篇一：财务管理基础 英文版 选择题
第一章
1 CORRECT
Which of the following are microeconomic variables that help define and explain the discipline of finance? D
A) risk and return
B) capital structure
C) inflation
D) all of the above
Feedback: All of the above are relevant in explaining finance.
2 CORRECT
One primary macroeconomic variable that helps define and explain the discipline of finance? C
A) capital structure
B) inflation
C) technology
D) risk
Feedback: Technology is very important in explaining the field of finance.
3 CORRECT
The money markets deal with _________. B
A) securities with a life of more than one year
B) short-term securities
C) securities such as common stock
D) none of the above
Feedback: The money markets are concerned with short-term securities, those with a life less than one year.
4 CORRECT
The ability of a firm to convert an asset to cash is called ___A_________.
A) liquidity
B) solvency
C) return
D) marketability
Feedback: Liquidity also means how close an asset is to cash.
5 CORRECT
Early in the history of finance, an important issue was: A
A) liquidity
B) technology
C) capital structure
D) financing options
Feedback: Maintaining liquidity was a major concern historically.
6 INCORRECT
The __________C_________ is the most common form of business organization in the U.S.
A) corporation
B) partnership
C) sole proprietorship
D) none of the above
Feedback: There are more sole proprietorships than any other form of business organization.
7 CORRECT
The _________C___________ has more sales in dollars than any other form of business organization.
A) sole proprietorship
B) partnership
C) corporation
D) none of the above
Feedback: The corporation is the most important in terms of dollars.
8 CORRECT
One major disadvantage of the sole proprietorship is _____B___________.
A) simplicity of decision-making
B) unlimited liability
C) low operational costs
D) none of the above
Feedback: The owners of a sole proprietorship are personally liable.
9 CORRECT
The appropriate firm goal in a capitalist society is ______B__________.
A) profit maximization
B) shareholder wealth maximization
C) social responsibility
D) none of the above
Feedback: The goal is to maximize the wealth of shareholders.
10 CORRECT
The agency problem will occur in a business firm if the goals of
A) investors
B) the public
C) management
D) none of the above
第二章
Feedback: The goals of management may be different from those of shareholders.
The accounting statements that a firm is required to file include all but one of these. B
A) Balance Sheet
B) Statement of Accounts Receivable
C) Income Statement
D) Statement of Cash Flows
Feedback: The required statements include the income statement, balance sheet and statement of changes in cash flows. The statement of changes in owners equity (or retained earnings) is also required by Generally Accepted Accounting Principles but is not covered in this text.
2 CORRECT
The _______A________ shows the firm's operating results over a period of time.
A) Income Statement
B) Statement of Cash Flows
C) Balance Sheet
D) None of the above
Feedback: The Income Statement represents a moving picture of a firm's revenues and expenses.
3 CORRECT
All of the following except one are tax-deductible expenses. C
A) interest expense
B) depreciation
C) common stock dividends
D) income taxes
Feedback: Common stock dividends are not tax deductible to a firm.
4 CORRECT
All of the following are non-operating expenses except ______B_______.
A) interest expense
B) cost of goods sold
C) preferred stock dividends
D) taxes
Feedback: The cost of goods sold is an operating expense.
5 CORRECT
Bondholders receive _____C________ from the business firm.
A) preferred dividend payments
B) common stock payments
C) interest payments
D) royalties
Feedback: Bondholders are typically paid interest semi-annually.
6 CORRECT
The ratio of net income to common shares outstanding is called _____B_________.
A) price/earnings ratio
B) earnings per share
C) dividends per share
D) none of the above
Feedback: This is called the earnings per share (EPS).
7 CORRECT
Usually, firms with high price/earnings ratios are _____A_______ firms.
A) growth
B) declining
C) mature
D) none of the above
Feedback: A high p/e ratio indicates a firm with strong growth prospects
8 CORRECT
One of the limitations of the _____C_______ is that it is based on historical costs.
A) income statement
B) statement of cash flows
C) balance sheet
D) none of the above
Feedback: The balance sheet uses historical costs.
9 INCORRECT
A source of funds is a: D
A) decrease in a current asset
B) decrease in a current liability
C) increase in a current liability
D) a and c above
Feedback: A decrease in current assets is equivalent to an increase in current liabilities.
