浙江财经大学金融英语复习版

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浙江财经大学金融英语复习版

单选2*5判断1*10中英互译8*5（中译英3，英译中2）名词解释5*6小作文10*1 结论+论据（5到6句话）单项选择比考点HKD 港币hongkongDEM 德国马克（Deutsche Mark）GermanyCHF 瑞士法郎SWITZERLAND 瑞士SEK 瑞典克朗sweden 瑞典BEF 比利时法郎Belgium 比利时CAD 加拿大元CanadaUSDGBP 英镑GREAT BRITAINITL 意大利里拉ItalyNLG 荷兰盾hollandNOK挪威克郎norwayDKK丹麦克朗denmarkFRF法国法郎franceJPY 日元AudESP 西班牙基点0.01% one hundredth of one percent名词解释Central bank: a financial institution designated by the central government to formulate and implement monetary policy and tosupervise and regulate the financial industrySavings（current）deposit(活期储蓄存款)：Savings（current）deposit is a method of deposit that sets no limit on length of maturity,time and amount of deposit and withdrawl.Time deposit :It is a kind of deposit with a definite length of maturity,deposited and,withdrawn together with the interest in a lump sum or by installmentTime deposit of lump-sum deposit and withdrawal(整存整取定期储蓄存款)（50元）:It is a kind of deposit with a definite length of maturity,deposited and,withdrawn together with the interest and principal in a lump sumTime deposite of small savings for lump-sum withdrawl(零存整取定期存款)(5元)It is a kind of deposit thar the length of maturity and a fixed amount of deposit are agreed at the time of account opening, and money is deposited by monthTime deposite of principal receiving and interest withdrawal(存本取息定期储蓄存款)5000It refers to savings deposit whose principal is deposited by lump sum,whose interset is withdrawn by installment and whose principal is repaid when on due date.Time or savings optional deposit (定活两便储蓄存款) 50It is a kind of deposit with indefinite length of maturity whose interest rate varies in line with the length of maturity.Housing loansThey are loans granted by bank to borrowers to facilitate their housing purchasses.Housing loans for personal possessionThey are loans granted by bank to borrowers to facilitate their housing purchasses by taking credit funds (信贷资金)from the bank as the sourse of paymentHousing loans on AuthorizationThey refer to loans to individuals who buy ordinary houses granted by the bank on the authorization of the public reserve fund management department, according to the prescribed requirements,and with the public reserve deposits as the source of funding.Auto loansThey are Renminbi consumer-loans granted to individuals or legal persons to finance the purchases of carsCommercial education loanCommercial education loan refers to consumer loans granted by the lender to borrowers to finance the tuition and miscellaneous fees of the borrowers or the persons under their legal guardianship in studyin at domestic secondary schools or ordinary higher learning institutes or for master’s or doctor’s degree,or studing at universities or for master’s or doctor’s d egree outside chinaState education loansState education loans refer to educational loans granted by the lender to borrowers that are given fiscal interest discounts by the central financial authorities or local financial sectoes,and are used for the tuition and micellaneous fees,lodging and livin expenses of the borrowers in studying at domestic higher learing instirutes for full-time undergraduate,professional,or graduate courses. Small consumer credit loansSmall consumer credit loans are consumer credit loans granted by the lender to borrowers with good credit standing to facilitate normal consumption,labor service and other fee payments.Expected rate of return 预期收益率The rate of return that we expect to earn when we loan money to someone or invest in a businessThe earnings or profit on money we lend or invest expressed as a percentage of the amount of money loaned or investedThe possibility that a loan or investment will not produce the return we expect or that we will actually lose money.Risk is the financial uncertainty that the actual return on an investment will be different from the expected return,Factors of risk that can affect an investment include inflation orA draft accepted by a bank and used as a form of borrowing in the money marketCapital market 资本市场Markets for financial assets and liabilities with maturity greater than one year,including long-term government and corporate bonds,preferred stock,and common stock.Money obtained by issuin this type of instrument is repayable after one yeat and in the case of most equity securities,it is not expected to be repaid.Capital Structure 资本结构The proportion of debt and equity and the particular forms of debt and equity chosen to finance the assets of the firmDefault risk 违约风险The uncertainty that some or all of an investment may nor be returnedLiquidity 流动性，变现能力Liquidity is the ease with which financial assets can be converted to cash without creating a substancial change in price or value.Liquidity is influenced by the amount of float in the security,investor interest and size of the investment being converted to cashPrivate placement 私募配售A securities issue privately placed with a small group of investors rather than through a publicShares that pay a fixed dividend and have a claim on the assets of a corporation ahead of the common shareholdersCapital gain 资本利得The amount of profit realized when an asset sold at a price higher than the purchase price. Capital loss 资本损失The amount of profit realized when an asset sold at a price less than the purchase price. Discount 贴现（单选）The margin by which the purchase price is cheaper than the redemption 赎回；偿还；补救price.If a bond is selling below its face value,it is said to sell at a discount.The return earned on an investment taking into account the annual income and its present capital value.There are a number of different types of yield and in some cases different methods of calculating each type.Yield to maturity 到期收益率The discout rate that equates the present value of interest payments and redemption n.赎回；偿还；补救value with the present price of the bondZero coupon bond 零息债券Bonds that are sold at a deep discount and pay no interestRegistered bonds 记名债券Bonds for which each issuer maintains a record of its bonds.countries requiring thar bonds be issued in registered form include the United States and Japan不记名债券Bearer bondsCommon shareSecurity representing equity ownership ina corporation;holders of common shares have the rightto elect the directors and receive dividends;common shareholders rank after creditors, bondholders and preferred shareholders.Private placement 私募配售A securities issue privately placed with a small group of investors rather than through a public offeringAt the time of account opening,you will be asked to fill in a deposit slip,and the savings outlet will give you a certificate of deposit agaist which the principal and interest may be withdrawn at tine of maturity当账户开立时，开户时，你会被要求填写一张存款单，并且储蓄机构会给你一个存款证明关于本金和利息可以在到期时收回。

