财务管理英文笔试题

笔试题

考试题型：

一、从下列选项中选出最佳答案(40x1.5=60分)

二、计算题（10x2=20分）

三、段落中英互译（5x4=20分）

Part I Choice questions 40x1.5=60points) (Please write your answer in the following table)

1. Financial statement does not include ( )

A. balance sheet

B. income statement

C. cash flow statement

D. working sheet

2. An increase in which one of the following will increase the operating cash flow?

A.employee salaries

B. office rent

C. building maintenance

D. equipment depreciation

3. The process of planning and managing a firm’s long-term investments is called:

A. working capital management.

B. financial depreciation.

C. capital budgeting.

D. capital structure.

4. Cash equivalents include ( )

A. time deposits

B. inventories

C. accounts receivable

D. prepaid expenses

5. The internal rate of return for a project will increase if:

A. the initial cost of the project can be reduced.

B. the total amount of the cash inflows is reduced.

C. the required rate of return is reduced.

D. the salvage value of the project is omitted from the analysis.

6. Which of the following belongs to current liabilities?( )

A. mortgages payable

B. prepaid expenses

C. notes payable

D. bonds payable

7. You spent $500 last week fixing the transmission in your car. Now, the brakes are acting up and you are trying to decide whether to fix them or trade the car in for a newer model. In analyzing the brake situation, the $500 you spent fixing the transmission is a(n) ___ cost.

A. opportunity

B. sunk

C. incremental

D. fixed

8. Which of the following statements are correct concerning diversifiable risks?

I. Diversifiable risks can be essentially eliminated by investing in several securities. II. The market rewards investors for diversifiable risk by paying a risk premium.

III. Diversifiable risks are generally associated with an individual firm or industry. IV. Beta measures diversifiable risk.

A. I and III only

B. II and IV only

C. I and IV only

D. II and III only

9. Which of the following is a liability account?（）

A. prepaid insurance

B. additional paid-in capital

C. salaries payable

D. accumulated depreciation

10. Accountants employed by large corporations may work in the areas of the following except ( )

A. product costing and pricing

B. budgeting

C. internal auditing

D. product producing

11. A corporation’s first sale of equity made available to the public is called a(n):（）

A. share repurchase program.

B. private placement.

C. initial public offering (IPO).

D.seasoned equity offering (SEO).

12. Standard deviation measures ____ risk.

A. total

B. nondiversifiable

C. unsystematic

D. systematic

13. ( ) is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.

A. future value

B. present value

C. intrinsic value

D. market value

14. Ellesmere Corporation issues 1 million $1 par value bonds. The stated interest rate is 8% per year and the interest is paid twice a year. What is the real interest rate of the bond? ( )

A. 6%

B.4%

C. 10%

D. (1+8%/2)2-1

15. Your firm purchased a warehouse for $335,000 six years ago. Four years ago, repairs were made to the building which cost $60,000. The annual taxes on the property are $20,000. The warehouse has a current book value of $268,000 and a market value of $295,000. The warehouse is totally paid for and solely owned by your firm. If the company decides to assign this warehouse to a new project, what value, if any, should be included in the initial cash flow of the project for this building? （）

A. $268,000

B. $295,000

C. $395,000

D. $515,000

16.Which one of the following will decrease the operating cycle?

A. paying accounts payable faster

B. discontinuing the discount given for early payment of an accounts receivable

C. decreasing the inventory turnover rate

D. collecting accounts receivable faster

17. Assume that dividends of a common stock will be maintained at D forever, and the required return of the stockholder is r, the par value of the stock is m, the value of the stock is ( )

A. m

B. m+D

C. m+D/r

D. D/r

18. Which of the following items has the most risk? ( )

A. treasury bill

B. corporate bond

C. preferred stock

D. common stock

19. ( ) equals the gross profit divided by net sales of a firm.

A. gross profit margin

B. net profit margin

C. return on investment

D. return on equity

20. ( ) is the ratios that measure a firm’s ability to meet short-term obligations

A. liquidity ratios

B. leverage ratios

C. coverage ratios

D. activity ratios

21.Sensitivity analysis helps you determine the:

A. range of possible outcomes given possible ranges for every variable.

B. degree to which the net present value reacts to changes in a single variable.

C. net present value given the best and the worst possible situations.

D. degree to which a project is reliant upon the fixed costs.

22. According GAAP revenue is recognized as income when: （）

A. a contract is signed to perform a service or deliver a good.

B. the transaction is complete and the goods or services delivered.

C. payment is received.

D. income taxes are paid.

E. all of the above.

23. ( ) is the result of Net Profit Margin ×total asset turnover ×(total assets/shareholders’ equity)

A. Return on equity

B. return on investment

C. current ratio

D. quick ratio

24. Government tax law adjustment is ( ) to a firm.

A. general economic risk

B. inflation and deflation risk

C. firm-specific risk

25.Which of the following statements concerning the income statement is not true?

