金融英语第二版刘文国课后翻译题答案
金融英语_刘文国第二版课后练习Exercises 12
Exercises twelveI. Answer following questions1.What does stock mean?A type of security that signifies ownership in a corporation representsa claim on part of the corporation's assets and earnings.2. What does dividend mean?The dividend is a distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders. The dividend is most often quoted in terms of the dollar amount each share receives (dividends per share). It can also be quoted in terms of a percent of the current market price, referred to as dividend yield.3. What Does Equity Mean?A stock or any other security represents an ownership interest. On a company's balance sheet, the amount of the funds contributed by the owners (the stockholders) plus the retained earnings (or losses), also referred to as "shareholders' equity". In the context of margin trading, the value of securities in a margin account minus what has been borrowed from the brokerage. In the context of real estate, the difference between the current market value of the property and the amount the owner still owes on the mortgage. It is the amount that the owner would receive after selling a property and paying off the mortgage. In terms of investment strategies, equity (stocks) is one of the principal asset classes. The other two are fixed-income (bonds) and cash/cash-equivalents. These are used in asset allocation planning to structure a desired risk and return profile for an investor's portfolio.4. Why does a company issue stock?The reason is that at some point every company needs to raise money. To do this, companies can either borrow it from somebody or raise it by selling part of the company, which is known as issuing stock.5.How to make money for investors if the firm no divident pay? Without dividends, investors just can make money on a stock only through its appreciation in the open market.6.Where can stocks be traded?Most stocks are traded on exchanges, which are places where buyers and sellers meet and decide on a price.7. What kinds of risk do stock-investors want to face?There is no obligation for firms to pay out dividends and any stock may go bankrupt, in which case your investment is worth nothing.8. What is the purpose of a stock market?The purpose of a stock market is to facilitate the exchange of securities between buyers and sellers, reducing the risks of investing.Ⅱ Fill in the each blank with an appropriate word or expression:1. Stock is a share in the ownership of a company. Stock represents a claimon the company's assets and earnings.2. The management of the company is supposed to increase the value of the firm for shareholders. If this doesn't happen, the shareholders can vote to have the management removed, at least in theory.3. Common stock yields higher returns than almost every other investment. This higher return comes at a cost since common stocks entail the most risk.4. Why do stock prices change? The best answer is that nobody really knows for sure. Some believe that it isn't possible to predict how stock prices will change, while others think that by drawing charts and looking at past price movements, you can determine when to buy and sell.5. A bull market is when everything in the economy is great, people are finding jobs, gross domestic product (GDP) is growing, and stocks are rising.6. Understanding supply and demand is easy. What is difficult to comprehend is what makes people like a particular stock and dislike another stock.Ⅲ Translate the following sentences and passage into English:1.新股的发行价总是超过面值的，记录在公司帐上的这个差叫附加实缴资本，也叫资本公积。
金融英语_刘文国第二版课后练习Exercises 13
Exercises 17Ⅰ. Answer the following in English1.Carefully describe a futures contract.A futures contract is a binding agreement between a seller and abuyer to make (seller) and to take (buyer) delivery of the underlying commodity (or financial instrument) at a specified future date with agreed upon payment terms.2.Explain how futures contracts are valued daily.It is possible to calculate a theoretical fair value for a futures contract. The fair value of a futures contract should approximately equal the current value of the underlying shares or index, plus an amount referred to as the 'cost of carry'3.Describe the role of the clearinghouse in futures trading.The clearinghouse, an agency or separate corporation of a futures exchange, is responsible for settling trading accounts, collecting and maintaining margin monies, regulating delivery and reporting trade data. The clearinghouse becomes the buyer to each seller (and the seller to each buyer) and assumes responsibility for protecting buyers and sellers from financial loss by assuring performance on each contract.4.Explain the differences between a hedger and a speculator.Hedgers are interested in the products of the futures contracts.They can be producers, like farmers, mining companies and oil drillers. Or they can be users, like bankers, paper mills and oil distributors. In general, producers sell futures contracts while users buy them. Speculators, trade futures strictly to make money.Typically, speculators trade futures contracts, but never use the commodity itself.5.Give a brief description of the history of futures.The history of futures trading is, in a sense, two histories, both focused on how people have tried to improve the effectiveness of the commercial marketplace. The early story is a tale of how people in an agrarian society used forward contracts (agreements to buy now, but pay and deliver later) as a means of getting farm commodities efficiently from producers to consumers, at established prices and delivery terms, and how those forward contracts evolved into futures contracts. The present day story explains how the futures industry reinvented itself in the latter part of the twentieth century, essentially by redefining the meaning of “commodity,” so that it could accommodate the needs of complex financial markets in a society whose economy was no longer based primarily on agriculture.6.What is key difference between forward and futures?Basically, forward and futures contracts operate in a similar mannerby allowing people to buy or sell a particular type of asset at aspecific time at a specified price. However, the particular detailsof these contracts are quite different.One of the key differences is that futures contracts are traded onthe exchange and are based on standard criteria. Forward contracts,on the other hand, are agreements made privately between two parties.Because of this, there is more flexibility in the terms andconditions.Another issue surrounding these differences is that of security.Because of the private nature of the agreement in forward contracts,there is no guarantee that a party will not default. However, becausefutures contracts have clearing houses, the agreement is guaranteed.A clearing house is a third party who guarantees the transaction.To understand the differences, it is necessary to clarify the exactnature of both futures contracts and forward contracts.Essentially, a futures contract is a contractual agreement made tobuy or sell a specific product or service at a pre-determined pricein the future. The contract specifies the quality and quantity of theproduct or service and are standardized to allow trading on a futuresexchange.A forward contract is a cash market transaction where the contract ismade but the delivery of the specific product or service is postponed.The price is agreed upon at the time the contract is made. Often, afarmer may use a forward contract to ensure a good price for hisproduce.