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 P6A 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。
2、EBIT P15EBIT is earnings before interest and taxes , a useful and widely used measure of business’s income before it is divided among creditors , owners , and the taxman.息税前利润是一项十分有用且被广泛应用的利润度量指标，度量在向债权人支付利息、向所有者支付股利和向税务当局缴纳税款之前的利润。
3、Return on Equity P36ROE is a measure of earnings per dollar of invested equity capital or equivalently of the percentage return to owners on their investment.净资产收益率是他们的投资每一美元收益投资股权资本的回报率.4、Return on Assets P39ROA is measure profit as a percentage of the money provided by owners and creditors.ROA是用来衡量每单位资产创造多少净利润的指标。
5、The current ratio P51The current ratio compares the assets that will turn into cash within the year to the liabilities that must be paid within the year.流动比率比较的是能在一年内变现的资产与一年内必须偿还的债务。
6、The acid-test P51Quick ratio is the ratio of liquid assets to current liabilities. It is a measure of corporate liquidity assets can be realized immediately used to repay current liabilities.速动比率是指速动资产对流动负债的比率。
它是衡量企业流动资产中可以立即变现用于偿还流动负债的能力。
7、Pro forma financial statements（模拟财务报表）P87A pro forma statement is simply a prediction of what the company’s financial statements will look like at the end of the forecast period.模拟财务报表就是预计公司在预测期结束时其财务报表看起来会是什么样。
8、Percent-of-Sales Forecasting（销售百分比预测法）P88One way to tie many of the income statement and balance sheet figures to future sales.一种将利润表和资产负债表中的数字与未来的销售联系起来的方法。
9、Sustainable growth rate（可持续增长率）P119This is the maximum rate at which company sales can increase without depleting financial resources..可持续增长率指在不需要耗尽财务资源的情况下，公司销售所能增长的最大比率。
10、Product diversification（产品多元化）P130Companies could reduce risk by combining the income streams of businesses in different product markets.公司可以通过对不同产品市场上生产经营的收益流量的组合来降低风险。
11、OPM P198Enterprises make full use of the advantage of scale , Enhance the ability with suppliers for a supply.Will be used in theinventory and accounts receivable funds and capital costs to suppliers.企业充分利用做大规模的优势，增强与供应商的讨价还价能力, 将占用在存货和应收账款的资金及其资金成本转嫁给供应商。
12、Financial flexibility（财务弹性）P218The concern that today’s decision not jeopardize future financing options.它所关心的事情是今天的决策不会危害到未来的筹资抉择.三、简答题(3*5’)P31问：Why do you suppose financial statements are constructed on an accrual basis rather than a cash basis when cash accounting is so much easier to understand?（为什么尽管收付实现制更加浅显易懂，财务报表却是以权责发生制而非收付实现制为基础编制？）Because the accountant’s primary goal is to mea sure earnings , not cash generated. She sees earnings as a fundamental indicator of viability , not cash generation. A more balanced perspective is that over the long run successful companies must be both profitable and solvent , that is , they must be profitable and have cash in the bank to pay their bills when due, This means that you should pay attention to both earnings and cash flows.（因为会计师的主要目的是计量利润，而非现金。
会计师认为切实可行的衡量指标是利润，而不是产生的现金。
从一个更为全面的角度看，就长期而言，成功的公司必定兼具盈利性和流动性，即，一方面有良好的盈利能力，另一方面债务到期时有足够的银行存款来偿还。
因此，既要注重利润，也要关注现金流量。