Chapter 11 Sources of Funds
财务管理基础英文版选择题
第一章1 CORRECTWhich of the following are microeconomic variables that help define and explain the discipline of finance? DA) risk and returnB) capital structureC) inflationD) all of the aboveFeedback: All of the above are relevant in explaining finance.2 CORRECTOne primary macroeconomic variable that helps define and explain the discipline of finance? CA) capital structureB) inflationC) technologyD) riskFeedback: Technology is very important in explaining the field of finance.3 CORRECTThe money markets deal with _________. BA) securities with a life of more than one yearB) short-term securitiesC) securities such as common stockD) none of the aboveFeedback: The money markets are concerned with short-term securities, those with a life less than one year.4 CORRECTThe ability of a firm to convert an asset to cash is called ___A_________.A) liquidityB) solvencyC) returnD) marketabilityFeedback: Liquidity also means how close an asset is to cash.5 CORRECTEarly in the history of finance, an important issue was: AA) liquidityB) technologyC) capital structureD) financing optionsFeedback: Maintaining liquidity was a major concern historically.6 INCORRECTThe __________C_________ is the most common form of business organization in the U.S.A) corporationB) partnershipC) sole proprietorshipD) none of the aboveFeedback: There are more sole proprietorships than any other form of business organization.7 CORRECTThe _________C___________ has more sales in dollars than any other form of business organization.A) sole proprietorshipB) partnershipC) corporationD) none of the aboveFeedback: The corporation is the most important in terms of dollars.8 CORRECTOne major disadvantage of the sole proprietorship is _____B___________.A) simplicity of decision-makingB) unlimited liabilityC) low operational costsD) none of the aboveFeedback: The owners of a sole proprietorship are personally liable.9 CORRECTThe appropriate firm goal in a capitalist society is ______B__________.A) profit maximizationB) shareholder wealth maximizationC) social responsibilityD) none of the aboveFeedback: The goal is to maximize the wealth of shareholders.10 CORRECTThe agency problem will occur in a business firm if the goals of ______C______ and shareholders do not agree.A) investorsB) the publicC) managementD) none of the above第二章Feedback: The goals of management may be different from those of shareholders.The accounting statements that a firm is required to file include all but one of these. BA) Balance SheetB) Statement of Accounts ReceivableC) Income StatementD) Statement of Cash FlowsFeedback: The required statements include the income statement, balance sheet and statement of changes in cash flows. The statement of changes in owners equity (or retained earnings) is also required by Generally Accepted Accounting Principles but is not covered in this text.2 CORRECTThe _______A________ shows the firm's operating results over a period of time.A) Income StatementB) Statement of Cash FlowsC) Balance SheetD) None of the aboveFeedback: The Income Statement represents a moving picture of a firm's revenues and expenses.3 CORRECTAll of the following except one are tax-deductible expenses. CA) interest expenseB) depreciationC) common stock dividendsD) income taxesFeedback: Common stock dividends are not tax deductible to a firm.4 CORRECTAll of the following are non-operating expenses except ______B_______.A) interest expenseB) cost of goods soldC) preferred stock dividendsD) taxesFeedback: The cost of goods sold is an operating expense.5 CORRECTBondholders receive _____C________ from the business firm.A) preferred dividend paymentsB) common stock paymentsC) interest paymentsD) royaltiesFeedback: Bondholders are typically paid interest semi-annually.6 CORRECTThe ratio of net income to common shares outstanding is called _____B_________.A) price/earnings ratioB) earnings per shareC) dividends per shareD) none of the aboveFeedback: This is called the earnings per share (EPS).7 CORRECTUsually, firms with high price/earnings ratios are _____A_______ firms.A) growthB) decliningC) matureD) none of the aboveFeedback: A high p/e ratio indicates a firm with strong growth prospects8 CORRECTOne of the limitations of the _____C_______ is that it is based on historical costs.A) income statementB) statement of cash flowsC) balance sheetD) none of the aboveFeedback: The balance sheet uses historical costs.9 INCORRECTA source of funds is a: DA) decrease in a current assetB) decrease in a current liabilityC) increase in a current liabilityD) a and c aboveFeedback: A decrease in current assets is equivalent to an increase in current liabilities.10 INCORRECTShort-term financing for a business firm includes: BA) bondsB) accounts payableC) stockholder's equityD) mortgagesFeedback: The other three answers represent long-term financing.第三章Trend analysis allows a firm to compare its performance to: DA) other firms in the industryB) other time periods within the firmC) other industriesD) all of the aboveFeedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare afirm’s performan ce against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company--both in and outside of their industry.2Ratio analysis allows a firm to compare its performance to: DA) other firms in the industryB) other time periods within the firmC) other industriesD) all of the aboveFeedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare a firm’s performance against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company--both in and outside of their industry.3Usually, a firm's suppliers are most interested in its ___D_____ ratios.A) profitabilityB) debtC) asset utilizationD) liquidityFeedback: The suppliers are most interested in getting paid, as shown by the liquidity of the firm.4 CORRECT__________D_____ would be most interested in a firm's debt utilization ratios.A) bondholdersB) stockholdersC) short-term creditorsD) Both A and BFeedback: Debt is indicated by a firm issuing bonds but is also a function of the debt to equity relationship or the degree of financial leverage. Both bond holders and stockholders are interested in this relationship although frof opposing viewpoints.5 CORRECTThe _______C______ ratio indicates the return firm shareholders are earning.A) return on assetsB) return on investmentC) return on equityD) net profit marginFeedback: The shareholders represent equity, or ownership in the firm.6 CORRECTWhich of the following is an example of a profitability ratio? CA) Quick ratioB) Average collection periodC) Return on equityD) Times interest earnedFeedback: This is the only profitability ratio that is listed. All profitability ratios have net income in the denominator.7Total asset turnover will indicate if there is a problem with the ___C______ ratio.A) debt to assetsB) times interest earnedC) fixed asset turnoverD) currentFeedback: Fixed asset turnover is part of total asset turnover.8 CORRECTAll of the following are asset utilization ratios except: DA) average collection periodB) inventory turnoverC) receivables turnoverD) return on assetsFeedback: Return on assets is a profitability ratio. Any ratio with net income in the denominator is a profitability ratio.9 CORRECTIf a firm's debt ratio is 55%, this means ____C__ of the firm's assets are financed by equity financing.A) 55%B) 50%C) 45%D) not enough information to answer questionFeedback: The equity portion plus the debt portion must add up to 100%.10 CORRECTAll of the following can present problems for ratio analysis except: DA) inflationB) inventory accounting methodsC) disinflationD) all of the aboveFeedback: These all may cause problems.