MBA09秋季班财务管理试卷A
2009年联考MBA联考真题—综合试卷及答案
标题：2009年联考MBA 联考真题—综合试卷（数学、逻辑、写作） 关键词：跨考\MBA\真题\数学\逻辑\写作一、问题求解（本大题共15题，每小题3分，共45分。
在下列每题给出的五个选项中，只有一项是符合试题要求的。
请在答题卡．．．上将所选的字母涂黑。
） 1．一家商店为回收资金把甲乙两件商品均以480元一件卖出。
已知甲商品赚了20%，乙商品亏了20%，则商店盈亏结果为（A ）不亏不赚 （B ）亏了50元 （C ）赚了50元 （D ）赚了40元 （E ）亏了40元2．某国参加北京奥运会的勇女运动员比例原为19:12，由于先增加若干名女运动员．使男女运动员比例变为20:13．后又增加了若干名男运动员，于是男女运动员比例．最终变为30:19．如果后增加的男运动员比先增加的女运动员多3人，则最后运员的总人数为（ ）。
（A ）686 （B ）637 （C ）700 （D ）661 （E ）6003．某工厂定期购买一种原料，已知该厂每天需用该原料6吨，每吨价格1800元．原料的保管等费用平均每吨3元，每次购买原料支付运费900元，若该厂要使平均每天支付的总费用最省，则应该每（）天购买一次原料。
（A ）11 （B ）10 （C ）9 （D ）8 （E ）74．在某实验中，三个试管各盛水若千克。
现将浓度为12%的盐水10克倒入A 管中，混合后，取10克倒入口管中，混合后再取10克倒入C 管中，结果 A ，B ，C 三个试管中盐水的浓度分别为6%、2%、0.5%，那么三个试管中原来盛水最多的试管及其盛水量各是（A ）A 试管，10克 （B ）B 试管，20克 （C ）C 试管，30克（D ）B 试管，40克 （E ）C 试管，50克5．一艘轮船往返航行于甲、乙两码头之间，着船在静水中的速度不变，则当这条河的水流速度增加50%时，往返一次所需的时间比原来将( )．（A ）增加 （B ）减少半个小时 （C ）不变 （D ）减少1个小时 （E ）无法判断6．方程214x x -+=的根是（ ）。
mba考试试题及答案
mba考试试题及答案MBA考试，即工商管理硕士入学考试，是一种评估考生是否具备进入MBA项目学习资格的标准化考试。
它通常包括数学、逻辑、写作和英语等部分。
考试内容和形式可能因国家和学校而异。
以下是一些模拟的MBA考试试题及答案，供参考。
数学部分1. 问题：某公司计划在两年内将销售额提高到100万元。
如果第一年销售额为50万元，第二年销售额的增长率为20%，问第二年的销售额是多少？答案：第二年的销售额 = 50 * (1 + 20%) = 50 * 1.2 = 60万元。
2. 问题：如果一个投资项目在第一年的回报率为10%，在第二年的回报率为15%，且初始投资为10万元，问两年后的总回报是多少？答案：第一年回报 = 10万 * 10% = 1万元，第二年回报 = (10万+ 1万) * 15% = 1.65万元，总回报 = 1 + 1.65 = 2.65万元。
逻辑部分1. 问题：如果所有成功的企业家都是优秀的领导者，而优秀的领导者都具有远见卓识，那么以下哪项陈述是正确的？- A. 所有成功的企业家都具有远见卓识。
- B. 只有成功的企业家才是优秀的领导者。
- C. 优秀的领导者不一定都是成功的企业家。
答案：A. 所有成功的企业家都具有远见卓识。
2. 问题：如果一个公司在经济衰退期间能够保持盈利，那么它一定拥有强大的市场竞争力。
以下哪项陈述与此逻辑不符？- A. 经济衰退期间，亏损的公司市场竞争力弱。
- B. 盈利的公司在经济衰退期间表现优于亏损公司。
- C. 经济衰退期间，所有公司都面临盈利挑战。
答案：C. 经济衰退期间，所有公司都面临盈利挑战。
写作部分1. 问题：请根据以下情景写一篇短文：你是一家初创公司的CEO，公司最近获得了一笔风险投资，你希望在公司内部传达这一消息，并激励团队成员。
答案：（略）英语部分1. 问题：请将以下句子翻译成英文：“我们公司致力于为客户提供最优质的产品和服务。
”答案：Our company is committed to providing customers with the highest quality products and services.2. 问题：请根据以下提示写一篇不少于200字的短文：描述你如何平衡工作和个人生活。
09年中级财务管理考试
2009年中级会计职称考试《财务管理》试题答案及解析一、单项选择题（本类题共25小题，每小题1分，共25分，每小题备选答案中，只有一个符合题意的正确答案。
请将选定的答案，按答题卡要求，用2B铅笔填涂答题卡中题号1至25信息点。
多选。
错选，不选均不得分）。
1.下列各项企业财务管理目标中，能够同时考虑资金的时间价值和投资风险因素的是（）。
A.产值最大化B.利润最大化C.每股收益最大化D.企业价值最大化参考答案：D答案解析：企业价值最大化同时考虑了资金的时间价值与投资风险因素。
中华会计网校试题点评：本题考核财务管理目标的基本知识。
教材P7相关内容。
这是基本知识，没有难度，不应失分。
【提示】本知识点在普通班模拟题五多选题3；实验班模四多选1，应试指南20页单选10和21页多选8等多处涉及。
2.已知某公司股票的β系数为0.5，短期国债收益率为6%，市场组合收益率为10%，则该公司股票的必要收益率为（）。
A.6%B.8%C.10%D.16%参考答案：B答案解析：根据资本资产定价模型：必要报酬率=6%+0.5×（10%-6%）=8%.中华会计网校试题点评：本题资本资产定价模型。
教材P34.属于教材基本内容，应该掌握。
【提示】实验班模拟题五单选3、实验班模四单选题4、判断题2涉及该知识点、应试指南：40页单选7非常类似。
3.已经甲乙两个方案投资收益率的期望值分别为10%和12%，两个方案都存在投资风险，在比较甲乙两方案风险大小时应使用的指标是（）。
A.标准离差率B.标准差C.协方差D.方差参考答案：A答案解析：在两个方案投资收益率的期望值不相同的情况下，应该用标准离差率来比较两个方案的风险。
中华会计网校试题点评：本题考核风险衡量。
教材P24相关内容，只要对教材熟悉，本题就不会失分。
【提示】应试指南：29页例题多选题3涉及该知识点。
4.企业进行多元化投资，其目的之一是（）。
A.追求风险B.消除风险C.减少风险D.接受风险参考答案：C答案解析：非系统风险可以通过投资组合进行分散，所以企业进行了多元化投资的目的之一是减少风险。
MBA财务管理09[33页]
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MBA精品课程系列教材
《财务管理——实务与案例》 09
MBA财务管理课程
第9章
理体系的重要
一环，是财务决策的具体化。本章论述了财务预算及 其在全面预算体系中的地位。通过本章学习，你应该 掌握日常业务预算和财务预算的编制程序和方法，掌 握财务报表预算的编制。
销售预算、生产预算、直接 材料耗用量及采购预算、应 交增值税等
一系列专门反映企业一定预 算期内预计财务状况和经营 成果以及现金收支等价值指 标的各种预算的总称
现金预算、财务费用预算、 预计利润表、预计利润分配 表和预计资产负债表等
MBA财务管理课程
财务预算是全面预算体系中的最后环节，所以又称 为总预算。其余预算则相应称为辅助预算或分预算。财 务预算在全面预算体系中占有举足轻重的地位。它们之 间的关系如图9-1所示。
（5）预算下达到各有关部门执行。
MBA财务管理课程
9．2 财务预算编制的方法
9．2．1固定预算与弹性预算
1．固定预算
固定预算，又称静态预算，是指根据预算期内正常 的、可实现的某一业务量（如销售量）水平作为唯一基 础和依据来编制预算的方法。
表9-2
固定预算的优缺点
优点
缺点
编制比较简单
缺乏灵活性。固定预算的编制基础是事先假定的某一业务量水平，无论编制 预算期内业务量水平发生什么变动，都只能按事先假定的业务量水平编制
增量预算方法简称增量预算，又称调整预算方法， 是指以基期成本费用水平为基础，结合预算期业务量水 平及有关影响成本因素的未来变动情况，通过调整有关 原有费用项目而编制预算的一种方法。增量预算方法的 优缺点如表9-4所示。
MBA财务管理课程
增量预算适用于服务部门费用预算的编制，并且一般与 零基预算结合使用，每隔若干年进行一次零基预算的编制， 在两次编制零基预算的间隔中间年份采用增量预算。
财务管理学M2(09工商 本)试卷
成教学院函授本科《财务管理学》模拟试卷（二）开卷一、填空题（每格0.5分，共10分）1．财务管理是企业——————————————————、————————————————的一项经济管理活动。
2．企业财务关系主要包括——————————————、————————————————————、————————————————、——————————————————、————————————————、——————————————————等方面。
3．与发行股票相比，发行长期债券筹资的优点主要有———————————————、————————————————、————————————————等；其缺点有——————————、——————————————————等方面。
4．固定资产投资决策的评价中的非贴现的现金流量法主要有——————————、————————————————等。
5．证券投资的非系统性风险，是指由于企业内部因素的变化对————————————————————所产生的影响，由于可以通过多种证券的投资组合而消除掉，所以又叫——————————————————风险。
6. 融资租赁按其业务的不同特点，可分为如下三种形式：————————————、——————————和————————————。
二、单项选择：（每题1.5分，共9分）A．15．4元/股B．12．7元/股C．12．89元/股D．14．9元/股2．某厂计划年生产的甲产品计划产量7200吨（全年均衡生产），计划单位成本400元（其中生产开始时一次投入的原材料费用200元，其他费用陆续均衡发生），生产周期12天，则预计甲产品在产品资金为（）。
A．96000元B．90000元C．64000元D．72000元3．某股份公司预计最近一年的每股股利额为4元/股，年股利增长率为2.5%,若投资者要求的报酬率为15%,则该公司股票的投资价值为( )。
A．26.67元/股B．32元/股C．30元/股D．28元/股4．在杜邦分析体系中,所有者权益利润率等于所有者权益乘数与( )的乘积。
MBA2009年真题详细透析
1. 一家商店为回收资金，把甲乙两件商品均以480元一件卖出，已知甲商品赚了20%，乙商品亏了20%，则商店盈亏结果为( )A 不亏不赚B 亏了50元C 赚了50元D 赚了40元E 亏了40元解： 48048048048080120401.20.8-+-=-=- 选择E 评注：此题在模考卷的充分性判断中出现，数字略微改动。
2. 某国参加北京奥运会的男女运动员比例原为19：12，由于先增加若干女运动员，使得男女运动员比例变为20:13。
后又增加了若干名男运动员，于是男女运动员比例最终变为30:19。
如果后增加的男运动员比先增加的女运动员多3人，则最后运动员的总人数为（ ）A 686B 637C 700D 661E 600 解：设男运动员有19t ，女运动员有16t ，先增加x 个女运动员，则19201213t t x =+ 后增加y 个男运动员，则19301219t y t x +=+，以及3y x -= 由等比性质可得19301219t y t x +=+711731112191219t y x t t x t x +-+⇒=⇒=++，以及19201213t t x =+ 731113207,10191920t t x y t +⨯⇒=⇒=⇒==⨯，因此总共有31637t y x ++= 评注：等比性质是比例性质中的常规考题，此题模型在应用题中深刻分析过，有相类似的原题在模考中做过。