Ⅱ. Fill in the each blank with an appropriate word or expression1.Futures are contractual agreements made between two parties through aregulated futures exchange. Each futures contract specifies the and quality of the item, expiration month, the time of delivery and virtually all the details of the transaction except price whichthe two parties negotiate based on current market conditions.2. The clearinghouse, an agency or separate corporation of a futuresexchange, is responsible for settling trading accounts, collecting and maintaining margin monies, regulating delivery and reportingtrade data.3. A futures contract is an agreement to purchase or sell a commodityfor delivery in the future: (1) at a price that is determined at of the contract; (2) which obligates each party to the contract tothe contract at the specified price; (3) which is used to assume orshift price risk; and (4) which may be satisfied by delivery oroffset.4. The key to any hedge is that a futures position is taken oppositeto the position in the cash market. That is, the nature of market position determines the hedge in the futures market.5. Currency futures are standardized contracts that trade likeconventional commodity futures on the floor of a futures exchange.6. These orders, from companies, individuals, and even market-makingcommercial banks, are communicated to the floor of the futuresexchange.Ⅲ. Translate the following sentences into English1.商品生产者和经营者在生产和经营过程中，时刻面临着价格波动的风险。
金融英语_刘文国第二版课后练习Exercises 15
Exercises 15Ⅰ Answer the following questions in English:1.What is swaps?A swap is an agreement between two parties to exchange sequences of cash flows for a set period of time2.Where can swaps be changed?Swaps are customized contracts that are traded in the over-the-counter (OTC) market between private parties.3.Who would use a swap?Some companies have a comparative advantage in acquiring certain types of financing. However, this comparative advantage may not be for the type of financing desired. In this case, the company may acquire the financing for which it has a comparative advantage, then use a swap to convert it to the desired type of financing.4. what is an interest swaps?An interest rate swap is a derivative in which one party exchanges a stream of interest payments for another party's stream of cash flows. Interest5.What does comparative advantage mean?A situation in which a country, individual, company or region can producea good at a lower opportunity cost than a competitor.6. What is a swaption?A Swaption is an option on a swap.7.What is plain vanilla" interest rate swap? It is the most common and simplest swap, in this swap, Party A agrees to pay Party B a predetermined, fixed rate of interest on a notional principal on specific dates for a specified period of time.8.How to Exit a Swap Agreement?When one of the swap parties needs to exit the swap prior to the agreed-upon termination date, it just like an investor selling an exchange-traded futures or option contract before expiration.Ⅱ Fill in the each blank with an appropriate word or expression:1.Swaps are not exchange-traded instruments. Instead, swaps are customized contracts that are traded in the over-the-counter (OTC) market between private parties.2. In a plain vanilla swap, the two cash flows are paid in the same currency. The specified payment dates are called settlement dates, and the time between is called settlement periods.3. The normal business operations of some firms lead to certain types of interest rate or currency exposures that swaps can alleviate.4. An interest rate swap is a derivative in which one party exchanges a stream of interest payments for another party's stream of cash flows. Interest rate swaps can be used by hedgers to manage their fixed or floating assets and liabilities.5. Today, interest rate swaps are often used by firms to alter their exposure to interest-rate fluctuations, by swapping fixed-rate obligations for floating rate obligations, or vice versa.6. Interest rate swaps expose users to interest rate risk and credit risk.Ⅲ Translate the following sentences and passage into English:1.互换是借款人和投资者用来控制风险的衍生金融工具。
金融英语_刘文国第二版课后练习Exercises04
金融英语_刘文国第二版课后练习Exercises04Exercises fourⅠ Answer the following questions in English:1. Why is a jumbo CD more risky?A jumbo CD is somewhat more risky, because the FDIC cannot insure it, but is still a sound investment when made witha reputable bank.2. What is commecial loan?Commercial loans are bank loans that are granted to different types of business entities. The commercial loan is often thought of in terms ofa short-term source of cash for a business.3.What is credit card?Credit card is any card that may be used repeatedly to borrow money or buy products and services on credit. Issued by banks, savings and loans, retail stores, and other businesses.4. What is money order?A money order is an instrument that orders a sum of money to be paid to someone else.5.What is working capital?Working capital is a measurement of an entity’s current assets, after subtracting its liabilities. Sometimes referred to as operating capital, it is a valuation of the amount of liquidity a business or organization has for the running and building of the business.6. What is a secured loan?A secured loan is a loan in which the borrower pledges some asset (e.g.a car or property) as collateral (i.e., security) for the loan.7. What are commercial banks?The commercial banks are banking institutions that are geared more toward the lending of money to customers, rather than focusing on generating or raising money.8. What is a checking account?A checking account is a service provided by financial institutions (banks, savings and loans, credit unions, etc.) which allows individuals and businesses to deposit money and withdraw funds from a federally-protected account.