A. It measures performance over a specific period of time.

B. It determines after-tax income of the firm.

C. It includes deferred taxes.

D. It does not include depreciation.

E. it treats interest as an expense.

26.Which of the following is not a noncash deduction?

A. Depreciation.

B. Deferred taxes.

C. Interest.

D. Two of the above

E. All of the above.

27.Sasha Corp had an ROA of 10%. Sasha’s profit margin was 6% on sales of $180. What are total assets? （）

A.$300

B.$108

C.$48. D$162.

28. Calculate net income based on the following information ( )

Sales = $200.00

Cost of goods sold = $100.00

Depreciation = $18.00

Interest paid = $25.00

Tax rate = 34%

A. $16.50

B. $37.62

C. $34.60

D. $4.60

29.Which of the following is not true? （）

A. Financial markets can be used to adjust consumption patterns over time.

B. Corporate investment decisions have nothing to do with financial markets,

C. Financial markets deal with cash flows over time.

D. Investment decisions rely on the economic principles of financial markets.

E. None of the above.

30. ( ) is concerned with the acquisition, financing, and management of assets with some overall goal in mind.

A. Financial management

B. Profit maximization

C. Agency theory

D. Social responsibility

31. A major disadvantage of the corporate form of organization is the ( ).

A. double taxation of dividends

B. inability of the firm to raise large sums of additional capital

C. limited liability of shareholders

D. limited life of the corporate form.

32. Interest paid (earned) on both the original principal borrowed (lent) and previous interest earned is often referred to as ( ).

A. present value

B. simple interest

C. future value

D. compound interest

33. If the intrinsic value of a share of common stock is less than its market value, which of the following is the most reasonable conclusion? ( )

A. The stock has a low level of risk.

B. The stock offers a high dividend payout ratio.

C. The market is undervaluing the stock.

D. The market is overvaluing the stock.

34. A 250 face value share of preferred stock, pays a 20 annual dividend and investors require a 7% return on this investment. If the security is currently selling for 276, what is the difference (overvaluation) between its intrinsic and market value (rounded to the nearest whole dollar)?

A. approximately 26

B. approximately 10

C. approximately 6

D. approximately 1

35. Felton Farm Supplies, Inc., has an 8 percent return on total assets of 480,000 and a net profit margin of 6percent. What are its sales? ( )

A. 3,750,000

B.640,000

C. 480,000

D. 1,500,000

36. A company can improve (lower) its debt-to-total asset ratio by doing which of the following?

A. Borrow more.

B. Shift short-term to long-term debt.

C. Shift long-term to short-term debt.

D. issue common stock.

37. The DuPont Approach breaks down the earning power on shareholders' book value (ROE) as follows: ROE = ( ).

A. Net profit margin × Total asset turnover × Equity multiplier

B. Total asset turnover × Gross profit margin × Debt ratio

C. Total asset turnover × Net profit margin

D. Total asset turnover × Gross profit margin × Equity multiplier

38. Which of the following items concerns financing decision? ( )

A. sales forecasting

B. bond issuing

C. receivables collection

D. investment project selection

39. Which of the following items is the function of a treasurer? ( )

A. cost accounting

B. internal control

C. capital budgeting

D.

general ledger

40. For financial instruments, ( ) is judged in relation to the ability to sell a significant volume of securities in a short period of time without significant price concession.

A. maturity

B. marketability

C. default

D. inflation

Part II: Calculation Questions (10x2 points)（注意：要写出计算公式和计算过程，否则不得分；需要用文字描述的问题回答内容要详细，语句正确、完整。）

1、The most recent financial statements for company CCC are shown here ($):

1）Compute the following ratios:

Current ratio:

Total debt ratio

Total asset turnover

Profit margin

Equity multiplier

ROA

ROE

2）Using Du Pont Identity to compute the ROE

2. A Microgats Industries bond has a 10% coupon rate and a $1,000 face value. Coupons are paid semiannually, and the bond has 20 years to maturity. If investor required a 12% yield, what’s the bond’s value?