3. 某工厂定期购买一种原料，已知该厂每天需要用该原料6吨，每吨价格1800元，原料的保管等费用平均每吨3元，每次购买原料需支付运费900元。
若该厂要平均每天支付的总费用最省，则应该每（ ）天购买一次原料。
A 11B 10C 9D 8E 7解：设每x 天购买一次原料由此可得 ()61800312...16900x x x x y x ⨯++-+-+++=()9001080091x x =+++ 当9009x x=时，取到最小值，则有10x =，选择B 评注：这类题目是应用题中典型的平均损耗最小值型题目，在应用题专题中进行过分析。
MBA财务管理试卷
陕西科技大学M B A研究生考试试卷考试科目财务管理专业工商管理硕士年级2011级考生姓名考生类别工商管理硕士（MBA）陕西科技大学工商管理硕士（MBA）试题试卷A 课程：财务管理班级：2011级工商管理硕士姓名：学号：一、单项选择题（每小题1分，共10分，从下列每小题的四个选项中，选出一个正确的答案）1、财务管理的目标是（）Ａ、利润最大化Ｂ、每股利润最大化Ｃ、企业价值最大化化Ｄ、产值最大化2、财务主管人员最感困难的处境是（）Ａ、盈利公司扩大规模Ｂ、亏损公司扩大规模Ｃ、盈利公司保持现有规模Ｄ、亏损公司保持现规模3、某人有笔资金计划２年后使其价值增值69％，则在复利条件下，他可接受最低报酬率为（）Ａ、30% Ｂ、34.5%Ｃ、36% Ｄ、25%4、下列不属于普通股权益的是（）Ａ、投票权Ｂ、优先认股权Ｃ、分享盈余权Ｄ、优先索偿权5、在利息率和现值相同的情况下，若计息期为一期，则复利终值和单利终值的关系是（）Ａ、前者大于后者Ｂ、不相等Ｃ、后者大于前者Ｄ、相等6、供我国大陆地区个人或法人买卖的，以人民币标明票面金额，并以人民币认购交易的股票是（）Ａ、B 股Ｂ、A股Ｃ、H 股Ｄ、N股7、在市场经济条件下，公司获取资金来源不包括（）Ａ、所有者投入资金Ｂ、向债权人借入资金Ｃ、从利润中留存的资金Ｄ、出售无形产取得的资金8、发放股票股利后，每股市价将（）Ａ、上升Ｂ、下降Ｃ、不变Ｄ、可能出现以上三种情况中的任一种9、某股票年股利0.6元,当银行利率为6%时，其股票的理论价格是（）元Ａ、10 Ｂ、15Ｃ、6 Ｄ、3.610、建立现代企业制度的核心是（）Ａ、政企分开Ｂ、产权清晰Ｃ、权责明确Ｄ、管理科学二、多项选择题（每小题2分，共30分，从下列每小题的四个选项中，选出两个或两个以上的正确答案）1、财务管理的基本方法包括（）Ａ、财务预测Ｂ、财务决策Ｃ、财务控制Ｄ、财务分析2、在我国股份制企业的主要形式有（）Ａ、股份合作制企业Ｂ、有限责任公司Ｃ、股份有限公司Ｄ、国有企业3、短期偿债能力的指标有（）Ａ、流动比率Ｂ、资产负债率Ｃ、权益比率Ｄ、速动比率4、下列属于产值最大化的缺陷是（）Ａ、产值包含着原材料等生产资料等的价值Ｂ、产值实质上就是“W=C+V+M”中的MＣ、产值不等于销售收入Ｄ、产值等于销售收入5、下列几种著名的股票价格指数基期平均数为100的有（）Ａ、道琼斯股价指数Ｂ、上证综合股价指数Ｃ、深圳成分股价指数Ｄ、香港恒生股价指数6、下列各项中，属于公司筹资活动的有（）Ａ、吸收直接投资Ｂ、发行债券Ｃ、购买其它企业股票Ｄ、支付筹资费用7、流动资金的沉淀一般发生在（）Ａ、库存积压的原材料Ｂ、不配套的在产品Ｃ、不适销对路的产成品Ｄ、不能回收的应收帐款8、流动资金的流失渠道有（）Ａ、投资失误或坏帐损失Ｂ、划小核算单位造成的资金流失Ｃ、被贪污、被盗窃Ｄ、通货膨胀条件下采用先进先出法造成的资金流失9、计入管理费用的税金（）Ａ、土地使用税Ｂ、房产税Ｃ、增值税Ｄ、印花税10、现金收支预算管理的原则有（）Ａ、收支两条线Ｂ、权责发生制Ｃ、硬预算Ｄ、收付实现制11、对客户信用调查的渠道主要有（）Ａ、银行等金融机构Ｂ、中介机构Ｃ、5C评分法Ｄ、企业自身积累12、应收帐款的成本包括（）Ａ、机会成本Ｂ、坏帐损失成本Ｃ、短缺成本Ｄ、管理成本13、下列（）属于投资项目经济评价的动态指标Ａ、投资报酬率Ｂ、现值指数Ｃ、投资回收期Ｄ、内含报酬率14、提高成本效率的途径可有（）Ａ、收益不变，成本下降；Ｂ、收益提高，成本不变；Ｃ、收益提高，成本下降；Ｄ、收益大提高，成本小提高；15、下列关于成本责任的叙述正确的有（）Ａ、成本责任与管理权力相对应Ｂ、成本责任不是一种财务会计责任Ｃ、成本责任是一种财务会计责任Ｄ、成本责任是负有成本责任的管理者的个人责任，而不是集体的共同责任三、判断题（每小题1分，共10分，对的打“√”，错的打“×”，不需改错）1、利润是根据权责发生制核算出来的，会使企业出现有利润而无资金的现象。
#2009年10月自考财务管理学试题
全国2009年10月高等教育自学测试财务管理学试题课程代码：00067一、单项选择题(本大题共20小题，每小题1分，共20分)在每小题列出的四个备选项中只有一个是符合题目要求的，请将其代码填写在题后的括号内。
错选、多选或未选均无分。
1．下列各项业务中，能够形成“本企业和债务人之间财务关系”的是( )A．从甲公司赊购产品B．向乙公司支付利息C．购买丙公司发行的债券D．归还所欠丁公司的货款2．理论上讲，既能够考虑资金的时间价值和投资风险，又有利于克服管理上的片面性和短期行为的企业财务管理目标是( )A．利润最大化B．企业价值最大化C．每股收益最大化D．权益资本利润率最大化3．某种股票的标准离差率为40％，风险价值系数为30％，则该股票的风险收益率为 ( ) A．6％B．12％C．20％D．40％4．在下列各项年金中，无法计算出确切终值的是( )A．后付年金B．先付年金C．递延年金D．永续年金5．在下列各项资金时间价值系数中，和资本回收系数互为倒数关系的是( )A．复利终值系数B．复利现值系数C．年金终值系数D．年金现值系数6．相对于负债融资方式而言，采用吸收投资方式筹措资金的优点是( )A．有利于降低财务风险B．有利于集中企业控制权C．有利于降低资金成本D．有利于发挥财务杠杆作用7．和发行债券和银行贷款等筹资方式相比，租赁筹资的主要缺点是( )A．限制条件多B．资金成本高C．筹资速度慢D．财务风险大8．某企业按年利率5.8％向银行借款1000万元，银行要求保留15％的补偿性余额，则这项借款的实际年利率是( )A．5.82％B．6.42％C．6.82％D．7.32％9．下列各项中，属于应收账款机会成本的是( )A．坏账损失B．收账费用C．客户资信调查费用D．应收账款占用资金的应计利息10．下列各项中，不影响．．．材料经济采购批量的因素是( )A．每次采购费用B．材料年度采购总量C．单位材料储存保管费用D．专设采购机构的基本开支11．如果某一投资方案的净现值为正数，则能够得出的确定性结论是( )A．获利指数大于l B．投资回收期在一年以内C．平均报酬率高于100％D．年均现金流量大于原始投资额12．按固定资产的经济用途区分，下列属于生产用固定资产的是( )A．职工宿舍B．附属医院的房屋C．生产车间的动力设备D．专设科研机构使用的设备13．相对于股票投资而言，债券投资的特点是( )A．投资风险较大B．投资收益率比较高C．无法事先预知投资收益水平D．投资收益率的稳定性较强14．按照费用和产品产量之间的关系对费用所作的分类是( )A．直接费用和间接费用B．变动费用和固定费用C．产品成本和期间费用D．可控费用和不可控费用15．下列成本管理活动中，属于成本管理执行阶段的是( )A．成本控制B．成本计划C．成本预测D．成本分析和评价16．“在股利收入和股票价格上涨产生的资本利得收益之间，投资者更倾向于前者”，该观点体现的股利理论是( )A．MM理论B．代理理论C．“一鸟在手”理论D．信号传播理论17．在企业利润分配中，股利支付和企业盈利状况密切相关的股利分配政策是( ) A．剩余股利政策B．固定股利政策C．固定股利支付率政策D．低正常股利加额外股利政策18．企业因违反国家法律、法规被撤销所进行的清算是( )A．司法清算B．行政清算C．破产清算D．自愿清算19．企业的清算财产应该优先支付的是( )A．清算费用B．应缴未缴的税金C．各项无担保的债务D．应付未付的职工工资20．在杜邦财务分析体系中，综合性最强的财务比率是( )A．销售净利率B．总资产净利率C．总资产周转率D．净资产收益率二、多项选择题(本大题共10小题，每小题2分，共20分)在每小题列出的五个备选项中至少有两个是符合题目要求的，请将其代码填写在题后的括号内。
2009MBA联考管理精选模拟试题(九)
2009MBA联考管理精选模拟试题（九）1.根据马斯洛的需求层次理论，可得如下结论： A、对于具体的个人来说，其行为主要受主导需求的作用 B、越是低层次的需求，其对于人们行为所能产生的影响也越大 C、任何人都具有五种不同层次的需求，而且各层次的需求强度相等 D、层次越高的需求，其对于人们行为所产生的影响也越大 关于社会人基本假设，正确的是（ ） A、不能从工作上的社会关系去寻求意义 B、从根本上说，人是由经济需求而引起工作动机 C、职工对同事们的社会影响力，要比管理者所给予的经济诱因及控制更为重视 D、职工的工作效率与上司能满足他们的社会需求无关 期望理论属于（ ） A、过程型激励理论 B、行为改造型激励理论 C、内容型激励理论 D、激励理论 一个尊重需求占主导地位的人，下列那种激励措施最能产生效果（） A、提薪 B、升职 C、解聘威胁 D、工作扩大化 以下那种现象不能在需要层次理论中得到合理的解释（ ） A、一个饥饿的人会冒着生命危险去寻找食物 B、穷人很少参加排场讲究的社交活动 C、在陋室中苦攻“哥德巴赫猜想”的陈景润 D、一个安排需求占主导地位的人，可能因为担心失败而拒绝接受富有挑战性的工作 6.中国企业引入奖金机制的目的是发挥奖金的激励作用，但到目前，许多企业的奖金已成为工资的一部分，奖金变成了保健因素，这说明（ ）： A、双因素理论在中国不怎幺适用 B、保健和激励因素的具体内容在不同的国家是不一样的 C、防止激励因素向保健因素转化是管理者的重要作用 D、将奖金设计成为激励因素本身就是错误的 7.赫兹伯格提出的双因素理论中，被称作激励因素的是： A、薪金 B、人际关系 C、赏识 D、职业安定 多做题，勤思考，相信联考胜利一定属于你！
2009MBA真题