Ⅱ Fill in the each blank with an appropriate word or expression:1. A commercial bank offers a wide range of savings programs for customers. Along with standard savings accounts, the commercial bank may also offer interest bearing checking accounts, certificates of deposit, and other savings strategies that are considered to provide a small but consistent return in exchange for doing business with the bank.2. Sometimes people might use an interest checking account instead of a savings account. If you really plan not to spend your money for a few months, it makes sense to use a savings account instead.3. A fixed rate mortgage is a mortgage in which the interest rate doesnot change during the entire term of the loan.4. A typical checking account is handled through careful posting of deposits and withdrawals. The account holder has a supply of official checks which contain all of the essential routing and mailing information.5. In recent years there have been some unfortunate scams involving bank drafts that are phony. Since printers are now socapable of creating very realistic appearing checks, people have been fooled into taking bank drafts that don’t truly have any value.6. Credit card use often becomes problematic when the holder accrues more debt than a regular monthly payment can cover.Ⅲ Translate the following sentences and passage into English:1.商业银行应积极开展电话银行转账功能风险评估和分类，依据收款账户的潜在风险高低，相应设置不同的转账额度和次数限制。
金融英语_刘文国第二版课后练习Exercises 11
Exercises 11Ⅰ Answer the following questions in English:1. What is NOT an advantage of a mutual fund? Da. Instant Diversification.b. Easy to Use.c. You can easily make monthly contributions.d. You are guaranteed to double your money in 5 years.2. If you were looking to invest in a specific country or region, which mutual fund would be best suited for you? Ba. Global Fundb. Regional Fundc. Growth Fundd. Socially Responsible Funde. Green Fund3. What is the difference between a front end and back end load? Ca. Front-end funds charge a fee if the fund is redeemed early, back-end funds don't.b. Front-end funds don't charge a fee, back-end funds do.c. Front-end funds charge a fee when you buy the fund, back-end funds charge the fee at redemption.d. None of the Above4. Most mutual funds have administration fees of what percent? Ba. 0%b. 0.5% - 2.5%c. 3% - 5%e. 6% - 10%5. Buying a mutual fund based on past performance is a good strategy.a. Trueb. False BD B C B BⅡ Fill in the each blank with an appropriate word or expression:1.There are, however, many different types of equity funds becausethere are many different types of equities.2.The idea of pooling resources and spreading risk using closed-endinvestments soon took root in Great Britain and France, making its way to the United States in the 1890s.3.What was once just another obscure financial instrument is now a partof our daily lives.4.Income is earned from dividends on stocks and interest on bonds. Afund pays out nearly all income it receives over the year to fundowners in the form of a distribution.5.If the fund sells securities that have increased in price, the fundhas a capital gain. Most funds also pass on these gains to investors in a distribution.6.There are many, many types of mutual funds. You can classify fundsbased on asset, investing strategy, region, etc.Ⅲ Translate the following sentences and passage into English:1．基金集合了一部分委托人的资金,并代表他们的利益进行有预设目的的投资。
金融英语_刘文国第二版课后练习Exercises08
金融英语_刘文国第二版课后练习Exercises08Answers for Chapter eightⅠ Answer the following questions in English:1.In what section of the balance sheet would one find patents andtrademarks?Patents and trademarks can be found in section intangible section.2.Which depreciation method bases depreciation expense for a givenperiod on actual use?The Straight-line depreciation method bases depreciation expense fora given period on actual use.3.Which financial statement is prepared as of a particular date ratherthan for a period ending on a particular date?The balance sheet is prepared as a particular date.4.Who has the primary responsibility for the financial statements?Manager has the primary responsibility for the financial statements. 5.At what value is land used in a business shown on the balance sheet?Land is shown on the balance sheet at historical value.6.Which of the following results from using the LIFO method ofinventory cost flows during a period of inflation?The result is higher costs of goods sold by using the LIFO method of inventory during a period of inflation.7.What reflects the net tax effects of the temporary differencesbetween the carrying values of assets and liabilities for financial reporting purposes and amounts used for income tax purposes?The deferred income taxes result from temporary differences intaxable and financial statement income.8.What is the cost of a fixed asset less its accumulated depreciation?It is the net value of the fixed assets.9.How are held-to-maturity securities reported on the balance sheet?It is reported as current assets on the balance sheet.10.How many types of inventories does a manufacturing firm list on itsbalance sheet?There are three types of inventories that the manufacturing firmlist on its balance sheet. Such as raw material, working-in-process and finished products.11.What does the FIFO inventory method assume about the first unitspurchased?The FIFO inventory method assumes that the first units purchasedshould be first in use in order to reflect the historical cost of goods sold.12.What does a company record when it receives a cash payment forservices before it performs the services?The company should record it as a liability (unearned revenue) increased and meanwhile cash increased.Dr. CashCr. Liability (Unearned revenue)Ⅱ Fill in the each blank with an appropriate word or expression:1.Basic earnings per share are computed by dividing net income bynumber of outstanding shares.2.Financial statements must be prepared in accordance with generallyaccepted accounting principles.3.The annual depreciation expense using the double-declining-balancemethod is equal to multiply the twice of straight-line rate by the book value at the beginning of the year.4.Financial instruments that derive their value from an underlyingasset or index are called Derivatives.5.Accounts receivable are reported on the balance sheet at their netrealizable value.6.The book value of property, plant, and equipment is the purchaseprice minus accounting depreciation expense.7.The reporting of inventory values at the lower of cost or marketreflects the accounting principle or convention of historical.Ⅲ Translate the following sentences and passage into English:1.公司财务报表既反映了公司的财务状况，同时也是公司经营状况的综合反映。
财经专业英语(第二版)unit1译文、课后答案、课件