(P/A, 6%, 40)=15.0463 (P/F, 6%, 40) = 0.0972

(P/A, 12%, 20)=7.4694 (P/F, 12%, 20) = 0.1037

Part III Translation (将下面的topic 由英文翻译成中文或者由中文翻译成英文，5x4=20 points)

Topic 1 Introduction to Financial Management

Financial management is an integrated decision-making process concerned with acquiring, financing, and managing assets to accomplish some overall goal within a business entity. Other names for financial management include managerial finance, corporate finance, and business finance. Making financial decisions is an integral part of all forms and sizes of business organizations from small privately-held firms to large publicly-traded corporations（翻译成中文）

Topic 2

A corporation is a legal entity separate from its owners. This means that the corporation can own assets, enter into contracts, sue and be sued. Being a separate legal entity also implies that corporate income is taxable, thus giving rise to double taxation, i.e., corporate tax on profits plus personal tax on after-corporate-tax profits

distributed to shareholders (the exception being a full imputation system). There is a separation of ownership (shareholders) and control (managers). Shareholders who hold shares in a corporation own the corporation. Shares represent a claim to corporate profits, which are distributed in the form of dividends, share repurchases, or acquisition payout, (e.g., management buyouts and tender offers). Shareholders have limiter liability. 翻译成中文）

Topic 3

公司资产负债表报告的价值大部分都是账面价值，账面价值基于历史成本或原始价值。资产的历史成本是公司购买资产时支付的价格。负债的历史成本是公司负有偿还责任时的金额。（翻译成英文）

Topic 4

市盈率反映普通股股东愿意为每一美元净利润支付的价格，为预测一个企业的成长和获利机会提供了重要的信息。未来具有较强获利机会的高增长公司希望较高的市盈率，但是它有几个潜在的缺点。例如，一个企业的收入是负的，那么市盈率就毫无意义。另外，管理者可以通过会计惯例允许的酌情处理权利来歪曲报告。（翻译成英文）