浙江财经大学公司金融期末复习

Problem:1.Function of financial market and list some financial intermediarie Answer1:A.contributing to higher production and efficiency in the economyB.Improving the well-being of consumers by allowing them to their purchases better Answer2:(1) facilitate investment and financing.(2) a reasonable guidance of capital flow, which contributes to the concentration of capital and promotes the transfer of high-efficiency units.(3) convenient and flexible turnover of funds.(4) to achieve risk diversification, reduce transaction costs.(5) are conducive to enhancing the flexibility of macro-control.(6) to help strengthen economic ties between regions and countries. Intermediaries:BanksBuilding societiesCredit unionsFinancial advisers or brokersInsurance companiesCollective investment schemesPension fundsThe investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.2.Why profit maximization is not an ideal corporate finance objective?(1)The primary goal of corporate finance is maximize or increase shareholder value not profit(2)To a skilled accountant, however, a decision that increases profits under one set of accounting rules can reduce it under another.(3)Accounting profits are not necessarily the same as cash flows.(4)The problem with profit maximization as a goal is that it does not tell us when cash flows are to be received.(5)Profit maximization ignores the uncertainty or risk associated with cash flows. 总：For the fact that a firm cannot survive with mere profit maximization ,but must increase long-term security through investment and meeting shareholder expectations. This will increase their productive capacity for the future as well as encourage the risky capital investment of the shareholders.3. Characteristics of business organization:(1) sole proprietorship: A business owned and managed by a single individual.Features: Cheapest to form. no formal charter, few government regulationsPays no corporate income taxesUnlimited liability for business debts and obligations.Its life is limited by the life of the sole proprietorThe money raised is limited by the proprietor’s personal wealth(2) partnership: A business formed by two or more individuals or entities. General partnership: All partners share in gains or losses, all have unlimited liability for all partnership debts.Limited partnership: One or more general partners will run the business and have unlimited liability. The limited partner's liability is limited to their contribution to the partnership.Features: Often inexpensive and easy to formDifficult to transfer ownershipDifficult to raise large amounts of cashIncome is taxed as personal income(3) Corporation: Is a legal “person” separate and distinct from its owners . Features: Limited liability for stockholders.Unlimited life for the business.Ownership can be easily transferred.These characteristics make it easier for corporations to raise capital. The disadvantage to corporations is double taxation.4. What is corporate finance and describe their decisions?Corporate finance is the study of the answers to the following questions:(1) What long-term investments should you take on?(2)Where will you get the long-term financing to pay for your investment?(3) How will you manage your everyday financial activities?(WIKI)Corporate finance is the area of finance dealing with the sources of funding and the capital structure of corporations and the actions that managers take to increase the value of the firm to the shareholders, as well as the tools and analysis used to allocate financial resources.Investment Decisions: Concerning non-current assent or capital budgeting.Evaluating the size, timing and risk of future cash flow.Cash flow versus accounting profitFinancing Decisions: Determine how the assets will be financed.What is the best type of financing?What is the best financing mix?What is the best dividend policy (dividend decision)?Capital structureAsset Management Decisions: How do we manage existing assets efficiently?Greater emphasis on current asset management than fixed assetmanagement.Working capital management.5. Evaluate IRR ruleFor the fact that internal rate of return is a rate quantity, it always is used to be an excellent indicator of the efficiency, quality, or yield of an investment. However, As an investment decision tool, the calculated IRR should not be used to rate mutually exclusive projects, but only to decide whether a single project is worth investing in.The IRR does give you a rate of return, but the IRR could be for a small investment or for only a short period of time.6. Financial managementFinancial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind.The investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.7. Describe net operation theory，traditional theory, MM theory without(with)corporate tax, with bankruptcy and agency costNet Operating Income Approach -- A theory of capital structure in which the weighted average cost of capital and the total value of the firm remain constant as financial leverage is changed.Traditional Approach -- A theory of capital structure in which there exists an optimal capital structure and where management can increase the total value of the firm through the judicious use of financial leverage.The relationship between financial leverage and the cost of capital is explained by the NOI approach.Provide behavioral justification for a constant