10 INCORRECT
Short-term financing for a business firm includes: B
A) bonds
B) accounts payable
C) stockholder's equity
D) mortgages
Feedback: The other three answers represent long-term financing.
第三章
Trend analysis allows a firm to compare its performance to: D
A) other firms in the industry
B) other time periods within the firm
C) other industries
D) all of the above
Feedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance
Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare a
firm’s performance against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company--both in and outside of their industry.
2
Ratio analysis allows a firm to compare its performance to: D
A) other firms in the industry
B) other time periods within the firm
C) other industries
D) all of the above
Feedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance
Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare a firm’s performance against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company--both in and outside of their industry.
3
Usually, a firm's suppliers are most interested in its ___D_____ ratios.
A) profitability
B) debt
C) asset utilization
D) liquidity
Feedback: The suppliers are most interested in getting paid, as shown by the liquidity of the firm.
4 CORRECT
__________D_____ would be most interested in a firm's debt utilization ratios.
A) bondholders
B) stockholders
C) short-term creditors
D) Both A and B
Feedback: Debt is indicated by a firm issuing bonds but is also a function of the debt to equity relationship or the degree of financial leverage. Both bond holders and stockholders are interested in this relationship although frof opposing viewpoints.
5 CORRECT
The _______C______ ratio indicates the return firm shareholders are earning.
A) return on assets
B) return on investment
C) return on equity
D) net profit margin
Feedback: The shareholders represent equity, or ownership in the firm.
篇二：财务管理基础英文大纲
Foundation of Financial Management
Module syllabus
Teacher Name: Zhanwei Liu
School Name: Xuchang University
1. Unit description
Financial management is part of the decision-making, planning andcontrol subsystems of an enterprise. It incorporates the treasury function,
which includes the management of working capital and the implications arising
from exchange rate mechanisms due to international competition,evaluation, selection, management and control of new capital investment opportunities, raising and management of the long-term financing
of an entity.
The management of risk in the different aspects of the financial activities
undertaken is also addressed. Studying this course should provide you with an
overview of the problems facing a financial manager in the commercial world.
It will introduce you to the concepts and theories of corporate finance that
underlie the techniques that are offered as aids for the understanding,
evaluation and resolution of financial managers’ problems. This subject guide
is written to supplement the Essential and Further reading listed for this course,
not to replace them. It makes no assumptions about prior knowledge other
than that you have completed Principles of accounting.
The aim of the course is to provide an understanding and awareness of
both the underlying concepts and practical application of the basics of financial
management. The subject guide and the readings should also help to build in
your mind the ability to make critical judgments of the strengths and
weaknesses of the theories, just as it should be helping to build a critical
appreciation of the uses and limitations of the same theories and their possible
applications.
On successful completion of the module, learners will be able to:
? describe how different financial markets function and estimate the
value of different financial instruments (including stocks and bonds)
? make capital budgeting decisions under both certainty and uncertainty
? apply the capital assets pricing model in practical scenarios
? discuss the capital structure theory and dividend policy of a firm
? estimate the value of derivatives and advise management how to use
derivatives in risk management and capital budgeting
? describe and assess how companies manage working capital and
short- term financing
2. Pre-requisite units and assumed knowledge
Accounting, Economics
3. Learning aims and outcomes
Learning Outcome 1
Explain the method of financial analysis and planning
ASSESSMENT CRITERIA:
a. Explain the goals and objectives of financial management
b. Demonstrate a reasonable ability to prepare the three basic financial
statements
c. Discuss the method of financial analysis
d. Explain the operating leverage, financial leverage. and combined
leverage
Learning Outcome 2
Explain the manager how to manage working capital
ASSESSMENT CRITERIA:
a. Explain the context of risk-return analysis
b. Explain the financial manager how to choose between liquid,
low-return assets and more profitable, less liquid assets
Learning Outcome 3
Explain the process of the capital budgeting
ASSESSMENT CRITERIA:
a. Discuss the time value of money
b. Explain the valuation of bonds and stocks
c. Explain the cost of capital and capital structure
d. Explain the capital budgeting decision and risk-return analysis
Learning Outcome 4
Explain the long-term financing in the capital markets
ASSESSMENT CRITERIA:
a. Explain the long-term debt and lease financing
b. Explain the common stock and preferred stock financing
c. Explain the dividend policy and retained earnings
d. Explain the warrants and convertibles covered, as well as the more
conventional methods of financing
4. Weighting of final grade
Grades will be assigned on the basis of the following percentages:
5. Grading
A 100-95 A- 94-90 B+ 89-87
B 86-83 B- 82-80 C+ 79-77
C 76-73 C- 72-70 D+ 69-67
D 66-63
6. Policies
Attendance Policy D- 62-60 F 59 or lower Attendance in class is a very important part of your learning experience. As such, failure to attend class will reduce your grade, and may be grounds for failure in the course. If you are late to class, your attendance score may also be affected. In the event of unavoidable absences, such as serious illness, or deaths in the family, students may be requested to provide documentary evidence of the reason for their absence to their academic coordinator. You should not give these to your instructor. Students are solely responsible for the makeup of any missed classes, and for obtaining any class materials or assignments that they may miss. You are expected to come to class prepared to actively participate in class discussions.