财务管理专业英语 句子及单词翻译

Financial management is an integrated decision-making process concerned with acquiring, financing, and managing assets to accomplish some overall goal within a business entity. 财务管理是为了实现一个公司总体目标而进行的涉及到获取、融资和资产管理的综合决策过程。 Decisions involving a firm’s short-term assets and liabilities refer to working capital management. 决断涉及一个公司的短期的资产和负债提到营运资金管理 The firm’s long-term financing decisions concern the right-hand side of the balance sheet. 该公司的长期融资决断股份资产负债表的右边。 This is an important decision as the legal structure affects the financial risk faced by the owners of the company. 这是一个重要的决定作为法律结构影响金融风险面对附近的的业主的公司。 The board includes some members of top management(executive directors), but should also include individuals from outside the company(non-executive directors). 董事会包括有些隶属于高层管理人员(执行董事)，但将也包括个体从外公司(非执行董事)。 Maximization of shareholder wealth focuses only on stockholders whereas maximization of firm value encompasses all financial claimholders including common stockholders, debt holders, and preferred stockholders. 股东财富最大化只集中于股东，而企业价值最大化包含所有的财务债券持有者，包括普通股股东，债权人和优先股股东。 Given these assumptions，shareholders’ wealth maximization is consistent with the best interests of stakeholders and society in the long run。 根据这些假设，从长期来看，股东财富最大化与利益相关者和社会的最好利润是相一致的。 No competing measure that can provide as comprehensive a measure of a firm’s standi ng. Given these assumptions, shareholders’ wealth maximization is consistent with the best interests of stakeholders and society in the long run. 没有竞争措施，能提供由于全面的一个措施的一个公司的站。给这些臆说，股东'财富最大化一贯不比任何人差项目干系人项目利益相关者的利益，社会从长远说来。 In reality, managers may ignore the interests of shareholders, and choose instead to make investment and financing decisions that benefit themselves. 在现实中，经理可能忽视股东的利益，而是选择利于自身的投资和融资决策。 Financial statements are probably the important source of information from which these various stakeholders(other than management) can assess a firm’s financial health. 财务报表可能是最重要的信息来源，除管理者以外的各种利益相关者可以利用这些报表来评估一个公司的财务状况。 The stockholders’ equity section lists preferred stock, common stock and capital surplus and accumulated retained earnings. 股东权益列示有优先股，普通股，资本盈余和累积留存收益。 The assets, which are the “things” the company owns, are listed in the order of decreasing liquidity, or length of time it typically takes to convert them to cash at fair market values, beginning with the firm’s current assets. 资产，也就是公司拥有的东西，是按照流动性递减的顺序或将它们转换为公允市场价值所需要的时间来排列的，通常从流动资产开始。The market value of a firm’s equity is equal to the number of shares of common stock outstanding times the price per share, while the amoun t reported on the firm’s balance sheet is basically the cumulative amount the firm raised when issuing common stock and any reinvested net income(retained earnings). 公司权益的市场价值等于其发行在外的普通股份数乘以每股价格，而资产负债表上的总额则主要是公司在发行普通股以及分配任何再投资净收益（留存收益）时累积的数额。 When compared to accelerated methods, straight-line depreciation has lower depreciation expense in the early years of asset life, which tends to a higher tax expense but higher net income. 与加速折旧法相比,直线折旧法在资产使用年限的早期折旧费用较低，这也会趋向于较高的税金费用和较高的净收入。 The statement of cash flows consists of three sections:(1)operating cash flows,(2)investing cash flows, and(3)financing cash flows. Activities in each area that bring in cash represent sources of cash while activities that involve spending cash are uses of cash. 该声明现金流量表包含三个部分:(1)经营现金流,(2)投资的现金流,(3)融资现金流。在每个地区活动带来现金来源的现金而代表活动涉及到花钱是使用现金 Financing activities include new debt issuances, debt repayments or retirements, stock sales and repurchases, and cash dividend payments. 筹资活动,包括发行新债券，偿还债务，股票销售和回购，以及现金股利支付。 Not surprisingly, Enron’s executives had realized some $750 million in salaries, bonuses and profits from stock options in the 12 months before the company went bankrupt. 毫不奇怪, 公司破产前的十二个月里，安然的高管们实现了7.5亿美金的工资、奖金和股票期权利润。First, financial ratios are not standardized. A perusal of the many financial textbooks and other sources that are available will often show differences in how to calculate some ratios. 首先,财务比率不规范。一个参考的许多金融教科书及来源,可将经常表现出差异如何计算一些率。 Liquidity ratios indicate a firm’s ability to pay its obligations in the short run. 流动性比率表明公司的支付能力在短期内它的义务。 Excessively high current ratios, however, may indicate a firm may have too much of its long-term investor-supplied capital invested in short-term low-earning current assets. 当前的比率过高,然而,可能表明,一个公司可能有太多的长期 investor-supplied资本投资于短期low-earning流动资产 In an inflationary environment, firms that use last-in, first-out(LIFO)inventory valuation will likely have lower current ratios than firms that use first-in, first-out(FIFO). 在一个通货膨胀的环境下,企业选择使用后进先出法对存货计价的公 司比采用先进先出法的公司有一个低的流动比率。 The cash ratio is too conservative to accurately reflect a firm’s liquidity position because it assumes that firms can fund their current liabilities with only cash and marketable securities. 流动比率太稳健不能正确反映一个公司的流动性状况，因为在这一比率假定公司仅仅用现金和有价证券就可以偿还流动负债。 Debt management ratios characterize a firm in terms of the relative mix of debt and equity financing and provide measures of the long-term debt paying ability of the firm. 描述一个公司债务管理比率从相对的混合的债务和股权融资的措施, 提供长期偿债能力的公司。 Total capital includes all non-current liabilities plus equity, and thus excludes short-term debt. 资本总额包括所有非流动负债加上股本,从而排除短期贷款。 Net profit margins vary widely by the type of industry. 有着很大的不同,其净利润为典型的产业。 Note that earnings before interest and taxes, rather than net income, Is used in the numerator because interest is paid with pre-tax dollars, and the firm’s ability to pay current interest is not affected by taxes. 注意,分子中用的是息税前利润而不是净收入，这是因为利息是税前支付的，公司支付现金利息的能力不受税收的影响。 Managers should analyze the tradeoff between any increased sales from a more lenient credit policy and the associated costs of longer collection periods and more uncollected receivables to determine whether changing the firm’s credit sales policy could increase shareholder’s we alth. 管理者应该分析权衡增加的销售从一个更为宽松的信贷政策和相关费用较长的周期和更多的应收账款收集来决定是否改变公司的信用销售的政策可能会增加股东的财富。 If the receivables collection period exceeds a firm’s credit terms this may indicate that a firm is ineffective in collecting its credit sales or is granting credit to marginal customers. 如果应收账款采集时间超过公司的信用条款这也许说明了企业信用销售收集它无效或给予客户信用边缘。 A low, declining ratio may suggest the firm has continued to build up inventory in the face of weakening demand or may be carrying and reporting outdated or obsolete inventory that could only be sold at reduced prices, if at all. 一个低税率、下降率可能显示这个公司已经持续不断地加强库存面对需求不断减弱或可能携带和报告过期或过时的库存,只能减价出售。Thus, the operating profit margin, which indicates the operating profit generated per dollar of net sales, measures t he firm’s operating profitability before financing costs. 因此,经营利润,预示着美元营业利润产生的净销售额,公司的经营利润措施在融资成本。 If the firm’s fixed assets are old and have been depreciated to a low book value, and the assets have not lost their productive ability, the low figure in the denominator will inflate ROA. 如果公司固定资产比较旧,分母的减少会是ROA折旧到低的账面价值，但是资产并没有失去生产能力。 Return on common equity(ROCE) focuses on just the return to common shareholders and is computed by removing the dividends to preferred shareholders from net income and dividing by the capital provided by common shareholders. 普通股权益报酬率仅仅关注普通股股东的报酬率，用净收入扣除优先股股利除以普通股股东提供的资本计算得到。 Dividend yield represents parts of a stock’s total return; another part of a st ock’s total return is price appreciation. 代表部分股息率的股票总回报;另一部分是一个股票的总回报价格上涨。 In fact, of all the concepts used in finance, none is more important than the time value of money, also called discounted cash flow(DCF) analysis. 事实上,财务上所有的概念中，货币时间价值是最重要的，也称作是折现调整现金流量折价分析。