2009年MBA参考答案2009年工商管理硕士专业学位研究生入学全国联考英语试题Part I Vocabulary and Structure (10%)Direction: There are 20 incomplete sentences in this part. For each sentence there are four choices marked A, B, C, and D. Choose the ONE answer that best com pletes the sentence. Then blacken the corresponding letter on the Answer Sheet wi th a pencil.B1. The poor lady w as too and distressed to talk about the tragedy.A. engagedB. exhaustedC. ignorantD. energetic2. At first , the famous painting doesn't impress the audience at all.AA. glanceB. gazeC. stareD. view3. Delegates agree to the plan in , but there were some details they didn't ap prove.CA. disciplineB. theoryC. principleD. nature4. I took the medicine 10minutes ago, but the bitterness is still in my mouth. CA. scatteringB. fellingC. maintainingD. lingering5. Since the of human history, human beings have been asking questions like "What is the essence of life." CA. duskB. dustC. twinkle C. Dawn6. The eldest son all the family members to discuss how to celebrate the 5 0th wedding anniversary of their parents. CA. ClusteredB. resembledC. assembledD. rendered7. I must leave now. , if you want that book I'LL bring it you tomorrow.A. AccidentallyB. IncidentallyC. OccasionallyD. Subsequently8. My mother is a light sleeper, to any sound even as low as the humming of mosquito.A. alertB. acuteC. keenD. immune9. The newly built factory is in urgent need of a number of skilled and wor kers.A. consistentB. consciousC. confidentialD. conscientious10. As an outstanding scholar, he has become to the research team.A. seniorB. juniorC. indispensable C. independent11. Sixteen days after the earthquake, 40people, in their village, were rescued.A. trappedB. confinedC. enclosedD. captured12. Working far away from home, Jerry had to from downtown to his office eve ryday.A. wandersB. commuteC. rambleD. motion13. The finance minister has not been so since he raised taxes to an unbearable level.A. famousB. favorableC. popularD. preferable14. It is unimaginable for someone in such a high in the government to behave so badly in public.A. situationB. positionC. professionD. appointment15. Information given to employees must be , clear and in easy-to-follow langu age.A．convenient B．continuous C．constant D．concise16. John was very upset because he was by the police with breaking the law.A. sentencedB. arrestedC. accusedD. charged17. David likes country life and has decided farming. AA. go in forB. go back onC. go along withD. go thro ugh with18. Jennifer has never really her son's death. It's very hard to accept the face t hat she'll never have a child.A. come to terms withB. come up againstC. come out withD. come down to19. A national debate is now about whether we should replace golden weeks wi th paid Vacations.A. in the wayB. by the wayC. under wayD. out of the way20. When a psychologist does a general experiment about the human mind, he sel ects people and asks them questions.A. at easeB. at randomC. in essenceD. in sum Section ⅡCloze (10 points)Directions：For each monbared blank in the following passage, there are four choi ces marked A, B, C, and D. Choose the best one and blacken the corresponding l etter on the ANSWER SHEET with a pencil.In1999, the price of oil hovered around $16 a barrel. By 2008, it had 21 the $10 0 a barrel mark. The reasons for the surge 22 from the dramatic growth of the ec onomies of china and India to widespread 23 in oil-producing regions, including Ira q and Nigeria's delta region. Triple-digit oil prices have 24 the economic and polit ical map of the world, 25 some old notions of power. Oil-rich nations are enjoying historic gains and opportunities, 26 major importers—including China and India, home to a third of the world's population -- 27 rising economic and social costs.Managing this new order is fast becoming a central 28 of global politics. Countri es that need oil are clawing at each other to 29 scarce supplies, and are willing to deal with any government, 30 how unpleasant, to do it .In many poor nations with oil, the profits are being, lost to corruption, 31 these co untries of their best hope for development. And oil is fueling enormous investment funds run by foreign governments, 32 some in the west see as a new threat.Countries like Russia, Venezuela and Iran are well supplied with rising oil 33,a change reflected in newly aggressive foreign policies. But some unexpected coun tries are reaping benefits, 34 costs, from higher prices. Consider Germany. 35 it imports virtually all its oil, it has prospered from extensive trade with a booming Ru ssia and the Middle East. German exports to Russia 36 128 percent from 2001 to 2006.In the United States, as already high gas prices rose 37 higher in the spring of 20 08, the issue cropped up in the presidential campaign, with Senators McCain and Obama 38 for a federal gas tax holiday during the peak summer driving months. A nd driving habits began to 39 ,as sales of small cars jumped and mass transpo rt systems 40 the country reported a sharp increase in riders.21. A. come B. gone C. crossed D. arrived22. A. covered B. discovered C. arranged D. ranged23. A. intensity B. infinity C. insecurity D. instability24. A. drawn B. redrawn C. retained D. reviewed25. A. fighting B. struggling C. challenging D. threatening26. A. and B. while C. thus D. though27. A. confine B. conflict C. conform D. confront28. A. problem B. question C. matter D. event29. A. look for B. lock up C. send out D. keep off30. A. no matter B. what if C. only if D. in spite of31. A. abolishing B. depriving C. destroying