Unit 1Passage: What Does It Take to Become a Successful Manager?[Para 1]Successful managers come from a wide variety of backgrounds and possess an equally wide variety of traits and skills. No sure–fire formula exists for getting to the top of the managerial ladder, but there are at least three general preconditions for achieving lasting success as a manager: ability (A), motivation to manage (M), and opportunity (O).Together, they constitute a basic formula for managerial success (S): S=A×M×O. Notice that success depends on a balanced combination of ability, motivation to manage, and opportunity. A total absence of one factor can cancel out strength in the other two. (Hence, the use of multiplication rather than addition signs.) For example, high ability and motivation are useless without opportunity.1. Ability[Para 2] As used here, the term managerial ability is the demonstrated capacity to achieve organizational objectives both effectively and efficiently. Actually, today's successful manager needs a whole package of conceptual, technical, and interpersonal abilities. According to recent work by the American Assembly of Collegiate Schools of Business (AACSB), an accrediting agency, business school graduates should be able to demonstrate certain skills and personal characteristics. AACSB's package of skills and characteristics can help everyone better understand the term ability to manage. They include1.Leadership.2.Oral communication and presentation skills.3.Written communication.4.Planning and organizing.rmation gathering and problem analysis.6.Decision making.7.Delegation and control.8.Self-objectivity (being aware of one's strengths and limitations).9.Disposition to lead (a willingness and desire to lead others in new directions).2. Motivation to Manage[Para 3] Uplifting stories about disabled persons and adventurers who succeed despite seemingly insurmountable odds are often summed up in one word: desire. The same force drives successful managers. All the ability in the world will not help a future manager succeed if he or she does not possess a persistent desire to move ahead. Linda Wachner, the only woman chief executiveofficer of a Fortune 500 company (garment maker Warnaco), is an inspiring case in point. Fortune magazine calls her America's most successful businesswoman:From the time she was 11 and growing up in Forest Hills, New York, Wachner knew she wanted to run something. That was the year she lay flat on her back, encased in a plaster cast from her head to her knees, the first step in a surgical procedure to correct severe scoliosis.Hardly able to move and facing the possibility that she would never walk again, Linda became determined that whatever she did in life, she would call the shots–––not doctors, or parents, or physical therapists. "The focus I have today comes from when I was sick," she says. "When you want to walk again, you learn how to focus on that with all your might, and you don't stop until you do it."That brand of determination was evident from the first day Wachner hit the job market in 1966.After graduating at age 20 from the University of Buffalo with a bachelor's degree in business administration, she landed at Associated Merchandising Corp, the New York City buying arm of Federated and other department stores. Her pay: $ 90 a week....A former boss remembers her: “Linda used to come flying through my door every morning hitting me with ideas on how we could run the business better. She wanted to tell our manufacturers how they could do more business with the stores.”[Para 4] Until the mid-1960s, this kind of desire was an intangible trait that could be measured only subjectively. Then a management researcher named John B. Miner developed a psychometric instrument to measure objectively an individual's motivation to manage. Miner's test, in effect, measures one's desire to be a manager.[Para 5] The Seven Dimensions of Motivation to Manage. Miner's measure of motivation to manage is anchored to the following seven dimensions:1.Favorable attitude toward those in positions of authority, such as superiors.2.Desire to engage in games or sports competition with peers.3.Desire to engage in occupational or work–related competition with peers,4.Desire to assert oneself and take charge.5.Desire to exercise power and authority over others.6.Desire to behave in a distinctive way, which includes standing out from the crowd.7.Sense of responsibility in carrying out the routine duties associated with managerial work. The higher the individual scores on each trait, the greater is the motivation to manage. (Although the complete instrument is not given here, you can readily gauge your own motivation to manage as low, moderate, or high.) Miner's research indicates that this concept can accurately predict how fast and how far one will move up the hierarchy.[Para 6] Motivation to Manage among Business Students. Miner and his colleagues wenton to track motivation–to–manage scores for business students at two major U.S. universities over a twenty–year period and came to some interesting conclusions. First, although the steady decline of motivation to manage during the 1960s and early 1970s had stopped, students' motivation to manage still was very low. Generally speaking, students continued to show a distaste for authority, competitiveness, assertiveness, and routine managerial duties. Miner believed this situation foreshadowed a shortage of managerial talent over the coming years. A second conclusion was that female students no longer lagged behind their male counterparts in motivation to manage.[Para 7] More recently, Miner's research has focused on international differences in motivation to manage. His student samples from Mexico, Japan, China, Korea, and Taiwan all scored consistently higher than did his samples from the United States. Miner perceives this pattern as a potential threat to America's global competitiveness.3. Opportunity to Manage[Para 8] Judging from headlines in recent years about corporate downsizings, middle manager layoffs, and the dramatic scaling back of the U. S. defense industry, students might be tempted to throw up their hands in frustration over the prospect of ever landing a management position. Indeed, from the perspective of large American companies, the market for managers has tightened considerably since the 1980s. But the broader picture presented by Business Week, seemingly gloomy at first glance, offers hope for future managers:In the U.S. some 13.5 million workers in private industry are classified as executives, administrators, and managers, and most are employed in the service sector --the focus of intensive restructuring in recent years. The upshot is that managerial jobs, which surged at a5.6% annual rate from 1984 through 1989, have shown no net growth at all sincethen––eliminating about 2.25 million jobs that would have been created if the earlier growth trend had been maintained.Even though the growth rate for the managerial slice of the U. S. labor pie slowed and even shifted into reverse during the early 1990s, it still is a huge slice: 13.5 million managers! Normal turnover–––through deaths, retirements, and career changes–––will open millions of managerial positions in the years ahead. Anticipated economic growth will create additional managerial opportunities.