财务管理术语中英文对照

财务管理术语表 Absorption costing 吸收成本法： Total Cost Methods全部成本法: 将某会计期间发生的固定成本除以销售量，得出单位产品的固定成本，再加上单位变动成本，算出单位产品的总成本。 Accounting 会计：对企业活动的财务信息进行测量和综合，从而向股东、经理和员工提供企业活动的信息。请参看管理会计和财务会计。 Accounting convention会计原则:会计师在会计报表的处理中所遵循的原则或惯例。正因为有了这些原则，不同企业的会计报表以及同一企业不同时期的会计报表才具有可比性。如果会计原则在实行中发生了一些变化，那么审计师就应该在年度报表附注中对此进行披露。 Accounts 会计报表和账簿: 这是英国的叫法，在美国，会计报表或财务报表叫做Financial Statements,是指企业对其财务活动的记录。Chief financial officer Accounts payable应付账款: 这是美国的叫法，在英国，应付账款叫做Creditors，是指公司从供应商处购买货物、但尚未支付的货款。 Accounts receivable 应收账款:这是美国的叫法，在英国，应收账款叫做Debtors,是指客户从公司购买商品或服务，公司已经对其开具发票，但客户尚未支付的货款。 Accrual accounting 权责发生制会计:这种方法在确认收入和费用时，不考虑交易发生时有没有现金流的变化。比如，公司购买一项机器设备，要等到好几个月才支付现金，但会计师却在购买当时就确认这项费用。如果不使用权责发生制会计，那么该会计系统称作“收付制”或“现金会计”。Accumulated depreciation 累计折旧:它显示截止到目前为止的折旧总额。将资产成本减去累计折旧，所得结果就是账面净值。 Acid test 酸性测试:这是美国的叫法，请参看quick ratio速动比率（英国叫法）。 Activity ratio 活动比率: 资产周转率，即销售收入除以净资产（或总资产）。它表明企业在销售过程中利用资产的效率，而不考虑资本的来源。零售业和服务业的活动比率通常比较高。制造业通常是资本密集型的，固定资产的流动资产较多，因此其活动比率也就比较低。 Allcation of costs 成本的分配:将成本分配给“拥有”它们的产品或分部，比如用某产品的广告成本抵减该产品的收入。 Amortization 摊销: 将资产或负债价值的逐渐减少记录在各期费用里。通常是指商誉、专利或其他无形资产，或者债券的发行费用。 Assets 资产: 企业所拥有的财产，可能包括固定资产、流动资产和无形资产。 Asset turnover: 资产周转率 Auditing 审计对公司账簿和会计系统进行检查，从而确认公司的会计报表是否真实、公正地披露其财务状况的过程。 Auditors’ report审计报告:根据法律规定，每年都应当公布一份会计报表，同时审计师应当出具意见，以确认公司是否对其商业活动进行了真实、公正的披露。为了确认这一点，审计师需要检查公司的会计报表。如果他们对报表不满意，他们就会出具“保留意见”，提了同报表中他们认为错误或不确定的项目。审计师出具的保留意见可能会对公司的公众形象和股票价格产生灾难性的影响。 Authorized capital 核定资本:经过核定允许发行的实收资本额。在核定资本的时候，公司需要