D. eliminating32. A. what B. that C. which D. whom33. A. interests B. taxes C. incomes D. revenues34. A. as many as B. Because C. Since D. As36. A. advanced B. grew C. reduces D. multiplied37. A. even B. still C. rather D. fairly38. A. asking B. requesting C. calling D. demanding39. A. change B. turn C. shift D. transform40. A. for B. from C. across D. overPart III Reading Comprehension (40%)Direction: There are 4 passages in this part. Each passage is followed by some q uestions or unfinished statements. For each of them there are four choices marked A, B, C, and D. You should decide on the best choice. Then blacken the corresp onding letter on the Answer Sheet with a pencil.PASSAGE1.Henric Ibsen, author of the play "A Doll's House", in which a pretty, helpless house wife abandons Her husband and children to seek a more serious life, would surely have approved. From January 1st, 2008, all public companies in Norway are oblig ed to ensure that at least 40% of their board directors are women. Most firms hav e obeyed the law, which was passed in 2003.But about 75 out of the 480 or so c ompanies it affects are still too male for the government's liking. They will shortly r eceive a letter informing them that they have until the end of February to act, or f ace the legal consequences---which could include being dissolved.Before the law was proposed, about 7% of board members in Norway were fem ale, according to the Centre for Corporate Diversity .The number has since jumped to 36%. That is far higher than the average of 9% for big companies across Euro pe or America's 15% for the Fortune 500.Norway's stock exchange and its main bu siness lobby oppose the law, as do many businessmen." I am against quotas for women or men as a matter of principle," says Sverre Munck, head of international operations at a media firm. "Board members of public companies should be chosen solely on the basis of merit and experience, "be says. Several firms have even gi ven up their public status in order to escape the new law.Companies have had to recruit about 1,000 women in four years. Many complain t hat it has been difficult to find experienced candidates. Because of this, some of t h e best women have collected as many as 25-35 directorships each, and are known in Norwegian business circles as the "golden skirts". One reason for the scarcity i s that there are fairly few women in management in Norwegian companies---they o ccupy around 15% of senior positions. It has been particularly hard for firms in theoil, technology and financial industries to find women with a enough experience. Some people worry that their relative lack of experience may keep women quiet on boards, and that in turn could mean that boards might become less able to hold managers to account. Recent history in Norway, however, suggests that the right w omen can make strong directors. "Women feel more compelled than men to do the ir homework," says Ms Reksten Skaugen, who was voted Norway's chairman of th e year for 2007, "and we can afford to ask the hard questions, because women are not always expected to know the answers."41. The author mentions Ibsen's play in the first paragraph in order to .A. depict women's dilemma at workB. explain the newly passed lawC. support Norwegian governmentD. introduce the topic under discussion42. A public company that fails to obey the new law could be forced to .A. pay a heavy fineB. close down its businessC. change to a private businessD. sign a document promising to act43. To which of the following is Sverre Munck most likely to agree?A. A set ratio of women in a board is unreasonable.B. A reasonable quota for women at work needs to be set.C. A common principle should be followed by all companies.D. An inexperienced businessman is not subject to the new law.44. The author attributes the phenomenon of "golden skirts" to .A. the small number of qualified females in managementB. the over-recruitment of female managers in public companiesC. the advantage women enjoy when competing for senior positionsD. the discrimination toward women in Norwegian business circles45. The main idea of the passage might be .A. female power and liberation in NorwayB. the significance of Henric Ibsen's playC. women's status in Norwegian firmsD. the constitution of board members in NorwayPASSAGE2.While there's never a good age to get cancer, people in their 20s and 30s can fee l particularly isolated. The average age of a cancer patient at diagnosis is 67. Chil dren with cancer often are treated at pediatric (小儿科的) cancer centers, but young adults have a tough time finding peers, often sitting side-by-side during treatments with people who could be their grandparents.In her new book Crazy Sexy Cancer Tips, writer Kris Carr looks at cancer from the perspective of a young adult who confronts death just as she's discovering life. Ms. Carr was 31 when she was diagnosed with a rare from of cancer that had g enerated tumors on her liver and lungs.Ms. Carr reacted with