ko over the entire range of financial leverage possibilities.Total risk for all security holders of the firm is not altered by the capital structure.Therefore, the total value of the firm is not altered by the firm’s financing mix. Total market value is not altered by the capital structure (the total size of the pies are the same).M&M assume an absence of taxes and market imperfections.Investors can substitute personal for corporate financial leverage.No TaxesProposition I: Firm value is not affected by leverageVL = VUProposition II: Leverage increases the risk and return to stockholdersrs = r0 + (B / SL) (r0 - rB)rB is the interest rate (cost of debt)rs is the return on (levered) equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtSL is the value of levered equitywith Corporate TaxesProposition I (with Corporate Taxes):Firm value increases with leverage VL = VU + TC BProposition II (with Corporate Taxes):Some of the increase in equity risk and return is offset by interest tax shield rS = r0 + (B/S)×(1-TC)×(r0 - rB)rB is the interest rate (cost of debt)rS is the return on equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtS is the value of levered equityAgency Costs -- Costs associated with monitoring management to ensure that it behaves in ways consistent with the firm’s contractual agreements with creditors and shareholders.Value of levered firm= Value of firm if unlevered + Present value of tax-shield benefits of debt -Present value of bankruptcy and agency costsCalculation:1.Annuity;Perpetuity:PV:FVC = Cash flow per periodi = interest raten = number of paymentsC = Cash flow per periodi = interest raten = number of paymentsPV of a perpetuity = P / iIn this formula "P" represents your annual payment and "i" represents your interest or discount rate.PV of a growing perpetuity = P / (i - g)In this formula "P" represents your annual payment, "i" represents your interest or discount rate and "g" represents the growth rate.2.Valuation of bond(half year)and stock3.Investment criterion IRR,NPV,PBP,PINPV:Given the (period, cash flow) pairs (, ) where is the total number of periods, the net present value is given by:IRR:NPV=0,i=IRRGiven the (period, cash flow) pairs (, ) where is the total number of periods, the net present value is given by:PBP:Payback Period = W + (X - Y) / ZW is the year before which the investment value is crossed in cumulative cash flows X is the initial investment or the initial cash outlayY is the cumulative cash flow just before the investment value is crossed in cumulative cash flowsZ is the cash flow of the year in which the investment value is crossed in the cumulative cash flowsPI:PI=(PV of future cash flow )/(Initial investment)=1+NPV/(Initial investment)4.Expanding and Replacement:;EAC:EAC = NPV/A t, r where A= the present value of an annuity factort = number of periodsr = interest rateA t, r=(1-1/(1+r)^t)/r5.WACC,CAPM:WACC:where is the number of sources of capital (securities, types of liabilities); is the required rate of return for security ; and is the market value of all outstanding securities .where D is the total debt, E is the total shareholder’s equity, Ke is the cost of equity, and Kd is the cost of debt.Tax effects[edit]Tax effects can be incorporated into this formula. For example, the WACC for a company financed by one type of shares with the total market value of and cost of equity and one type of bonds with the total market value of and cost of debt , in a country with corporate tax rate , is calculated as:CAPM:where:is the expected return on the capital assetis the risk-free rate of interest such as interest arising from government bonds (the beta) is the sensitivity of the expected excess asset returns to the expected excess market returns, or also ,is the expected return of the marketis sometimes known as the market premium (the difference between the expected market rate of return and the risk-free rate of return).is also known as the risk premiumRestated, in terms of risk premium, we find that:Modified formula:"where:is required return on security iis risk-free rateis general market risk premiumis risk premium for small sizeis risk premium due to company-specific risk factor6.DOL,DFL,DTL,EPS-EBITDOL:DOL =% change in EBIT / % change in salesDFL:DFL =% change in EPS / % change in EBITDTL:DTL =% change in EPS / % change in salesEPS:earnings per shareEBIT:operating profit7.MM without and with corporate tax;arbitrageWithout taxesProposition Iwhereis the value of an unlevered firm = price of buying a firm composed only of equity, and is the value of a levered firm = price of buying a firm that is composedof some mix of debt and equity. Another word for levered is geared, which has the same meaning.Proposition IIwhereis the required rate of return on equity, or cost of equity.is the company unlevered cost of capital (ie assume no leverage).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.With taxesProposition Iwhereis the value of a levered firm.is the value of an unlevered firm.is the tax rate () x the value of debt (D)the term assumes debt is perpetualProposition IIwhere:is the required rate of return on equity, or cost of levered equity = unlevered equity + financing premium.is the company cost of equity capital with no leverage (unlevered cost of equity, or return on assets with D/E = 0).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.is the tax rate.。

