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。
金融学第二版讲义大纲及课后习题答案详解第八章
CHAPTER 8VALUATION OF KNOWN CASH FLOWS: BONDSObjectives«To show how to value con tracts and securities that promise a stream of cash flows that areknown with certa inty.«To un dersta nd the shape of the yield curve .«To un dersta nd how bond prices and yields cha nge over time.Outline8.1 Us ing Prese nt Value Formulas to Value Known Cash Flows8.2 The Basic Build ing Blocks: Pure Discou nt Bonds8.3 Coupon Bo nds, Curre nt Yield, and Yield to Maturity8.4 Readi ng Bond Listi ngs8.5 Why Yields for the Same Maturity Differ8.6 The Behavior of Bond Prices over TimeSummary* A cha nge in market in terest rates causes a cha nge in the opposite directi on in the market values of all exist ing con tracts promisi ng fixed payme nts in the future.* The market prices of $1 to be received at every possible date in the future are the basic building blocks for valuing all other streams of known cash flows. These prices are inferred from the observed market prices of traded bonds and the n applied to other streams of known cash flows to value them.* An equivale nt valuati on can be carried out by appl ying a discou nted cash flow formula with a differe nt discou nt rate for each future time period.* Differe nces in the prices of fixed-i ncome securities of a give n maturity arise from differe nces in coup on rates, default risk, tax treatme nt, callability, con vertibility, and other features.* Over time the prices of bonds con verge towards their face value. Before maturity, however, bond prices can fluctuatea great deal as a result of cha nges in market in terest rates.Solutions to Problems at End of ChapterBond Valuation with a Flat Term Structure1. Suppose you want to know the price of a 10-year 7% coupon Treasury bond that pays interest annually. a. You have been told that the yield to maturity is 8%. What is the price?b. What is the price if coupons are paid semiannually, and the yield to maturity is 8% per year?c. Now you have been told that the yield to maturity is 7% per year. What is the price? Could you have guessedthe answer without calculating it? What if coupons are paid semiannually?c. Price = 100. When the coup on rate and yield to maturity are the same, the bond sells at par value (i.e. the price equalsthe face value of the bon d).2. Assume six months ago the US Treasury yield curve was flat at a rate of 4% per year (with annualcompounding) and you bought a 30-year US Treasury bond. Today it is flat at a rate of 5% per year. What rate of return did you earn on your initial investment: a. If the bond was a 4% coupon bond? b. If the bond was a zero coupon bond?c. How do your answer change if compounding is semiannual? SOLUTION: a and b.Coupon = 4% 30 4 ? 100 4 PV =100 Zero coupon30 4 ? 100 0 PV =30.83Step 2: Find prices of the bonds today: Coupon = 4% 29.5 5?100 4 84.74 Zero coupon29.5 5 ? 100 0 23.71Step 3: Find rates of retur n:Rate of retur n = (coup on + cha nge in price)/in itial price4% coupon bond: r = (4 + 84.74 —100)/100 = -0.1126 or —11.26%Zero-coupon bon d: r = (0 + 23.71 —30.83)/30.83 = -0.2309 or -23.09%. Note that the zero-coupon bo nd is more sen sitive to yield cha nges tha n the 4% coup on bond. c.Step 1: Find prices of the bonds six mon ths ago:Coup on=4% 60 2 ?100 2 PV =100 Zero coupon 60 2 ? 100 0 PV =30.48 Step 2: Find prices of the bonds today:Coup on=4% 59 2.5? 100 2 84.66 Zero coupon59 2.5 ?10023.30SOLUTION:a. With coup ons paid once a year:Price = 93.29b. With coup ons paid twice a year:Price = 93.20Step 3: Find rates of retur n:Rate of return = (coupon + change in price) / initial price4% coupon bond: r = (2 + 84.66 -100)/100 = -0.1334 or -13.34%Zero coupon bond: r = (0 + 23.30 - 30.48)/30.48 = -0.2356 or -23.56%. Note that the zero-coupon bond is more sen sitive to yield cha nges tha n the 4% coup on bond.Bond Valuatio n With a Non-Flat Term Structure3. Suppose you observe the following prices for zero-coupon bonds (pure discount bonds) that have no risk of default:a. What should be the price of a 2-year coupon bond that pays a 6% coupon rate, assuming coupon paymentsare made once a year starting one year from now?b. Find the missing entry in the table.c. What should be the yield to maturity of the 2-year coupon bond in Part a?d. Why are your answers to parts b and c of this question different?SOLUTION:a. Present value of first year's cash flow = 6 x .97 = 5.82Prese nt value of sec ond year's cash flow = 106 x .90 = 95.4Total prese nt value = 101.22 b^Th^y^^tomaturityon^^^^arzerocoupo^bon^wrt^pr^eof9^an^facevalu^of1^3i^5^^^^^^^^2 I ? I -90 I 100 I 0 1 i = 5.41%c. The yield to maturity on a 2-year 6% coup on bond with price of 101.22 isd. The two bonds are differe nt because they have differe nt coup on rates. Thus they have differe nt yields to maturity.Coupon Stripping4. You would like to create a 2-year synthetic zero-coupon bond. Assume you are aware of the following information: 1-year zero- coupon bonds are trading for $0.93 per dollar of face value and 2-year 7% coupon bonds (annual payments) are selling at $985.30 (Face value = $1,000).a. What are the two cash flows from the 2-year coupon bond?b. Assume you can purchase the 2-year coupon bond and unbundle the two cash flows and sell them.i. How much will you receive from the sale of the first payment?ii. How much do you need to receive from the sale of the 2-year Treasury strip to break even?SOLUTION:a. $70 at the end of the first year and $1070 at the end of year 2.b. i. I would receive .93 x $70 = $65.10 from the sale of the first payment.ii. To break even, I would need to receive $985.30- $65.10 = $920.20 from the