FINANCIAL MANAGEMENT QUESTIONS
《财务管理基础第13版》相关章节答案 ppt课件
chapters have been written so that this can be done without any problem.
本课程涉及的章节
Chapter 1 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 15 Chapter 16
1. With an objective of maximizing shareholder wealth, capital will tend to be allocated to the most productive investment opportunities on a risk-adjusted return basis. Other decisions will also be made to maximize efficiency. If all firms do this, productivity will be heightened and the economy will realize higher real growth. There will be a greater level of overall economic want satisfaction. Presumably people overall will benefit, but this depends in part on the redistribution of income and wealth via taxation and social programs. In other words, the economic pie will grow larger and everybody should be better off if there is no reslicing. With reslicing, it is possible some people will be worse off, but that is the result of a governmental change in redistribution. It is not due to the objective function of corporations.
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 4 Working Capital
Cash operating cycle= stock holding period + debtors’ collections period – creditors’ payment period.
Capital assets
Long-term debt and equity
11
1.1 Working capital characteristic of different business
Holding inventory Taking time to pay suppliers and other account payable Allowing customers time to pay
> current liabilities
Current liabilities
Capital assets
Long-term debt and equity
9
NWC: An operational focus
Current assets = current liabilities
Current assets
15
3 Role of working capital management
Fast forward
A business needs to have clear policies for management of each component of working capital.
高级管理人员任职考试资料
公共题库（17件）G1G2G3G4G5G6G7G8G9G10G11G12G13G14G15G16G17专业题库（23件）Z1Z2Z3Z4Z5 Z6 Z7 Z8 Z9 Z10 Z11 Z12 Z13 Z14 Z15 Z16Z17 Z18 Z19 Z20 ZZ1 ZY1 ZW1上海银行业金融机构高级管理人员任职资格考试资DataBase of Qualification Examination for Senior Management of Shanghai Ba《银行业监管统计管理暂行办法》Interim Measures for the Administration of the Banking Supervisory Statistics《银行业金融机构从业人员职业操守指引》Guidance on the Professional Conduct of Practitioners of Banking Financial Institutions《商业银行信息科技风险管理指引》Guidelines on the Information Technology Risk Management of Commercial Banks《银行业金融机构内部审计指引》Guidelines on Internal Audit for Banking Financial Institutions 《关于银行业金融机构自查发现案件责任追究实行区别对待政策有关问题的通知》*Chinese Version Only *《上海中资银行业金融机构案件防控工作考评办法》* Not Applicable for Foreign Banks *《银行业金融机构安全评估办法》Measures for Safety Evaluation of Banking Financial Institutions23件）Specialized Questions《商业银行法》Law of the People’s Republic of China on Commercial Banks《商业银行内部控制指引》Guidelines for Internal Control of Commercial Banks《商业银行金融创新指引》Guidelines for the Financial Innovation of Commercial Banks《商业银行合规风险管理指引》Guidelines for the Compliance Risk Management of Commercial Banks《商业银行操作风险管理指引》Guidelines on the Operational Risk Management of Commercial Banks 《商业银行授信工作尽职指引》Guidelines on Due Diligence in the Credit Extension Work of Commercial Banks《商业银行小企业授信工作尽职指引（试行）》Guidelines on Commercial Banks’Due Diligence in the Credit Granting to Small Enterprises (for Trial Implementation)《贷款风险分类指引》Guidance for the Risk-Based Loan Categorization《银行卡业务管理办法》Measures for the Administration of Bank Card Business《电子银行业务管理办法》Measures for the Administration of Electronic Banking《商业银行个人理财业务风险管理指引》Guidelines for the Risk Management of Personal Financial Management Services Provided by Commercial Banks《商业银行外部营销业务指导意见》Guiding Opinions about the External Marketing of Commercial Banks《银行与信托公司业务合作指引》Guidelines on the Business Cooperation between Banks and Trust Companies《固定资产贷款管理暂行办法》Interim Measures for the Administration of Fixed Asset Loans《项目融资业务指引》Guidelines on the Project Financing Business《中国银行业柜面服务规范》* Chinese Version Only *《上海市银行业客户投诉处理公约》* Chinese Version Only *《上海银行业反不正当竞争公约》* Chinese Version Only *《银团贷款合作公约》* Chinese Version Only *《上海市银行业个人房地产按揭贷款业务自律公约》* Chinese Version Only *《中国银行业监督管理委员会关于加大防范操作风险工作力度的通知》* Chinese Version Only *《中国邮政储蓄银行代理营业机构管理暂行办法》* Chinese Version Only *《中华人民共和国外资银行管理条例》及实施细则Regulation of the People’s Republic of China on the Administration of Foreign-funded Banks and Detailed Rules for the Implementation中文版(Chinese Version)英文版(Enlish Version)考试资料库ai Banking Financial InstitutionsG4 The Guarantee Law of the People's Republic of China.docG5 《物权法》(第四编).doc G5 Real RightLaw of the People's Republic of China.docG6 Negotiable Instruments Law of the People’Republic of China (2004 Revision).docG6《票据法》.doc G8《人民币管理条例》.doc G8 Regulation of the People’s Republic of China on the Administration of Renminbi.docG9《金融违法行为处罚办法》G10《金融许可证管理办法》G10 Measures for the Administration of Financial Licenses.docG1《银行业监督管理法》G1 Banking Supervision Law of the People’s Republic of China.docG2《中国人民银行法》G2 Law of the People’s Republic of China on the People’s Bank of China.docG3《反洗钱法》.doc G3 Law of the People’s Republic of China on Anti-money Laundering.docG4《担保法》.doc G7《刑法》及其修正案G11 《银行业监管统计管理暂行办法》.doc G11 InterimMeasures for the Administration of the Banking Supervisory Statistics.docG12 《银行业金融机构从业人员职业操守指引》.docG12 Guidanceon the Professional Conduct of Practitioners of Banking Financial Institutions.doc G13 《商业银行信息科技风险管理指引》.docG13 Guidelineson the Information Technology Risk Management of Commercial Banks.doc G14 《银行业金融机构内部审计指引》.doc G14 Guidelineson Internal Audit for Banking Financial Institutions.docG15《关于银行业金融机构自查发现案件责任追究实行区别对待政策有关问题的通知》.pdfG17 《银行业金融机构安全评估办法》.doc G17 Measuresfor Safety Evaluation of Banking Financial Institutions.doc Z1《商业银行法》.doc Z1 Law of the People’s Republic of China on Commercial Banks.doc Z2《商业银行内部控制指引》Z2 Guidelines for Internal Control of Commercial Banks.docZ3《商业银行金融创新指引》Z3 Guidelines for the Financial Innovation of Commercial Banks.docZ4 《商业银行合规风险管理指引》.doc Z4 Guidelines forthe Compliance Risk Management of Commercial Banks.docZ5 《商业银行操作风险管理指引》.doc Z5 Guidelines onthe Operational Risk Management of Commercial Banks.docZ6 《商业银行授信工作尽职指引》.doc Z6 Guidelines onDue Diligence in the Credit Extension Work of Commercial Banks.docZ7 《商业银行小企业授信工作尽职指引（试行）》.docZ8《贷款风险分类指引》Z9《银行卡业务管理办法》Z9 Measures for the Administration of Bank Card Business.docZ10《电子银行业务管理办法》Z10 Measures for the Administration of Electronic Banking.docZ11 《商业银行个人理财业务风险管理指引》.docZ12 《商业银行外部营销业务指导意见》.docZ12 GuidingOpinions about the External Marketing of Commercial Banks.doc Z13 《银行与信托公司业务合作指引》.doc Z13 Guidelineson the Business Cooperation between Banks and Trust Companies.docZ14 《固定资产贷款管理暂行办法》.doc Z14 InterimMeasures for the Administration of Fixed Asset Loans.docZ15《项目融资业务指引》Z15 Guidelines on the Project Financing Business.docZ16《中国银行业柜面服务规范》Z11Guidelinesfor the Risk Management of Personal Financial Management Services.doc Z7 DueDiligence in the Credit Granting to Small Enterprises (Trial Implementation).doc Z8 Guidance for the Risk-Based Loan Categorization.docZ17《上海市银行业客户投诉处理公约》Z18《上海银行业反不正当竞争公约》Z19《银团贷款合作公约》Z20《上海市银行业个人房地产按揭贷款业务自律公约》ZY1《中国邮政储蓄银行代理营业机构管理暂行办法》ZW1《中华人民共和国外资银行管理条例》.doc ZW1 《中华人民共和国外资银行管理条例》实施细则.doc ZW1 Regulation of the PRC on the Administration of Foreign-funded Banks.doc ZW1 Detailed Rules for the Regulation of the PRC on the Administration of Foreign-funded.doc。
财务管理分析英文版
一、判断题（10＊２’）（Ｔ）1、A coｍpａｎy's ｒeturn on equity will always eqｕａl or exｃeed iｔs reｔurｎon asｓeｔs．一个公司的权益收益率总是大于或等于其资产收益率。
（T）2、A coｍｐａny's assｅts-tｏ－equitｙｒａtiｏalｗays equals one ｐｌus ｉts liabｉlities—ｔｏ－equit ｙrａｔio。
一个公司的资产权益比总是等于1加负债权益比.（ F ）3、A compａny’ｓcｏｌlectｉｏn period sｈｏuld alｗａyｓbｅless than its payａｂlｅｓpｅｒiod.一个公司的应收账款回收期总是小于其应付账款付款期。
( Ｔ)4、A company’s cuｒｒｅnt raｄio mｕst alwaysｂe lａrgeｒthaｎiｔs acid—test-ｒadio。
一个公司的流动比率一定大于速动比率。
（Ｆ）5、Econoｍiｃearniｎgs arｅmore ｖｏlatile thanａｃcouｎting earnｉnｇｓ。
经济利润比会计利润更加变动不定.( F ）6、Ｉgnoring taxes and trａnsactｉons cｏsｔs ，ｕｎreａｌized paper gａins ａre leｓs valuable than ｒealized cａsh ｅarnings.若不考虑税收和交易成本,未实现的纸上盈利不如已实现的现金盈利有价值。
（F）７、A coｍｐany’s sｕsｔaｉnａｂｌe grｏｗｔｈratｅiｓtｈe highest grｏｗth ｒａtｅin ｓalｅs it can attain withouｔiｓsuinｇnew ｓtocｋ.一家公司的可持续增长率是他在不增发新股情况下所能取得的最高的销售增长率。
