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RSM ch17

カード 127枚 作成者: Siyang Fan (作成日: 2016/02/04)

  • the 3 names of senior manager who directly report to CFO

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  • 1

    the 3 names of senior manager who directly report to CFO

    補足(例文と訳など)

    答え

    • 1.controller 2.treasurer 3.vice-president of financial management(planning)

    解説

  • 2

    vice-president of financing management job?

    補足(例文と訳など)

    答え

    • forecast the future financial conditions major investment decision-making

    解説

  • 3

    treasurer job

    補足(例文と訳など)

    答え

    • 1.cash management 2.tax planning and preparations 3.shareholder relation 4.sell new issues of security

    解説

  • 4

    controller also called? jobs?

    補足(例文と訳など)

    答え

    • senior accounting managers 1.book-keeping 2.financial statement 3.internal audits

    解説

  • 5

    3 steps financial plan

    補足(例文と訳など)

    答え

    • 1.sales forecast 2.profit forecast--expenses, tax,dividend 3.asset needed

    解説

  • 6

    major current asset(4)

    補足(例文と訳など)

    答え

    • cash marketable security account receivable inventory

    解説

  • 7

    a more liberal credit policy means __ sales but also ___collection expenses, __ levels of bad debt, and a ___ investment in accounts receivable.

    補足(例文と訳など)

    答え

    • higher higher larger higher

    解説

  • 8

    Management of accounts receivable is composed of two functions

    補足(例文と訳など)

    答え

    • 1.credit policy 2. which customer to give credit

    解説

  • 9

    the equation of receivable turnover, and what the high receivable turnover indicates?

    補足(例文と訳など)

    答え

    • net credit sales/ average account receivable It may suggest that a company operates on a cash basis, for example. It may also indicate that the company’s collection of accounts receivable is efficient, and that the company has a high proportion of quality customers that pay off their debts quickly. A high ratio can also suggest that the company has a conservative policy regarding its extension of credit.

    解説

  • 10

    cost of inventory

    補足(例文と訳など)

    答え

    • 1.acquiring , ordering, insuring, financing, stocking 2. cost of out-stocks / lost sales because of insufficient saling

    解説

  • 11

    debt downsides

    補足(例文と訳など)

    答え

    • 1. leverage risk 2. less flexibility in the future

    解説

  • 12

    equity downsides

    補足(例文と訳など)

    答え

    • 1. control 2.equity capital more expensive because of payment claim 3. tax on dividends

    解説

  • 13

    short-term debt risks (2)

    補足(例文と訳など)

    答え

    • 1.unstable 2.availability

    解説

  • 14

    3 short-term fund sources

    補足(例文と訳など)

    答え

    • commercial paper trade credit shot-term loan

    解説

  • 15

    short-term loan is used to finance__ and ___

    補足(例文と訳など)

    答え

    • inventory accountable receivable

    解説

  • 16

    the difference between commercial finance company and bank with regard to short-term loan

    補足(例文と訳など)

    答え

    • 1.bank loan is unsecured 2.commercial finance company is secured by inventory and account receivable

    解説

  • 17

    what is factoring(part of short term loan)

    補足(例文と訳など)

    答え

    • the company sells its account receivable to financial institution at discount --> become cash without worrying about collection.

    解説

  • 18

    compensating balance is?

    補足(例文と訳など)

    答え

    • keep 5%--20% outstanding loan in cheque account--> increase effective cost of loan

    解説

  • 19

    what is commercial paper quantity range? what is the maturity range?

    補足(例文と訳など)

    答え

    • 100,000 1--270 days

    解説

  • 20

    who can issue commercial paper

    補足(例文と訳など)

    答え

    • large, financially strong company

    解説

  • 21

    3 long-term financing sources

    補足(例文と訳など)

    答え

    • 1. long-term loans from financial institution(bank, insurance company, pension fund) 2.bonds 3.shares

    解説

  • 22

    the issuer of bonds pay the fee the investment banker who sells bonds in secondary market. what is the fee called?

    補足(例文と訳など)

    答え

    • underwriting discount

    解説

  • 23

    what it is called, when security is sold privately to major small group of people, such as pension fund and insurance company ?