第四章Planning for future growth is called: CA) capital budgetingB) working capital managementC) financial forecastingD) none of the aboveFeedback: This involves looking ahead to the future.2 INCORRECTWhich one of the following is NOT a tool of financial forecasting? BA) cash budgetB) capital budgetC) pro forma balance sheetD) pro forma income statementFeedback: The other three are all tools used by an analyst.3 CORRECTThe first step in developing a pro forma income statement is to: AA) build a sales forecastB) determine the production scheduleC) determine cost of goods soldD) none of the aboveFeedback: A sales forecast begins the process.4 INCORRECTPro forma statements are _B______ statements.A) actualB) projectedC) a previous year'sD) none of the aboveFeedback: Pro forma statements are based on estimates or projections.5 INCORRECTAll of the following compose cost of goods sold except ______D__________.A) raw materialB) laborC) overheadD) all of the above are part of cost of goods soldFeedback: The cost of good sold involves all three of these items.6 INCORRECTFinancial managers use the ______B_______ to plan for monthly financing needs.A) capital budgetB) cash budgetC) pro forma income statementD) none of the aboveFeedback: The cash budget allows for planning cash needs.7 INCORRECTThe payments that a firm collects from its customers are called _______C________.A) cash disbursementsB) cash outflowsC) cash receiptsD) none of the aboveFeedback: Cash receipts represent cash coming into the firm.8 INCORRECTExamples of cash disbursements are all but _________B________.A) payment for materials purchasedB) collection of accounts receivableC) payment of dividendsD) payment of taxesFeedback: The collection of accounts receivable is an example of a cash receipt, not a cash disbursement.9 CORRECTIn developing the pro forma balance sheet, we get common stock from __________A_______.A) the firm's previous balance sheetB) the firm's cash budgetC) the firm's income statementD) none of the aboveFeedback: Common stock appears on the balance sheet.10 INCORRECTThe percent of sales method of financial forecasting shows us the relationship between________D___ and financing needs.A) changes in the level of liabilitiesB) changes in the level of assetsC) changes in debtD) changes in the level of salesFeedback: It compares the relationship between balance sheet items and sales.第五章An example of a semi-variable cost is: DA) rentB) raw materialC) depreciationD) utilitiesFeedback: The other three represent fixed or variable costs.2 CORRECT_________A____ is the point at which firm profit is equal to zero.A) breakevenB) operating breakevenC) financial leverageD) combined breakevenFeedback: This is the point where the firm's revenues equal its expenses.3 INCORRECTIn breakeven analysis, if fixed costs rise, then the breakeven point will _____B_____.A) fallB) riseC) stay the sameD) none of the aboveFeedback: This implies that a larger quantity will have to be sold in order to break even.4 INCORRECTIn the breakeven formula, Price - Variable Cost is called the___C__________.A) breakeven pointB) leverageC) contribution marginD) none of the aboveFeedback: This implies that a larger quantity will have to be sold in order to cover the additional fixed costs and still break even.5 INCORRECTWhich of the following types of firms may operate with high operating leverage? BA) a doctor's officeB) an auto manufacturing facilityC) a mental health clinicD) none of the above would have high operating leverageFeedback: This implies a high break-even point and high operating expenses.6 INCORRECTThe __________C__________ is the percentage change in operating income that results from a percentage change in sales.A) degree of financial leverageB) breakeven pointC) degree of operating leverageD) degree of combined leverageFeedback: This is called the degree of operating leverage (DOL).7 CORRECTIf interest expenses for a firm rise, we know that firm has taken on more ______A________.A) financial leverageB) operating leverageC) fixed assetsD) none of the aboveFeedback: Financial leverage refers to interest expense on debt.8 INCORRECTThe ________B________ is the percentage change in earnings per share that results from a percentage change in operating income.A) degree of combined leverageB) degree of financial leverageC) breakeven pointD) degree of operating leverageFeedback: This is known as the degree of financial leverage (DFL).9 INCORRECTCombined leverage is the percentage change in relationship between sales and ______C______.A) operating incomeB) operating leverageC) earnings per shareD) breakeven pointFeedback: This combines operating leverage and financial leverage.10 INCORRECTA highly leveraged firm is ____B______ risky than its peers.A) lessB) moreC) the sameD) none of the aboveFeedback: Leverage is equivalent to risk, because it implies a higher level of fixed costs.