金融英语课后答案汇总
Part One 1. What are the main roles of banks 答： Although banks share many common features with other profit-seeking business,they play a unique role in the economy through mobilizing savings,allocating capital funds to fiance productive investment,transmitting monetary policy,providing a payment system and transforming risks.
3. According to the revised edition of the Law of the People's Republic of China on the People's Bank of China ,what functions does the PBC perform 答： The PBC 's key functions are to conduct monetary policy, prevent and dissolve financial risks, and maintain financial stability under the leadership of the State Council.
4. Can you give some examples of indirect instruments for implementing monetary policy 答： Indirect instruments as required reserve ratio, interest rate adjustment and open market operations.
9. What is your definition of share and bond 答：Shares are certificates or book entries representing ownership in a corporation or similar are written evidences of debts.
13. What is your definition of “securities” 答：Securities are paper certificates (definitive securities) or electronic records (book-entry securities) evidencing ownership of equity (stock) or debt obligations (bonds).
Part Two 2. What are the objectives of banking supervision First, the key objective of supervision is to maintain stability and public confidence in financial system. The second goal of bank supervisions to ensure that bank operate in a safe and sound manner and that they hold capital and reserve sufficient to cover the risks that may arise in their business. Third, a related goal is to protect depositors’ funds and , if any bank should fail, to minimize the losses to be absorbed by the deposit insurance fund. The fourth goal of bank supervision is to foster an efficient and competition banking system that is responsive to the public need for high quality financial services at reasonable cost. The fifth and final goal of bank supervision is to ensure compliance with banking laws and regulations.
3. What risks might the commercial banks have to face (1)credit risk (2)market risk (3)liquidity risk (4)operational risk (5)legal risk (6)reputation risk
4. What are the implication of credit risk, market risk, liquidity risk and operational risk Credit risk: A major type of risk that banks face is credit risk or the failure of a counterpart to perform according to a contractual arrangement. Market risk: Two specific elements of market risk are foreign exchange risk and interest risk. Banks face a risk of losses in on- and off-balance sheet positions arising from movement in exchange rates. Interest rate risk prefers to the exposure of a bank’s financial condition to adverse movements in interest rates. Liquidity risk: Liquidity risk arises from the inability of a bank to accommodate decreases in liabilities or to fund increases in assets. Operational risk: The most important types of operational risk involve breakdowns in internal controls and corporate governance..
what levels does the Basel Accord set the minimum capital ratio requirements for internationally active banks The Accord sets minimum capital ratio requirements for internationally active banks of 4% tier one capita and 8% total capital (tier one plus tier two) in relation to risk-weighted assets.
Part Three 1. What does foreign exchange include 答：Foreign exchange includes the following means of payments and assets denominated in a foreign currency that can be used for international settlement: ●Foreign currencies, including banknotes and coins; ●Payment vouchers denominated in foreign currency, including negotiable instruments, bank certificates of deposit and certificates of postal savings; ●Securities denominated in foreign currency, including government bonds, corporate bonds and stocks; ●Super-national currencies such as Special Drawing Rights and the Euro; and ●Other assets denominated in foreign currency.
3. What are the requirements for domestic institutions for opening foreign exchange accounts abroad 答：Domestic entities which meet one of the following requirements may apply for opening a foreign exchange account abroad: ●Expecting small amount income during a certain period of time abroad; ●Expecting small amount expenditure during a certain period of time abroad; ●Undertaking overseas construction projects;and issuing securities denominated in foreign currency abroad.
金融英语练习答案 (1)
《金融英语》练习题答案以下答案仅供参考，不应作为唯一的标准答案。
Unit 1 Finance and Your Career1. Answer the following questions based on the text(1)According to Besley and Brigham, the three main areas of finance are financialmarkets, investments, and managerial finance (or business finance).(2)Career opportunities in financial markets include working for financial institutions,such as banks, insurance companies, savings and loan associations, credit unions, mutual funds, investment banks, etc. Career opportunities in investments involve working for stock brokerage firms, financial institutions, investment companies, or insurance companies. Managerial finance offers the greatest number of jobs and mainly deals with decisions that firms make concerning their cash flows.(3)Graduates in finance in China can find jobs in both financial and non-financialareas. Majority of them can and are willing to find jobs in various financialinstitutions including banks, insurance companies, securities firms, etc. They can also work in accounting or auditing firms or in the department of finance invarious enterprises. Job opportunities in international trade, administrativemanagement, human resource management, and even marketing are also available.Some even start their own small businesses.(4)Because finance plays an important role in management. For example, strategicplanning cannot achieve its goals without considering how such plans will affect the overall financial well-being of the firm.(5)It is for the students to answer.2. Translate the following passages into English(1)The analysis on the employment of financial graduates in 2007 showed thatfinancial graduates had chosen the following institutions for their first jobs: a)commercial banks, including the four large-sized state-owned commercial banks, joint-stock commercial banks, city commercial banks, and the representatives or branches of foreign banks in China; b) securities companies, fund management companies, and securities and futures exchanges; c) trust and investmentcompanies, financial investment holding companies, investment consultingcompanies, and large financial companies; d) financial holding groups, the four assets management companies, financial leasing companies, and guaranteecompanies; e) insurance companies and insurance brokerage companies; f)financial regulatory authorities, such as the People’s Bank of China, ChinaBanking Regulatory and Supervisory Commission, China Securities Regulatory and Supervisory Commission, and China Insurance Regulatory and Supervisory Commission; g) policy banks, such as the State Development Bank and theAgricultural Bank of China; h) the social securities fund management centers or bureaus; i) State civil servants in governmental organizations, such as thedepartments of public finance, auditing, and customs; j) faculty of the financial departments of higher educational institutions and researchers in researchinstitutions; k) the securities and financial departments, representatives ofsecurities affairs, and secretaries to chairmen of the boards of listed companies or companies that will be listed soon.(2)At present, the qualification examinations of the financial practitioners in Chinainclude: Securities Practitioners Certificate, Certified International Investment Certificate (CIIA), Chartered Financial Analysis (CFA), Sponsor Qualification Certificate, Futures Practitioners Certificate, Insurance Brokerage and Assessment Practitioners Certificate, Financial Planning Analyst, and the Financial English Certificate Test (FECT).3. Translate the following passages into Chinese(1)当你报名参加注册金融分析师考试时，你就成为一名应试者。
金融英语练习答案