Participation Policy
Students should participate in their chosen classes actively and effectively. The Participation Grade is related to the Attendance Grade. Students’ final attendance grade is the maximum of their participation grade.
Participation grade will be based on a variety of factors including, but not limited to taking part in class discussions and activities, completing assignments, being able to answer questions correctly, obeying class rules, and being prepared for class, frequent visiting your instructors and chatting in English during their office hours is highly recommended.
Policy on Assignments and Quizzes
Students should finish their assignments completely and punctually. Assignment should be submitted on the date appointed by the instructor. If a student cannot hand in the assignment on time, the reasonable excuse will be needed. Late assignments will receive a maximum grade of 80. An assignment that is late for 3 days will be corrected but receive 0.
You are recommended print all your assignment in the uniform format with the heading of Student’s Pledge of no cheating. Written assignment or printed ones without the uniform heading of pledge will receive a maximum grade of 80.
It is mandatory to have weekend assignment every week. Any weekend assignment should be submitted on first class of next week. It is mandatory to have holiday assignment on the public holidays. Any holiday assignment should be submitted on the first day on returning to school. Students are required to do a multitude of presentations during the course.
Plagiarism and Copying
篇三：财务管理基础英文摘要
?Foundations of Financial Management
Part 1 Introduction
Chapter 1 The Goals And Functions of Financial Management
Summary
?This chapter traces the evolution and interrelationships of finance as a field of study and the role of the financial manager in a dynamic economy.
1. The field of Finance.
?A. The field of finance is closely related to economics and accounting.
?1. Economics provides a structure for decision-making in such areas as:
?a. Risk analysis.
?b. Price theory.
?c. Comparative return analysis.
1. The field of Finance.
?2. Economics provides the broad picture of the economic environment including the:
?a. Institutional structure of the Federal Reserve System.
?b. Commercial banking system.
?c. Interrelationships between various economic sectors.
1. The field of Finance.
?3. Accounting, sometimes said to be the language of finance, provides financial data through income statements, balance sheets, and the statement of cash flows.
?4. Finance links economic theory with accounting data. All corporate managers must be familiar with such data in order to assess the financial performance of the firm.
1. The field of Finance.
?B. The demand for financial management skills exists in many sectors of a global society including corporate management, financial institutions, and consulting.
2. Finance as a field of study has evolved over time in response to changing business management needs.
?A. Finance achieved recognition as a separate field of study in response to the creation of giant corporations at the turn of the century.
?B. The worst depression in United States’ history caused a shift in emphasis from rapid merger growth to preservation of capital, liquidity, reorganization, and the bankruptcy process.
2. Finance as a field of study has evolved over time in response to changing business management needs.
?C. The most significant step in the evolution of contemporary financial management began in the mid-1950s.Emphasis was placed on the analytically determined employment of resources within the firm. The decision-making nature of financial management was manifested in the enthusiasm for the study of:
2. Finance as a field of study has evolved over time in response to changing business management needs.
?1. Allocation of financial capital for the purchase of real capital (plant and equipment). ?2. Efficient utilization of current assets.