第六章Working capital management involves the financing and management of the __C_____ assets of the firm.A) fixedB) totalC) currentD) none of the aboveFeedback: Working capital management deals with the financing and management of currentassets.2 INCORRECTAn asset sold at the end of a specified time period is called a ______B_______ asset.A) temporary currentB) self-liquidatingC) currentD) permanent currentFeedback: A self-liquidating asset is one that will be sold after a certain amount of time.3 CORRECTFixed assets are usually financed with _______A______ funds.A) long-termB) short-termC) permanentD) none of the aboveFeedback: Fixed assets are by definition long-term assets.4 INCORRECT_________B_____ is usually used to finance self-liquidating assets.A) Long-term financingB) Short-term financingC) Permanent financingD) none of the aboveFeedback: These are short-term or temporary assets.5 INCORRECTShort-term interest rates, in a normal economy, are generally ____C____ than long-term rates.A) higherB) the sameC) lowerD) none of the aboveFeedback: Long-term interest rates are normally higher than short-term interest rates to compensate for uncertainty or risk.6 INCORRECTThe expectations hypothesis says that _____B____ interest rates are a function of _______ interest rates.A) short-term; long-termB) long-term; short-termC) short-term; short-termD) none of the aboveFeedback: This theory says that long-term interest rates reflect the average of short-term expected rates.7 INCORRECTInsurance companies would tend to invest in ______C____ securities.A) short-termB) intermediate termC) long-termD) not enough information to answerFeedback: An insurance company would prefer long-term securities because they are more conservative or safer.8 INCORRECTThe _________D_____ theory says that investors must be paid a premium to hold long-term securities.A) expectations hypothesisB) time value theoryC) segmentationD) liquidity premiumFeedback: This is the liquidity premium.9 INCORRECTShort-term financing plans with high liquidity have: BA) high return and high riskB) moderate return and moderate riskC) low profit and low riskD) none of the aboveFeedback: This is known as a "middle-of-the-road" approach.10 INCORRECTLong-term financing plans with low liquidity have: BA) high return and high riskB) moderate return and moderate riskC) low return and low riskD) none of the aboveFeedback: This is also known as a "middle-of-the-road" approach.第七章The transaction motive for holding cash is for BA) a safety cushionB) daily operating requirementsC) compensating balance requirementsD) none of the aboveFeedback: This is money for everyday transactions.2 CORRECTWhich of the following motives for holding cash is required by the bank before loaning money? AA) compensating balance motiveB) transactions motiveC) precautionary motiveD) none of the aboveFeedback: This can be considered a form of collateral.3 INCORRECTThe difference between the cash balance on the firm's books and the balance shown on the bank's books is called: BA) the compensating balanceB) floatC) a safety cushionD) none of the aboveFeedback: Float implies that it takes time for checks to clear.4 CORRECTElectronic funds transfer has _____A_____ the use of float.A) reducedB) increasedC) had no effect onD) none of the aboveFeedback: Electronic funds transfer (EFT) has moved cash more quickly and reduced float.5 INCORRECTThe most utilized marketable security by most firms is the: DA) Treasury bondB) Agency securityC) Certificate of DepositD) Treasury billFeedback: Treasury bills (T-Bills) are very safe, popular investments.6 INCORRECTOf the following marketable securities, which are guaranteed by the Federal government? DA) agency securitiesB) negotiable certificates of depositC) banker's acceptancesD) none of the aboveFeedback: None of these are backed by the government.7 INCORRECTThe 5 C's of credit include: DA) conditionsB) collateralC) characterD) all of the aboveFeedback: The other two C's of credit are capacity and capital.8 INCORRECT BThe use of safety stock by a firm will:A) reduce inventory costsB) increase inventory costsC) have no effect on inventory costsD) none of the aboveFeedback: Safety stock is extra inventory a firm keeps in case of unforseen circumstances.9 INCORRECTAll of these factors are used in credit policy administration except: CA) credit standardsB) terms of tradeC) dollar amount of receivablesD) collection policyFeedback: The other three choices are the primary policy variables to consider.10 CORRECTFirms aim to hold ___A___ cash balances since cash is a non-interest earning asset.A) lowB) averageC) highD) none of the aboveFeedback: A firm does not want to keep too much cash on hand because it will lose interest (by not keeping the money in a bank).第八章The largest provider of short-term credit for a business is: BA) banking organizationsB) suppliers to the firmC) commercial paperD) EurodollarsFeedback: This is also known as trade credit.2 INCORRECTThe number of days until the firm is past due to a supplier is called the: CA) discount periodB) term to creditC) payment periodD) none of the aboveFeedback: The payment period is the number of days a firm has to pay its bill.3 INCORRECTIf a firm is given trade credit terms of 2/10, net 30, then the cost of the firm failing to take the discount is: CA) 2%B) 30%C) 36.72%D) 10%Feedback: This is calculated using formula 8-1 in this chapter.4 CORRECTThe interest rate given by a bank to its most creditworthy customers is the: AA) prime rateB) LIBOR rateC) federal funds rateD) discount rateFeedback: This is the "best" interest rate charged to people with excellent credit.5 INCORRECTWhich of the following types of bank loans generally have the highest effective rate of interest? DA) simple interest loanB) discount interest loanC) loan with a compensating balanceD) installment loanFeedback: Installment loans tend to be the most expensive.6 INCORRECTIf a firm needs to borrow $100,000, at 8% interest, to finance working capital needs and a 20% compensating is required, then the firm should borrow ____C______.A) $100,000B) $80,000C) $125,000D) $108,000Feedback: The formula to calculate this is: amount needed/(1-c), where c = the compensating balance percentage.7 CORRECTIf a bank offers a firm a simple interest loan of $1000 for 120 days at a cost of $60 interest, what is the effective rate of interest on the loan? AA) 18.00%B) 6.00%C) 20.00%D) none of the aboveFeedback: This is calculated by using formula 8-2 in this chapter.8 INCORRECTIf a company raises money to finance short-term needs by selling its accounts receivable to another party, this is called ___________. CA) pledgingB) warehousingC) factoringD) none of the aboveFeedback: Factoring means selling the accounts receivable outright.9 INCORRECTThe most restrictive policy for using inventory as collateral for short-term borrowing is called: BA) blanket inventory lienB) warehousing inventoryC) trust receiptD) factoringFeedback: This is a complex method of inventory financing wherein the lender takes control of the inventory.10 CORRECTA type of accounts receivable financing where a firm uses its receivables as collateral is called: AA) pledgingB) securitizationC) factoringD) warehousingFeedback: Pledging means using accounts receivable as collateral.