,首先要对中国的哪一个因素进行分析?()
答：社会结构
问：对中华传统道德的继承我们可以采取历史虚无主义。
答：错
问：对中间商的营业推广方式包括（）
答：现金折扣
问：对中世纪欧洲大学影响最大的事件是？
答：宗教改革。