the normal feelings of shock and sadness. She called her parents and stocked up on organic food, determined to become a "full-time healin g addict." Then she picked up the phone and called everyone in her address book, asking if they knew other young women with cancer. The result was her own per sonal "cancer posse": a rock concert tour manager, a model, a fashion magazine e ditor, a cartoonist and a MTV celebrity, to name a few. This club of "cancer babes" offered support, advice and fashion tips, among other things.Ms. Carr put her cancer experience in a recent Learning Channel documentary, and she has written a practical guide about how she coped. Cancer isn't funny, bu t Ms. Carr often is. She swears, she makes up names for the people who treat he r (Dr. Fabulous and Dr. Guru), and she even makes second sound fun ("cancer ro ad trips," she calls them).She leaves the medical advice to doctors, instead offering insightful and practical tips that reflect the world view of a young adult. "I refused to let cancer ruin myparty," she writes. "There are just too many cool things to do and plan and live fo r."Ms. Carr still has cancer, but it has stopped progressing. Her cancer tips include using time-saving mass e-mails to keep friends informed, sewing or buying fashion able hospital gowns so you're not stuck with regulation blue or gray and playing Gl oria Gaynor's "I Will Survive" so loud you neighbors call the police. Ms. Carr also advises an eyebrow wax and a new outfit before you tell the important people in y our illness. "people you tell are going to cautious and not so cautiously try to see the cancer, so dazzle them instead with your miracle," she writes.While her advice may sound superficial, it gets to the heart of what every cancer patient wants: the chance to live life just as she always did, and maybe better.46. Which of the following groups is more vulnerable to cancer?A. Children.B. People in their 20s and 30s.C. Young adults.D. Elderly people.47. All of the following statements are true EXCEPT _______.A. Kris Carr is a female writerB. Kris Carr is more than 31-year-old.C. Kris Carr works in a cancer center.D. Kris Carr is very optimistic.48. The phrase "cancer posse" (Line 4, para.3) probably refers to ________A. a cancer research organizationB. a group of people who suffer from cancerC. people who have recovered from cancerD. people who cope with cancer49. Kris Carr make up names for the people who treat her because ________A. she is depressed and likes swearingB. she is funny and likes playing jokes on doctorC. she wants to leave the medical advice to doctorD. she tries to leave a good impression on doctor50. From Kris Carr's cancer tips we may infer that ________A. she learned to use e-mails after she got cancerB. she wears fashionable dress even after suffering from cancerC. hospital gowns for cancer patients are usually not in bright colorsD. the neighbors are very friendly with cancer patientsPASSAGE 3Questions 51 to 55 are based on the following passage:Should a leader strive to be loved or feared? This question, famously posed by M achiavelli, lies at the heart of Joseph Nye's new book. .Mr.Nye, a former dean of t he Kennedy School of Govemment at Harvard and one-time chairman of America's National Intelligence Council, is best known for promoting the idea of "soft power", based on persuasion and influence, as a counterpoint to "hard power", based on coercion(强迫) and force.Having analyzed the use of soft and hard power in politics and diplomacy in his pr evious books, Mr.Nye has now turned his attention to the relationship between pow er and leadership, in both the political and business spheres .Machiavelli, he notes, concluded that "one ought to be both feared and loved, but as it is difficult for th e two to go together, it is much safer to be feared than loved." In short, hard pow er is preferable to soft power. But modem leadership theorists have come to the o pposite conclusion.The context of leadership is changing, the observe, and the historical emphasis on hard power is becoming outdated. In modem companies and democracies, power i s increasingly diffused and traditional hierarchies(等级制) are being undermined, ma king soft power ever more important. But that does not mean coercion should now take a back seat to persuasion. Mr.Nye argues. Instead, he advocates a synthesis of these two views. The conclusion of The Powers to Lead, his survey of the the ory of leadership, is that a combination of hard and soft power, which he calls” smart power, is the best approach.The dominant theoretical model of leadership at t he moment is, apparently, the “tra nsformational leadership pattern. Anone allergic(反感) to management term will alrea dy be running for the exit, but Mr.Nye has performed a valuable service in roundin g up and summarizing the various academic studies and theories of leadership into a single, slim volume. He examines different approaches to leadership, the moralit y of leadership