第九章Both the future and present value of a sum of money are based on: CA) interest rateB) number of time periodsC) both a and bD) none of the aboveFeedback: These two factors are used in time value of money calculations.2 INCORRECTAn annuity is ___________________. CA) more than one paymentB) a series of unequal but consecutive paymentsC) a series of equal and consecutive paymentsD) a series of equal and non-consecutive paymentsFeedback: An annuity is a stream of equal payments to be received in the future.3 CORRECTIf you have $1000 and you plan to save it for 4 years with an interest rate of 10%, what is the future value of your savings? AA) $1464.00B) $1000.00C) $1331.00D) cannot be determinedFeedback: This is calculated by using formua 9-1 in this chapter.4 INCORRECTTime value of money is an important finance concept because: DA) it takes risk into accountB) it takes time into accountC) it takes compound interest into accountD) all of the aboveFeedback: Time value of money incorporates all of these concepts.5 INCORRECTThe present value of a dollar to be received in the future is: CA) more than a dollarB) equal to a dollarC) less than a dollarD) none of the aboveFeedback: The reason is because you can earn interest on the money.6 CORRECTThe future value of a dollar that you invest today is: AA) more than a dollarB) equal to a dollarC) less than a dollarD) none of the aboveFeedback: Again, the reason is because the money can earn interest.7 INCORRECTThe future value of an annuity is: CA) less than each annuity paymentB) equal to each annuity paymentC) more than each annuity paymentD) none of the aboveFeedback: The reason has to do with compound interest (or interest earning more interest).8 INCORRECTThe concepts of present value and future value are:DA) directly related to each otherB) not related to each otherC) proportionately related to each otherD) inversely related to each otherFeedback: They are essentially opposite sides of a coin.9 INCORRECTIf you win the lottery and you choose to have your proceeds distributed to you over atwenty-year time period, with the first payment coming to you one year from today, which calculation would you use to calculate the worth of those proceeds to you today? DA) future value of a lump sumB) future value of an annuityC) present value of a lump sumD) present value of an annuityFeedback: This is shown by formula 9-4 in this chapter. But this is not a typical situation. Most lotteries (let’s say $1 Million over 20 years), will pay you the first payment today and $50,000 each year for the next 19 years. This is actually an “annuity due” which is not covered in this text. Y ou’d have to calculate the present value of the annuity for 19 years and add the initial $50,000 you received today.10 CORRECTYou have $1000 you want to save. If four different banks offer four different compounding methods for interest, which method should you choose to maximize your $1000? AA) compounded dailyB) compounded quarterlyC) compounded semi-annuallyD) compounded annuallyFeedback: The more often interest is compounded the faster it will grow because you will begin to earn interest on the interest sooner.第十章In valuing a financial asset, you use these variables: DA) present value of future cash flowsB) discount rateC) required rate of returnD) all of the aboveFeedback: All of these are needed in order to value an asset.2 CORRECTThe principal amount of a bond at issue is called: AA) par valueB) coupon valueC) present value of an annuityD) present value of a lump sumFeedback: This is also known as the face value or stated value.3 INCORRECT BIf a bond's value rises above its par value during its life, interest rates have:A) gone upB) gone downC) stayed the sameD) there is no correlation with interest ratesFeedback: There is an inverse relationship between bond prices and interest rates (or yields).4 INCORRECTThe basic "rent" that you are charged when you borrow money is called: CA) inflation premiumB) risk premiumC) real rate of returnD) none of the aboveFeedback: This is known as the opportunity cost in economics.5 INCORRECTAs time to maturity draws near, a bond's value approaches: BA) zeroB) parC) the coupon paymentD) none of the aboveFeedback: The bond price gets closer to its face value the closer it is to maturity (see figure 10-2 in this chapter).6 INCORRECTOne characteristic of preferred stock is that:DA) it has no maturity dateB) it is a hybrid security with characteristics of both common stock and debtC) it pays a fixed dividend paymentD) all of the aboveFeedback: Preferred stock is described by all of the above characteristics.7 CORRECTCommon stock that has no growth in dividends is valued as if it were: AA) preferred stockB) a bondC) an optionD) none of the aboveFeedback: It is treated the same as preferred stock.8 INCORRECT。
美国东北大学财产证明表格
DCF2013 - 2014 Academic YearD eclaration anD c ertification of f inances (Dcf) f ormUndergraduate Day ProgramsGlobal Pathways or American Classroom students moving to Undergraduate Day ProgramsUndergraduate day program at Northeastern must complete the Declaration and Certification of Finances (DCF) Form in order to obtain a form I-20 for his/her new program. This I-20 form indicates that an international applicant has been accepted as a full-time degree-seeking student, has the required proficiency in English, and that there is sufficient financial support for his/her education while studying in the U.S. Northeastern will provide an international student with a new I-20 form to enable the student to keep his/her law-ful student (F-1) status when changing program/degree within Northeastern.Please note:1. The complete DCF form and required supporting documents (listed in Section D) must be submitted to Undergraduate Admis-sions prior to completion of the Global Pathways or American Classroom Program.2. If you are planning to travel outside of the United States, before the start of your new degree program, please remember that uponre-entry the U.S. you must use the I-20 form for your new program of study issued by the ISSI.3. As an international student you are required to complete Immigration Clearance prior to course registration. Therefore you shouldarrive on campus no later than the new program/degree start date (see item # 5 on your new I-20 form), and report in person to the ISSI during the scheduled Immigration Clearance session. Please have your passport, I-94 card, and ALL I-20s with you.Completing immigration clearance is essential for compliance with University policies and federal regulations.PERSONAL INFORMATION - Please type or print in block letters.