金融英语练习答案:Lesson 1I. 1.need 2.specialization 3.double coincidence of wants 4.exchange rate 5. money6.medium of exchange7. Commodity money such as cornmodity / common standard value9. store of wealth 10.parchasing power 11.Banknotes. 12.Fiduciary money 13.redemption rate 14.Fiat money 15. legal tender 16.fiduciary money 17.paper money 18.price level 19.reserve rax 20. checkII Translation:1.Money mainly serves three functions :a medium of exchange, a standard of value and a store ofwealth.2.The greater the specialization in the division of labor increased ,the more difficult in finding goodsthat have a double coincidence of wants.3.The value of money is reflected by its purchasing power.4.Fiat money is declared legal tender by the government ,meaning that creditors must accept it aspayment for debt.5.The bearers/holders of fiduciary money may require bank to redeem for gold or other valuablecommodity.6.The fractional reserve banking system requires the banks to keep certain reserve ratio.7.The money that most countries in the world use today is fiat money.8.The wide application of fiduciary money reduces that cost of transactions.9.There were several metals which have been used as commodity money in the history, such as iron,copper, gold ,silver and so on.10.The value of fiat money lies in that people believe that it can be exchanged for commodity andservice.Lesson 2:I.1.investors 2.consumoption / saving 3.enterprises 4. savings 5.investment 6.home7.loan 8.deposit 9.uill rise 10.fallII1.The interest rate refers to the ratio of the interest amount to the proceeds deposited and loaned in agiven period.2.Interest is the price of capital; which is like the market price for general commodity .Theoretically ,itis determined by demand and supply.3.China’s interest rate has been adjusted and reformed for several times .Before 1978,the policy ofgradually rising interest rate was adopted.4.The mutual relation of all kinds of interest rate comprises the structure of interest rate. Generally ,theinterest rate of longer tenor is higher than that of shorter tenor in terms of the same kind of interest rate.5.Among various interest rate, the interest rate for deposit is lower that for loan; the interest rate offeredby commercial bank is higher than discount rate offered by the central bank.6.At present ,China’s interest rate system consists of the interest rate of bank, non-bank financialinstitution, portfolio and market.7.The discount rate offered by central bank refers to the discount rate for the instrument held by thecommercial banks. it reflects the redemption rate for the amounts of rediscount instrument.8.Due to free competition ,the demand and supply of currency borrowing and lending tend to bebalanced out through market mechanism .in this case ,the market interest rate is called equilibrium rate.9.The bond interest rate is interest rate paid by the government, banks and corporation for theaccommodation in the form of issuing, securities in domestic or foreign financial markets.10.The interest rate for corporate bond is basically determined by the bond issuing corporation itself, butthe government exercises control by setting the ceiling.Lesson 3:I.1.Firrancial intermediary 2.demard deposit /checking account 3.savings and loan associations, mutual savings bank and credit union. 4.Federal reserve system ernment securities/require that member banks hold reserves equal to some fraction of their deposits. 6.Feder Reserve Board 7.Federal Open market committee 8.reserve requirements 9.the ceiling 10. interest rate level 11.portfolios 12.outstanding loans 13.were deregulated 14.deposit insurance 15.merge with other banks 16. automatic teller machines 17.By pooling funds of many share holders 18.branches 19.The banking holding company 20.financialII1.Federal Reserve System was established in 1914,with its aim to stabilize the banking system. thepower of the Federal Reserve System was enhanced and centralized after the failures of many American banks in the Great Depression. The Arts passed in1980s authorized the Federal Reserve System with the power to regulate all the saving institutions. The main powers of Federal Reserve System were:(1)guide the transactions of open market so to control supply of money by buying and selling government securities,(2)determine the reserve requirements for saving institution (3)setting rediscount rate.2.The banking regulations in Great Depression made bank a trade that closely controlled andpredictable. But the high interest rate in 1970s disturbed the peaceful days of saving institutions. But many banks still couldn’t survive in the transive period of keen competition.Lesson 4:1.as a result of /helped to /by the time2.concerned about/at the outset3.offerd to take/in dollars/departure fromTransaction account is checking account which can write checks on deposits balance. They have three forms, the first one is “Demand Deposit”which banks don’t pay explicit interest; the second one is “ other checkable deposits”, which includes NOW(Negotiable Order of Withdrawal)accounts; the third one is Money Market Deposit accounts. Although banks can’t pay explicit interest on demand deposit, they can pay implicit interest in the form of proving free services. Different from NOW accounts, commercial banks don’t need to maintain reserves, so banks pay higher interest on the NOW accounts. At present, transaction account is the second largest debt form of the commercial banks.Lesson 5I1.as well as 2.in total assets 3.intermediate 4. title 5.an agent 6.Financial instruments 7.pay 8.as par 9.documentary letters of credit 10.prof-of –shipment documents . 11. HedgingII. Translation:Lesson 6I.1.bank 2.discount 3.buyers/sellers 4.short-term 5.borrowing/lending 6.deposits7.brokers 8.loans 9.linked 10.marketII Translation:1.The activities of money market mainly aim at keeping the liquidity of assets so that they can bechanged into cash on demand.2.On one hand, the money market meets the demand for short-term money of borrowers, one the otherhand, it finds a way out for lenders who have temporary excessive money.3.The Financial instruments of money market mainly are short-term treasury bill, commercial bill, bankacceptance, certificate of deposits, the tenors of these instruments range from one day shortest to one year longest.4.The participants of buying and selling short-term assets in the money market are individuals, businessfirms, various financial institutions, and governments. They act either as the provider of funds or as the demander of funds.5.As the intermediary of money market, various financial institutions have different functions inaffecting the demand for and supply of funds in the capital market, because their stress of importance on business if different.6.The commercial banks provide the money market mainly with short-term loans mainly with themoney obtained from deposits and other sources.7.In many countries, commercial banks are in the position of key importance in the money market,while the central bank controls commercial banks by various means so as to control money market. 8.Just as a country can’t be without a government, the money market can’t be without a central bank,whose activities in money market will affect the volume of money and interest rate at any time.9.The inter-bank market refers to the market where financial institutions solve the problem of excessiveor short of money by financing one another.10.With the development of the reform of financial system in our country, the inter-bank markets startedto develop rapidly.Lesson 7I.1.firms 2.inter rate /exchange 3. regional exchange 4.negotiable 5.exchange6.bond7.funds8.outstanding9.brokers 10.dealers.II. Translation:1.According to the situation of various countries, the issuance of government bonds adopts the methodof raising money from public, which can be divided into direct and indirect ones.2.The government bonds outstanding are not all held by individuals, but by the government units,financial institutions and the public commonly.3.The government should keep a stable increase for the issuance of securities, if the market price for thegovernment bonds often fluctuate, the investors will be reluctant to hold the government bonds.4.Corporate bonds are the certificates that the business owes to the public, it is the issuing corporationthat makes a promise to pay certain amount of money plus interest at a fixed date in future.5.The better the credit standing of a company, the longer maturity of the bond is ,but the solvency ofcorporate bonds cannot be compared with that of government, so the longest tenor of corporate bond will not be very long.pared with stock investment, the holders of corporate bonds can only have the interest income asthe fixed reward for the investment, but they can’t share the profit of the corporation like share holders.pared with stocks, corporation bonds have lower risks, but the safety can’t be compared to that ofgovernments bonds, that’s why the return ration is always higher than government bonds.8.With the rapid development of capitalist industry, shareholding corporation system becomesirresistible trend.9.The price of stocks are of substantial fluctuation, which makes investment of stocks very speculative.10.The market price of stocks is subject to the status of operation, allocation of profits, as well as to