（金融）--大学英语2复习资料（本）--周玉萍

（金融）--大学英语2复习资料（本）--周玉萍--大学英语2复习资料（金融）一、word match1.tuition fee ( J: 学费)2.within one’s means ( F:量入为出)3.pocket money ( L:零花钱)4.as opposed to ( A :与…..相反)5.advertising industry ( N:广告业)6.cash flow ( I :现金流)7.keep one’s option open (K:保留选择权)8.go out of the business (M:停业)9.fulfill the contract (O:履行合同)10.go bankrupt (D:破产)11.Declaration of Independence (H:独立宣言)/doc/d5b4ababec3a87c24028c4ed.ht ml ck discipline(C:缺乏自律)13.when it comes to sth (E:当提到…..)14.open-ended thinking (B:发散思维)/doc/d5b4ababec3a87c24028c4ed.ht ml unch pad(G:发射台)1. He got the job through an employment agency.2.Household chore, particularly those in the kitchen, are not her ider of fun.3. The government needs a more flexible approach to education.4.The sudden apperaence of her divorced husband caused her to run away.5.The terms of the contract are acceptable to us.6.He is a man of great executive ability7. they launch at least 2 spaceships into outer space each year.8.She gets an allowance for taking care of Amy.9. The law draws a distinction between temporary and permanent employees.10. Our honeymoon was two days in Las Vegas at a luxurious hotel called Le Mirage.11.Nowadays, many young adults rely on their parents for financial support.12.The millionaire put up a lot of money for the church.13.they intend to invest directly in shares.14.I’m always working under pressure to meet deadlines15. we need a big win to boost our confidence.三multiple choices.1. At the bus stop A__ a soldier and two young people on their way to the village.A. wereB. wasC. have beenD. would be2.. Three million tons of coal _A_every year in the city.A. is exploitedB. are exploitedC. had exlpoitedD. have exploited3. The swallow was lucky that it just missed __C__A. catchingB. to be caughtC. being caught4. Only one of these books is __D__A. worth to readB. worth being readC. worth of readingD. worth reading5. would you mind _D_ your radio a little, please?A. turn offB. turning offC. to turn downD. turning down6. My parents don’t mind what job I do _C_ I am happy.A. even thoughB. as soon asC. as long asD. as though7. __D_ hungry I am, I never seem to be able to finish off this loaf of bread.A. whateverB. whereverC. wheneverD. however8. The students will put off the outing until next week __A___ they won’t be so busy.A. when B as C. since D. in which9. An investigation was made into the accident, _D_ fifty people were killed.A. for thatB. whereC. when10. The time is not far away __A__modern communications will become widespread in China’s vast countryside.A. whenB. asC. untilD. before11. Lauguage is a city, to the building of _A_ every human being brought a stone.A. whichB. thatC. itD. this12 My parents live in a small village. They always keep candles in the house _C_ there is a power failure.A. if B . unless C. in case D. so that四．ClozeI fell in love with Yosemite National Park the first time I saw it, when I was 13. My parents took there for camping. On the way out, I asked them to wait while I ran up to El Captain, a ______ rock of 3,300 feet straight up, I touched that gaint rock and knew _______ I wanted t o climb it . That has been my life’s passion ever since-----_____ the rocks and mountains of Yosemite. I’ve long made Yosemite my ______.About 15 years ago, I started seeing a lot of ______, like toilet paper, beer cans, and empty boxes around the area. I t’s _____ me why visitors started respecting the places _____ and treated such a beautiful home-like place this way.I tried _____ trash myself, but the job was too big. I would _____ an hour or two on the job, only to find the area trashed allover again weeks later. Finally I got so _____ it that I decided to something had to change.As a rock-climbing guide, I knew _____ about organizing any big event. But in 2004, together with some climbers, I set a date for a _____. On that day , more than 300 people _____. Over three days, we collected about 6,000 pounds of trash. It was amazing how much we were able to ______. I could’t believe the _____ we made---- the park looked clean!Each year, volunteers come for the cleanup from everywhere. In 2007 alone, 2,945 people picked up 42,330 pounds of trash and ____ 132 miles of roadway.I often hear people ______ about their surroundings. If you are one of them, I would say the only way to change things is by _____ rather than complaining. We need to teach by _____. You can’t blame others ____ you start with yourself!B 1. A. distant B. huge C. narrow D. looseA 2. A. immediately B. finally C. gradually D. recentlyD 3. A. imagining B. painting C. discribing D. climbingB 4.A. garden B. home C. lab D. palceC 5.A. material B. resources C. waste D. goodsA 6.A. beyond B. agianst C. over D. withinC 7.A. more B. most C. less D. leastB 8. A. throwing away B. picking up C. breaking down D. digging outD 9. A. kill B. save C. wait D. spendC10. A. satisfied with B. delighted in C. tired of D. used toD11. A. something B. anything C. everything D. nothingA12. A. cleanup B. party C. picnic D. concertB13. A. dropped out B. showed up C. looked around D. called backC14. A . demand B. receive C.accomplish D. overcomeD15. A. plan B. visit C. contact D. differnceC16. A. crossed B. measured C. covered D. designedB17. A .talk B. complain C. argue D. quarrelA18. A. doing B. thinking C. questioning D. watchingC19. A . method B. explanation C. example D. researchD20. A . although B. if C. when D. unless 五．Comprehension readingText BA report consistently brought back by visitors to the US is how friendly，courteous and helpful most Americans were to them. To be fair，this observation is also frequently made of Canada and Canadians， and should best be considered North American. There are，of course，exceptions. Small-minded officials， rude waiters， and ill-mannered taxi drivers are hardly unknown in the US. Yet it is an observation made so frequently that it deserves comment. For a long period of time and in many parts of the country，a traveler was a welcome break in an otherwise dull existence.Dullness and loneliness were common problems of the families who generally lived distant from one another. Strangers and travelers were welcome sources of diversion，and brought news of the outside world. The harsh realities of the frontier also shaped this tradition of hospitality.Someone traveling alone，if hungry，injured，or ill，often had nowhere to turn except to the nearest cabin or settlement. It was not a matter of choice for the traveler or merely a charitable impulse on the part of the settlers. It reflected the harshness of daily life：if you didn‘t take in the stranger and take care of him，there was no one elsewho would. And someday，remember，you might be in the same situation. Today there are many charitable organizations which specialize in helping the weary traveler. Yet，the old tradition of hospitality to strangers is still very strong in the US，especially in the smaller cities and towns away from the busy tourist trails. "I was just traveling through，got talking with this American，and pretty soon he invited me home for dinner—amazing." Such observations reported by visitors to the US are not uncommon，but are not always understood properly.The casual friendliness of many Americans should be interpreted neither as superficial nor as artificial，but as the result of a historically developed cultural tradition. As is true of any developed society，in America a complex set of cultural signals，assumptions，and conventions underlies all social interrelationships. And， of course，speaking a language does not necessarily mean that someone understands social and cultural patterns. Visitors who fail to "translate" cultural meanings properly often draw wrong conclusions. For example，when an American uses the word "friend"，the cultural implications of the word may be quite different from those it has in the visitor‘s language and culture. It takes more than a brief encounter on a bus to distinguish between courteous convention and individual interest. Yet，being friendly is a virtue that many Americans value highly and expect from both neighbors and strangers.6、In the eyes of visitors from the outside world， D__.A. rude taxi drivers are rarely seen in the USB. small-minded officials deserve a serious commentC. Canadians are not so friendly as their neighborsD. most Americans are ready to offer help7、It could be inferred from the last paragraph that __A__.A. culture exercises an influence over social interrelationshipB. courteous convention and individual interest are interrelatedC. various virtues manifest themselves exclusively among friendsD. social interrelationships equal the complex set of cultural conventions8、Families in frontier settlements used to entertain strangers __C__.A. to improve their hard lifeB. in view of their long-distance travelC. to add some flavor to their own daily lifeD. out of a charitable impulse9、The tradition of hospitality to strangers __B__.A. tends to be superficial and artificialB. is generally well kept up in the united StatesC. is always understood properlyD. has something to do with the busy tourist trailsA 10、What‘s the author’s attitudes toward the American‘s friendliness？A. Favorable.B. Unfavorable.C. Indifferent.D. Neutral.六 chinese into english for translation.1. 最简单的做法就是开立一个银行账户。