    補足(例文と訳など)

    答え

    • private placement

    解説

  • 24

    what is the benefit of private placement (4)

    補足(例文と訳など)

    答え

    • 1.cheaper than public one 2.interest rate higher 3.easy to enter--no registration 4. flexible to design to meet needs

    解説

  • 25

    what is the downsides of private placement

    補足(例文と訳など)

    答え

    • no liquidity-->not trade on secondary market

    解説

  • 26

    what is the difference between private equity fund and venture capital fund?

    補足(例文と訳など)

    答え

    • 1. mature or small start-up 2. private equity usually buy 100% shares-->leveraged buy-outs

    解説

  • 27

    the variation of private equity fund owned by government?

    補足(例文と訳など)

    答え

    • sovereign wealth fund

    解説

  • 28

    what is the difference between hedge fund and others( private equity, VC)

    補足(例文と訳など)

    答え

    • hedge fund not direct investment, only invest in existing security

    解説

  • 29

    benefits of leveraged buyouts

    補足(例文と訳など)

    答え

    • 1.private--less regualtion 2. not pressured to make short-term profit 3.cost control--cos debt high

    解説

  • 30

    what is two kinds of divestiture?

    補足(例文と訳など)

    答え

    • selling-off spin-off

    解説

  • 31

    what is 3 objectives of finance

    補足(例文と訳など)

    答え

    • meet expenses, invest in asset, increase the profit of shareholders

    解説

  • 32

    _______are the executives who develop and carry out their firm’s financial plan and decide on the most appropriate sources and uses of funds.

    補足(例文と訳など)

    答え

    • finance managers

    解説

  • 33

    The chief financial officer (CFO) usually reports directly to ____and _____

    補足(例文と訳など)

    答え

    • CEO, COO

    解説

  • 34

    * CFO is sometimes board of director

    補足(例文と訳など)

    答え

    • .

    解説

  • 35

    *Financial managers try to maximize the wealth of their firm’s sharehold- ers by striking the right balance between risk and return

    補足(例文と訳など)

    答え

    • .

    解説

  • 36

    *increase in a firm’s cash on hand reduces the risk of being unable to meet unexpected cash needs. But cash alone does not earn much, if any, return. Firms that fail to invest their surplus funds in an income earning asset—such as in securities—reduce their potential return or profitability.

    補足(例文と訳など)

    答え

    • .

    解説

  • 37

    *financial managers must adapt to change in financial system( credit crisis), and internal changes

    補足(例文と訳など)

    答え

    • .

    解説

  • 38

    ____is a document that specifies the funds needed by a firm for a given period of time, the timing of cash inflows and outflows, and the most appropriate sources and uses of funds

    補足(例文と訳など)

    答え

    • finance plan

    解説

  • 39

    * Operating plans are short-term financial plans that focus on no more than a year or two in the future

    補足(例文と訳など)

    答え

    • .

    解説

  • 40

    *Strategic plans are financial plans that have a much longer time horizon, up to five or 10 years

    補足(例文と訳など)

    答え

    • .

    解説

  • 41

    build a financial plan based on the answers to three questions:

    補足(例文と訳など)

    答え

    • 1. What funds will the firm require during the planning period? 2. When will the firm need additional funds? 3. Where will the firm obtain the necessary funds?

    解説

  • 42

    financial plan must reflect both the ___and _____ of inflows and outflows of funds

    補足(例文と訳など)

    答え

    • amount and timing

    解説

  • 43

    the 4 kinds of expense are:

    補足(例文と訳など)

    答え

    • purchase, employees, tax, dividend

    解説

  • 44

    *an increase in sales might mean the company needs additional inventory, faster collection of accounts receivable, or even a new plant and equipment

    補足(例文と訳など)

    答え

    • .

    解説

  • 45

    manufacturing is a ____ asset-intensive business than retailing

    補足(例文と訳など)

    答え

    • more

    解説

  • 46

    _______ is a process of comparing actual revenues, costs, and expenses with the forecasted amounts

    補足(例文と訳など)

    答え

    • financial control

    解説

  • 47

    Short-term assets are also called ____. These assets consist of cash and assets that can be, or are expected to be, converted into cash within a year

    補足(例文と訳など)

    答え

    • current asset

    解説

  • 48

    current asset includes(4)

    補足(例文と訳など)

    答え

    • cash, security, accountable receivable, inventory

    解説

  • 49

    *The major purpose of cash is to pay for day-to-day expenses

    補足(例文と訳など)

    答え

    • .