theeconomical, political social factors that make the price of stocks more volatile.Lesson 8I. 1.foreign 2.activities/lend 3.standing 4.role 5.independent 6.consortium banks7.money 8.bond 9.subsidiary 10.EurocurrencyII. Translation:1.In most countries, commercial banks all establish international department or foreign department inorder to deal in foreign exchange or to raise money for foreign trade.2.Due to the development of international banking business and the establishment of the bank’soverseas network organization, commercial banks of western countries become real multinational banks.3.The international network of the multinational bank includes branch, subsidiary, correspondent,resident representative and so on.4.The activities of the multinational bank through exclusive international network are retail deposit,money market activities, foreign trade financing, corporation loans, foreign trade business, investment business, trust business and so on .5.Because most of the clients of the multinational bank are large corporations and banks, they mainlydeal in retail deposits with few retail loans.6.The multinational banks put surplus money into money market when the demand is low, but raisemoney when demand is on rise.7.The tenor of foreign trade financing is usually short with high return, mostly denominated in thecurrency other that of the country where the bank locates.8.Corporation loans refer to the loans given to private business, state-owned business, especially to themultinational corporation.9.Foreign exchange business includes buying and selling foreign exchange and hedging conducting inforeign exchange market for the clients.10.Investment business refers to the underwriting of international securities and the distribution activities,as well as advisory service for customers and governments in the issue of securities.Lesson 9I.1.short-term 2.medium-term /long-term 3.restrictions 4.deposits 5.absence6.Euro currencies7.borrowers abroad8.entities9.deposits 10. convertibleII. Translation:1.Eurodollar refers to the deposits denominated in US dollar in various banks outside USA andEuropean branches of American banks, as well as the loans obtained by these banks.2.Off-shore money market is concentrated by Eurocurrency market , which is habitually called theEurodollar market, because the currency traded in this market is mainly Eurodollar.3.Eurobanks deal in Eurocurrency business which is strictly separated from domestic banking.4.London in the largest Eurodollar market, engaging in both deposit and loan, with huge volume oftransactions.5.Eurobank’s business usually not subject to local banking rules, such as deposit rate and maturity,therefore, banks can compete freely to attract customers.6.The interest rate for Eurodollar deposit is higher than for US domestic deposit since there is noreserve requirement for Eurodollar deposit nor premium insurance.7.The emergence of Eurodollar is due to the deficit of American balance of payments The accumulationof huge deficit and the outflow of large amount of US dollar resulted in substantial increase of Eurodollar deposits.8.The brokers or dealers of American stock Exchange often borrow Eurodollars from Eurodollarmarket.9.The Eurodollar market is a short-term wholesale market of inter bank, it functions in Europe asproviding banks with liquidity like the federal fund market in USA.10.Banks put the money in the Eurodollar market when the liquidity is excessive and borrow moneywhen the liquidity is in squeeze.Lesson 10I. Part(1)1.the creation of money 2.cooperative /voluntarily 3.external/economic reforms4.the par value system5.on demand6.stable/predictable/disadvantages7.float8.quota subscriptions 9.needy/favorable 10.buying power/importsPart(2)1.subsidize 2. internal 3.bargain 4.peg 5.payments 6.assistance/sufficient7.stabilizing/strengthening 8.repay/repayment period 9.effectively11.lower/export/governmentII. Translation:1.The fund shows great concern over the internal economic policies of its member countries.2.The Fund is a cooperative institution, overseeing/supervising and monitoring the foreign exchangepolicies its member countries.3.The exchange of currency is the center of financial connection/relation among various countries, aswell as a dispensable tool of world trade.4.Due to constant fluctuation of exchange rate for major/leading currency, the dealers of foreignexchange may gain profit or suffer loss.5.The convertibility of currencies facilitates tourism, trade and investment in a worldwide scale.6.By analyzing the wealth and economic status of each member the fund determines the quotasubscription for each member. The richer the country is, the higher quota it Subscribes.7.Since the abandonment of the par value system, the membership of the Fund has agreed to allow eachmember to choose its own method of determine an exchange value for its money.8.Man large industrial nations allow their currencies to float, other countries peg the value of theircurrency to that of a major currency of a group of currencies so that, for example, as the U.S. dollar rises in value their own currencies rise too.9.The source of finance of the Fund mainly comes from the quota subscription of its member countriesat the same time, the Fund also borrows money from member governments or their monetary authorities.10.The Fund lends money according to regulation to the member countries with a payments problem,due to their expenditure in foreign exchange exceeding income.Lesson 11I. Part(1)1.catalyst 2.equity 3. creditworthy 4.reschedule/made 5.carry6.fourfold7.share8.foreign exchange9.attained 10.indexPart(2)1.productivity 2.affiliates 3.self-sustaining 4.call up 5.quota/economic strength6.a third/raised7.politicalitary/political9.enjoined 10.indexII Translation:1.The IBRD has more than 140 member countries, which all subscribe quotas to the bank.2.The IBRD gives loans only to creditworthy borrowing countries for the project that has a high realrates of economic return.3.The IDA gives loans only to poorest countries with a annual GNP per capita lower than $795.Actually, 80% of IDA’s loans are given to the countries with annual per capita GNP lower than $410.4.The IDA gives loans only to the government of the borrowing countries, with maturity of 50 years(repayable over 50 years) with grace period of 10 years, no interest.5.In the past decade, the volume of the IBRD’s loans have increased by fourfold.6.The IBRD has helped to develop agriculture, improve education, increase the output of energy,expand industry, create better urban facilities, promote family planning, extend telecommunications network, modernize transportation systems, improve water supply and sewerage facilities, and establish medical care.7.It’s hard to say that the IBRD’s decisions on loans are not influenced by the political character of theborrowing countries.8.Some of the earliest borrowing countries of the IBRD have graduated from the reliance on the IBRD’sloans, in return they become the provider of the IBRD’s finance source.9.The IBRD and IFC jointly provide funds for many projects.10.The more quota the member country subscribes, the more votes it gains.Lesson 12I . Part(1) 1.foster 2.raise 3.subregional/regional 4.multilateral 5.cost-effective6.evaluation7.weighted8.proportional9.paid in 10.developrnental Part(2) 1.equity 2.private 3.subscriptions 4.installment 5.subscribed6.coordinate7.procurement8.absorb9.pooling 10.bidsII. Translation:1.The purpose of the ADB is to provide fund and technical assistance to its developing membercountries in the Asia-Pacific region and to promote investment and foster economic growth.2.The shortage of capital, lack of skilled labor, poor technology, limited markets and the vagaries ofnature have impeded the economic development of the developing countries.3.The Bank’s Charter provides that the capital owned by the Asia-Pacific member countries should notbe less than 60% of total equity.4.Multilateral institution plays an important role in the economic development.5.The projects for bank financing are identified after strictly evaluated.6.The ADB keeps close working relationship with the United Nations as well as all kinds of specialinstitution.7.Some member countries in Asia-Pacific region voluntarily increase their subscriptions.8.The main subscribers of the ADB have no veto. In practice, decisions are reached by process ofdiscussion rather than by voting.9.The capital structure of the ADB is crucial/vital key to its loan/financing capacity.10.The ADB is authorized to make and guarantee loans to its member countries.Lesson 13I 1. surplus 2.surplus 3.deficit 4.capital 5.demand 6.supply 7.supply/demand8.outstanding 9.demand 10.supplyII. Translation:1.Just