and how the wider context can determine the effectiveness of a pa rticular leader. There are plenty of anecdotes and examples, both historical and co ntemporary, political and corporate.Also, leadership is a slippery subject, and as he depicts various theories, even Mr. Nye never quite nails the jelly to the wall. He is at his most interesting when discu ssing the moral aspects of leadership in particular, the question of whether it is so metimes necessary for good leaders to lie -and he provides a helpful 12-point sum mary of his conclusions. A resuming theme is that as circumstances change, differ ent sorts of leaders are required; a leader who thrives in one environment may str uggle in another, and vice versa. Ultimately that is just a fancy way of saying that leadership offers no easy answers.51. From the first two paragraphs we may learn than Mr.Machiavelli's idea of hard power is ______.A. well accepted by Joseph NyeB. very influential till nowadaysC. based on sound theoriesD. contrary to that of modem leadership theorists52. Which of the following makes soft power more important today according to M r.Nye?A. Coercion is widespread.B. Morality is devalued.C. Power is no longer concentrated.D. Traditional hierarchies are strengthened53. In his book the Powers to lead, Mr.Nye has ermined all the following aspects of leadership EXCEPT_____.A. authorityB. contextC. approachesD. morality54. Mr.Nye's book is particularly valuable in that it _____.A. makes little use of management termsB. summarizes various studies conciselyC. serves as an exit for leadership researchersD. sets a model for contemporary corporate leaders55. According to the author, the most interesting part of Mr.Nye's book lies in his _____.A. view of changeable leadershipB. definition of good leadershipC. summary of leadership historyD. discussion of moral leadershipPASSAGE 4Questions 56to 60are based on the following passage:Americans don't like to lose wars. Of course, a lot depends on how you define just what a war is. There are shooting wars-the kind that test patriotism and courage-and those are the kind at which the U.S excels. But other struggles test those qua lities too. What else was the Great Depression or the space race or the constructi on of the railroads? If American indulges in a bit of flag—when the job is done, th ey earned it.Now there is a similar challenge. Global Warming. The steady deterioration(恶化)of the very climate of this very planet is becoming a war of the first order, and by an y measure, the U.S. produces nearly a quarter of the world's greenhouse gases each year and has stubbornly made it clear that it doesn't intend to do a whole lot a bout it. Although 174 nations approved the admittedly flawed Kyoto accords to redu ce carbon levels, the U.S. walked away from them. There are vague promises of manufacturing fuel from herbs or powering cars with hydrogen. But for a country th at tightly cites patriotism as one of its core values, the U.S. is taking a pass on w hat might be the most patriotic struggle of all. It's hard to imagine a bigger fight th an one for the survival of a country's coasts and farms, the health of its people an d stability of its economy.The rub is, if the vast majority of people increasingly agree that climate change is a global emergency, there's far less agreement on how to fix it. Industry offers its pans, which too often would fix little. Environmentalists offer theirs, which too ofte n amount to native wish lists that could weaken American's growth. But let's assum e that those interested parties and others will always bent the table and will alway s demand that their voices be heard and that their needs be addressed. What wo u ld an aggressive, ambitious, effective plan look like-one that would leave the U.S. both environmentally safe and economically sound?Halting climate change will be far harder. One of the more conservative plans for addressing the problem calls for a reduction of 25 billion tons of carbon emissions over the next 52 year. And yet by devising a consistent strategy that mixes and bl ends pragmatism(实用主义)with ambition, the U.S. can, without major damage to the economy, help halt the worst effects of climate change and ensure the survival of its way of life for future generations. Money will do some of the work, but what's needed most is will. "I'm not saying the challenge isn't almost overwhelming," says Fred Krupp. "But this is America, and America has risen to these challenges before."56. What does the passage mainly discuss?A. Human wars.B. Economic crisis.C. America's environmental policies.D. Global environment in general.57. From the last sentence of paragraph 2 we may learn that the survival of a cou ntry's coasts and farms, the health of its people and the stability of its economy is __________.A. of utmost importanceB. a fight no one can winC. beyond people's imaginationD. a less significant issue58. Judging from the context, the word "rub"(Line 1, Para.3) probably