sale of the 2-year strip.The Law of One price and Bond Pricing5. Assume that all of the bonds listed in the following table are the same except for their pattern of promised cash flows over time. Prices are quoted per $1 of face value. Use the information in the table and the Law of One Price to infer the values of the missing entries. Assume that coupon payments are annual.6% 2 years 5.5%0 2 years7% 2 years0 1 year $0.95From Bond 1 and Bond 4, we can get the miss ing en tries for the 2-year zero-coup on bond. We know from bond 1 that:2 21.0092 = 0.06/1.055 +1.06/(1.055) . This is also equal to 0.06/(1+z 1) + 1.06/(1+z 2) where z 1 and Z2 are the yields to maturity on on e-year zero-coup on and two-year zero-coup on bonds respectively. From bond 4 , we have z 1, we can find z2.1.0092 -0.06/1.0526 = 1.06/(1+z 2)2, hence z = 5.51%.To get the price P per $1 face value of the 2-year zero-coup on bond, using the same reasoning:1.0092 -0.06x0.95 = 1.06xP, he nee P = 0.8983To find the entries for bond 3: first find the price, then the yield to maturity. To find the price, we can use z 1 and Z2 found earlier: PV of coupon payment in year 1: 0.07 x 0.95 = 0.0665PV of coupon + pri ncipal payme nts in year 2: 1.07 x 0.8983 =0.9612「otal prese nt value of bond 3 二 1.02772 ? 0.07 -1.0277 1 i = 5.50%Hence the table becomes:6% 2 years $1.0092 5.5%0 2 years $0.8983 5.51%SOLUTION:Bond 1:Bond 4:Bond Features and Bond Valuation6. What effect would adding the following features have on the market price of a similar bond which does not have this feature?a. 10-year bond is callable by the company after 5 years (compare to a 10-year non-callable bond);b. bond is convertible into 10 shares of common stock at any time (compare to a non-convertible bond);c. 10-year bond can be “ put back ” to the company after 3 years at par (puttable boiumipare to a 10year non-puttablebond)d. 25-year bond has tax-exempt coupon paymentsSOLUTION:a. The callable bond would have a lower price tha n the non-callable bond to compe nsate the bon dholders for gra nti ng theissuer the right to call the bon ds.b. The con vertible bond would have a higher price because it gives the bon dholders the right to con vert their bonds intoshares of stock.c. The puttable bond would have a higher price because it gives the bondholders the right to sell their bonds back to the issuerat par.d. The bond with the tax-exempt coup on has a higher price because the bon dholder is exempted from pay ing taxes on thecoup ons. (Coup ons are usually con sidered and taxed as pers onal in come).Inferring the Value of a Bond Guarantee7. Suppose that the yield curve on dollar bonds that are free of the risk of default is flat at 6% per year. A 2-year 10% coupon bond (with annual coupons and $1,000 face value) issued by Dafolto Corporation is rates B, and it is currently trading at a market price of $918. Aside from its risk of default, the Dafolto bond has no other financially significant features. How much should an investor be willing to pay for a guarantee against Dafolto ' s defaulting on this bond?The difference between the price of the bond if it were free of default and its actual price (with risk of default) is the value of a guarantee against default: 1073.3-918 = $155.3The implied Value of a Call Provision and Convertibility8. Suppose that the yield curve on bonds that are free of the risk of default is flat at 5% per year. A 20-year default-free coupon bond (with annual coupons and $1,000 face value) that becomes callable after 10 years is trading at par and has a coupon rate of 5.5%.a. What is the implied value of the call provision?b. A Safeco Corporation bond which is otherwise identical to the callable 5.5% coupon bond describedabove, is also convertible into 10 shares of Safeco stock at any time up to the bond ' s maturity. If its yield to maturity is currently 3.5% per year, what is the implied value of the conversion feature?SOLUTION:a. We have to find the price of the bond if it were only free of the risk of default.The bond is traded at par value, hence the differe nee betwee n the value calculated above and the actual traded value is the implied value of the call provisio n: 1062.3 T000 = $62.3Note that the call provisi on decreases the value of the bond.b. We have to find the price of the Safeco Corporati on:This bond has the same features as the 5.5% default free callable bond described above, plus an additional feature: it is con vertible into stocks. Hence the implied value of the con versi on feature is the differe nee betwee n the values of both bonds: 1284.2-1000 = $284.25. Note that the con version feature in creases the value of the bond.Changes in Interest Rates and Bond Prices9. All else being equal, if interest rates rise along the entire yield curve, you should expect that:i. Bond prices will fallii. Bond prices will riseiii. Prices on long-term bonds will fall more than prices on short-term bonds.iv. Prices on long-term bonds will rise more than prices on short-term bondsa. ii and iv are correctb. We can ' t be certain that prices will changec. Only i is correctd. Only ii is correcte. i and iii are correctSOLUTION:The correct an swer is e.Bond prices are in versely proporti onal to yields hence whe n yields in crease, bond prices fall. Lon g-term bonds are more sen sitive to yield cha nges tha n short-term bon ds.。
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）。
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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 buy reverse currency). Ask price is the price you buy base currency and sell reversecurrency.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。