as a country’s domestic economy should have a financial record, a country’s authority should alsohave a statistical summery for all the external economic and financial transaction of its residents.2.The content of the balance of payments concept differs in different historical stage.3.In narrow sense, the balance of payments is defined as the receipts and payments arising frominternational trade or receipt and payments in foreign exchange.4.The balance of payments is a kind of statistic statement in the given period, which reflects thetransactions of goods, services and incomers of an economy.5.The statement of balance of payments is a kind of material that statistical financial transactions in thegiven period according to the form stipulated by IMF.6.The items entering into credit includes goods and services provided from abroad and so on.7.The items entering into debit includes goods and services obtained from abroad and so on.8.Receipts and payment arising from international trade is the most important item in current account,which comprise export and import of various commodities. Generally, the export and import of commodities account for the biggest proportion in the international transactions.9.Capital account reflects the changed of a country’s foreign assets and liabilities. The financial assethere doesn’t include monetary gold and Special Drawing Rights.10.In order to alter the deficits of our country’s balance of payments, the government adopts a series ofpolicies and measures, for examples, reduce domestic basis construction, adjust the structure of exporting and importing commodity, improve the environment for foreign investment, lower the exchange rate of our currency to the main currencies in the world, and so on.Lesson 14I .1.strike 2.The exchange rate 3.bank deposits 4.coordinates5.Arbitraggeurs6.discrepancies7.depreciation8.appreciation9.foreign exchange market 10.speculatorsII. Translation:1.It’s vitally important for those who are engaged in international finance to be aware of the tender offoreign exchange market.2.As long as the foreign exchange floats, there always exist the risks of change of foreign exchange rateand interest rate.3.The arbitrageurs make profits by taking advantage rate across markets to buy low and sell high.4.The buyers and sellers come to an agreement of transaction according to the exchange rate of twocurrencies.5. A greater demand for foreign goods and services means a greater demand for foreign exchange.6.The view that the price of us dollar will fall might note be wrong.7.If more people want to exchange pound into US dollar, the change of exchange rate is favorable to USdollar, and unfavorable to pound when the demand exceeds the supply.8.If the supply of certain goods is excessive, the demand for the goods will go down/decline.9.To devaluate a country’s currency can encourage export.10.There are tow ways to express foreign exchange rate.Lesson 15I. Part (1) 1. fluctuate 2.predictable 3.Capital flows 4.manufactured 5.speed6. refinements7.open/bonds/exchange8.devaluation9.nominal10.halvePart(2) 1.devalues 2.priced 3.demand 4.expectations 5.profit 6.fund7.closed 8.reduces 9.real 10.verticalII. Translation:。
金融学原理（英文）第二单元课后答案
⾦融学原理（英⽂）第⼆单元课后答案CHAPTER 2ANSWERS2-1 a. 0 Bonds and term loans are equivalent debt instruments and should have about the same interest rate.b. + Debentures are riskier than mortgage bonds and, hence, wouldrequire a higher interest rate.c. - This would allow bondholders to reap the benefits of a stock priceincrease, so they would accept a lower interest rate.d. (1) + Because the debentures will be subordinated to its bank debt,the debentures will have a higher interest rate.(2) - Because the debentures will be subordinated to the bank debt,the bank debt will have a lower interest rate.(3) 0 The net effect of (1) and (2) is indeterminant.e. + Because income bonds are riskier, they would carry a higher rateof interest.f. (1) - The more of the property that is mortgaged the weaker the claimof the debenture holders. Thus, going from $75 million to $50million of first mortgage debt will strengthen the debenturesand lower their interest rate.(2) - The property will have a smaller mortgage; hence, eachindividual first mortgage bond will be better secured, lessrisky, and have a lower interest rate.(3) 0 Debentures will cost less, as will mortgage bonds, but theaverage cost probably will be about the same--at least, itis not obvious that the cost will be higher or lower. Thisoccurs because the rate on the mortgage bonds is lower thanthat on debentures, but the weights are shifting toward theriskier, higher rate debentures.g. + A call provision increases the risk to the bondholders, so ahigher rate would be required.h. - The sinking fund calls for repayment over the life of the bond.This lowers somewhat the risk of the issue, hence leads to lowerrates.i. + This would raise the interest rate because a lower rating impliesgreater risk.2-2 Safety Rank⽂档收集⾃⽹络，仅⽤于个⼈学习a. Income bond 8b. Subordinated debenture--noncallable 6c. First mortgage bond--no sinking fund 3d. Common stock 9e. U.S. Treasury bond 1f. First mortgage bond--with sinking fund 2g. Subordinated debentures--callable 7h. Amortized term loan 4I. Term loan 52-3 From the corporation's viewpoint, one important factor in establishinga sinking fund is that its own bonds generally have a higher yield thando government bonds; hence, the company saves more interest by retiring its own bonds than it could earn by buying government bonds. This factor causes firms to favor the second procedure. Investors also would prefer the annual retirement procedure if they thought that interest rates were more likely to rise than to fall, but they would prefer the government bond purchases program if they thought rates were likely to fall. Inaddition, bondholders recognize that, under the government bond purchase scheme, each bondholder would be entitled to a given amount of cash from the liquidation of the sinking fund if the firm should go into default, whereas under the annual retirement plan, some of the holders would receivea cash benefit while others would benefit only indirectly from the factthat there would be fewer bonds outstanding.On balance, investors seem to have little reason for choosing one method over the other, while the annual retirement method is clearly more beneficial to the firm. The consequence has been a pronounced trend toward annual retirement and away from the accumulation scheme.2-4 ($ million)Common stock (42 million shares outstandingAt $1 par) = $40 + $2 $ 42 Additional paid-in capital = $120 + $48 168Retained earnings 170Total common stockholders' equity $380⽂档收集⾃⽹络，Total value of the issue = 2 million shares ? $25 = $50 million Added to Common stock account = 2 million shares ? $1 par = $2 millionAdded to Additional paid-in capital account = $50 million - $2 million= $48 million2-5 a. The average investor in a listed firm is not really interested in maintaining his or her proportionate share of ownership and control.An investor could increase ownership by simply buying more stock onthe open market. Consequently, most investors are not concerned withwhether new shares are sold directly (at about market prices) orthrough rights offerings. However, if a rights offering is being usedto effect a stock split, or if it is being used to reduce theunderwriting cost of an issue (by substantial underpricing), thepreemptive right might well be beneficial to the firm and itsstockholders.b. Clearly, the preemptive right is important to the stockholders ofclosely-held firms whose owners are interested in maintaining theirrelative control positions.2-6 Preferred stock can be classified only when the one doing the classifica-tion is considered. From the standpoint of the firm, preferred stock is like equity in that it cannot force the firm into bankruptcy, but it is like debt in that it causes fluctuations in earnings available to the common stockholders. Consequently, if the firm is concerned primarily with survival, it probably would classify preferred stock as equity. However, if there is essentially no danger of bankruptcy, management would view preferred stock as simply another fixed charge security and treat it internally as debt. Equity investors would have a similar viewpoint, and in general they should treat preferred stock in much the same manner as debt. For creditors, the position is reversed. They take preference over preferred stockholders, and the preferred issues act as a cushion. Conse-quently, a bond analyst probably would want to treat preferred as equity.Obviously, in all these applications, there would have to be some qualifi-cations; in a strict sense, preferred stock is neither debt nor equity, but a hybrid.2-7 When the price of its stock is temporarily depressed and a firm wishes to raise funds via an equity issue, the company’s investment banker probably will recommend convertible debt be issued. The firm can use convertible bonds if it is believed that the price of the stock will rise sufficiently in the future to make conversion attractive. Then, if conversion takes place when the stock price is higher, the firm will have essentially issued its stock at a price higher than existed when the convertible bond was issued.2-8 The convertible bond has an expected return that consists of an interest yield (9 percent) plus an expected capital gain. We know the expectedcapital gain must be at least 3 percent, because the total expected returnon the convertible must be at least equal to that on the nonconvertiblebond, 12 percent. In all likelihood, the expected return on the conver-tible would be higher than that on the straight bond, because a capitalgains yield is riskier than an interest yield. The convertible would,therefore, probably be regarded as being riskier than the straight bond.However, the convertible, with its interest yield, probably would beregarded as being less risky than common stock.