means______ _.A. frictionB. contradictionC. conflictD. problem59. What is the author's attitude toward America's policies on global warming?A. CriticalB. IndifferentC. SupportiveD. Compromising60. The paragraphs immediately following this passage would most probably deal w ith___________.A. the new book written by Fred KruppB. how America can fight against global warmingC. the harmful effects of global warmingD. how America can tide over economic crisisSection ⅣTranslation (20 points)Directions：In this section there is a passage in English. Translate it into Chinese and write your translation on the ANSWER SHEET.With the nation’s financial system teetering on a cliff. The compensation arrang ements for executives of the big banks and other financial firms are coming under close examination again.Bankers’ excessive risk- taking is a significant cause of this financial crisis and has continued, to others in the past, in this case, it was fueled by low interest rates and kept going by a false sense of security created by a debt-fueled bubble in the economy.Mortgage lenders gladly lent enormous sums to those who could not afford to pay them back dividing the laws and selling them off to the next financial institutio n along the chain, advantage of the same high-tech securitization to load on more risky mortgage-based assets.Financial regulation will have to catch up with the most irresponsible practices that led banks down in this road, in hopes averting the next crisis, which is likely t o involve different financial techniques and different sorts of assets. But it is worth examining the root problem of compensation schemes that are tied to short-term pr ofits and revenue’s, and thus encourage bankers to take irresponsible risks.Part V Writing (20%)Direction : It is known that text message（手机短信）has both advantages and dis advantages. Some people think it is a blessing, while others regard it as a hell. In this section, you are asked to write an essay on text messaging. You can take ei ther stand and provide specific reasons and examples to support your idea. You s hould write at least 150 words on ANSWER SHEET.作文解析：At present, there is no doubt that short message plays an increasingly importa nt role in our lives. We are all aware that, like everything else, short message hav e both favorable and unfavorable aspects.Generally speaking, the advantages can be listed as follows. First of all, in fes tivals, we can send short messages to wish good luck to other people we know. It brings us a lot of convenience. In addition, short message connects its users with the outside world. For example, some people subscribe weather forecast or news short messages, with them, people’s life will be greatly enriched.But it is pity that every coin has two sides. The disadvantages of short message can’t be ignored.We spend too much time on spelling our words and sending short messages that we can’t focus on our studies. Also, you will always be annoy ed by strangers’ short messages one after another.As is known to all, short message is neither good nor bad itself. In my opinio n, we can use it. But we shouldn’t spend too much time on it and don’t let it distu rb us from our lives.答案：ECRION I1-10 BACDD CBAAC 11-20 BBABD DBACBSECTION 221-30 CDDBC BDDBA 31-40 BACDA DBCACSECTION 341-50 BBAAC CCBCC 51-60 DCABD CAAACSECTION 4由于国家金融体制处于危机边缘动荡,一些大银行和金融机构中的高级管理人员的补偿金计划就受到密切关注.银行家们过度冒险是金融危机的至关重要原因,在历史上也有类似情况.在这种情况下,一般是由低息引起并造成持续的错觉,其实是一种债务泡沫经济.抵押贷款人很乐意把大量资金借给无力偿还的人,就把贷款瓜分了,并沿这样的链条出售给下一个金融机构,这些做法都在利用高科技证券业,结果,却增加了抵押资产的风险.金融条例必须能应付这种能使银行下滑的,最不负责任的做法,以期扭转下一个危机,而这下一个危机很可能包括有各种类型的技术和资产.但值得审视补偿金计划的根本问题,因为那是眼前利益,但却让银行家们不负责任的甘冒风险.2009年工商管理硕士专业学位研究生入学全国联考综合能力试题一、问题求解（本大题共15小题，每小题3分，共45分，在每小题的五项选项中选择一项）1、甲、乙两种商品，均以480元出售，甲赚了20％，乙赔了20％，则商店盈亏结果为（）A、不亏不盈B、亏了50元C、赚了50元D、赚了40元E、亏了40元2、北京奥运会某国的男女运动员人数之比为19：12，后增加了若干女运动员，使人数之比为20：13，又增加了男运动员，使人数之比为30：19，如果后增加的男运动员比先增加的女运动员多3人，则最后运动员的总人数为（）A、686B、637C、700D、661E、6003、某工厂定期购买一种原料，已知该工厂每天需要6吨原料，每吨的价格是1800元，每吨原料的保管等费用是3元，每次购买原料而需支付运费900元，若该厂要使平均每天支付的总费用最省，则应该（）天购买一次原料A、11B、10C、9D、8E、74、有3个试管A、B、C，分别装有一定量的清水，现将浓度为12％的溶液10克倒入A试管，混合后取出10克后倒入B试管，混合后再取10克倒入C 试管，最后A，B，C三个试管的浓度为6%,2%,0.5%, 则最初A，B，C三个试管盛水最多的是（）A、A试管，10克B、B试管，20克C、C试管，30克D、B试管，40克E、C试管，50克5、一艘轮船往返航行于甲、乙两码头之间，若船在静水中的速度不变，则当这条河的水流速度增加50％时，往返一次所需的时间比原来将（）A、增加B、减少半个小时C、不变D、减少一个小时E、无法判断6、方程的根是（）A、B、C、D、7、已知方程为，则b、c的值为（）A、2，6B、3，4C、－2，－6D、－3，－6E、以上结果都不正确8、已知，则（）A、B、C、D、9、现有36人，其中A血型12人，B血型10人，C血型8人，AB血型6人，从这36人中任选2人，则2人血型相同的概率为（）A、B、C、D、E、以上结论都正确10、湖中有4个小岛，恰好位于正方形的4个顶点，现要建3座桥连结4个小岛，则不同的建桥方案有( )种A、12B、16C、18D、20E、2111、在数列中，，，则是（）A、首项为2，公比为的等比数列B、首项为2，公比为2的等比数列C、既非等差数列也非等比数列D、首项为2，公差为的等差数列12、的斜边AB=13,直角边AC=5, ,将AC对折到AB上去与斜边重合，点C与点E重合，折痕为AD，（如图）则途中阴影部分的面积为（）平方厘米。
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宁夏大学2009年MBA秋季班财务管理期末考试试卷A（闭卷120分钟） 一、基础理解题（20分） 1.（10分）国资委下达的中央企业经营管理层考核体系中把EVA(经济增加值)作为一个重要的指标进行计算和加权，作为职业经理人，从财务管理的角度，结合FCF(自由现金流) MVA(市场价值增加值)等指标，与传统的财务指标比较，请你谈谈增加和使用EVA、FCF指标的重要性和必要性？（从指标意义、对财务管理影响、国有资本收益等方面考虑）