公司理财 斯蒂芬A罗斯 第九版精要
Invests in assets (B)
Current assets Fixed assets Firm issues securities (A) Retained cash flows (F)
Financial markets
Short-term debt
Cash flow from firm (C) Dividends and debt payments (E) Taxes (D) Long-term debt Equity shares
1-1
Chapter Outline
1.1 What is Corporate Finance?
1.2 The Corporate Firm
1.3 The Importance of Cash Flows
1.4 The Goal of Financial Management 1.5 The Agency Problem and Control of the Corporation 1.6 Regulation
1-10
Forms of Business Organization
The Sole Proprietorship The Partnership
General Partnership Limited Partnership
The Corporation
1-11
A Comparison
Know
the basic types of financial management decisions and the role of the Financial Manager Know the financial implications of the various forms of business organization Know the goal of financial management Understand the conflicts of interest that can arise between owners and managers Understand the various regulations that firms face
《公司财务》学习的英文资料chap1
Fixed Assets 1 Tangible 2 Intangible
How should short-term assets be managed and financed?
Shareholders’ Equity
14
Financial Manager
Financial managers try to answer some, or all, of these questions
Fixed Assets 1 Tangible 2 Intangible
What long-term investments should the firm choose?
Shareholders’ Equity
12
The Capital Structure Decision
Total Value of Assets:
How will we manage the everyday financial activities of the firm?
8
Financial Management Decisions
Capital budgeting
What long-term investments or projects should the business take on?
Stockbroker or financial advisor Portfolio manager Security analyst
4
Financial Institutions
Companies that specialize in financial matters
Banks – commercial and investment, credit unions, savings and loans
公司金融学教学课件 (5)
Chapter Tasks
● Know the basic types of financial management decisions and the role of the financial manager ● Know the goal of financial management ● Know the financial implications of the different forms of business organization ● Understand the conflicts of interest that can arise between owners and managers ● Two central issues:
ü How much cash and inventory should be kept ü Cash sales? Credit sales? ü Short-term financing channle?
1.3 FORMS OF BUSINESS ORGANIZATION
• Three legal forms of business organization
1.2 BUSINESS FINANCE AND THE FINANCIAL MANAGER
The Financial Manager
• Financial managers try to answer some or all of the questions mentioned • The top financial manager within a firm is usually the Chief Financial Officer (CFO)
• Accounting
公司理财斯蒂芬A罗斯第九版精要
Introduction to Corporate Finance
McGraw-Hill/Irwin
0
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
Vice President and Chief Financial Officer (CFO)
Treasurer
Controller
Cash Manager
Credit Manager
Tax Manager
Capital Expenditures Financial Planning Financial Accounting
Total Value of Assets:
Total Firm Value to Investors:
Current Assets
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
Shareholders’ Equity
However, businesses can take other forms.
1-10
Forms of Business Organization
Corporation 1.6 Regulation
1-2
1.1 What Is Corporate Finance?
Corporate Finance addresses the following three questions:
1. What long-term investments should the firm choose?
英文财务管理(1)
英文财务管理(1)
Course content
The final section of book consist of five chapters that deal with financial forecasting, derivatives and risk management, multinational financial management, hybrid financing vehicles, and mergers(财务预测， 衍生工具和风险管理，跨国财务管理，混合融资 工具以及合并)。
企业、公司:（firm business enterprise company corporation venture）
英文财务管理(1)
Organization of the Financial Management Function: Figure 1-1
Board of Directors
President(CEO)
英文财务管理(1)
Chapter 1 Goals and Governance of the Firm Topics Covered： w Investment and Financing Decisions w What is a Corporation? w Who Is The Financial Manager? w Goals of the Corporation w Careers in Finance
企业融资PPT介绍(英文)
• Maximize the current value of the company’s stock?