财务管理中常见的英文词汇

《财务管理学中常见的英文缩写词汇》 1、ACF Annuity compound factor 2、ADF Annuity discounted factor 3、PVIFA Present-Value Interest Factors of Annuity 4、FVIFA Future-Value Interest Factors of Annuity 5、XFVA X可能是先付年金的声母（没有查到具体出处）Future-Value of Annuity 6、XPVA X可能是先付年金的声母（没有查到具体出处）Present-Value of Annuity 7、RA relavant asset 8、RL relavant liability 9、RE Retained Earnings 10、DOL Degree of Operational Leverage 11、DFL Degree of Financial Leverage 12、DCL Degree of Combined Leverage 13、DTL Degree of Total Leverage 14、EBIT Earnings before interest and tax 15、EAT Earnings after tax 16、EPS Earnings per share 17、NDR Net debt ratio 18、NPV Net present value 19、NCF Net cash flow 20、CFAT Cash flow after tax 21、PI Profitability index 22、ANPV Average of Net present value 23、JIT Just-in-time 24、CD(现金折扣百分比但是不知道单词) cash discount 25、SP 这个是市销率PS吧：price to sales 26、FCFF Free Cash Flow for the Firm 27、DQⅡ(在理财杂志上看到的一种工具) 28、ETF(买卖基金) exchange traded fund 29、IPO Initial Public Offering 30、PE price per share/earnings per share 31、PE/VC Private Equity私募股权/ Venture Capital风险投资 32、ISM(制造业指数) institute for supply management 33、PMI（采购经理人指数）Purchasing Manager's Index

【精编推荐】ACCA财务管理英语中英文对照

【精编推荐】ACCA财务管理英语中英文对 照

ACCA--财务管理英语solepropsietorship独资企业partnership合伙企业corporatefinance公司财务

corporate公司 closelyheld私下公司 publiccompany公众公司 GoldmanSachs高盛银行 pensionfund养老基金 insurancecompany保险公司 boardofdirector董事会separationofownershipandmanagement所有权与管理权的分离limitedliability有限责任 articlesofincorporation公司章程 realasset实物资产 financialasset金融资产 security证券 financialmarket金融市场 capitalmarket资本市场 moneymarket货币市场 investmentdecision投资决策capitalbudgetingdecision资本预算决策financingdecision融资决策 financialmanager财务经理 treasurer司库 controller总会计师

CFO首席财务官 principal-agentproblem委托代理问题principal委托人 agent代理人 agencycost代理成本informationasymmetry信息不对称signal信号efficientmarketshypothesis有效市场假说presentvalue现值 discountfactor贴现因子 rateofreturn收益率 discountrate贴现率 hurdlerate门坎比率opportunitycostofcapital资本机会成本netpresentvalue净现值 cashoutflow现金支出netpresentvaluerule净现值法则 rate-of-returnrule收益率法则profitmaximization利润最大化doingwell经营盈利 doinggood经营造益 collateral抵押品

英文财务管理的概念

财务管理的概念： Concerns the acquisition, financing, and management of assets with some overall goal in mind. Investment decisions，Financing decisions，Asset management decisions。 The Goal of the Firm： Maximization of Shareholder Wealth：Value creation occurs when we maximize the share price for current shareholders. 公司组织形式： Sole Proprietorships：Advantages：Simplicity，Low setup cost，Quick set up，Single tax filing on individual form。Disadvantages：Unlimited liability，Hard to raise additional capital，Transfer of ownership difficulties， Partnerships (general and limited) Advantages：Can be simple，Low setup cost, higher than sole proprietorship，Relatively quick setup，Limited liability for limited partners。Disadvantages：Unlimited liability for the general partner，Difficult to raise additional capital, but easier than sole proprietorship，Transfer of ownership difficulties Corporations ：Advantages：Limited liability，Easy transfer of ownership，Unlimited life，Easier to raise large quantities of capital。Disadvantages：Double taxation，More difficult to establish ，More expensive to set up and maintain。 5c系统：Five Cs of Credit 1 Character – willingness to meet financial obligations 2 Capacity – ability to meet financial obligations out of operating cash flows 3 Capital –financial reserves（储备） 4 Collateral – assets pledged as security 5 Conditions –general economic conditions related to customer’s business PBP的优缺点： Strengths: 1 Easy to use and understand 2Can be used as a measure of liquidity 3Easier to forecast ST than LT flows Weaknesses: 1Does not account for TVM 2Does not consider cash flows beyond the PBP 3Cutoff period is subjective Irr的优缺点： Strengths: 1Accounts for TVM 2Considers all cash flows 3 Less subjectivity Weaknesses: 1 Assumes all cash flows reinvested at the IRR 2Difficulties with project rankings and Multiple IRRs Npv的优缺点： Strengths: 1Cash flows assumed to be reinvested at the hurdle rate. 2Accounts for TVM.