1．增加的指标主要是弥补了原来指标不能直接反映财务状况和成果的不足，更加强调财务信息的使用价值和直观性，以及股东等关系人关注的项目如现金流和经济利润，使报表更加直观和便于理解，同时防止经营者虚构考核指标，体现了国有资本也是有成本也需要获得收益得到使用补偿的效益理念，国家资本也适合普通资本一样具有收益性特征，使经营者考核将国家资本当普通股东对待，提高经营者的责任感，使经营成果更科学更加能反映经营者通过努力和实干取得经营成果而不是沾“国家资本的便宜”，也便于掌握公司的真实情况，也更有参考价值。
2.（１0分）货币的时间价值计量有很多方法，如计算一次投入本金的终值、未来值的折现值，年金的终值、现值等复利的计算方法，试结合银行按揭贷款的偿还方式(等额本息偿还,等额本金偿还),谈谈货币时间价值在财务管理中的影响与意义,我们应该怎么做?(从按年贷款,按月收息,资金周转率,现金流转,复利的力量,以及公司资金占用和资金成本等方面考虑)
FV=PV(1+i)n FVA=A[((1+i)n-1)/i]
2货币是由时间价值的，用货币取得的资产也是有时间价值的，我们应该时刻检查企业持有的资产，防止其低效率运作，无效占用，或者被别人无偿占用。 二、思考认识题（20分） 1.（10分）作为职业经理人，请结合经济周期理论,谈谈你对传统财务管理战略的认识与评价,并请你对传统战略项目作适当调整或增加,为你的单位确定一个合理科学的财务管理战略(可以对原表项目进行另外说明，还可以增加内容)（从财务关系人利益均衡,持有资产就是持有风险等对公司价值的影响认识）？ 传统财务管理战略表 复苏 繁荣 衰退 萧条 增加厂房设备 实行长期租赁 增加存货 引入新产品 增加劳动力及培训投入 扩充厂房设备 大力增加存货 提高价格 开展营销规划投入 大力增加劳动力资金投入 停止扩张 出售闲置设备 出售子公司或事业部业务 停产不利产品 停止长期采购计划合约 削减存货 停止雇员 建立投资标准 保持市场份额 缩减管理费用 放弃次要利益 大力削减存货 裁减雇员
复苏 繁荣 衰退 萧条 实行长期租赁 保持合理存货 引入新产品 开展营销规划投入 大力增加劳动力资金投入 筹集必要资金 出售闲置设备 大力降低存货 提高产量 停产不利产品 储存必要现金 放弃次要利益 停止扩张 出售子公司或事业部业务 停止长期采购计划合约 削减存货 停止雇员 加强技术研发 增加厂房设备 建立投资标准 保持市场份额 缩减管理费用 大力削减存货 增加劳动力及培训投入 2.（10分）请结合你所在的单位,应用学过的财务管理对象（现金流、企业价值、股票价格）以及风险与价值管理理论,谈谈你对“现金是企业的血液”及其现金预算在财务管理中作用的认识？（从现金流、资金链、收支平衡等对公司影响方面理解）
2反映企业在财务管理中风险与收益关系的模型，本质是风险越大，收益越大，企业应选择风险小，收益大的项目进行投资和决策，但不能放弃高收益的资产和投资机会。 从广告投入预算开始、以取得的订单所销售产品为起点，预算材料、工资、利息、行政费税金、认证开发投入、生产线等固定资产投资等资金支出、并对应收款变现、本期回收销售现款等资金收入，作出初步预算，然后结合起初现金余额，判断现金流的收支平衡水平，进而作出筹资决策和方式（具体数据略）。做预算可以有效合理的分配企业有限的资源，使资源利用效率达到比较高的水平，同时解决企业现金流提供了依据并指明了方向，还可以在企业的项目投资中，对项目可行性进行判断，进而提供决策依据。
三、理论及方法应用题（共计40分） 1． 请根据附件提供的案例资料,应用你学过的财务管理方法,解决以下问题： （1） 分析一下银广夏的2009年财务状况和存在的财务问题(10分) （2） 提出拯救银广夏的主要财务管理措施(10分)（从产品经营、理财环境、筹资决策、项目投资决策、资本运营、现金流、营运资金管理等反方面考虑）? 盈利能力很差,偿债能力很弱.公司无主导产品收入,各项费用又高,说明资产基本处于无效运营状态.企业几乎处于破产状态. 管理混乱,资本结构和股权关系不清晰,公司治理失效. 本企业在较长时间内，在主导产品开发投入，技术更新方面工作不力，资本运作和资产管理能力不强，既没有做强也没有做大，对经营环境和政策研究利用方面做得不好，尤其是上市公司资源深度开发方面严重滞后。导致企业效益平平，一度陷入生存危机。 首先在国家加大对农业支持多情况下,现将公司内部管理理顺,将治理结构建立并完善.其次立足农业发展和开发,尽快确立主业产品. 尽快筹集资金,恢复经营能力,产生经营活动现金流 寻找可靠的重组对象对公司进行重组,以农业加工企业特别是西部的上市公司或大型非上市公司为主.与大股东沟通.逐步改善资本结构.完善治理结构和进行科学有效决策 。
2． 2010年银川万达广场正在招商,你的企业准备投资肯德基连锁经营项目，预计投资总额400万元,项目要求一次投资,当年见效,本项目年净利润额100万元。 请依据项目投资需要，设计1个你认为筹资成本较低、筹资相对容易的筹资方案？(10分)（以计算投资收益率与加权资金成本比较作为设计参考，最后应说明筹资的方式和对应金额、加权资本成本，筹资方式不能超过三种）以下是可供参考的融资方式及条件。 （市场一年期银行贷款利率6%，手续费0.5%，银行信用额度200万元；投资者期望收益15%增长率为0，原始股发行价格5元，新增发股票发行费用率10%；发行债券利率4%，债券发行费用率1%，债券发行限额100万元；高利贷利率30%，无限额无手续费；信用融资150万元，公关及机会成本20%，所得税率25%）。 单一资金成本率综合计算公式=[D0（1+g）（1-T）]/[P（1-f）]+g
加权资金成本= Kj—第j种资本的成本
Wj—第j种资本占总资本的比重
银行借款200万元,资本成本=200*6%*(1-25%)/200*(1-0.5%)=0.045/0.995=4.8% 高利贷100万元，资金成本=30% 信用融资100万元，资金成本=20%
Kw=0.5*0.048+0.25*0.3+0.025*0.2=0.024+0.075+0.05=0.149=15% 投资收益率=100/400=25% 投资收益率〉甲醛资金成本 可行
3． 若上述投资400万元项目，年利润总额133万元，年净利润额100万元，(年度设备等折旧费用50万元.利息支出17万元)，投资在年初一次性投入,投入即用无建设期，建成投产后，收益期10年，期间无应收款占用,再无需新增投资，假设10年后固定资产变价净收入0.,如折现率10%，所得税率25%，,i=10%,n=10的年金折现系数= PVIFA (10%,10)=6.1446 试算(10分)：（每指标1.5分）该项目每年的息税前收益ＥＢＩＴ、经营性税后净利润ＮＯＰＡＴ,每年净现金流量（=年净利润+年折旧）（10年分年度列表）,投资回收期、净现值（0—10年末）,并判断项目的可行性及其依据。说明并判断企业的经营及财务风险。参考公式=
WKK
j
n
jjw1PVA=A[(1-(1+i)-n)/i]=A* PVIFA
（i，n）
NPV=PVA-CF0 Ebit=100+17+33=150 Nopat=ebit*（1-25）=150*0.75 每年净现金流量=100+50=150 0 1 2 3 4 5 -400 150 150 150 150 150
Irt=2+100/150=2.66年 Npv= NPV=PVA-CF0=PVA-I=150*6.1446-400=925-400=525万元
因净现值大于0，项目可行。风险为市场风险同行业其他企业进入，高利贷风险，质量风险。
四:综合思考论述题(20分) 国家提出要加快经济结构调整力度,提高经济发展质量和效益,并提出发展低碳经济的新模式,请你结合公司理财环境,筹资决策,投资决策,风险与价值,以及财务管理的目标等内容,就你单位的财务状况和经营现状谈谈当前你公司理财的任务,内容,对象(10分),以及你公司应该采取的理财对策及建议(10分).
企业管理目标财富最大化，但实现这一目标，要建立良好的理财环境，尽可能降低由于环境带来的现金流出，比如违法成本和社会不良影响造成的损失，企业处在环境中，就必须遵纪守法和维护社会道德规范，否则，财务管理目标实现就大打折扣。让你的财务关系人有钱并很好的生存，你的企业的才能得到支持，同时才会有挣钱的来源，否则，你都不知道去挣谁的钱。如果存货周转率，应收帐款周转率太低，与常规数据（12，10）比，说明其管理存在较大漏洞，同时存货资金占用太大，应加强催收货款，减少原材料办成平以及在置评产成品占用，适度清理不合理占用，提高流动资产利用率。虽然企业的流动比率速动比例正常，但提出应收帐款因素，其比例也严重遍地，说明企业现金流仍有问题，需要加强管理。要保持现金流平衡就要一方面增加产品收入，同时适度负债借入资金，并且对现金流处作适度安排和预算，防止过早的现金流处或者不必要的流出。同时要注意财务预警机制的管理，特别是信用危机的发生，防止出现突发性的财务事项，引发的现金流出剧增，进而导致现金流断裂。筹资方式不能过度依赖银行贷款等债务性融资，适度保持资产负债率，一般在60%以下。
净利润增长率较低，存货周转率，应收帐款周转率太低，与常规数据（12，10）比，说明其管理存在较大漏洞，同时存货资金占用太大，应加强催收货款，减少原材料办成平以及在置评产成品占用，适度清理不合理占用，提高流动资产利用率。企业的流动比率速动比例没有超过6属于不正常，提出应收帐款因素，其比例也严重遍地，说明企业现金流仍有问题，需要加强管理，预算不准确和不全面，导致现金流管理不顺利。资金处于混乱流转和无序状态。市场竞争激烈，但没有想到企业之间的合作和共赢策略。 现金预算不科学，内部管理和分工不合理，产品研发不及时，合同定单计划不周密。 企业经营活动的起点需要现金，来购置各种加工设备等固定资产作为经营工具，同时还需要现金购进流动资产作为加工对象，并在加工中附加价值，然后企业的经营活动就是有现金形成的资产在形态上发生不断的变化，最后又回到现金状态，经过周转，企业的附加值才能实现，而这一流转过程围绕的都是现金的流动和现金反映的资产形态的变化来进行的，因此现金既是润滑剂，又是业务流转的基础，因为毕竟有许多的业务只有靠现金才能实现有效的流转，虽然现金本身并不能带来价值，它仅仅是一种经济活动媒介。南方企业破产，主要就是企业在经营中某个环节需要现金周转和过渡一下，比如买材料、发工资、开拓市场，但由于金融危机导致的销售不畅，现金不能及时回收，导致经营周转的环节就出现断点，业务流转不灵，导致业务停顿，企业损失不断加大，甚至破产。 现在企业处于生存维持期间，根据国家宏观调控政策和产业发展方向，该企业与邹房地产战略，并不是最好的选择，相反，立足农业和农产品开发，争取国家政策支持，财政资金，研发产品，立足宁夏养殖业资源优势，才是做强做大的根本和长远出路。我是不会同意被收购并进入房地产业的。。。。。。。 和谐是指每个人都有饭吃、每个人都有话语权，科学发展观是讲究以人为本的全面协调可持续发展，这些理念都讲的是社会中的个体和组织都应该兼顾到各方利益，并且实现个体和组织的平衡相处，才能长久地发展下去的道理。企业管理目标是财富最大化，但实现这一目标，要建立良好的理财环境，尽可能降低由于环境带来的现金流出，比如违法成本和社会不良影响造成的损失，企业处在环境中，就必须遵纪守法和维护社会道德规范，否则，财务管理目标实现就大打折扣。让你的财务关系人有钱并很好的生存，你的企业的才能得到支持，同时才会有挣钱的来源，否则，你都不知道去挣谁的钱。 企业应该适应地消耗低污染低排放的地毯经济模式,结合国家政策开发适应低碳模式的产品,转变盈利模式,增加现金流量.地消耗意味着降低成本,同时地消耗可以节约成本,从而减少现金流出.还可以在市场以及金融财政方面得到国家政策支持,获得意外的无偿现金流入.要为员工创造价值,为客户创造价值,只有这样,才会使企业的新金流源源不断地增加,最终增加企业的价值和股东价值.