• There is no short run vs. long run here. The stock price should incorporate expectations about the future
1-14
Financial Markets
• Cash flows to the firm • Primary vs. secondary markets
• Dealer自營商市場vs. auction markets拍賣市場 • Listed上市掛牌vs. over-the-counter securities 店頭市場
• Treasurer財務長– oversees cash management, credit management, capital expenditures and financial planning • Controller會計長– oversees taxes, cost accounting, financial accounting and data processing
• Know the basic types of financial management decisions and the role of the financial manager財務 管理決策基本問題 • Know the financial implications of the different forms of business organization不同企業組織 • Know the goal of financial management財務管理的 目標 • Understand the conflicts of interest that can arise between owners and managers所有人和經理人可能 產生的利益衝突 • Understand the various types of financial markets各 種型態的金融市場
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
FINANCIAL MANAGEMENT QUESTIONS
Investment Appraisal Question One Bobo Co specialises in the production of office desks and chairs. It is considering whether to invest in a new machine with a capital cost of €5 million. The machine would have an expected life of five years, at the end of which it would be sold for €450,000.
If the new machine were to be purchased, the old machine in operation machine could be sold for €100,000 immediately. The new machine generates annual revenues of €1.2 million and its running costs are €200,000 per annum.
The company’s cost of capital is 10%. All workings should be in €’000. Required: (a) Calculate the net present value of the proposed investment, over five years and state with reasons whether the machine should be purchased.
(b) Discuss the advantages and dis-advantages of the Net Present Value method of investment appraisal
(c) Discuss what do we mean by the “Payback” method of investment appraisal and give its advantages and disadvantages. Question Two Piggy Ltd. is considering two mutually exclusive capital expenditure projects. The company's cost of capital is 18%. The following projected data has been compiled:
Project Ham Hog
Initial Cost € 450,000 € 380,000 Cash inflows:
Year 1 .................................. 160,000 110,000
Year 2 ................................ 140,000 130,000 Year 3 .................................. 130,000 100,000 Year 4 .................................. 120,000 200,000 Year 5……………………. 110,000 n/a
Expected life of project 5 years 4 years Scrap value at end of life €20,000 €16,000 You are required to: (a) Calculate each of the following in respect of each project:
(i) The payback period; (ii) The internal rate of return; (iii) The net present value.
Question Three Apple Ltd. is evaluating a capital expenditure project, having already spent €25,000 on research and development. The board of directors must now decide whether to start production or not.
The details are as follows: 1. The project will involve the purchase of an old industrial premises nearby for €181,000. The premises are in poor condition and will be disposed of for €30,000 in five years time.
2. Sales are expected to be €175,000 per annum for the first two years, then €65,000 p.a. for years 3 to 5. 3. With existing spare capacity, the project would not require any additional plant or machinery.
4. Cost of sales is 50% of sales revenue. 5. The project would require working capital of €9,000 until the end of the five years.
6. The company estimates that its cost of capital is 12%. You are required to: (a) Evaluate the project by (i) Calculating the simple payback period in years and months; (ii) Calculating the project’s net present value at 14%; (iii) Calculate the Internal rate of return of the project.
Question Four You recently qualified as an accountant and have just started your new job as Financial Controller of Yawn Ltd. a manufacturer of quality beds.
You are reviewing the working papers for your first task which involves an investment proposal being considered by the company.
The working papers reveal the following: Year 1 2 3 4 (€’000)
Materials (400) (450) (500) (250) Market Research (220) Direct Labour (300) (300) (300) (300) Overheads (100) (100) (100) (100) Interest on Loan (120) (120) (120) (120) Depreciation (400) (400) (400) (400) Sales 1,100 1,600 1,800 1,000
1. The project will last for four years, following which production will cease. 2. Equipment costing €1,700,000 will be required immediately with an expected scrap value of €100,000 when the project ends.
3. Of the overhead charge 40% reflects an allocation of existing fixed overheads. 4. The market research was commissioned six months ago to test the market and estimate the level of demand for the new beds. The research company will be paid its fee in twelve months’ time. 5. Working capital of €50,000 will be required at the same time as the equipment is bought.
6. Production will be carried out in a building which is owned by Yawn ltd. and is presently unoccupied. Demand for property is very strong in the area and the premises could be rented out for €20,000 per annum for the foreseeable future.
7. It can be assumed that cash flows occur at year end. 8. Yawn Ltd.’s cost of capital is 10% You are required to: Calculate the Net Present Value of the proposal and advise if you feel the proposal should be undertaken.