    解説

  • 50

    *most firms invest their excess cash in marketable securities

    補足(例文と訳など)

    答え

    • .

    解説

  • 51

    low-risk securities that either have _____or can be easily sold in_____

    補足(例文と訳など)

    答え

    • short maturity secondary market

    解説

  • 52

    *Money market instruments are popular choices for firms that have excess cash

    補足(例文と訳など)

    答え

    • .

    解説

  • 53

    * cash budget is one tool for managing cash and marketable securities.

    補足(例文と訳など)

    答え

    • .

    解説

  • 54

    _____shows expected cash inflows and outflows for a period of time. it shows which months the firm will have surplus cash and will be able to invest in marketable securities and which months when it will need additional cash

    補足(例文と訳など)

    答え

    • cash budget

    解説

  • 55

    *firms may have good reasons for holding large amounts of cash and marketable securities

    補足(例文と訳など)

    答え

    • .

    解説

  • 56

    ______ are uncollected credit sales

    補足(例文と訳など)

    答え

    • accounts receivable

    解説

  • 57

    *If all your competitors offer their customers credit, your firm will likely also need to offer credit

    補足(例文と訳など)

    答え

    • .

    解説

  • 58

    receivables turnover shows signs of ___, it means that credit customers are paying later

    補足(例文と訳など)

    答え

    • slowing

    解説

  • 59

    *inventory is rising faster than sales. This may suggest that customer demand is slowing. The firm may needs to take action, such as reducing production or increasing promotional efforts

    補足(例文と訳など)

    答え

    • .

    解説

  • 60

    ____ are expected to produce economic benefits for more than one year

    補足(例文と訳など)

    答え

    • long-lived asset

    解説

  • 61

    _______is the process financial managers use when deciding whether to invest in long-lived assets

    補足(例文と訳など)

    答え

    • capital investment analysis

    解説

  • 62

    Firms make two basic types of capital investment decisions:

    補足(例文と訳など)

    答え

    • 1.expansion 2.replacement

    解説

  • 63

    Financial managers must estimate all the costs and benefits of a proposed investment

    補足(例文と訳など)

    答え

    • .

    解説

  • 64

    *Reducing the risks of exchange rate fluctuations will improve the financial performance of the firm, which can have a positive impact on its share price

    補足(例文と訳など)

    答え

    • .

    解説

  • 65

    The mix of a firm’s debt and equity capital is known as its _____

    補足(例文と訳など)

    答え

    • capital structure

    解説

  • 66

    *Choosing more debt increases the fixed costs a company must pay, which makes a company more sensitive to any change in sales revenues

    補足(例文と訳など)

    答え

    • .

    解説

  • 67

    what is increasing the rate of return on funds invested by borrowing funds?

    補足(例文と訳など)

    答え

    • leverage

    解説

  • 68

    *The key to managing leverage is to ensure that a company’s earnings remain larger than its interest payments, which increases the leverage on the rate of return on shareholders’ investment

    補足(例文と訳など)

    答え

    • .

    解説

  • 69

    *leverage increases potential returns to shareholders but also increases risk

    補足(例文と訳など)

    答え

    • .

    解説

  • 70

    *Short-term funds are generally less expensive than long-term funds, but they expose the firm to more risk. This risk occurs because short-term funds need to be renewed, or rolled over, frequently. Short-term interest rates can be unstable

    補足(例文と訳など)

    答え

    • .

    解説

  • 71

    2 shortages of short-term funds

    補足(例文と訳など)

    答え

    • 1.unstable interest rates 2. availability

    解説

  • 72

    most common type of dividend is paid _____(time) and is often called a regular dividend

    補足(例文と訳など)

    答え

    • quarterly

    解説

  • 73

    * Occasionally, firms make one-time special dividend payment or extra dividend payments

    補足(例文と訳など)

    答え

    • .

    解説

  • 74

    *Earnings that are paid in dividends are not reinvested in the firm and don’t contribute to additional equity capital

    補足(例文と訳など)

    答え

    • .

    解説

  • 75

    *Firms are under no legal obligation to pay dividends to shareholders

    補足(例文と訳など)

    答え

    • .

    解説

  • 76

    *Shareholders may want the company to retain earnings, because if they are reinvested, the firm’s future profits, and the value of its shares, will increase faster. By contrast, a firm with more limited investment opportunities generally pays more of its earnings in dividends

    補足(例文と訳など)

    答え

    • .