[Para 9] Significantly, the statistics in the preceding quote tell only part of the story for managerial job seekers. Not counted among the 13.5 million are the millions of administrators and managers in military, government, and nonprofit organizations. Also, there is the mushrooming small-business sector. One quick way to become a manager is to start your own business.[Para 10] Despite periodic ups and downs in job markets, there will continue to be a worldwide need for those with the right combination of ability and motivation to manage. The timeto start working out your own S= A×M×O formula is now.New Words*** accredit [☯❒♏♎♓♦]vt. 委派出任* anchor [ ✌☠☯] n.vt. 锚抛锚；依靠* anticipate [✌⏹♦♓♦♓☐♏♓♦] vt. 预见* assembly [☯♦♏❍♌●] n. 集会* assertiveness [☯♦♏♦♓⏹♓♦] n. 断定* brand [br✌⏹♎] n. 商标；烙印；印记* cast [k ♦♦] n. 浇铸*** collegiate [k☯●♓ ♎✞♓♦] adj. 专科学校的；学院的；大学的* conceptual [k☯⏹♦♏☐♦☞◆☯●] adj. 思维的，抽象的；概念的* counterpart [ ♋◆⏹♦☯☐ ♦] n. 对应的人（或物）* delegation [ ♎♏●♓ ♑♏♓☞☯⏹] n. 派遣** dimension [di ❍♏⏹☞☯⏹] n. 度量方法* disposition [disp☯♓☞☯⏹] n. 倾向** downsize [ ♎♋◆⏹ ♦♋♓] v. 减小；减少* encase [in ♏♓♦] vt. 包围；包裹* favorable [ ♐♏♓☯❒☯♌●] adj. 赞同的** foreshadow [f ☞✌♎☯◆] vt. 预示* frustration [fr✈♦♦❒♏♓☞☯⏹] n. 灰心* garment [ ♑❍☯⏹♦] n. 服装*** gauge [♑♏♎✞] vt. 估计，判断n. 方法，手段；标准* gloomy [ ♑●◆❍♓] adj. 黑暗的，昏暗的* headline [ ♒♏♎●♋♓⏹] n. 标题* hierarchy [ ♒♋♓☯❒♓] n. 等级制度；领导层*** insurmountable[ ♓⏹♦☯ ❍♋◆⏹♦☯♌●]adj. 不能克服的* intangible [in ♦✌⏹♎✞☯♌●] adj. 无形的，无法接触的* interpersonal[ ♓⏹♦☯ ☐☯♦☯⏹●]adj. 人际的；交际的** layoff [ ●♏♓ ♐] n. 下岗，失业期间** merchandise[ ❍☯♦☞☯⏹♎♋♓] n.vt.商品；货品劝人购物* motivation[ ❍☯◆♦♓♏♓☞☯⏹]n. 动机；动力* multiplication[ ❍✈●♦♓☐●♓♏♓☞☯⏹]n. 乘法** mushroom [ ❍✈☞❒◆❍] vi. 迅速生长* objectivity n. 客观[ ♌♎✞♏ ♦♓♓♦♓]* odds [ ♎] n. 有可能出现的麻烦事* peer [pi☯] n. 同龄人；同等地位的人* perspective [p☯ ♦☐♏♦♓] n. 观点，看法；视角；* plaster [ ☐● ♦♦☯] n. 灰泥；石膏* presentationn. 赠送；引见；介绍；呈现[ ☐❒♏♏⏹ ♦♏♓☞☯⏹]adj. 心理测量的* psychometric[ ♦♋♓☯◆ ❍♏♦❒♓]*** restructuring [ri ♦♦❒✈♦☞☯] n. 重新组建*** scoliosis [ ♦ ●♓☯◆♦♓♦] n. 脊柱侧凸* superior [sju ☐♓☯❒♓☯] n. 上级，长官*** surefire [ ☞◆☯♐♋♓☯] adj. 确定的* surge [s☯♎✞] vi. 上升* surgical [ ♦☯♎✞♓☯●] adj. 外科的* therapist [ ♏❒☯☐♓♦♦] n. 治疗者* trait [treit] n. 特性，特征* turnover [ ♦☯⏹☯◆☯] n. 移交* uplifting [✈☐●♓♐♦] adj. 使人振奋的* upshot [ ✈☐☞ ♦] n. 结局注: *为基础词汇**为常用的财经专业词汇***为非常用的基础和财经词汇，以下各课同Special Termsaccrediting agency 授权机构assert oneself 坚持自己的权利，显示自己的权威business administration 企业管理career changes 跳槽chief executive officer 董事长corporate downsizing 公司滑坡defense industry 国防工业dimensions of motivation to manage 管理动机的度量方法disposition to lead 有领导倾向favorable attitude 赞同态度Fortune 500 company 500强企业job market 劳务市场job seeker 求职者managerial position 管理岗位motivation to manage 管理动机nonprofit organization 非赢利组织oral (written) communication 口头（书面）交流organizational objective 管理目标presentation skill 交际技巧private industry 私人企业self-objectivity 自知之明sense of responsibility 责任感show a distaste for 表现不喜欢…A w hole package of…全面的…Abbreviation(s)AACSB the American Assembly of Collegiate Schools of Business 美国盎瑟贝财经学院Notes to the Passage1.[Para 1] A total absence of one factor can cancel out strength in the other two.管理成功的公式里共三个要素，如果其中的一个是零的话（即a total absence），那就会取消(cancel out)另外的两个要素的力量之和（strength in the other two）。
金融学第二版课后答案英文版中国人民大学Bodie2-IM-Ch01
金融学第二版课后答案英文版中国人民大学Bodie2_IM_Ch01CHAPTER 1 – Financial EconomicsEnd-of-Chapter ProblemsDefining Finance1. What are your main goals in life? How does finance play a part in achieving those goals? What are the major tradeoffs you face?SAMPLE ANSWER:Finish schoolGet good paying job which I likeGet married and have childrenOwn my own homeProvide for familyPay for children’s educationRetireHow Finance Plays a Role:SAMPLE ANSWER:Finance helps me pay for undergraduate and graduate education and helps me decide whether spending the money on graduate education will be a good investment decision or not.Higher education should enhance my earning power and ability to obtain a job I like.Once I am married and have children I will have additional financial responsibilities (dependents) and I will have to learn how to allocate resources among individuals in the household and learn how to set aside enough money to pay for emergencies, education, vacations etc. Finance also helps me understand how to manage risks such as for disability, life and health.Finance helps me determine whether the home I want to buyis a good value or not. The study of finance also helps me determine the cheapest source of financing for the purchase of that home.Finance helps me determine how much money I will have to save in order to pay for my children’s education as well as my own retirement.Major Tradeoffs:SAMPLE ANSWERSpend money now by going to college (and possibly graduate school) but presumably make more money once I graduate due to my higher education.Consume now and have less money saved for future expenditures such as for a house and/or car or save more money now but consume less than some of my friendsFinancial Decisions of Households2. What is your net worth? What have you included among your assets and your liabilities? Would you list the value of your potential lifetime earning power as an asset or liability? How does it compare in value to other assets you have listed?SAMPLE ANSWER:$ ____________ (very possibly negative at this point)Assets:Checking account balanceSavings account balanceFurniture/Jewelry (watch)Car (possibly)Liabilities:Student loansCredit card balanceIf renting, remainder of rental agreement (unless sublettingis a possibility)Car payments (possibly)Students typically don’t think about the high value of their potential lifetime earning power when calculating their net worth but for young people it is often their most valuable asset.3. How are the financial decisions faced by a single person living alone different from those faced by the head of a household with responsibility for several children of school age? Are the tradeoffs they have to make different, or will they evaluate the tradeoffs differently?A single person needs only to support himself and therefore can make every financial decision on his own. If he does not want health insurance (and is willing to bear the financial risks associated with that decision) then no one will be affected by that decision other than that single person. In addition, this person needs to make no decisions about allocating income among dependents. A single person is very mobile and can choose to live almost anywhere. The tradeoffs this individual makes generally concern issues of consuming (or spending) today versus saving for consumption tomorrow. Since this person is supporting only himself, the need to save now is less important than for the head of household discussed next.T he head of household with several children must share resources (income) among dependents. This individual must be prepared to deal with risk management issues such as how to be prepared for potential financial emergencies (such as a serious health problem experienced by a member of the family or home owners insurance in case of a fire or other mishap). Because there are