────────────────────────────────────────────────────────SOLUTIONS2-1 a. Most firms have a continuing need for long-term debt to finance operations (at least as long as they are still in business). It would make sense fora firm to issue bonds like the Canadian bonds. If you think about it, themost significant difference between a 30—year bond and a perpetual bondthat is callable is that there is a refinancing requirement for the regularbond at the end of 30 years. This refinancing requirement probably willchange the cost of the bond, because refinancing takes place at existingThe default risk will be negligible for each bond. The interest rate risk, however, will be greatest for the bond with the longest term to maturity.As a result, the perpetual bonds’ interest rate risk will be greaterthan for the 5-year bond (which will have the lowest interest rate risk)and the 50-year bond. Because the Canadian bond will be called onlyif interest rates decline, it is considered the riskiest, and thus willhave the highest expected interest rate. The order of the expectedinterest rate from lowest to highest would be:5-year bond50-year bondregular perpetual bondCanadian perpetual bondProbably not. If rates had dropped so that bonds with a coupon rate equal to 3 percent could besold, the Canadian government probably would have issued the 3-percent bonds to replace themore expensive bonds.If the information bondholders used to reach their conclusion that the bonds would be called wasunfounded, then there should be no reason to expect the Canadian government to foot the bill forinvestors’mistakes. At the same time, some might argue that the Canadian government has amoral obligation to ensure that any false information that it knows about is not passed on toinvestors. If the Canadian government originally sold the bonds to na?ve investors and hadsomehow led them to think that the bonds would be called, the fairness might indicate thatretirement is appropriate. But, if you think about it, the original investors probably sold the bondsmany years ago, so there no longer would be such an obligation to them. Educated investors shouldknow that the government would not call the bonds when the interest rates were so high--in effect,the government would be wasting constituents’ money.2-2 a. Number of zeros = Amount needed/Price per bond= $4,500,000/$567.447,931 bonds.b. In five years, Filkins will have to repay $4.5 million when the bondmatures. But, because the debt is a zero-coupon bond, there will nointerest payments in the meantime. Thus, the annual debt service costsare $0.2-3 a. Balance sheets:Meyer Balance Sheet ($ thousands):Debt $400Total liabilitiesTotal assets $600 and equity $600Debt $200Equity 400 Total liabilities Total assets $600 and equity $600b. purchase the new machine. Therefore, because the stock issue increased the number of existing shares by 20 percent, the number of shares Haugen had outstanding before the issue was Thus, the number of shares that are outstanding after the stock issue equal 24,000.c.Income Statement for Meyer Manufacturing ($ thousands):ΔEBIT $100.0 ΔInterest = $200 ? 0.08 ( 16.0) ΔEarnings before taxes 84.0 ΔTaxes (40%) ( 33.6) ΔNet income (earnings available to pay to common stockholders) $ 50.4 ΔEBIT $100.0ΔInterest = $0 ? 0.08 ( 0.0) ΔEarnings before taxes 100.0 ΔTaxes (40%) ( 40.0) ΔNet income (earnings available to pay to common stockholders $ 60.0 d.Meyer issued bonds, not stock, so it of common stock outstanding. Therefore, Meyer ’s earnings per share, EPS, is Haugen issued stock and its shares outstanding increased to 24,000. Therefore, Haugen ’s earnings per share, EPS, is If we use the EPS to evaluate both companies, we would conclude Meyer ’s decision to issue debt was better than Haugen ’s decision to issue stock. We will discuss this concept further in later chapters in the book.2-4 a.The conversion price simply is the face (par) value of the bond divided by the conversion ratio--the conversion price for this issue is $1,000/25 = $40. Therefore, it would be beneficial for investors to convert their bonds into common stock when the price of the stock is greater than $40 per share.b.The conversion feature would add some flexibility to the bonds as an investment. Investors might find it attractive to buy the bonds because they can later decide whether they prefer to remain bondholders or to convert and become stockholders.2-5 a.Cox Computer Company Balance Sheet: Alternative 1:Short-term debt $ 25,000Long-term debt 25,000Common stock, par $1 75,000*Paid-in capital 225,000* Retained earnings 25,000 Total liabilities Total assets $375,000 and equity $375,000⽂档收集⾃⽹*At $10 per share, $250,000/$10 = 25,000 shares would have to be soldto raise the $250,000. Therefore, at $1 par value, the Common stockaccount will increase by $1 ? 25,000 = $25,000, and the remaining$225,000 is Paid-in capital. Because $150,000 is used to pay some ofthe bank debt, assets increase by only $100,000. Total sharesoutstanding after the issue: 75,000 = 50,000 + 25,000.Alternative 2:Long-term debt 25,000Common stock, par $1 70,000*Paid-in capital 230,000*Retained earnings 25,000Total liabilitiesTotal assets $ 375,000 and equity $ 375,000⽂档收*To raise $250,000, the firm would have to sell $250,000/$1,000 = 250 bonds. Each bond is convertible into 80 shares of common stock; thus,conversion will increase the number of shares outstanding by 20,000.Therefore, at $1 par value, the Common stock account will increaseby $1 20,000 = $20,000, and the remaining $230,000 is Paid-in capital.Total shares outstanding after the conversion: 70,000 = 50,000 +20,000.Alternative 3:Short-term debt $ 25,000Long-term debt 275,000Common stock, par $1 50,000Retained earnings 25,000Total liabilitiesTotal assets $ 375,000 and equity $ 375,000⽂档收b. Original Plan 1 Plan 2 Plan 3________ _______ ______________Number of CharlesCox's shares 40,000 40,000 40,00040,000Total shares 50,000 75,000 70,00050,000Percent ownership 80% 53% 57% 80%c. Original Plan 1 Plan 2 Plan 3________ ________ ________ __________Total assets $275,000 $375,000 $375,000 $375,000EBIT $ 55,000 $ 75,000 $ 75,000 $ 75,000Interest* ( 17,500) ( 2,500) ( 2,500) ( 32,500)EBT $ 37,500 $ 72,500 $ 72,500 $ 42,500Taxes (40%) ( 15,000) ( 29,000) ( 29,000) ( 17,000)Net income $ 22,500 $ 43,500 $ 43,500 $ 25,500⽂档Number of shares 50,000 75,000 70,000 50,000Earnings per share $0.45 $0.58 $0.62 $0.51⽂档个⼈收集整理勿做商业⽤途*Both the bank loans and the long-term debt require interestpayments; the amount of short-term debt that is not a bank loandoes not require interest payments. Before new financing isobtained, the amount of the bank loan is $150,000 and the amountof long-term debt is $25,000--at 10 percent, the total interestis ($150,000 + $25,000) ? 0.10 = $17,500. The financing planseliminate the bank loans, so the interest payment for each planis: (1) Alternative 1 has $25,000 long-term debt with interestpayments equal to $2,500; (2) Alternative 2 has $25,000 long-termdebt with interest payments equal to $2,500; and, (3) Alternative3 has $275,000 long-term debt with interest payments equal to($25,000 ? 0.10) + ($250,000 ? 0.12) = $$32,500.Each alternative permits Charles Cox to maintain control of thefirm (more than 50 percent ownership). In addition, eachalternative results in an increase in EPS. But, becauseAlternative 2 results in the greatest increase in EPS, it wouldbe preferred.2-6 a. Book value per share = ($364,000 + $336,000)/20,000 = $35.00 Total amount of issue = 10,000 ?