► Important: Always spell your name(s) consistently on all forms /applications.Family Name: Given (First) Name/Middle Name:Current U.S. Address (required):Street Apt City State ZipEmail Address: Telephone Number: ( )DCF INSTRUCTIONSPlease note that your Certificate of Eligibility (I-20 form) cannot be issued unless complete information and appropriate certification are submitted. This form must be completed in English, typed or printed clearly.1. Complete Section A – Financial Declaration2. Supply a bank statement to accompany the completed Financial Declaration OR have a bank representative fill in, sign and sealSection B – Certification of Sources of Funds & Amounts. Financial documents must be sertified within 12 months prior to the program start date. If a bank statement accompanies this document, it must be an Original, written in English and should include:• Sponsor’s name (written in English) on the account• Opening date of account and current balance listed in U.S. dollars.If you are being sponsored by your government or another sponsoring agency:• Complete Section A - Financial Declaration• Include original or certified copy of your award letter detailing which fees will be provided by your sponsor(s)ESTIMATE OF EXPENSES FOR THE ACADEMIC YEAR 2013-2014 – BASED ON TWO SEMESTER (8 MONTHS) These figures are estimates for the 2013-2014 academic year and are subject to change at any time by Northeastern University’s Board of Trustees (costs increase about 5% per year). All amounts in US$.Tuition$40,696University fees 952Room and board (for standard double room in a resi-dence & 15 meals per week plan)13,580Medical insurance (per academic year)2,249Books, supplies, and personal expenses2,800Total (8 Months)$ 60,277A student will need at least $60,277 for the academicyear (September to April). Additional living expensesfor the Summer (May to August) will add approxi-mately $5,000 to your yearly expenses.SECTION A: FINANCIAL DECLARATIONPlease list and document the total amount needed and sources of financial support during your program of study at Northeastern in the Declaration and Certification of Finances (DCF) Form. Current financial documents must accompany the DCF form.TO BE COMPLETED BY THE STUDENT’S SPONSOR(S) (PARENT, FAMILY MEMBER, OR PRIV ATE SPONSOR) I hereby certify that I am willing and that I promise to provide the amount of $ per year payable in US dollars for years (2-4 year’s minimum for transfer student, 4-5 years for freshmen) for the educational expenses while at Northeastern University and all living expenses of (print student’s name)who is my (identify relationship) .Documentation of my financial resources in the form of a bank letter is attached or Bank Official completed in Section B of this form.Sponsor’s name Sponsor’s signature Datemm/dd/yyyy Sponsor’s current addressPlease Note: If there is more than one sponsor or financial source(s), please submit additional letters of support and bank documentation. Please attach documentation for other types of funding you may be receiving, for example: scholarships, government sponsored grants, etc.SECTION B: OFFICIAL CERTIFICATION OF SOURCE(S) OF FUNDS AND AMOUNTSTO BE COMPLETED BY THE FINANCIAL INSTITUTION/BANKThe above sources and amounts must be verified by official bank certification below or attached letters of certification by the bank(s). Please note that bank letters must indicate the actual amount on deposit.PHOTOCOPIES OF FINANCIAL DOCUMENTS WILL NOT BE ACCEPTED.ALL DOCUMENTS MUST BE IN ENGLISH OR AN OFFICIAL NOTARIZED TRANSLATION MUST BE PROVIDED.“This is to certify that I have read the information provided by the applicant on this from, that it is a true and ac-curate statement, that the funds are available and that they can be transferred to the United States”Signature of Bank Of Bank Official Datemm/dd/yyPrint Name and Title of Bank official Name and address of BankFAILURE TO OBTAIN BANK SIGNATURE AND SEAL MAY DELAY THE ISSUANCE OF A VISA ELIGIBILTY DOCUMENT (I-20 FORM). APPLY BANK SEAL OR STAMP HERE ►TO BE COMPLETED BY THE STUDENT - Please read the following statement and sign below:“I certify that all statements on this form are true and accurate and that the stated funds are available for my educational expenses while at Northeastern University during the period specified. I understand that under the Privacy Act,the information that I provide cannot be given to anyone outside the university without my written permission.I will notify Northeastern University of any changes to my financial circumstances.Furthermore, I understand that falsification of any financial documentation or signatures is grounds for cancellation of my application for the form I-20 and subsequent enrollment.”Student’s full name Student’s Signature: Date:mm/dd/yySECTION C: DELIVERY INSTRUCTIONSDocuments will not be mailed without complete and clear instructions.Delivery (please select one A or B)□ A. Hold my visa eligibility document (form I-20) for pick-up.Please contact □ Mr. □Ms:Last/First Nametelephone: (required) e- mail: ( required)□ B. Mail my visa eligibility document (form I-20) to the following address:(please fill in address below; type or print in block letters)Required information:Street Address line 1:►Note: Express services cannot deliver to a P.O. BoxStreet Address line 2:City: State/Province:Country: ZIP/Postal Code (required):Mailing Address Telephone Number (required):IMPORTANT: The mailing address format outlined above is essential for delivery by the FedEx service.Failure to follow the exact format will result in rejection of the shipment by the express mail carrier. SECTION D: REQUIRED SUPPORTING DOCUMENTS1. The DCF form - filled out completely.2. An original financial document covering all expenses for one academic year (e.g., student’s bank statement, an affidavit of support, the letter from government agency, NU award letter, etc., ) If you have more than one source of funding, please provide the required documentation corresponding to each source. The financial documentation accompanying your DCF form must be an ORIGINAL, written in ENGLISH or an official / notarized translation must be provided.The bank statement must include:• Sponsor’s name (written in English) on the account• Opening date of account and current balance listed in U.S. dollars.• Date of statement3. Photocopy of the identity page(s) of your passport.4. Photocopy of your I-94 form (front and back)Please submit the DCF Form and all required supporting document to:Nancy Baker, Admissions AssistantUndergraduate Admissions200 Kerr Hall, Northeastern UniversityIMPORTANT: Documents will be accepted on Monday - Friday between 8:30 am -11:30 am ONLY.The ISSI will need between 8 to 10 business days after receipt of the student’s complete application from Undergraduate Admission to process a form I-20 for a new degree program. Please note incomplete or insufficient documentation will result in a delay in the processing of an I-20 form for your new degee program。
金融市场学双语题库及答案(第十七章)米什金《金融市场与机构》
E) only A and C of the above.
