1.Capital budgeting: capital budgeting to describe the process of making and managing expenditures onlong-lived assets.资本预算:资本预算是形容对长期资产决策和管理支出的过程2.Capital structure: capital structure represents the proportions of the firm’s financing from current a ndlong-term debt and equity.资本结构：资本结构表示公司当前债务和长期债务及股权之间的融资比例 working capital: net working capital is defined as current assets minus current liabilities.净营运资本：净营运资本是指流动资产减去流动负债4.Debt service: debt service is interest payments plus repayments of principal (that is, retirement of debt).还本付息：还本付息是支付利息加本金还款（即债务清偿）5.Operating cash flow: operating cash flow, defined as earnings before interest plus depreciation minus taxes,measures the cash generated from operations not counting capital spending or working capital requirements.经营活动现金流：经营性现金流，定义为未计算利息的收益加上折旧减去税款，是用来衡量用于不计入资本支出的活动或营运资金需求所产生的现金量pound value: compound value is the value of a sum after investing over one or more periods复合值：复合值是指一个投资在一个或多个周期后的价值总和 present value: NPV is the present value of future cash flows minus the present value of the cost of theinvestment.净现值：净现值是指未来现金流的现值减去投资成本的现值8.Discounting: the process of calculating the present value of a future cash flow is called discounting.贴现：计算未来现金流量现值的过程称为贴现9.Stated annual interest rate: the stated annual interest rate is the annual interest rate without consideration ofcompounding.名义年利率：名义年利率是指不考虑复利的年利率。
10.Perpetuity: is a constant stream of cash without end.永久年金：指无限期支付的年金，即一系列没有到期日的现金流11.Sensitivity analysis: sensitivity analysis examines how sensitive a particular NPV calculation is to changes inunderlying assumptions. Sensitivity analysis is also know as what-if analysis and bop(best, optimistic and pessimistic) analysis.灵敏度分析：灵敏度分析是指一个特定的净现值计算转变为某一基本假设的灵敏程度。
灵敏度分析也与假设分析和BOP分析并称。
12.Homogeneous expectations: the useful simplifying assumption in a word where investors have access tosimilar sources of information.同质预期：就是一个让投资者有机会获得类似的信息来源的简化投资组合。
13.Beta coefficient: the beta coefficient tells us the response of the stock’s return to a systema tic risk.贝塔系数：贝塔系数是一个用于反映股票的回报对于系统性风险的反应程度的工具14.Tender offer: a tender offer is a public offer to buy shares of a target firm要约收购: 要约收购是一个向目标公司发出收购股份的公告简答题1.Why do you think most long-term financial planning begins with sales forecasts? Put differently. Why arefuture sales the key input? （第3章P77.8）为什么你觉得最长远的财务规划是从销售预测开始？换句话说，为什么未来销售是关键因素The reason is that, ultimately, sales are the driving force behind a business. A firm’s assets, employees, and, in fact, just about every aspect of its operations and financing exist to directly or indirectly support sales. Put differently, a firm’s future need for things like capital assets, employees, inventory, and financing are determined by its future sales level.原因在于，销售由始至终都是商业活动的背后驱动力。
一个企业的资产，员工，而且，事实上，其业务及融资行为的每一个方面几乎都存在着直接或间接地支持销售的现象。
换句话说，企业的未来需求，比如资本资产，员工，存货和融资企业的未来需求是根据其未来的销售水平来决定的2.Both ROA and ROE measure profitability. Which one is more useful for comparing two companies? Why?（第3章P78.8）ROA和ROE都能用于衡量盈利能力。
哪一个更适用于对比两个公司的盈利能力呢？为什么？Answer:ROE is a bette r measure of the company’s performance. ROE shows the percentage return for the year earned on shareholder investment. Since the goal of a company is to maximize shareholder wealth, this ratio shows the company’s performance in achieving this goal over the period.ROE（净资产收益率）更适用于衡量公司的表现。
ROE显示了股东投资一年挣取的全年回报的百分比。
由于公司的目标是股东财富最大化，所以这个比例同时反映了公司在实现这一目标期间的表现。
3.Which was the biggest culprit here: too many orders, too little cash, or too little production capacity? （第3章P78.14）哪个是这里最大的罪魁祸首：过多的订单，过分不足的现金，或过少的产能？Answer:All three were important, but the lack of cash or, more generally, financial resources, ultimately spelled doom. An inadequate cash resource is usually cited as the most common cause of small business failure.这三者都很重要，但是现金的不足，或确切来说，是资金来源的缺乏造成了杯具。
资金链断裂通常被看作小企业失败的最常见原因4.You are evaluating project A and project B, project A has a short period of future cash flows. While project Bhas relatively long future cash flows. Which project will be more sensitive to changes in the required return?Why?(第5章P161.11)你正在评估项目A和项目B。
项目A有一个短期的未来现金流，而项目B则有相对长期的未来现金流。
哪一个项目对改变必要报酬率更敏感，为什么？Answer:Project B’s NPV would be more sensitive to changes in the discount rate. The reason is the time value of money. Cash flows that occur further out in the future are always more sensitive to changes in the interest rate. This sensitivity is similar to the interest rate risk of a bond.项目B的净现值对于折现率的改变更敏感。