财务管理专业英语吐血整理

Topic1： 1、Financial management is an integrated decision-making process concerned with acquiring, financing, and managing assets to accomplish some overall goal within a business entity. 财务管理是为了实现一个公司总体目标而进行的涉及到获取、融资和资产管理的综合决策过程。 2、Making financial decisions is an integral part of all forms and sizes of business organizations from small privately-hold forms to large publicly-traded corporations. 做财务决策对于所有形式和规模的商业组织，无论是小型私人公司还是大型公开上市公司，都是不可分割的一部分。 3、In today’s rapidly changing environment, the financ ial manager must have the flexibility to adapt to external factors such as economic uncertainty, global competition, technological change, volatility of interest and exchange rates, changes in laws and regulations, and ethical concerns. 在当今瞬息万变的环境中，财务经理必须具备足够的灵活性以适应外部因素，如经济的不确定性、国际竞争、技术变革、利息波动、汇率变动、法律法规变化以及商业道德问题。

财务管理术语中英文对照

财务管理术语表 Absorptioncosting吸收成本法： TotalCostMethods全部成本法:将某会计期间内发生的固定成本除以销售量，得出单位产品的固 定成本，再加上单位变动成本，算出单位产品的总成本。 Accounting会计：对企业活动的财务信息进行测量和综合，从而向股东、经理和员工提供企业活动的信息。请参看管理会计和财务会计。 Accountingconvention会计原则:会计师在会计报表的处理中所遵循的原则或惯例。正因为有了这些原则，不同企业的会计报表以及同一企业不同时期的会计报表才具有可比性。如果会计原则在实行中发生了一些变化，那么审计师就应该在年度报表附注中对此进行披露。 Accounts会计报表和账簿:这是英国的叫法，在美国，会计报表或财务报表叫做Financial Statements,是指企业对其财务活动的记录。Chieffinancialofficer Accountspayable应付账款:这是美国的叫法，在英国，应付账款叫做Creditors，是指公司从供应商处购买货物、但尚未支付的货款。 Accountsreceivable应收账款:这是美国的叫法，在英国，应收账款叫做Debtors,是指客户从公司购买商品或服务，公司已经对其开具发票，但客户尚未支付的货款。 Accrualaccounting权责发生制会计:这种方法在确认收入和费用时，不考虑交易发生时有没有现金流的变化。比如，公司购买一项机器设备，要等到好几个月才支付现金，但会计师却在购买当时就确认这项费用。如果不使用权责发生制会计，那么该会计系统称作“收付制”或“现金会计”。Accumulateddepreciation累计折旧:它显示截止到目前为止的折旧总额。将资产成本减去累计折旧，所得结果就是账面净值。 Acidtest酸性测试:这是美国的叫法，请参看quickratio速动比率（英国叫法）。 Activityratio活动比率:资产周转率，即销售收入除以净资产（或总资产）。它表明企业在销售过程中利用资产的效率，而不考虑资本的来源。零售业和服务业的活动比率通常比较高。制造业通常是资本密集型的，固定资产的流动资产较多，因此其活动比率也就比较低。 Allcationofcosts成本的分配:将成本分配给“拥有”它们的产品或分部，比如用某产品的广告成本抵减该产品的收入。 Amortization摊销:将资产或负债价值的逐渐减少记录在各期费用里。通常是指商誉、专利或其他无形资产，或者债券的发行费用。 Assets资产:企业所拥有的财产，可能包括固定资产、流动资产和无形资产。 Assetturnover:资产周转率 Auditing审计对公司账簿和会计系统进行检查，从而确认公司的会计报表是否真实、公正地披露其财务状况的过程。 Auditors’report审计报告:根据法律规定，有限公司每年都应当公布一份会计报表，同时审计师应当出具意见，以确认公司是否对其商业活动进行了真实、公正的披露。为了确认这一点，审计师需要检查公司的会计报表。如果他们对报表不满意，他们就会出具“保留意见”，提了同报表中他们认为错误或不确定的项目。审计师出具的保留意见可能会对公司的公众形象和股票价格产生灾难性的影响。 Authorizedcapital核定资本:经过核定允许发行的实收资本额。在核定资本的时候，公司需要支付