Answer: D
Topic: Chapter 17.1 The Bank Balance Sheet
Question Status: Previous Edition
Topic: Chapter 17.1 The Bank Balance Sheet
Question Status: Previous Edition
4) A bank's balance sheet
A) shows that total assets equal total liabilities plus equity capital.
6) Which of the following are reported as liabilities on a bank's balance sheet?
A) Discount loans
B) Cash items in the process of collection
C) State governme来自t securitiesFinancial Markets and Institutions, 8e(Mishkin)
Chapter 17 Banking and the Management of Financial Institutions
17.1 Multiple Choice
1) Which of the following statements is true?
A) A bank's assets are its sources of funds.
B) A bank's liabilities are its uses of funds.
金融风险管理课程Chapter 11练习答案
Chapter 1110. Metrobank offers one-year loans with a 9 percent stated or base rate, charges a 0.25 percentloan origination fee, imposes a 10 percent compensating balance requirement, and must pay a 6 percent reserve requirement to the Federal Reserve. The loans typically are repaid at maturity.a. If the risk premium for a given customer is 2.5 percent, what is the simple promisedinterest return on the loan?The simple promised interest return on the loan is BR + m = 0.09 + 0.025 = 0.115 or 11.5 percent.b. What is the contractually promised gross return on the loan per dollar lent?percentRR b m BR f k 97.121906.01175.011)]06.01(1.0[1)025.009.0(0025.011)]1([1)(1=-+=---+++=---+++=σc. Which of the fee items has the greatest impact on the gross return?The compensating balance has the strongest effect on the gross return on the loan.Without the compensating balance, the gross return would equal 11.75 percent, a reduction of 1.22 percent. Without the origination fee, the gross return would be 12.69 percent, a reduction of only 0.28 percent. Eliminating the reserve requirement would cause the gross return to increase to 13.06 percent, an increase of 0.09 percent.24. Assume a one-year T-Bill is currently yielding 5.5 percent, and a AAA-rated discount bond with similar maturity is yielding 8.5 percent.a. If the expected recovery from collateral in the event of default is 50 percent of principaland interest, what is the probability of repayment of the AAA-rated bond? What is the probability of default?p(1 + k) + γ (1 - p)(1 + k) = 1+I. Solve for the probability of repayment (p):percent or k i p 47.949447.05.015.0085.1055.1111=--=--++=γγTherefore the probability of default is 1.0 - .9447 = 0.0553 or 5.53 percent.b. What is the probability of repayment of the AAA-rated bond if the expected recoveryfrom collateral in the case of default is 94.47 percent of principal and interest? What is the probability of default?percent or k i p 00.505000.09447.019447.0085.1055.1111=--=--++=γγTherefore the probability of default is 1.0 – 0.5000 = 0.5000 or 50.00 percent.c. What is the relationship between the probability of default and the proportion of principal and interest that may be recovered in the case of default on the loan?The proportion of the loan’s principal and interest that is collectible on default is a perfect substitute for the probability of repayment should such defaults occur.32. A bank is planning to make a loan of $5,000,000 to a firm in the steel industry. It expectsto charge a servicing fee of 50 basis points. The loan has a maturity of 8 years and a duration of 7.5 years. The cost of funds (the RAROC benchmark) for the bank is 10 percent. Assume the bank has estimated the maximum change in the risk premium on the steel manufacturing sector to be approximately 4.2 percent, based on two years of historical data. The current market interest rate for loans in this sector is 12 percent.a. Using the RAROC model, determine whether the bank should make the loan?RAROC = Fees and interest earned on loan/ Loan or capital riskLoan risk, or ∆LN = -D LN *LN *(∆R/(1 + R) = = -7.5 * $5m * (.042/1.12) = -$1,406,250 Expected interest = 0.12 x $5,000,000 = $600,000Servicing fees = 0.0050 x $5,000,000 = $25,000Less cost of funds = 0.10 x $5,000,000 = -$500,000Net interest and fee income = $125,000RAROC = $125,000/1,406,250 = 8.89 percent. Since RAROC is lower than the cost of funds to the bank, the bank should not make the loan.b. What should be the duration in order for this loan to be approved?For RAROC to be 10 percent, loan risk should be:$125,000/∆LN = 0.10 ⇒ ∆LN = 125,000 / 0.10 = $1,250,000⇒ -D LN * LN * (∆R/(1 + R)) = 1,250,000D LN= 1,250,000/(5,000,000 * (0.042/1.12)) = 6.67 years.Thus, this loan can be made if the duration is reduced to 6.67 years from 7.5 years. The duration can be reduced.c. Assuming that duration cannot be changed, how much additional interest and feeincome would be necessary to make the loan acceptable?Necessary RAROC = Income/Risk ⇒ Income = RAROC * Risk= $1,406,250 *0.10 = $140,625Therefore, additional income = $140,625 - $125,000 = $15,625.d. Given the proposed income stream and the negotiated duration, what adjustment in therisk premium would be necessary to make the loan acceptable?$125,000/0.10 = $1,250,000 ⇒-$1,250,000 = -7.5*$5,000,000*(∆R/1.12)Thus ∆R = 1.12(-$1,250,000)/(-7.5*$5,000,000) = 0.0373。
资金英文-
资金英文Funds can refer to any amount of money, investments or resources that a person or organization has at their disposal. It is crucial for individuals and businesses to have sufficient funds to meet their financial obligations and to pursue growth opportunities.Sources of FundsThere are various sources of funds that individuals and organizations can access, depending on their needs and financial situation. These include:1. Personal savings: One of the most common sources of funds is personal savings. This can include savings accounts, fixed deposits, and other investments made by individuals towards future financial goals.2. Loans: Individuals and organizations can obtain loans from banks, financial institutions or private lenders. The funds borrowed can be used to meet immediate financial needs or to invest in long-term projects.3. Equity financing: This involves raising funds by selling ownership stakes in a business or organization. Equity investors receive a share of the profits as well as voting rights in the