浙江财经大学公司金融期末复习

Problem:1.Function of financial market and list some financial intermediarieAnswer1:A.contributing to higher production and efficiency in the economyB.Improving the well-being of consumers by allowing them to their purchases betterAnswer2:(1) facilitate investment and financing.(2) a reasonable guidance of capital flow, which contributes to the concentration of capital and promotes the transfer of high-efficiency units.(3) convenient and flexible turnover of funds.(4) to achieve risk diversification, reduce transaction costs.(5) are conducive to enhancing the flexibility of macro-control.(6) to help strengthen economic ties between regions and countries.Intermediaries:BanksBuilding societiesCredit unionsFinancial advisers or brokersInsurance companiesCollective investment schemesPension fundsThe investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.2.Why profit maximization is not an ideal corporate finance objective?(1)The primary goal of corporate finance is maximize or increase shareholder value not profit(2)To a skilled accountant, however, a decision that increases profits under one set of accounting rules can reduce it under another.(3)Accounting profits are not necessarily the same as cash flows.(4)The problem with profit maximization as a goal is that it does not tell us when cash flows are to be received.(5)Profit maximization ignores the uncertainty or risk associated with cash flows.总：For the fact that a firm cannot survive with mere profit maximization ,but must increase long-term security through investment and meeting shareholder expectations. This will increase their productive capacity for the future as well as encourage the risky capital investment of the shareholders.3. Characteristics of business organization:(1) sole proprietorship: A business owned and managed by a single individual.Features: Cheapest to form. no formal charter, few government regulationsPays no corporate income taxesUnlimited liability for business debts and obligations.Its life is limited by the life of the sole proprietorThe money raised is limited by the proprietor’s personal wealth(2) partnership: A business formed by two or more individuals or entities.General partnership: All partners share in gains or losses, all have unlimited liability for all partnership debts.Limited partnership: One or more general partners will run the business and have unlimited liability. The limited partner's liability is limited to their contribution to the partnership. Features: Often inexpensive and easy to formDifficult to transfer ownershipDifficult to raise large amounts of cashIncome is taxed as personal income(3) Corporation: Is a legal “person”separate and distinct from its owners .Features: Limited liability for stockholders.Unlimited life for the business.Ownership can be easily transferred.These characteristics make it easier for corporations to raise capital.The disadvantage to corporations is double taxation.4. What is corporate finance and describe their decisions?Corporate finance is the study of the answers to the following questions:(1) What long-term investments should you take on?(2)Where will you get the long-term financing to pay for your investment?(3) How will you manage your everyday financial activities?(WIKI)Corporate finance is the area of finance dealing with the sources of funding and the capital structure of corporations and the actions that managers take to increase the value of the firm to the shareholders, as well as the tools and analysis used to allocate financial resources.Investment Decisions: Concerning non-current assent or capital budgeting.Evaluating the size, timing and risk of future cash flow.Cash flow versus accounting profitFinancing Decisions: Determine how the assets will be financed.What is the best type of financing?What is the best financing mix?What is the best dividend policy (dividend decision)?Capital structureAsset Management Decisions: How do we manage existing assets efficiently?Greater emphasis on current asset management than fixed assetmanagement.Working capital management.5. Evaluate IRR ruleFor the fact that internal rate of return is a rate quantity, it always is used to be an excellent indicator of the efficiency, quality, or yield of an investment.However, As an investment decision tool, the calculated IRR should not be used to rate mutually exclusive projects, but only to decide whether a single project is worth investing in.The IRR does give you a rate of return, but the IRR could be for a small investment or for only a short period of time.6. Financial managementFinancial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind.The investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.7. Describe net operation theory，traditional theory, MM theory without(with)corporate tax, with bankruptcy and agency costNet Operating Income Approach -- A theory of capital structure in which the weighted average cost of capital and the total value of the firm remain constant as financial leverage is changed. Traditional Approach -- A theory of capital structure in which there exists an optimal capital structure and where management can increase the total value of the firm through the judicious use of financial leverage.The relationship between financial leverage and the cost of capital is explained by the NOI approach.Provide behavioral justification for a constant ko over the entire range of financial leverage possibilities.Total risk for all security holders of the firm is not altered by the capital structure.Therefore, the