$32.55 = $325,500 Book value after issue = ($364,000 + $336,000) + $325,500= $1,025,500Book value per share = $1,025,500/30,000 = $34.182-7 a. If P0 = $18, the option is exercised, and the stock is sold immediately, the gain would be ($18 - $15) ?100 = $300. Therefore,it would be beneficial to exercise the option.b. If P0 = $13, the option is exercised, and the stock is soldimmediately, the loss would be ($13 - $15) ?100 = -$200. Therefore,it would not be beneficial to exercise the option.c. The answers in part (a) and part (b) would be reversed if theoption was a put with the same exercise price:If P0 = $18, the put option is exercised, and the stock is soldimmediately, the loss would be ($15 - $18) ? 100 = -$300. Theoption holder would have to buy the stock at $18 per share toexercise the put and sell the stock at $15 to the option writer.Therefore, it would not be beneficial to exercise the option.If P0 = $13, the put option is exercised, and the stock is soldimmediately, the gain would be ($15 - $13) ?100 = $200. In thiscase, the option holder would be able to buy the stock at $13per share and then sell it to the option writer at $15 byexercising the option. Therefore, it would be beneficial toexercise the option.2-8 a. Today, the amount Fibertech has to pay today is known with certainty because the current exchange rate is known. In otherwords, if Fibertech decides to pay the bill today, it needs$4,215,000 to purchase 7,500,000 deutschemarks. However, ifFibertech waits to pay the bill when it is due in 90 days, theexchange rate might be different and thus the company mighthave to pay more than $4,215,000 to purchase the 7,500,000deutschemarks (it also might be able to pay less). The primaryadvantage to waiting to pay the bill is that Fibertech can usethe funds for other purposes. In addition, it can avoid thehigh cost of borrowing funds to pay the bill today.b. Cost to Fibertech = 7,500,000 ?$0.567 = $4,252,500 in 90 dayswhen the bill is due.c. At $0.60 per mark, the cost to purchase the neededdeutschemarks would be:7,500,000 ? $0.60 = $4,500,000At $0.54 per mark, the cost to purchase the neededdeutschemarks would be:7,500,000 ? $0.54 = $4,050,000d. The primary benefit Fibertech would receive by entering afutures contract is that it would be able to “lock in” todaythe price of the deutschemarks needed in 90 days. For example,if the futures contract in part (b) was entered, then Fibertechknow it needs $4,252,500 in 90 days to pay the debt it owesthe German manufacturer, regardless of what the actualexchange rate is at that time--the futures contract has “lockedin” the price today.2-9 The solution is given in the Instructor’s Manual, Solutions to Integrative Problems.版权申明本⽂部分内容，包括⽂字、图⽚、以及设计等在⽹上搜集整理。
金融英语阅读教程课后练习题含答案
金融英语阅读教程课后练习题含答案学习金融英语是一个不断提高自己的过程，需要我们不断阅读、理解并练习。
本文将为大家提供几道关于金融英语阅读的课后练习题，希望大家可以通过这些题目进一步掌握金融英语的核心概念。
练习题1.Which of the following describes a bear market in finance?• A. High stock prices• B. Low stock prices• C. Consistently steady stock prices2.What is the definition of a bond?• A. A type of stock• B. An investment that represents a loan made by an investor to a borrower• C. A type of currency3.What is the role of a stockbroker?• A. They lend money to individuals or businesses• B. They help investors buy and sell stocks and other securities• C. They are responsible for printing and distributing financial statements to investors4.What is the difference between a stock and a mutual fund?• A. A stock represents ownership in a single company; a mutual fund is a collection of stocks and other investments• B. A stock is a type of bond; a mutual fund is a type of stock• C. A stock is a type of currency; a mutual fund is a type of commodity5.What is the purpose of the Department of the Treasury?• A. To regulate the stock market• B. To collect taxes and manage government finances• C. To oversee the Federal Reserve答案1.B. A bear market is characterized by a drop in stock pricesover a sustned period of time.2.B. A bond is a debt security that represents a loan made byan investor to a borrower, typically a corporate or government entity.3.B. Stockbrokers help investors buy and sell stocks, bonds,and other securities. They also provide advice and research to help clients make informed investment decisions.4.A. Stocks represent ownership of a single company, whilemutual funds are a collection of investments, including stocks.5.B. The Department of the Treasury is responsible forcollecting taxes and managing the finances of the federalgovernment. They also oversee the production of currency andmanage the national debt.总结以上是几道关于金融英语阅读的练习题及其答案。
金融英语阅读教程第四版课后练习答案
金融英语阅读教程第四版课后练习答案1、The relationship between employers and employees has been studied（）. [单选题] *A. originallyB. extremelyC. violentlyD. intensively(正确答案)2、64．Would you like to drink ________？[单选题] *A．something else(正确答案)B．anything elseC．else somethingD．else anything3、A brown bear escaped from the zoo, which was a（）to everyone in the town. [单选题] *A. HarmB. violenceC. hurtD. threat(正确答案)4、—Is this ______ football, boy? —No, it is not ______.（）[单选题] *A. yours; myB. your; mine(正确答案)C. your; meD. yours; mine5、Don’t _______. He is OK. [单选题] *A. worry(正确答案)B. worried aboutC. worry aboutD. worried6、I arrived _____ the city _____ 9:00 am _______ April [单选题] *A. at, in, atB. to, on, atC. in, or, atD. in, at, on(正确答案)7、Mary _____ be in Paris. I saw her just now on campus. [单选题] *A. mustn'tB. can't(正确答案)C. need notD. may not8、We haven't heard from him so far. [单选题] *A. 到目前为止(正确答案)B. 一直C. 这么远D. 这么久9、Mr. White likes to live in a _______ place. [单选题] *A. quiteB. quiet(正确答案)C. quickD. quietly10、—What were you doing when the rainstorm came?—I ______ in the library with Jane. （）[单选题] *A. readB. am readingC. will readD. was reading(正确答案)11、24．Kitty’s father ______ a policeman since 2 He loves helping people. [单选题] *A．isB．wasC．has been (正确答案)D．have been12、Every year Carl _______ most of his time swimming, camping and traveling with his parents. [单选题] *A. is spendingB. spentC. will spendD. spends(正确答案)13、I am so excited to receive a _______ from my husband on my birthday. [单选题] *A. present(正确答案)B. percentC. parentD. peace14、He _______ getting up early. [单选题] *A. used toB. is used to(正确答案)C. is usedD. is used for15、Yesterday I _______ a book.It was very interesting. [单选题] *A. lookedB. read(正确答案)C. watchedD. saw16、The green shorts are _______ sale for ＄[单选题] *A. forB. on(正确答案)C. atD. with17、25．A watch is important in our life. It is used for ______ the time. [单选题] * A．telling (正确答案)C．speakingD．holding18、76．AC Milan has confirmed that the England star David Beckham （）the team soon. [单选题] *A. has rejoinedB. was going to rejoinC. rejoinedD. is to rejoin(正确答案)19、Your homework must_______ tomorrow. [单选题] *A. hand inB. is handed inC. hands inD. be handed in(正确答案)20、The children ______ visiting the museum. [单选题] *A. look overB. look forward to(正确答案)C. look for21、These plastics flowers look so_____that many people think they are real. [单选题] *A.beautifulB.artificialC.natural(正确答案)D.similar22、41．—________ do you take?—Small, please. [单选题] *A．What size(正确答案)B．What colourC．How manyD．How much23、Just use this room for the time being ,and we’ll offer you a larger one _______it becomes available [单选题] *A. as soon as(正确答案)B unless .C as far asD until24、Mrs. Green has given us some _______ on how to study English well. [单选题] *A. practiceB. newsC. messagesD. suggestions(正确答案)25、Jim, we have _______ important to tell you right now . [单选题] *A. someB. something(正确答案)C. anyD. anything26、I think _______ is nothing wrong with my car. [单选题] *A. thatB. hereC. there(正确答案)D. where27、Which animal do you like _______, a cat, a dog or a bird? [单选题] *A. very muchB. best(正确答案)C. betterD. well28、Nuclear science should be developed to benefit the people_____harm them. [单选题] *A.more thanB.other thanC.rather than(正确答案)D.better than29、Many children have to _______ their parents. [单选题] *A. divide intoB. put onC. depend on(正确答案)D. take on30、The commander said that two _____ would be sent to the Iraqi front line the next day. [单选题] *A. women's doctorB. women doctorsC. women's doctorsD. women doctor(正确答案)。
（新英文）“国际金融”课后计算题答案