more people in this household than with a single person, there are greater risks that someone will get sick or injured. Andbecause there are dependents, the wage earner(s) should think carefully about life and disability insurance. In addition, the family is not as mobile as the single individual. Because of the school age children, the family might want to live near “good schools” thinking that a stronger education will eventually help those children’s future well being and financial situation. Thus, the tradeoffs for the head of household are more complex: more money is needed to consume today (he or she needs to support more dependents), but a lot more money is also needed to save for future expenses such as education and housing and more money is needed for risk management such as life and disability insurance.4. Family A and family B both consist of a father, mother and two children of school age. In family A both spouses have jobs outside the home and earn a combined income of $100,000 per year. In family B, only one spouse works outside the home and earns $100,000 per year. How do the financial circumstances and decisions faced by the two families differ?With two wage earners, there is less risk of a total loss of family income due to unemployment or disability than there is in a single wage earning household. The single wage earning family will probably want more disability and life insurance than the two wage earning family. On the flip side, however, the two wage earning family may need to spend extra money on child care expenses if they need to pay someone to watch the children after school.5. Suppose we define financial independence as the ability to engage in the four basic household financial decisions without resort to the use of relative’s resources when making financing decisions. At what age should children be expected to becomefinancially independent?Students will have differing responses to this question depending upon their specific experiences and opinions. Most will probably say independence should come after finishing their education, and they have a significant flow of income.6. You are thinking of buying a car. Analyze the decision by addressing the following issues:a.Are there are other ways to satisfy your transportation requirements besides buying a car? Make a list ofall the alternatives and write down the pros and cons.Transportation Mode Pros ConsWalking ?Takes you directly where you wantto goNo out of pocket costsConvenient ?Takes a long time ?Destination may be too far Bicycle ?Takes you directly to where youwant to goNo out of pocket marginal costsConvenient ?Requires physical strength and endurance ?Destination may be too farBus ?InexpensiveReaches more distant destinations ?May not take you directly where you want to go ?Inconvenient schedules to go ?Many stops, not efficientSubway ?InexpensiveFast ?May not take you directly where you want to goLocal destinations only on limited networkTrain ?Reaches distant destinations ?Moderately expensiveMay not take you directly whereyou want to goAirplane ?Reaches distant destinationsFast ?Most expensiveWill not take you directly where you want to gob. What are the different ways you can finance the purchase of a car?F inance through a bank loan or lease, finance through a car dealer with a loan or a lease or finance the car out of your own savings.c. Obtain information from at least three different providers of automobile financing on the terms they offer.d. What criteria should you use in making your decision?Your decision will be to select the financing alternative that has the lowest cost to you.When analyzing the information, you should consider the following:Do you have the cash saved to make an outright purchase? What interest rate would you be giving up to make that purchase? Do you pay a different price for the car if you pay cash rather than finance?For differing loan plans, what is the down payment today? What are the monthly payments? For how long? What is the relevant interest rate you will be paying? Does the whole loan get paid through monthly payments or is there a balloon payment at the end? Are taxes and/or insurance payments included in the monthly payments? ?For differing lease plans, what is the down payment today? What are the monthly payments? For how long? Do you own the car at the end of the lease? If not, what does it cost to buy the car? Do you have to buy the car at the end of the lease or is it an option? Is there a charge if you decide not to buy the car? What relevant interest rate will you be paying? Are taxesand/or insurance payments included in the monthly payments? Are there mileage restrictions?7. Match each of the following examples with one of the four categories of basic types of household financial decisions.At the Safeway paying with your debit card rather than taking the time to write a checkDeciding to take the proceeds from your winning lottery ticket and use it to pay for an extended vacation on the Italian RivieraFollowing Hillary’s advice and selling your Microsoft shares to invest in pork belly futuresHelping your 15-year old son learn to drive by letting putting him behind the wheel on the back road into townTaking up the offer from the pool supply company to pay off your new hot tub with a 15-month loan with zero payments for the first three monthsThe first is the most difficult since in practice it is simply a cash transaction involving no financing. As such the purchase is a consumption decision only and the payment choice is not a financing decision. The second is also a consumption/saving decision. The third is an exchange of one financial asset for another and therefore an investment decision. The fourth is a risk-management decision since you have subjected yourself to increased risk that is not covered by insurance. The final example is a financing decision involving a loan to finance a purchase.Forms of Business Organization8. You are thinking of starting your own business, but have no money.a.Think of a business that you could start without having to borrow any money.A ny business that involves a student’s own personal service would be cheap to start up. For instance he or she could start a business running errands for others, walking their dogs, shopping etc. Along those same lines they could start some kind of consulting business. Both of these businesses could be run out of their dorm room or their own home and could be started with very little capital. If they wanted to hire additional workers, they would have to be paid on a commission basis to limit upfront expenses.b. Now think of a business that you would want to start if you could borrow any amount of money at the going market interest rate.Certainly there are many interesting businesses that could be started if one could finance 100% of the business with borrowed capital and no equity. Since you will be able to borrow 100% of the financing, you will be willing to take a lot greater risk than if you were investing your own money.c. What are the risks you would face in this business?