?3. Capital structure theory.
?4. Dividend policy.
2. Finance as a field of study has evolved over time in response to changing business management needs.
?D. The analytical orientation of financial management focused on risk-return relationships and the desire to maximize return at a given level of risk.
?E. The rapid inflation experienced in the economy in the 1970s and early 1980s followed by a lengthy period of disinflation has impacted all areas of financial decision-making.
2. Finance as a field of study has evolved over time in response to changing business management needs.
?F. The technological changes in the 1990s rapidly impacted the financial management functions of business firms. E-commerce accelerated cash flows and significantly affected the management of inventory and accounts receivable. Financial managers must remain sensitive to the impacts of e-commerce and the internet on finance functions in the 21st century.
3. Functions of Financial Management: A financial manager is responsible for financing an efficient level and composition of assets by obtaining financing through the most appropriate means.
?A. Daily financial management activities.
?1. Credit management.
?2. Inventory control.
?3. Receipt and disbursement of funds.
?B. Less-routine activities.
?1. Sale of stocks and bonds.
?2. Capital budgeting.
?3. Dividend decisions.
3. Functions of Financial Management: A financial manager is responsible for financing an efficient level and composition of assets by obtaining financing through the most appropriate means.
?C. Forms of organization: The finance function may be carried out within a number of different forms of organizations:
?1. Sole proprietorship.
?a. Single ownership.
?b. Simplicity of decision making.
?c. Low organizational and operating costs.
?d. Unlimited liability.
?e. Earnings of the proprietorship are taxed as personal earnings of the individual owner.
3. Functions of Financial Management: A financial manager is responsible for financing an efficient level and composition of assets by obtaining financing through the most appropriate means.
?2. Partnership.
?a. Two or more partners.
?b. Usually formed by articles of partnership agreement.
?c. Unlimited liability for all partners unless a limited partnership is formed which provides limited liability for one or more partners. At least one partner must be a general partner.
?d. Earnings are taxed as personal earnings of partners.
3. Functions of Financial Management: A financial manager is responsible for financing an efficient level and composition of assets by obtaining financing through the most appropriate means.
?3. Corporation.
?a. Most important form of business in terms of revenue and profits.
?b. Legal entity.
?c. Formed by articles of incorporation.
?d. Stockholders (owners) have limited liability.
?e. Easy divisibility of ownership.
3. Functions of Financial Management: A financial manager is responsible for financing an efficient level and composition of assets by obtaining financing through the most appropriate means.
?3. Corporation.
?f. Managed by the board of directors.
?g. Double taxation of earnings: Earnings of the corporation are subject to the corporate income tax; dividends (distributed net income) are subject to personal taxation. Small subchapter S corporations, however, avoid the double taxation disadvantage.
4. Goals of Financial Management.
?A. Are the goals of the three basic forms of business organizations the same? Does the management of a corporation make the same decision that a sole proprietor would make? ?B. Agency theory, a major area of financial research, focuses on the relationship between the owners of a firm and the managers of the firm.
4. Goals of Financial Management.
?C. Because of their large percentage of ownership, mutual funds and pension funds can influence the decisions of major U.S. companies.
?D. Alternative goals.
?1. Profit maximization (or maximizing earnings per share) has several drawbacks.
?a. Does not capture risk effects.
?b. Fails to consider the timing of the benefits.
?c. Variations in definitions of profit cause measurement problems.
?d. Inflation and international currency transactions complicate the issue.
4. Goals of Financial Management.
?2. Maximization of owner’s wealth or shareholder wealth maximization if the firm is a corporation is the goal of the firm. Valuation is the key concept of this goal. The valuation process captures the timing of the expected cash flows and the risk associated with the cash flows.
4. Goals of Financial Management.
?E. Incentives for management to act in the best interest of the owners (shareholders).
?1. The only way for management to maintain its position over the long run is to be sensitive to shareholder concerns.
?2. Stock option incentives.
?3. Institutional influence.
5. Social Responsibility and Ethical Behavior.
?A. Is the goal of shareholder wealth maximization consistent with social responsibility? ?1. In most cases the answer is “yes”. Maximizing shareholder wealth attracts capital and
provides employment and other benefits to the community (national, state, local, etc.).