（新英文）“国际金融”课后计算题答案Chapter 1：9. Net debtor nation of the amount $25 billion.10. a. Merchandise trade balance, $75 billion deficit. Services balance, $60 billion surplus. Goods and services balance, $15 billion deficit. Investment income balance, $5 billion surplus. Unilateral transfers balance, $20 billion deficit. Current account balance, $30 billion deficit.b. Current account. The current account deficit implies that the United States is anet-demander of funds from the rest of the world.11. a-debit; b-credit; c-credit; d-debit; e-debit; f-debit; g-credit; h-debit; i-debit.Chapter 2：1. An arbitrager could purchase 3 francs with $1, purchase 6 schilling with 3 francs, and sell 6schilling for $1.50. Ignoring transaction costs, the arbitrager realizes a $0.50 profit on the transactions.2. a. The U.S. speculator should sell francs today for delivery in 3 months at today'sforward rate of the franc, which equals $0.50.b. After 3 months, if the franc's spot rate is $0.40, the speculator can purchase francsat the price of $0.40 each and deliver them for the previously contracted rate of$0.50 per franc; the speculator realizes a profit of $0.10 on each franc which theforward contract specifies. If the franc's spot rate after 3 months is $0.60, thespeculator must purchase francs at a price of $0.60 per franc and resell them at aprice of $0.50 per franc; the speculator would suffer losses of $0.10 on each francspecified in the forward contract. If the franc's spot rate after 3 months is $0.50,the speculator realizes neither a profit nor a loss on the transaction.3. a. The U.S. importer can cover her foreign exchange risk by purchasing 20,000 poundsfor three-month delivery at today's three-month forward rate of $1.75 per pound.The importer is willing to pay 5 cents more per pound than today's spot rate toguard against the possibility that the spot rate in three months will exceed $1.70 perpound. In three months, when her payments are due, the importer will pay$35,000 and get the 20,000 pounds needed for payment, irrespective of what thepound's spot rate is at that time.b. If the spot rate of the pound in three months is $1.80 per pound, and the U.S.importer does not obtain forward cover, she must pay $36,000 for the 20,000pounds; this amount exceeds by $1000 the cost of the pounds she incurs byhedging.4. a. 1.7090, 1.7105, 1.7084, 1.7099, 1.7081, 1.7096, 1.7090, 1.7103.b. $0.5851 per franc, $1.7090 francs per dollar.c. Depreciated, appreciated.d. $58.51, 170.9 francs.e. The 30-day forward franc was at a premium of $.0002 which equals 0.4 percent onan annual basis. The 90-day forward franc was at a premium of $.0003 whichequals 0.2 percent on an annual basis.5. Arbitragers will buy pounds in New York, at $1.69 per pound, and sell pounds in London, at$1.71 per pound, thus making a profit of 2 cents on each pound. As pounds are bought in New York, their prices rises; as pounds are sold in London, their price falls. When the dollar price of the pound equalizes in the financial centers, the profitability of arbitrage ceases and the practice stops.6. a. The U.S. investor would purchase pounds on the spot market at $2 per pound, anduse the pounds to buy U.K. treasury bills in London; he would earn 4 percentannually more than he would if he had purchased U.S. treasury bills in New York.b. Yes, by 0.5 percent.7. a. $1.50 per pound. 30 pounds are purchased at a cost of $45.b. Excess supply, 20 pounds. Dollar price of the pound decreases, decrease, increase.c. E xcess demand, 20 pounds. Dollar price of the pound increases, increase, decrease.Chapter 3：1. a. - 2 percent in the U.S., 2 percent in the U.K.b. Investment would flow from the U.S. to the U.K.c. T he dollar would depreciate against the pound.2. The dollar's exchange rate will:a. Depreciateb. Appreciatec. Appreciated. Appreciatee. Depreciatef. Depreciateg. Appreciate3. a. Dollar depreciates by 10 percent, to approximately $0.55 per franc.b. Dollar appreciates by 10 percent, to approximately $0.45 per franc.c. Dollar appreciates by 15 percent, to approximately $0.43 per franc.d. Dollar depreciates by 5 percent, to approximately $0.53 per franc.4. In the short run, changes in exchange rates are caused by relative interest rates and expectedchanges in exchange rates.5.More expensive, less expensive, increased, decreased7. a. Falseb. Truec. TrueChapter 5：1. a. Export quantity 1000Export price $3000Export receipts $3 millionImport quantity 150Import price $20,000Import payments $3 millionTrade balance $0b. The dollar depreciation improves (worsens) the U.S. trade balance when the sum ofthe export-demand elasticity and the import-demand elasticity are greater (less)than 1.0.c. Because the sum of the export-demand elasticity and the import-demand elasticityare less than 1.0, the U.S. trade balance will worsen.3. The 50 percent dollar appreciation results in a less-than 50 percent increase in the firm'sproduction cost in terms of the peso.7. The 50 percent dollar appreciation results in a 50 percent increase in the firm's production costin terms of the peso.。
新编金融英语教程课后答案刘亮答案
新编金融英语教程课后答案刘亮答案1、What did you _______ at the meeting yesterday? [单选题] *A. speakB. tellC. say(正确答案)D. talk2、It was difficult to guess what her_____to the news would be. [单选题] *A.impressionmentC.reaction(正确答案)D.opinion3、I arrived _____ the city _____ 9:00 am _______ April [单选题] *A. at, in, atB. to, on, atC. in, or, atD. in, at, on(正确答案)4、4．—Let's fly a kite when you are ________ at the weekend.—Good idea. [单选题] *A．warmB．kindC．smallD．free(正确答案)5、The street was named _____ George Washington who led the American war for independence. [单选题] *A. fromB. withC. asD. after(正确答案)6、I hadn't realized she was my former teacher _____ she spoke [单选题] *A. asB. sinceC. until(正确答案)D. while7、If it _______ tomorrow, I won’t go there. [单选题] *A. rains(正确答案)B. is rainingC. will rainD. would rain8、You should take the medicine after you read the _______. [单选题] *A. linesB. wordsC. instructions(正确答案)D. suggestions9、While my mother _______ the supper, my father came back. [单选题] *A. cooksB. is cookingC. was cooking(正确答案)D. has cooked10、Tom will _______ me a gift from Japan. [单选题] *A. takeB. getC. carryD. bring(正确答案)11、If people _____ overanxious about remembering something, they will forget it. [单选题] *A. will beB. would beC. wereD. are(正确答案)12、I paint a lot of pictures. [单选题] *A. 评论B. 注意C. 悬挂D. 画(正确答案)13、Words are windows（）you can look into the past. [单选题] *A. through which(正确答案)B. through thatC. whichD. whose14、It seems slow for children to become _____ ,while adults often feel time flies. [单选题] *A. growns-upsB. growns-upC. grown upsD. grown-ups(正确答案)15、We _______ swim every day in summer when we were young. [单选题] *A. use toB. are used toC. were used toD. used to(正确答案)16、It’s raining heavily outside. Don’t leave _______ it stops. [单选题] *A. whileB. sinceC. until(正确答案)D. when17、The children are playing wildly and making a lot of?_______. [单选题] *A. cryB. voicesC. noises(正确答案)D. music18、We _____ three major snowstorms so far this winter. [单选题] *A.hadB. haveC. have had(正确答案)D.had had19、His sister ______ the chess club.（）[单选题] *A. want to joinB. want joiningC. wants to join(正确答案)D. wants joining20、I hope to see you again _______. [单选题] *A. long long agoB. long beforeC. before long(正确答案)D. long21、I walked too much yesterday and （）are still aching now. [单选题] *A. my leg's musclesB. my leg muscles(正确答案)C. my muscles' of legD. my legs' muscles22、42．—________ meat do you want?—Half a kilo. [单选题] * A．How much(正确答案)B．How manyC．WhatD．Which23、Stephanie _______ going shopping to staying at home. [单选题] *A. prefers(正确答案)B. likesC. preferD. instead24、This is the news _______ you want to know. [单选题] *A. that(正确答案)B. whatC. whenD. who25、My friends will _______ me at the airport when I arrive in London. [单选题] *A. takeB. meet(正确答案)C. receiveD. have26、Tom’s sister is a nurse. I met _______ in the street yesterday . [单选题] *A. sheB. hersC. himD. her(正确答案)27、In 2019 we moved to Boston,（）my grandparents are living. [单选题] *A. whoB. whenC. where(正确答案)D. for which28、I should like to rent a house which is modern, comfortable and _____, in a quiet neighborhood. [单选题] *A.in allB. after allC. above all(正确答案)D. over all29、_______ is on September the tenth. [单选题] *A. Children’s DayB. Teachers’Day(正确答案)C. Women’s DayD. Mother’s Day30、——Can you come on Monday or Tuesday? ——Im afraid（）of them is possible. [单选题] *A.neither(正确答案)B. eitherC. noneD.both。
金融学原理(英文版)课后翻译及答案