    解説

  • 77

    *投资机会多,分红机会就少

    補足(例文と訳など)

    答え

    解説

  • 78

    *The main purpose of share buy-backs is to raise the market value of the remaining shares, which benefits the shareholders

    補足(例文と訳など)

    答え

    • .

    解説

  • 79

    share buy-backs are purchased on the ______markets

    補足(例文と訳など)

    答え

    • secondary

    解説

  • 80

    The three major sources of short-term funds are:

    補足(例文と訳など)

    答え

    • 1. trade credit 2. short-term loan 3.commercial paper

    解説

  • 81

    ____is extended by suppliers when a firm receives goods or services and agrees to pay for them at a later date.

    補足(例文と訳など)

    答え

    • trade credit (between manufacturer and retailer)

    解説

  • 82

    *main upside of trade credit is its easy availability. The main downside to trade credit is that the amount a company can borrow is limited to the amount it purchases.

    補足(例文と訳など)

    答え

    • .

    解説

  • 83

    What is the cost of trade credit?

    補足(例文と訳など)

    答え

    • cash credit

    解説

  • 84

    Loans from ____ are a significant source of short-term financing for businesses

    補足(例文と訳など)

    答え

    • commercial bank

    解説

  • 85

    Businesses often use these loans to finance ___and _____

    補足(例文と訳など)

    答え

    • account receivable and inventory

    解説

  • 86

    two types of short-term bank loans:

    補足(例文と訳など)

    答え

    • line of credit, revolving credit agreement

    解説

  • 87

    ______ is an important tool when deciding on the size of a line of credit. it shows the months when additional financing will be needed or when borrowed funds can be repaid

    補足(例文と訳など)

    答え

    • cash budget

    解説

  • 88

    short-term loans are unsecured from bank. But _______are often secured by using accounts receivable or inventory as collateral

    補足(例文と訳など)

    答え

    • commercial finance company

    解説

  • 89

    _______ is another form of short-term financing that uses accounts receivable.

    補足(例文と訳など)

    答え

    • factoring

    解説

  • 90

    The business sells its accounts receivable at a discount to either a bank or a finance company—which is called ______. The cost of the transaction depends on the size of the discount.

    補足(例文と訳など)

    答え

    • factor

    解説

  • 91

    what is the benefit of factoring

    補足(例文と訳など)

    答え

    • Factoring allows the firm to convert its receivables into cash quickly without worrying about collections.

    解説

  • 92

    *The cost of short-term loans depends on the interest rate and on the fees charged by the lender

    補足(例文と訳など)

    答え

    • .

    解説

  • 93

    Some lenders also require the borrower to keep ______—5 to 20 percent of the outstanding loan amount in a chequing account

    補足(例文と訳など)

    答え

    • compensating balance

    解説

  • 94

    what is the downside of compensating balance

    補足(例文と訳など)

    答え

    • Compensating balances increase the effective cost of a loan because the borrower does not have full use of the amount borrowed.

    解説

  • 95

    ______is a short-term IOU sold by a company

    補足(例文と訳など)

    答え

    • commercial paper

    解説

  • 96

    *Commercial paper is usually sold in multiples of $100,000 to $1 million

    補足(例文と訳など)

    答え

    • .

    解説

  • 97

    what is the benefit of the commercial paper?

    補足(例文と訳など)

    答え

    • large amounts of money can be raised at interest rates that are usually 1 to 2 percent less than the interest rates charged by banks

    解説

  • 98

    *only a small percentage of businesses can issue it. Access to the commercial paper market has traditionally been limited to large, financially strong corporations commercial paper有钱大爷才玩的起的

    補足(例文と訳など)

    答え

    • .