[Answer is, of course, dependent on answer to question “b.”]d. Where can you get financing for your new business?Depending upon the size of the financing needed, students should be looking for both debt and equity financing. The sources of this financing ranges from individuals and credit cards (for very small sums) to banks, venture capitalists, public debt and equity markets, insurance companies and pension funds9. Choose an organization that is not a firm, such as a club or church group and list the most important financial decisions it has to make. What are the key tradeoffs the organization faces? What role do preferences play in choosing among alternatives?Interview the financial manager of the organization and check to see if he or she agrees with you.SAMPLE ANSWER:Local Church group. Most important financial decisions:Whether or not to repair damage done to church and grounds during last big hurricane (specifically repairing the leaking roof)What project to put off in order to pay for repair damageHow to pay for renovations to downstairs Sunday school roomsHow to increase member attendance and contributionsHow to organize and solicit volunteers for the annual Church Sale (largest fund raiser of the year)Key Tradeoffs and Preferences:C hurch group funds are severely limited, so the organization needs to prioritize expenses based upon cost and need. Not all projects that are needed will be undertaken due to the expense involved. An equally large amount of timewill be spent trying to raise financing since funds inflow is variable. Since not all projects can be financed, preferences of different important individuals (such as the pastor) take on great significance in the decision-making process.Market Discipline: Takeovers10. Challenge Question: While there are clear advantages to the separation of management from ownership of business enterprises, there is also a fundamental disadvantage in that it may be costly to align the goals of management with those of the owners. Suggest at least two methods, other than the takeover market, by which the conflict can be reduced, albeit at some cost.One way is to provide incentives for the managers so that they increase their pay when owners interests are improved. An example would be compensating managers with stock options, the value of which increase with the market value of shareholder’s int erests. A second method is to more closely monitor the behavior of the managers. Outside management consultants and auditors serve this role in part particularly to the extent that they report their findings to representatives from ownership groups. Both of these solutions assume the management cannot effectively deceive markets or consultant/auditors through misleading information or actions to inflate the market value of the ownership shares or there performance records.11. Challenge Question:Consider a poorly run local coffee shop with its prime location featuring a steady stream of potential clients passing by on their way to and from campus. How does the longtime disgruntled, sloppy and inefficient owner-manager of Cup-a-Joe survive and avoid disciplining from the takeover market? This is not a question about a misalignment of the goals of the owner(s) and manager(s) of a firm since we have explicitly said the firm is owner-managed. If in fact the coffee shop is mismanaged the potential exists for an outsider to purchase a controlling interest in the operation and put more efficient management into place if the purchase price does not exceed the value of profits to be generated by the efficiently managed firm. If the present owner chooses not to sell he must value the firm for more than the value of the profits generated by an efficiently managed firm. Therefore his position in the firm must generate for him non-pecuniary benefits, or benefits unrelated to the firm’s profitability and he is therefore not avalue maximizer. Perhaps he enjoys making fun of his clients or takes pride in his eclectic tastes in interior decorating. In any case the takeover market does discipline him in the sense that he will be forced to pay for his non-pecuniary benefits in the sense that he trades off profits.The same could be said of an owner-manager who lacks the required specialized skills to properly run the firm but never the less continues to operate the company inefficiently because he ‘likes’ the work!The Role of the Finance Specialist in a Corporation12. Which of the following tasks undertaken within a corporate office are likely to fall under the supervision of the treasurer? The controller?Arranging to extend a line of credit from a bankArranging with an investment bank for a foreign exchange transactionProducing a detailed analysis of the cost structure of the company’s alternative product linesTaking cash payments for company sales and purchasing U.S. Treasury BillsFiling quarterly statements with the Securities and Exchange CommissionThe first two and the fourth items are responsibilities of the treasurer while the third and fifth items fall under the workload of the controller’s office.Objectivesy Define finance.y Explain why finance is worth studying.y Introduce two of the main players in the world of finance—households and firms—and the kinds of financial decisions theymake. The other main players, financial intermediaries and government, are introduced in chapter 2.Contents1.1Defining Finance1.2Why Study Finance?1.3Financial Decisions of Households1.4Financial Decisions of Firms1.5Forms of Business Organization1.6Separation of Ownership and Management1.7The Goal of Management1.8Market Discipline: Takeovers1.9The Role of the Finance Specialist in a CorporationSummaryFinance is the study of how to allocate scarce resources over time. The two features that distinguish finance are that the costs and benefits of financial decisions are spread out over time and are usually not known with certainty in advance by either the decision maker or anybody else.A basic tenet of finance is that the ultimate function of the system is to satisfy people’s consumption preferences. Economic organizations such as firms and governments exist in order to facilitate the achievement of that ultimate function. Many financial decisions can be made strictly on the basis of improving the trade-offs available to people without knowledge of their consumption preferences.There are at least five good reasons to study finance:y To manage your personal resources.y To deal with the world of business.y To pursue interesting and rewarding career opportunities.y To make informed public choices as a citizen.y To expand your mind.The players in finance theory are households, business