1．答案可以不一样．答案示例：共产主义制度与亚当斯密的看不见得手是完全相反的.但是最近我们已经注意到了世界范围内许多共产主义国家的失败.在共产主义国家里,据信政府可以做出与私人相比更好的决策去推动经济的繁荣.但是很明显,这种制度没能推动经济的繁荣.亚当斯密认为，完全竞争的市场体制(而不是政府) 一般而言可以更好得配置资源从而推动经济的繁荣.但是,一个完全没有束缚的资本主义社会比如18世纪晚期的西方世界国家可能并不是一个完美的体制.看不见的手使富人更富同时穷人却得不到任何正式的帮助,于是政府计划最终建立了起来促进社会福利和公平.2．在资本主义社会,价格机制有利于做出正确的资源配置决策.资本流向那些能利用它获得最高回报率的部门.从而这样把资本分配到生产率最高的用处,借以增进社会经济的繁荣.而且,金融体系有自己的市场和调解机构,它们可以把风险从最不愿意承担的人那里转移到最愿意承担风险的人那里.一般而言,这将使社会受益而不会有任何的代价.并且,通过允许私人减少或者消除风险,可以形成一个承担商业冒险的社会氛围,这将使社会受益.3．清算和支付:在亚当斯密的时代,正如现在一样有纸币和硬币.但是,由于技术革新(主要是电脑技术的应用与发展)现在有许多其它不同形式的支付手段,例如个人支票,信用卡,资金的借方卡以及电子转帐.而且,某些信用卡和旅行支票在世界上的任何地方都可以被受理,使货币兑换成为过去的一种遗留物.聚集资源和分散股权:在亚当斯密的时代,大部分商业贸易规模都很小,并且由独资企业投资.因此,聚集资源进行大规模投资的需求不像今天这样普遍和重要.而且,电脑和电话技术的革命把全球的资本市场联系起来为更大规模的贸易融资.今天这些公司能进入全世界范围巨大的资产并且找到为大规模工程投资的最便宜的资源转移经济资源：在当代，世界范围内的金融体系使资源和风险及时的从一个人转移到另一个人，从一个地方转移到另一个地方变得更加容易.而在亚当斯密的时代,尽管有金融市场,但是作用有限, 与今天的相比它们都是区域性的,规模小,缺乏效率和创新.风险管理:在亚当斯密的时代,私人和商业都会面对许多与今天相同的风险(财产损毁的风险,金融损失的风险,粮食歉收风险等等)但是,过去只有有限的方法去化解风险.那时虽然有一些保险公司,但主要是管理商业风险而非个人风险,因此也就没有同类型保险去管理个人风险.比如,失业保险.在亚当斯密的时代,农场主几乎没有办法去降低粮食歉收以及粮食价格降低的风险.现在有大量的市场和部门去化解个人及商业风险,还有大量的网络保险公司去把风险从那些想减少的人那里转移到那些想承担更多风险的人那里.价格信息:在亚当斯密的时代,信息传播的速度很慢.当然,那时没有电话,电视和收音机等工具.信息只能通过报纸和信件进行传播.现在,信息可以在世界范围内及时传播.由于电脑和电话技术的发展和创新,安全的价格信息同时在世界范围内通过各种虚拟的途径获得.激励问题:正如上面所讨论的,当代的金融体系是大规模,创新和全球性的.在亚当斯密的时代,如果出现道德风险和逆向选择问题就没有像今天这样高效的金融体系去处理.4. 亚当斯密谈论的自由竞争市场作为一个完整的体系可以把资本分配到使用效率最高和最有价值的地方.在一个自由竞争的股票市场,股票的价格是由供给和需求决定的.那些得到最高回报的公司将会得到最高的价格(或者是最便宜的金融资本).而一些公司将得不到足够的资本因为他们是没有效率的.由于世界范围内的合意投资是巨大的以及有时对于投资者而言很难识别哪个公司是资本最有效率的雇佣者,因此规则应该被制定出来以保证相关的和合乎标准的信息传递给潜在的投资者.这将包括公开和内部的交易以及股票操作方面的规则.但是从市场效率方面而言,一些其它形式的市场规则可能就不是那末重要甚至将有碍整个社会福利的实现.5. 由于大部分学生现在还不能挣钱,也没有积蓄或其它的资本,所以没有哪个中间人会在任何合意的利率水平上承担这样的信用风险.6例如：医药公司；儿童安全设备生产公司；航空公司；银行；医院；环保咨询公司；危险性垃圾处理公司7 我用自己的钱投资的20000美元是（企业主的）股本，其他的80000美元是负债。
金融英语quiz答案(展示版)
I、II、名词互译1．Discharge of debts清偿债务2．A means of payment支付方式3．Standard of value价值尺度4．Conincidence of wants需求吻合5．Legal tender法定货币6．National income国民收入7．Nominal demand名义需求8．Human capital人力资本9．Consumer Price Index消费价格指数10．Price relatives价格相对数11．Compound interest复利12．Comsumption credit消费信贷13．Treasury note中期债券14．Commercial paper商业票据15．Repurchase agreement回购协议16．Institutional banking机构银行业务17．Residental mortgage lending住房抵押贷款18．Consumer installment loan分期消费贷款19．Corporate restructuring公司重组20．Secured loan抵押贷款21．Open market operation公开市场操作22．Reserve requirement法定存款准备金率23．Target rate目标利率24．Floating interest rate浮动利率25．Bid-ask spread买卖差价1.支票清算check clearing2.撤资divestiture3.助学贷款student loan4.消费支出consumer spending5.商业银行commercial bank6.政策目标policy goal7.中央银行central bank8.不兑现纸币fiat money9.货币基数monetary base10.个人银行业务individual banking11.金融市场financial market12.直接融资direct financing13.长期信贷long-term credit14.银行承兑banker’s acceptance15.规模经济scale economy16.国民总产出national output17.实物资本physical capital18.工业产品指数Producer Price Index19.复利compound interest20.收入分配distribution of income21.交换媒介medium of exchange22.银行存款bank deposits23.延迟支付deferred payment24.专业化分工specialization25.物物交换barterIII、请简要回答下列问题(仅供参考) 1.what are the major functions of money? Give some examples to show the each function of money.Answer: Standard of value, medium ofexchange, store of value and standard of deferred payments.2.what are the effects of inflation and deflation on business?Answer: The effects of inflation: Profit illusion at initial stage and loss later and maybe recession or depression coming next.The effects of deflation: Less profit immediately.3.how will the change in money’s value redistribute people’s income and wealth?Answer: In the situation of inflation, creditors suffer, in the situation of deflation, debtors suffer.4.what are the attributes of credit instruments?Answer: Yield, liquidity and safety.5.what is the relationship between yield and safety of credit instruments? Answer: The higher yield means thelower the safety.6.what is included in banks’ assets? Answer: Cash; Securities: Loans7.why are commercial banks relatively safer than other types of financial institutions?Answer:8.what is individual banking? Give an example in your daily life?Answer:Individual banking encompasses consumer lending, residential mortgage lending, consumer installment loans, credit card financing and so on.9.what are the major functions of central banks?Answer:Issuing a common currency, clearing payments, regulating banks and acting as a “lender of last resort” for banks in financial trouble.10.what challenge is faced by centralbanks in the future?Answer:To balance three policy goals,to balance financial innovations and financial stability and so on .IV、翻译1.Deposit accounts, together with sav ings accounts, represent the simplest form of bank account. The customer deposits f unds and withdraws them as required. No chequebook is issued on this type of acco unt. 存款账户，和储蓄账户一起，是银行账户的基本形式，客户按规定存、取款。
金融学课后习题答案英文
CHAPTER 1WHAT IS FINANCE?ObjectivesDefine finance.Explain why finance is worth studying.Introduce the main players in the world of finance—households and firms—and the kinds of financial decisions they make.OutlineDefining FinanceWhy Study Finance?Financial Decisions of HouseholdsFinancial Decisions of FirmsForms of Business OrganizationSeparation of Ownership and ManagementThe Goal of ManagementMarket Discipline: TakeoversThe 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 tradeoffs available to people without knowledge of their consumption preferences.There are at least five good reasons to study finance:To manage your personal resources.To deal with the world of business.To pursue interesting and rewarding career opportunities.To make informed public choices as a citizen.To expand your mind.The players in finance theory are households and business firms. 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:Saving decisions: How much of their current income should they save for the future?Investment decisions: How should they invest the money they have saved?Financing decisions: When and how should they use other people’s money to satisfy their wants and needs?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:Professional managers may be found who have a superior ability to run the business.To achieve the efficient scale of a business the resources of many households may have to be pooled.In an uncertain economic environment, owners will want to diversify their risks across many firms. Such efficient diversification is difficult to achieve without separation of ownership and management.Savings in the costs of gathering information.The “learning curve” or “going concern” effect. When the owner is also the manager, the new owner has to learn the business from the old 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.Solutions to Problems at End of Chapter1. What are your main goals in life? How does finance play a part in achieving those goals? What are the major trade-offs 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 buy is 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 Trade-Offs: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 or car OR save more money now but consume less than some of my friends.2. What is your net worth? What have you included among your assets and your liabilities? What have you excluded that you might have included?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 subletting is a possibility)Car payments (possibly)Students typically exclude the high value of their potential lifetime earning power when calculating their net worth.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.The 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 getsick or injured. And because 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 wageearning family may need to spend extra money on child care expenses if they need to pay someone to watch the children after school.5. At what age should children be expected to become financially 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 decent paying job.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 requirementsbesides buying a car? Make a list of all the alternatives and write down the pros and cons.Takes you directly where you want to goFreeConvenie ntTakes a long timeDestination may be too farTakes you directly to where you want to goFreeConvenie ntRequires physical strength and enduranceDestination may be too farInexpensi veReaches distant destinationsMay not take you directly where you want to goMany stops, not efficientInexpensi veFastMay not take you directly where you want to goLocal destinations onlyReaches distant destinationsMay not take you directly where you want to goAirplan eReachesdistant destinationsFastExpensiveb.What are the different ways you can finance the purchase of a car?Finance 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 ofautomobile 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 isthere 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 taxes and/or insurance payments included in the monthly payments? Are there mileage restrictions?7. You are thinking of starting your own business, but have no money.a.Think of a business that you could start without having to borrowany money.Any business which 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 couldborrow any amount of money at the going market interest rate.Certainly there are many interesting businesses which 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 funds8. 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:Church 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 time will 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.。