total value of the firm is not altered by the firm’s financing mix.Total market value is not altered by the capital structure (the total size of the pies are the same).M&M assume an absence of taxes and market imperfections.Investors can substitute personal for corporate financial leverage.No TaxesProposition I: Firm value is not affected by leverageVL = VUProposition II: Leverage increases the risk and return to stockholdersrs = r0 + (B / SL) (r0 - rB)rB is the interest rate (cost of debt)rs is the return on (levered) equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtSL is the value of levered equitywith Corporate TaxesProposition I (with Corporate Taxes):Firm value increases with leverage VL = VU + TC BProposition II (with Corporate Taxes):Some of the increase in equity risk and return is offset by interest tax shield rS = r0 + (B/S)×(1-TC)×(r0 - rB)rB is the interest rate (cost of debt)rS is the return on equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtS is the value of levered equityAgency Costs -- Costs associated with monitoring management to ensure that it behaves in ways consistent with the firm’s contractual agreements with creditors and shareholders.Value of levered firm= Value of firm if unlevered + Present value of tax-shield benefits of debt -Present value of bankruptcy and agency costsCalculation:1.Annuity;Perpetuity:PV:FVC = Cash flow per periodi = interest raten = number of paymentsC = Cash flow per periodi = interest raten = number of paymentsPV of a perpetuity = P / iIn this formula "P" represents your annual payment and "i" represents your interest or discount rate. PV of a growing perpetuity = P / (i - g)In this formula "P" represents your annual payment, "i" represents your interest or discount rate and "g" represents the growth rate.2.Valuation of bond(half year)and stock3.Investment criterion IRR,NPV,PBP,PINPV:Given the (period, cash flow) pairs (, ) where is the total number of periods, the netpresent value is given by:IRR:NPV=0,i=IRRGiven the (period, cash flow) pairs (, ) where is the total number of periods, the netpresent value is given by:PBP:Payback Period = W + (X - Y) / ZW is the year before which the investment value is crossed in cumulative cash flowsX is the initial investment or the initial cash outlayY is the cumulative cash flow just before the investment value is crossed in cumulative cash flows Z is the cash flow of the year in which the investment value is crossed in the cumulative cash flowsPI:PI=(PV of future cash flow )/(Initial investment)=1+NPV/(Initial investment)4.Expanding and Replacement:;EAC:EAC = NPV/A t, r where A= the present value of an annuity factort = number of periodsr = interest rateA t, r=(1-1/(1+r)^t)/r5.WACC,CAPM:WACC:where is the number of sources of capital (securities, types of liabilities); is the requiredrate of return for security ; and is the market value of all outstanding securities .where D is the total debt, E is the total shareholder’s equity, Ke is the cost of equity, and Kd is the cost of debt.Tax effects[edit]Tax effects can be incorporated into this formula. For example, the WACC for a company financedby one type of shares with the total market value of and cost of equity and one typeof bonds with the total market value of and cost of debt , in a country with corporatetax rate , is calculated as:CAPM:where:is the expected return on the capital assetis the risk-free rate of interest such as interest arising from government bonds(the beta) is the sensitivity of the expected excess asset returns to the expected excess marketreturns, or also ,is the expected return of the marketis sometimes known as the market premium (the difference between the expected market rate of return and the risk-free rate of return).is also known as the risk premiumRestated, in terms of risk premium, we find that:Modified formula:"where:is required return on security iis risk-free rateis general market risk premiumis risk premium for small sizeis risk premium due to company-specific risk factor6.DOL,DFL,DTL,EPS-EBITDOL:DOL =% change in EBIT / % change in salesDFL:DFL =% change in EPS / % change in EBITDTL:DTL =% change in EPS / % change in salesEPS:earnings per shareEBIT:operating profit7.MM without and with corporate tax;arbitrageWithout taxesProposition Iwhereis the value of an unlevered firm = price of buying a firm composed only of equity, andis the value of a levered firm = price of buying a firm that is composed of some mix of debt and equity. Another word for levered is geared, which has the same meaning.Proposition IIwhereis the required rate of return on equity, or cost of equity.is the company unlevered cost of capital (ie assume no leverage).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.With taxesProposition Iwhereis the value of a levered firm.is the value of an unlevered firm.is the tax rate () x the value of debt (D)the term assumes debt is perpetualProposition IIwhere:is the required rate of return on equity, or cost of levered equity = unlevered equity + financing premium.is the company cost of equity capital with no leverage (unlevered cost of equity, or return on assets with D/E = 0).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.is the tax rate.。

浙江财经大学金融知识学习题最终版

《金融学》（彭兴韵）习题集带※表示下面答案里没有第一章货币与货币制度名词解释货币制度准货币货币的流动性结构格雷欣法则无限法偿金银复本位制金本位制铸币税问答题：1.货币产生的经济原因是什么？2.货币有哪些职能？3.如何划分货币的层次？不同层次的货币包含了哪些方面的内容？4.货币制度有哪些构成要素？第二章金融系统名词解释间接金融直接金融一级市场二级市场固定收益证券信息不对称道德风险逆向选择贷款承诺债务性金融工具权益性金融工具衍生金融工具证券化问答题：1.金融系统有哪些功能？2.金融活动中的信息不对称会导致什么问题？解决信息不对称问题有哪些方法？3.金融中介机构参与资金融通为何能降低交易成本？请分析其降低交易成本的机制。