organization.4. Bonds: Companies can issue bonds to raise funds. These are essentially loans taken out by the company, with the bondholders receiving regular interest payments and the principal amount refunded at maturity.5. Crowdfunding: This involves raising funds from a large number of individuals, usually through an online platform. This can be an effective way for startups or small businesses to raise funds for early-stage projects.Uses of FundsFunds can be used in various ways, depending on the needs of the individual or organization. Some common uses of funds include:1. Paying off debt: Funds can be used to pay off outstanding debts or to meet short-term financial obligations.2. Investment: Individuals and organizations can use funds to invest in stocks, bonds, real estate or other assets, with the aim of generating future returns.3. Expansion: Businesses can use funds to expand their operations, such as by opening new branches, launching new products or hiring more employees.4. Research and development: Funds can be used to finance research and development projects, especially in the technology and pharmaceutical industries.5. Emergency funds: Individuals and organizations can set aside funds for unforeseen emergencies, such as illness or natural disasters.Managing FundsManaging funds effectively is crucial for individuals and organizations to achieve their financial goals. This involves:1. Budgeting: Creating a budget can help individuals and businesses to track their income and expenses, and to ensure that they are living within their means.2. Investing: Investing funds in a diversified portfolio can help to spread risk and generate long-term returns.3. Cashflow management: Managing cashflow effectively can help organizations to meet their financial obligations and maintain a healthy financial position.4. Monitoring: Regularly monitoring financial statements and investment portfolios can help individuals and organizations to track their progress towards their financial goals.ConclusionIn summary, funds are essential for individuals and organizations to meet their financial obligations, pursue growth opportunities and achieve their long-term goals. By accessing appropriate sources of funds, and managing them effectively, individuals and organizations can secure their financial future and generate long-term returns.。
Chapter11 Fraud Auditing(审计学-英文版)
©2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder
11 - 4
The Fraud Triangle
Incentives/Pressures
Opportunities
Attitudes/Rationalization
11 - 6
Examples of Risks Factors for Fraudulent Reporting
There are significant accounting estimates that are difficult to verify.
There is ineffective oversight over financial reporting.
Excessive pressure exists for management to meet debt requirements.
Personal net worth is materially threatened.
©2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder
Organizational code of conduct
General employee conduct
Conflicts of interest
Outside activities, employment, and directorships
©2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder
软件项目经费预算方案
软件项目经费预算方案英文回答：Software Project Budget Plan.The software project budget plan outlines the financial resources required to complete a software project successfully. It includes detailed estimates for allproject costs, including labor, materials, equipment, and other expenses. The budget plan also identifies the sources of funding for the project and establishes a mechanism for tracking and controlling project expenditures.Key Elements of a Software Project Budget Plan.Labor Costs: These costs include the salaries and benefits of all personnel working on the project, such as developers, testers, project managers, and other staff.Materials Costs: These costs include the purchase orrental of hardware, software, and other materials needed to complete the project.Equipment Costs: These costs include the purchase or rental of specialized equipment, such as servers, workstations, and testing equipment.Other Expenses: These costs include any other expenses not covered by the previous categories, such as travel, training, documentation, and marketing.Sources of Funding: The budget plan should identify the sources of funding for the project, such as company funds, grants, or external investments.Tracking and Control: The budget plan should establish a mechanism for tracking and controlling project expenditures. This may involve regular financial reporting, cost variance analysis, and other financial management techniques.Benefits of a Software Project Budget Plan.Improved Financial Planning: A budget plan helps project managers and stakeholders to plan and manage financial resources effectively.Cost Control: The budget plan provides a baseline against which actual project costs can be compared. This allows project managers to identify and address cost overruns early on.Risk Mitigation: By identifying and forecasting project costs, the budget plan helps to mitigate financial risks and ensure that the project is completed within budget.Increased Stakeholder Confidence: A well-defined budget plan increases stakeholder confidence in theproject's financial viability and reduces the risk of project delays or cancellations.Development of a Software Project Budget Plan.The development of a software project budget plan typically involves the following steps:Estimation: The first step is to estimate the costs of each project component, such as labor, materials, equipment, and other expenses.Budget Allocation: Once the costs have been estimated, the budget is allocated to each project component based on its importance and risk.Contingency Planning: The budget plan should include a contingency fund to cover unforeseen expenses or cost overruns.Regular Monitoring: The project budget should be monitored regularly to track actual expenditures and compare them to the budgeted amounts. Any significant variances should be investigated and addressed promptly.中文回答：软件项目经费预算方案。
商务英语综合教程chapter (11)
Ⅱ.Language Points (语言要点)
(Teachers should note that here we only give you some of the language points, you may add some by yourself.)