firms, financial intermediaries, and governments. Households occupy a special place in the theory because the ultimate function of the system is to satisfy the preferences of people, and the theory treats those preferences as given. Finance theory explains household behavior as an attempt to satisfy those preferences. The behavior of firms is viewed from the perspective of how it affects the welfare of households.Households face four basic types of financial decisions:y Saving decisions: How much of their current income should they save for the future?y Investment decisions: How should they invest the money they have saved?y Financing decisions: When and how should they use other people’s money to sa tisfy their wants and needs?y Risk-management decisions: How and on what terms should they seek to reduce the economic uncertainties they face or to take calculated risks?There are three main areas of financial decision making in a business: capital budgeting, capital structure, and working capital management.There are five reasons for separating the management from the ownership of a business enterprise: y Professional managers may be found who have a superior ability to run the business.y To achieve the efficient scale of a business the resources of many households may have to be pooled.y In an uncertain economic environment, owners will want to diversify their risks across many firms. Such efficient diversification is difficult to achieve without separation ofownership and management.y To achieve savings in the costs of gathering information.y The “learning curve” or “going concern” effect: When the owner is also the manager, the new owner has to learn the business from the former owner in order to manage it efficiently. If the owner is not the manager, then when the business is sold, the manager continues in place and works for the new owner.The corporate form is especially well suited to the separation of ownership and management of firms because it allows relatively frequent changes in owners by share transfer without affecting the operations of the firm.The primary goal of corporate management is to maximize shareholder wealth. It leads managers to make the same investment decisions that each of the individual owners would have made had they made the decisions themselves.A competitive stock market imposes a strong discipline on managers to take actions to maximize the market value of the firm’s shares.。
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金融英语第二版刘文国课后翻译题答案-CAL-FENGHAI.-(YICAI)-Company One1中译英：一.1.金融管理是商业管理的重要方面之一，没有合适的金融计划企业是不可能成功的。
Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful.2.金融中介机构的基本宗旨是把不受公众欢迎的金融资产转变为他们能够接受的金融资产。
Financial intermediaries play the basic role of transforming financial assets that less desirable for a large part of the public into other financial assets-their own liabilities-which are more widely preferred by the public.3.企业经营是有风险的，因而，财务经理必须对风险进行评估和管理。
Businesses are inherently risky, so the financial manager has to identify risks and make sure they are managed properly.4.投资决策首先是指投资机会，常常指资本投资项目。
The investment decision stars with the identification of investment opportunities, often referred to as capital investment projects.5.现金预算常常被用来评估企业是否有足够的现金来维持企业的日常经营运转和（或）是否有太多现金富裕。
Cash budgets are often used to assess whether the entity has sufficient cash to fulfill regular operations and/or whether too much cash is being left in unproductive capacities.6.按照金融学的观点，资本就是企业购买商品以生产其它商品或提供服务的货币资金。
Capital, in the financial sense, is the money that gives the business the power to buy goods to be used in the production of other goods or the offering of a service.四.1.商业银行应积极开展电话银行转账功能风险评估和分类，依据收款账户的潜在风险高低，相应设置不同的转账额度和次数限制。
A commercial bank shall actively conduct the risk assessment and classification of the telephone banking transfer functions, and set different limits on the transfer amount and times according to the degree of potential risks on the recipient account.2.商业银行相对其他行业属于信息化程度较高的行业，银行数据库里积累了海量的客户信息Commercial banks have gained more information and have large scale of data.3.商业银行的管理人员在分析客户的贷款申请时必须考虑许多因素。
Managers in Commercial banks have to consider many factors in analyzing a customer's loan request.4.除中国银行外，交通银行、农业银行、工商银行、建设银行在城乡也都设立了许多的机构，便于你获得金融服务。
Besides the Bank of China, the Communication Bank, Agricultural Bank, Industrial and Commercial Bank, Construction Bank also have created many branches in a city or town, and that makes easier for you to get financial services.5.定期存款也叫CD，是存款证书的一种类型。
A certificate of deposit, also called a CD, is a type of savings certificate.6.商业银行作为一家金融机构，其业务范围包括：从个人和公司吸收存款；通过提供贷款和其他对客户的财务或生意的运转很重要的金融业务来建立信贷，包括资金转账、支票兑现、银行保管箱等。
A commercial bank is an financial institution established to: accept deposits from individuals and businesses; originate credit by providing loans and offering other financial services essential to the running of a customer's financial or business affairs, including fund transfers, check cashing, safe deposit boxes, etc.六.1.外汇交易市场，也称为"Forex"或"FX"市场，是世界上最大的金融市场，平均每天超过1兆美元的资金在当中周转 -- 相当于美国所有证券市场交易总和的30倍。
The Foreign Exchange Market, called by "Forex" market or FX market, is the biggest financial market in the world with trading volumes surpassing USD 1 trillion average one-day, it is as big as 30 times of stock market.2."外汇交易"是同时买入一对货币组合中的一种货币而卖出另外一种货币。
外汇是以货币对形式交易，例如欧元/美元(EUR/USD)或美元/日元(USD/JPY)。
“Foreign exchange” is to buy one currency and sell another in currency pair at the same time. The trading form of foreign currency is the currency pair, for example EUR/USD OR USD/JPY.3.外汇交易市场是一个24 小时全球交易市场，市场交易每天从悉尼开始，并且随着地球的转动，全球每个金融中心的营业日将依次开始 , 首先是东京，然后伦敦，和纽约。
Foreign exchange market is worldwide market where operating 24 hours a day, the market trading starts from Sydney, turning around the earth , the business day of every financial center in the world will star to trade in turn, then is Tokyo, next is London, and New York.4.外汇交易投资者可以对无论是白天或者晚上发生的经济，社会和政治事件而导致的外汇波动而随时反应。
Investors of FX may make decisions base on the fluctuation of foreign currency price leaded by economics, society and political events no matter happens in day time or night.5.外汇交易市场是一个超柜台 ( OTC ) 或“ 银行内部”交易市场，因为事实上外汇交易是交易双方通过电话或者一个电子交易网络而达成的，外汇交易不象股票和期货交易市场那样，不是集中在某一个交易所里进行的。
The foreign exchange market is Over the Counter (OTC) or interbank market because foreign currency is traded through phone or electronic trading net in fact, the trading of foreign currency does not like stock trade, it is not intensive trading in exchange center.6.在外汇交易中，您会看到一个两边的报价，由买价与卖价组成，买价是在此价格上您拟卖掉基础货币（同时买进相反货币）。
卖价是这个价格，在此价格上您可以买进基准货币时卖掉相反货币。
You will see the price board consisted of bid price and ask price in trading of foreign currency, bid price is the price you sell your base currency (at the same time buyreverse currency). Ask price is the price you buy base currency and sell reverse currency.七.1.企业融资是指企业在发展扩张中筹集所需资金的行为。