财务管理分析英文版

一、判断题(10*2’) ( T )1、A company’s retur n on equity will always equal or exceed its return on 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-equity ratio always equals one plus its liabilities-to-equity ratio. 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’s collection period sho uld always be less than its payables period. 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 always be larger than its acid-test-radio. 一个公司的流动比率一定大于速动比率。 ( F )5、Economic earnings are more volatile than accounting 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 growth rate is the highest growth rate in sales it can att ain without issuing new 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。 ( F )8、The stock market is a ready source of new capital when a company is incurring heavy losses 当一家公司蒙受惨重损失时，股票市场即为它随时可动用的新的资本来源。 ( T )9、Share repurchases usually increase earnings per share. 股票回购通常增加每股收益。 ( T)10、Companies often buy back their stock because managers believe the shares are undervalued. 因为管理者相信股票被低估了，所以公司经常买回它们的股票。 ( F )11、Only rapidly growing firms have growth management problems. 只有快速增长的公司才有增长管理的问题。 ( F )12、Increasing growth increases stock price. 提高增长增加股票价格。 二、名词解释(5*3’) 1、The balance sheet P6 A balance sheet is a financial snapshot , taken at a point in time , of all the assets the company owns and all the claims against those assets. 资产负债表相当于一张财务快照，它反映了企业在某一时点上拥有的全部资产和与之相对的全部要求权。

财务管理专业英语翻译

第一单元 财务管理是为了实现一个公司总体目标而进行的涉及到获取、融资和资产管理的综合决策过程。另一种说法是财务管理包括管理财务、公司理财、和和商业理财。做财务决策对于所有形式和规模的商业组织，无论是小型私人公司还是大型股份公开交易的公司来说，都是不可分割的一部分。 和财务管理工作打交道的人一般是公司的高层例如财务副总裁或首席财务官。他们一般直接向董事长或首席执行官报告，在今天快速变化的大环境中，财务管理者必须有去适应外界诸如经济的不确定性、全球竞争、技术变更、利率和汇率变动、法律制度的变动以及道德方面的考虑等因素。作为一个公司功能领域的的首要部分，财务管理者在实现公司目标的过程中扮演着一个关键的领导人角色。 财务管理者的职责和责任是难以达到的。在广义上，财务管理者两个最主要的功能是在公司的活动中获得和配置资源。这些功能也就是制定政策的职责。财务管理者是联系财务部的人员和其他管理部门的人员 重要纽带。 财务管理包含了三个主要方面的决策：长期投资决策，长期融资决策和营运资金管理决策。这三个决定意味着如何在公司多样化的活动中获得和分配资源。前两个决策本质上是长期决策，第三个是短期决策。管理者从不单独考虑这些决策而是作为一个整体来看待，因为他们每一个从不独立于另外一个。投资决策总是影响着融资决策反之亦然。例如，建立一个新厂房或者购买新设备需要考虑其他的决策如怎样获得项目融资和管理已获得资产所需要的资金。 长期投资决策涉及到决定公司想持有的资产的类型和数量。那儿就是包含了资金的配置和使用。财务管理者必须对各种类型的资产作出决策——资产负债表中的左边项目。这些决策经常包含购买，持有，减少，替换，出售、和管理资产。这个计划和管理一个公司长期投资项目的过程就称为资产预算。 作出投资决策要求运用财务管理的重要规则。投资原则是公司应该投资在回报率高过最低报酬率的资产和项目。门坎利率是将资源投资在一个项目中所要求的最低可接受程度额回报。财务管理者设置一个门坎利率表现风险程度的高低，风险越高的项目门坎利率则越高。 长期融资决策涉及到支持长期投资项目所需要资金的获得，包括资产结构的确定，也就是公司用来资助她的运营的负债和股票的结合。这些财务信息咋看资产负债表的右边表现出来。在选择资本结构上公司有着很大的灵活性。 财务管理者可以从外部或内部获得公司投资和运营所需要的资金。内部资金的获得代表着公司决定支付现金股利给股东之后的留存部分。股利政策和一个公司的投资或融资决策都是紧密相连的因为股利支付率决定着利润留存的数量。根据股利分配的原则，一个公司应该返还现金股利给股东如果没有足够的超过门坎利率的投资项目。对于上市公司而言，公司可以选择发放现金股利的形式或者通过股票回购的形式回馈股东。回报的方式很大程度上由公司股东的特点所决定。 如果公司打算从外部筹集资金，那么公司可以通过银行贷款，发行债券和通过股票发行销售所有者权益。融资方式的选择包涵了多方面的权衡。例如，企业必须在某个特定的时期内偿还债务利息却不需要和债权人分享所有权。发行普通股，公司会稀释现有的股东的权益但不得不从股票销售取得的资金补偿他们。 当做财务决策的时候，管理者应该将融资原则牢记于心间。管理者必须选择使投资价值最大化和和被融资的资产所需资金相匹配的融资组合。将被融资资产的现金流出和现金流入做匹配常常用来降低潜在风险。 到目前为止，我们主要集中在长期投资和融资决策，现在我们转到公司日常的投资和筹