5. Social Responsibility and Ethical Behavior.
?2. Some socially desirable actions may be less compatible with shareholder wealth maximization. For example, pollution controls, equitable hiring practices, and fair pricing standards may be in consistent with achieving maximum market value. Such actions may have to be mandatory.
5. Social Responsibility and Ethical Behavior.
?B. Unethical and/or illegal financial practices may lessen confidence in U.S. securities markets and made it more difficult for managers to maximize shareholder wealth. During the 1980s and 1990s, illegal insider trading activities made news headlines. Insider trading occurs when individuals seek to profit from trading using information that has not been made available to the public.
6. The Role of Financial Markets.
?A. Financial markets are the meeting places for people, corporations, and institutions that either need money or have money to lend or invest.
?1. National, state, and local governments seek funds in public financial markets.
?2. Corporations raise funds in corporate financial markets.
6. The Role of Financial Markets.
?B. Financial markets may be classified in several ways.
?1. Domestic.2. International.
?3. Corporate. 4. Government.
?5. Money and capital.
?a. Markets that focus on short-term securities that have a life of a year or less are called money markets.
?b. Capital markets are defined as markets where securities have a life of more than one year. Capital markets are further classified as intermediate (1-10 years) and long-term (more than 10 years).
6. The Role of Financial Markets.
?C. Financial markets allocate capital to the highest bidder within a risk-return framework. Individuals possessing capital seek to earn the highest rate of return at a given level of risk. Prices of securities in the market reflect the collective judgment of all participants. Securities price movements provide feedback to corporate managers indicating the market’s evaluation of their activities. Corporations raise capital by selling new securities in the primary market. Securities previously sold by corporations trade in the secondary market between investors.
6. The Role of Financial Markets.
?D. In addition to the pressure placed on corporate management through adjustment of securities prices, some investors seek to directly influence corporate boards of directors. Institutional investors have used their influence to bring about the restructuring of a number of firms. Restructuring may be manifested by a change in the capital structure of the firm, a merger or acquisition, selling off low-return divisions, reductions in the workforce, and even the removal of the existing management team.
6. The Role of Financial Markets.
?E. The internationalization of financial markets is necessary for the support of expanding international product markets. Modern corporate financial managers must understand international capital flows, electronic funds transfer, foreign currency hedging strategies, and many other global
trading factors.
6. The Role of Financial Markets.
?F. The internet and changes in the capital markets: Technology has significantly impacted capital markets.
?1. Cost reduction for trading securities which has led to consolidations of markets and brokerage firms.
?2. Creation of new electronic markets.
?3. Internet trading provided by discount brokerage firms has forced full-service brokers to offer less profitable Internet trading to their clients.
7. Format of the Text.
?A. Introduction: An examination of the goals of financial management within an analytical framework.
?B. Financial analysis and planning.
?1. Review of accounting relationships with finance.
?2. Ratio analysis.
?3. Construction of budgets and pro forma statements.
?4. Operating and financial leverage.
7. Format of the Text.
?C. Working capital management: Techniques for managing the levels of current assets and shot-term financing in a risk-return context.
?D. Capital budgeting and related valuation concepts.
?1. Time value of money.
?2. Cost of capital.
?3. Capital budgeting techniques.
7. Format of the Text.
?E. Long-term financing: An analysis of the characteristics of the structure, participants, and instruments of the capital markets.
?F. Corporate growth through mergers: An integration of financial management concepts within the framework of corporate growth strategy.
?G. International financial management: An examination of the complex, risky environment of international finance.
Conclusion
?1. The field of finance integrates concepts from economics, accounting, and a number of other areas.
?2. The relationship of risk to return is a central focus of finance.
?3. The primary goal of financial managers is to maximize the wealth of the shareholders. Conclusion
?4. Financial managers attempt to achieve wealth maximization through daily activities such as credit and inventory management and through longer-term decisions related to raising funds. Conclusion
?5. Financial managers must carefully consider domestic and international business conditions in carrying out their responsibilities.
?6. Daily price changes in the financial markets provide feedback about a company’s performance and help investors allocate their capital between firms.