第三章货币资金的时间价值名词解释：货币的时间价值年金即时年金普通年金永续年金计算题：1.假定你在银行有一笔存款总共10万元，存期为五年，年利率为7.2%，每年复利一次，五年后，你的账上会有多少钱？设政府征收的利息所得税为20%，今后五年中每年的通货膨胀率为3％，你的这笔存款的税后实际利率为多少？假定你在银行开了一个零存整取的储蓄账户，每月存入500元，存期为五年，月利率为5.25‰。

五年后，你的账户上本息总额会有多少？假定在这五年中，每个月的通货膨胀率为2.5‰，政府征收的利息所得税为20%，那么，五年后你账户上的实际余额是多少？2.假设你以90元购买了一张面值为100元的债券，该债券两年后按面值偿付，即两年后你能够得到100元，那么你购买这张债券的年利率是多少？3.假定你购买了一套住房，从银行得到了20万元的抵押贷款，偿还期为20年，贷款年利率为8.4%，那么你的月供是多少？4.利率为8％的一年期贷款如果按月计息（月利率为8%/12），那么这笔贷款的年收益率是多少？5.你打算通过分期付款的方式买一辆汽车。

第一个经销商提出的方案是，你在未来3年每满一年支付37400元；第二个经销商提出的方案是，未来四年每满一年支付28700元。

浙江财经大学金融学期末复习资料

第一章货币与货币制度一、名词解释：货币制度金银复本位制有限法偿无限法偿格雷欣法则二、不定项选择题1、货币的基本职能是（）。

A 价值尺度B 流通手段C 贮藏手段D 支付手段E 世界货币2、纸币的基本功能是（）。

A 价值尺度B 流通手段C 贮藏手段D 支付手段E 世界货币3、格雷欣法则一般发生在以下哪一种货币制度下（）。

A 平行本位制B 金本位制C 银本位制 D双本位制E 跛行本位制4、货币制度的构成要素有哪些（）。

A 币材的确定B 货币单位的确定C 流通货币的确定D 货币铸造和发行E 支付能力的规定5、香港的港元由以下哪几家商业银行发行（）。

A 花旗银行 B汇丰银行 C 渣打银行 D 中国银行 E 中国人民银行第二章信用一、名词解释：商业信用消费信用银行信用二、选择题1、银行对客户发放的房地产按揭贷款是（）。

A 商业信用B 银行信用C 消费信用D 国家信用E 国际信用2、高利贷信用的特点有（）。

A 利率高B 生产性C 非生产性D 保守性E 扩张性三、简答：1、简要比较商业信用与银行信用。

2、信用的三要素及主要形式有哪些？第三章利息与利率一、名词解释：基准利率弗雪效应二、选择题1、我国在1994年时银行存款利率为10.98％，物价上涨率为21.4％，那么，当时的实际利率为（）。

A 10.98％B 21.4％C –10.42％D 10.42％2、一张面值为100元的“零息债券”，发行价为90元，一年到期后按面值赎回，这张债券的实际收益率为（）。

A 10％B 11.1％C –10％D 0三、简答：1、决定和影响利率的主要因素有哪些？2、简述凯恩斯流动性偏好利率理论。

3、简述关于利率决定的可贷资金理论。

4、简述IS-LM的利率理论。

四、论述：１、试比较实际利率理论（古典利率理论）、凯恩斯的利率理论和可贷资金利率理论。

２、分析利率变动对投资和储蓄的理论影响效应，结合实际分析有哪些因素可能制约这些理论效应的发挥。

财经英语复习(终极版)