    解説

  • 99

    5 sources of long-term financing

    補足(例文と訳など)

    答え

    • 1.public sales of shares and bonds 2.private placement 3.VC 4.private equity funds 5.hedge fund

    解説

  • 100

    3 sources of long term fund

    補足(例文と訳など)

    答え

    • 1.loans from financial constitution 2. bonds for investors 3.equity

    解説

  • 101

    Because many shares and bonds are traded in the ______, shareholders and bondholders can easily sell these securities

    補足(例文と訳など)

    答え

    • secondary market

    解説

  • 102

    bond sales tend to be higher when (bank) interest rates are ____

    補足(例文と訳など)

    答え

    • low

    解説

  • 103

    investment bankers purchase the securities from the issuer and then resell them to investors. The issuer pays a fee to the investment banker, called ______

    補足(例文と訳など)

    答え

    • underwriting discount

    解説

  • 104

    Some new share or bond issues are not sold publicly but are offered instead to a small group of major investors such as pension funds and insurance companies. These sales are referred to as _______

    補足(例文と訳など)

    答え

    • private placement

    解説

  • 105

    what are advantages of private placement

    補足(例文と訳など)

    答え

    • 1.cheaper to seller, earn more to buy than public shares 2. less regulatons 3.negotiable

    解説

  • 106

    one downside of public placement?

    補足(例文と訳など)

    答え

    • give up liquidity--> can not be traded on secondary market

    解説

  • 107

    Private equity funds are similar to venture capitalists, what is the difference?

    補足(例文と訳など)

    答え

    • private equity fund invest all types of funds, instead of just new small one

    解説

  • 108

    private equity funds invest in transactions that take public companies private, also known as ________

    補足(例文と訳など)

    答え

    • leveraged buyouts (LBOs).

    解説

  • 109

    *sovereign wealth fund investment decisions are also influenced by political, social, and strategic considerations.

    補足(例文と訳など)

    答え

    • .

    解説

  • 110

    *Hedge funds are private investment companies that are available only to qualified large investors

    補足(例文と訳など)

    答え

    • .

    解説

  • 111

    *Hedge fund usually preferred to purchase existing shares and bond issues.

    補足(例文と訳など)

    答え

    • .

    解説

  • 112

    *classifications of mergers and acquisitions— vertical, horizontal, and conglomerate

    補足(例文と訳など)

    答え

    • .

    解説

  • 113

    A merger includes a buyer and a seller. The seller is often referred to as _____

    補足(例文と訳など)

    答え

    • target

    解説

  • 114

    *To acquire another company, the buying firm typically needs to offer a premium for the target’s shares—in other words, a price higher than the current market price

    補足(例文と訳など)

    答え

    • .

    解説

  • 115

    ___is a proposal made by a firm to the target firm’s shareholders specifying a price and the form of payment

    補足(例文と訳など)

    答え

    • tender offer

    解説

  • 116

    *The tender offer can be friendly, meaning it is backed by the target’s board of directors, or unfriendly. Shareholders of both the buyer and target must vote to approve a merger

    補足(例文と訳など)

    答え

    • .

    解説

  • 117

    *acquisition or merge benefits can include the cost savings from economies of scale, reduced workforces, or the buyer getting a bargain price for the target’s asset

    補足(例文と訳など)

    答え

    • .

    解説

  • 118

    *Sometimes, a buyer finds that the most cost-effective method of entering a new market is simply to buy an existing company that serves the market

    補足(例文と訳など)

    答え

    • .

    解説

  • 119

    _________ is the term used to describe the benefits produced by a merger or acquisition. It refers to the idea that the combined firm is worth more than the buyer firm and the target firm are worth individually

    補足(例文と訳など)

    答え

    • synergy

    解説

  • 120

    *leveraged buyouts (LBOs) transactions where public shareholders are bought out and the firm reverts to private status.

    補足(例文と訳など)

    答え

    • .

    解説

  • 121

    *The term leverage refers to the financing of many of these transactions with high degrees of debt—often more than 75 percent. Financial companies provide financing for many LBOs

    補足(例文と訳など)

    答え

    • .

    解説

  • 122

    LBO activity decreased sharply during the recent economic downturn

    補足(例文と訳など)

    答え

    • .

    解説

  • 123

    why LBO occur

    補足(例文と訳など)

    答え

    • private status: 1.less regulation 2.no financial report 3.no pressure to make profit

    解説

  • 124

    LBO downside?

    補足(例文と訳など)

    答え

    • high debt-->control cost

    解説

  • 125

    __is the sale of assets by a firm.

    補足(例文と訳など)

    答え

    • divestiture

    解説

  • 126

    why sell off?

    補足(例文と訳など)

    答え

    • sell to other company-->keep core business

    解説

  • 127

    what is spin off?

    補足(例文と訳など)

    答え

    • In a spinoff, a new firm is created from the assets divested. Shareholders of the divesting firm become shareholders of the new firm.

    解説

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