1. International payments and settlements are a financial activity conducted among different countries in which payments are effected or funds are transferred from one country to another in order to settle accounts, debts, claims, etc. emerged in the course of political, economic or cultural contacts among them. 国际支付与结算是各个国家之间进行的一项金融活动， 它涉及一个国家向另一个国家支付款项或转移资金，以 结清、了结、清偿各国在政治、经济、文化往来过程中 所产生的欠账、债务、债权等。 1) 本句是一个结构比较简单的主从复合句，在主句的主谓
结构是：International payments and settlements are a financial activity… （国际支付与结算是一项金融活 动。） 2) 过去分词短语conducted among different countries作后 置定语修饰activity各国之间进行的（一项金融活动）。 conducted 此处译为“进行的”或“执行的”。 3) In which 引导的是定语从句，其意为：它涉及一个国家 向另一个国家支付款项和转移资金。 4) in order to settle accounts, debts, claims, etc. 以清偿 （各国的）欠账、债务、债权等
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Chapter 10: Business Plan
Copyright 2002 Prentice Hall Publishing Company
9
Angels
Angels - private investors who back emerging entrepreneurial companies with their own money. Fastest growing segment of the small business capital market. An excellent source of “patient money” for investors needing relatively small amounts of capital – often less than $500,000.
Chapter 10: Business Plan
Copyright 2002 Prentice Hall Publishing Company
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Friends and Family Members
Guidelines for Family and Friendship Financing Deals:
30% of all venture capital investments come from corporations. About 900 large corporations across the globe invest in start-up companies. startCapital infusions are just one benefit; corporate partners may share marketing and technical expertise.
Chapter 10: Business Plan
Copyright 2002 Prentice Hall Publishing Company
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Personal Savings
The first place an entrepreneur should look for money. The most common source of equity capital for starting a business. Outside investors and lenders expect the entrepreneur to put some of her own capital into the business before investing theirs. Sweat equity and personal risk equity (non(non-monitary)
Chapter 10: Business Plan
Copyright 2002 Prentice Hall Publishing Company
7
Friends and Family Members
After emptying her own pockets, an entrepreneur should turn to those most likely to invest in the business – friends and family members. Survey: 10% of business owners turn to family and friends for capital. Careful!!! Inherent dangers lurk in family/friendly business deals, especially those that flop.
Chapter 10: Business Plan
Copyright 2002 Prentice Hall Publishing Company
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Angels
Key: finding them! Angels almost always invest their money locally and can be found through “networks.” The typical angel accepts 30% of the proposals presented to him and has invested an average of $131,000 in 3.5 businesses. What do angels look for?
Chapter 10: Business Plan
Copyright 2002 Prentice Hall Publishing Company
4
Equity Capital
Represents the personal investment of the owner(s) in the business. Is called risk capital because investors assume the risk of losing their money if the business fails. Does not have to be repaid with interest like a loan does. Means that an entrepreneur must give up some ownership in the company to outside investors.
Chapter 10: Business Plan
Copyright 2002 Prentice Hall Publishing Company
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Venture Capitalist Companies
More than 3,000 venture capital firms operate across the United States. Most venture capitalists seek investments in the $3,000,000 - $10,000,000 range in companies with high-growth and highhighhighprofit potential. Business plans are subjected to an extremely rigorous review – less than 1% accepted.
Sources of Funds: Equity and Debt
Chapter 10: Business Plan
Copyright 2002 Prentice Hall Publishing Company
1
The “Secrets” to Successful Financing
1. Choosing the right sources of capital is a decision that will influence a company for a lifetime. 2. The money is out there; the key is knowing where to look. 3. Creativity counts. Entrepreneurs have to be as creative in their searches for capital as they are in developing their business ideas.
Consider the impact of the investment on everyone involved. Keep the arrangement “strictly business.” Settle the details up front. Create a written contract. Treat the money as “bridge financing.” Develop a payment schedule that suits both parties.
Chapter 10: Business Plan
Copyright 2002 Prentice Hall Publishing Company
3
Three Types of Capital
Capital is any form of wealth employed to produce more wealth for a firm.
Chapter 10: Business Plan
Copyright 2002 Prentice Hall Publishing Company
5
Sources of Equity Financing
Personal savings Friends and family members Angels Partners Corporations Venture capital companies Public stock sale
Chapter 10: Business Plan
Copyright 2002 Prentice Hall Publishing Company
2
The “Secrets” to Successful Financing
(continued)Fra bibliotek4. The World Wide Web puts at entrepreneur’s fingertips vast resources of information that can lead to financing. 5. Be thoroughly prepared before approaching lenders and investors. 6. Entrepreneurs should not underestimate the importance of making sure that the “chemistry” between themselves, their companies, and their funding sources is a good one.