财经专业英语复习参考一·英汉互译20×1：经济状况economic conditions 共同的价值观shared values单一欧洲货币single European currency 申请表application form畅销品，热销产品hot property 登记费registration fee自由女神像the Statue of Liberty 实用新型专利utility patent商业周期business cycle 经济低迷时期economic downturn工会labor union 管理层面layers of management市场分析market analysis 生产成本production cost证券交易委员会the Securities and Exchange Commission共同市场Common Market 关税联盟customs union金融市场financial market 贸易障碍trade barriers贸易冲突the trading conflict 金融赤字finance deficit浮动（固定）兑换率flexible(fixed) exchange rate外汇储备foreign reserves 国际储备international reserves经济过热overheated economy 储备货币the reserve currency应付账款accounts payable(payable account) 信用卡credit card财务交易，财务事项financial transaction 存款make deposits取款make withdraws 社会保险Social Security货币转账（转让.转运）服务money transfer service知识产权Intellectual property 贸易简易化trade facilitation关税率customs duty rate二·单项选择20×1：1 They have received hangsome_____on their investments. (profits)2 In many countries tobacco is a government_______.(monopoly)3 The paper publishes a daily list of Stock Exchange_______.(transactions)4 The finance minister put forward a ______aiming at boosting the economy,which must be approved by Parliament.(budget)5 There is only one effective way to control long-range inflationary pressures,and that is increased_______.(productivity)6 Sell the house as soon as possible;there is evidence of a ______in the housing market.(downturn)7 If you feel your idea warrants a utility patent ,don’t attempt to secure it without a patent_____.(attorney)8 Bonds issued by corporations are called _____bonds,which have two basic types:mortgage bonds and debenture bonds.(corporate)9 Commercial and industrial loans _____at larger banks.(dominate)10 Air services are not yet sound enough economically to operate without government ______.(subsidies)11 His new assistant was rapidly ______him as manager of the project.(superseding)12 The trading _____between the U·S and Japan caused a row.(conflict)13 His graduation day ______with his birthday.(concurred)14 If we raise our import duties on their goods ,they may_____against us.(retaliate)15 We promise you to try our product out in the comfort of your own home with absolutely no _____to buy.(commitment)16 After _____with our accountants,we’ve decided how to cut costs within the company.(consultations)17 I am wondering how soon I can______the mortgage because I have no stable income.(redeem)18 The suspect was unable to escape a whole _____of proofs.(array)19 We pay a______when we use the bridge.(toll)三·单词运用15×1【Ex·3】(1) passports 护照Many refugees have arrived at the border without________.(2) prosperity 繁荣 A country’s future_______depends,to an extent,upon the quality of education of its people.(3) licensee获得许可的人In this passage ,a potential______refers to a company which own the license and is likely to buy your patent.(4) trademark 商标You’ve seen many times the R in a circle on some packages of products.It means a registered______.(5) overarching意义重大The project’s______aim is the improvement of education.(6) cheerleader 拉拉队队长She was a ______for the Dallas Cowboys.(7) market analysis 市场分析Before entering a new market intensive_______is required.(8) ratification 批准The agreement has to go to the board for______.(9) barriers 障碍The union has asked the government to impose trade______on foreign cars.(10) crash 垮台;崩溃He lost all his money in the ______of 1929.(11) float 漂流物The government has decided to______the pound.(12) prosperous 繁荣的In a ______country like this,no one should go hungry.(13) Telecommunication电传视讯___________is the extension of communication over a distance.(14) merchandise 商品Shoppers complained about poor quality______and high prices.(15) evolution 进程；过程The______of civilization has developed for a very long time.(16) speculators 投机的商人On market changing,______could get a certain amount of profits.(17) surplus 盈余The expansionary monetary policies were often taken by______countries.(18) expenditure 经费；开支；消费It is reported that this year there will be a(n)______of $ 2 billion on the navy.四·选词填空10×1【Ex·4】1 The international community has refused to _____the newly independent nation state.(recognize)2 The exhibition was______by the museum’s director.(conceived)3 The factory had to stop production because it had not been_____yet at the Industry and Commerce Bureau.(registered)4 The project ______the cooperation of both young and old.(involves)5 The government raises the customs______tariff on imports of foreign cars.(protective)6 He was arrested on suspicion of accepting______.(bribery)7 The college _______to grant degrees.(is empowers)8 H e’s the sort of person who watches a film and then ______it for hours.(dissects)9 The book _______500 pages.(runs to )10 Their statement______nothing more than a slick evasion.(amounts to)11 To make their export goods more competitive,the countries could _____their currencies.(evaluate)12 Because of the disorderly conditions in the exchange market,the government comes to _______in it.(intervene)13 The authorities _____them to investigate this event.(empower)14 Property on which money has been lent is ______when the loan is paid back.(redeemed)15 Medical supplies were ____only to those who obviously needed them.(dispensed)16 The newly developed information superhighway will______the long-distance education,multimedia information exchange ,as well as e-commerce.(facilitate)17 “China’s plan to make its currency fully convertible _______unchanged,”said the directorgeneral of the State Administration of Foreign Exchange.”However,the Asian financial crisis also has taught us some lessons.”he continued.(remains)五·根据课文内容填词15×11 According to the passage,there are three different types of patents.They are_________,______,and________.(Utility patents Plant patents Design patents)2 Copyrights are issued by_______.because copyrights offer protection for artistic and literary works.(the library of congress)3 Applying for a patent is a(n)_______process.Even the simplest application will probably cost several thousand dollars.(expensive)4 A ____________ gives you the right to go to court to protect your property.(copyright)5 If your work is registered before any infringement occurs,you can sue for recovery of your________.(Statutory Damages)6 We are living in the era of_______.(globalization)7 An______means a teacher in a college or university.(academic)8 By diversifying its business globally,an international company can spread its risks and uncertainties of an economic____in a particular part of the world.(downturn)9 The main objective of an international company is to attain the lowest possible production cost and highest possible______.(profit)10 By mass _____a company can reduce the production cost.(production)11 The regional trade organizations try to lower and/or remove trade______among member countries.(barriers)12 The regional trade organizations tend to impose trade_____for products and services from outside of the association.(restrictions)13 The EU’s_______is located in Brussels.(headquarter)14 Integrating the Canadian and American economies is a relatively simple task,while ________of Mexico is one major problem.(integration)15 The first challenge facing the WTO is the trading______between the United States and Japanover automobiles.(conflict)16 European Central Bank is responsible for____________policy and managing the euro.(monetary)17 European_________is elected by the peoples of the Member states of the EU.(parliament)18 In 2004 the biggest ever______of the EU took place with 10 new countries joining.(enlargement)19 The _______is the name of the single European currency.(euro)20 All the WTO agreements signed by the trading nations must be ratified in their_______.(parliaments)21 __________services include banking,insurance,securities and financial information.(Financial)22 By negotiating rules and______by them,the members can ensure that trade is as fair as possible and as free as is practical.(abiding)23 Countries are encouraged to settle their difference through _____without bringing disputes to the WTO.(consultation)六·缩写全拼及翻译5×1ATM自动柜员机automated teller machineEU欧盟the European UnionIMF国际货币基金组织the International Monetary FundWTO世界贸易组织the World Trade OrganizationPTO (美)专利商标局the Patent and Trademark Office。

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浙江财经大学金融英语复习版

最新浙江财经大学国际金融期末复习