工商导论翻译题

1一个国家制造某种东西比其他国家更好或者成本更低，则存在绝对优势An absolute advantage exists when a county can make something better or more cheaply than anyone else2配额是一国对来自其他国家的某种进口商品实行的数量限制A quota is a quantitative restriction imposed by more country on imports of a certain type from another country3每年，高等院校都举办招聘会，企业设立展位，进行面试，寻找有潜力的管理者Every year college and university hold job fair where business organizations set up stands and interview students prospective managers4他一定个好推销员，有创造力，对市场，商品，广告都很在行He or she must be a good salesperson creative and knowledge in marketing merchandising and advertising5如果一国产出的商品和供应的货币达到持平，该国就被认为处于经济稳定状况If the currency of a country's output of goods and supplies reached flat is considered economically stable situation in the country6与独营企业相比，合伙企业有更好的资金和信贷来源Compared with a sole proprietorship a partnership has more sources of capital and credit7促销就是让公众了解某种产品和他的好处，并刺激消费者对这个产品产生需求Firms promote their products to make them known and create a purchase desire for the products in the public8(公司)创立者也叫股东或持股人，因为他们持有股份，而股份代表公司的所有权tThe incorporators are also called stockholders or shareholders because 。

Chapter 1 Setting Up a Business1.In which field will you set up your business?With the development of the science and technology, many traditional goods have been displaced by electrical apparatus. Almostly we do anything by using electricity, such as electric cookers, cellphones, computers and air conditioners. We strongly realize it when there’s something wrong with electricity. So I want to set up my business ,building a supermarket, in the field of electrical appliance and electronic goods.2.Will your business be a sole proprietorship, a partnership, or a corporation ?My business will be a sole proprietorship. The advantages of sole proprietorships are many fold. The following are their major appeals. First of all, it’s simple to establish. Just pay a small fee, get the necessary state and local licenses or permits.Secondly, it’s more freer in decision-making. As a sole proprietor ,I can make my own decisions on business policies and operations, such as the type of goods or services I want to offer at the price I feel appropriate. Thirdly, it’s easy to keep operational and financial secrecy. I don’t have to report to shareholders or board directors.Fourthly, it’s less tax burden. The tax rates for sole proprietors are often only half of those for corporations.Last but not least, it’s exclusive use of profits.if I work hard and make a small fortune, I can take all the profits and don’t have to share them with anyone else.Chapter 2 Marketing: An Overview1.How would your business offer advantages over competitive firms? The advantages of my business are many fold. The following are the major appeals.a.Guaranteed authentic goods of high quality and reasonable price. Theelectrical appliance and goods we offer are of high quality and reasonable price. Any second-hand goods or copycat cellphones cannot be found in my market.we sell guaranteed authentic good.b.Some promotional activities .We can offer some kinds of free giftswhen consumers buy my goods. If they consume a certain amount of money, they can register for membership cards.c.Better after-sale service. We will offer better after-sale service free ofcharge to ensure the satisfaction of my consumers.2.Does your business have factors which could make your revenue lower or expenses higher than what you expect?a.Low reputation of a new brand. My business as a new comer to thisfield lacks high reputation and brand effect, there are not many consumers at first.b.Some copycat electronic goods of cheeper price and poor quality inother competitive firms. These goods will attract consumers a lot at very low price at first,my business will be in a poor situation which makes my revenue lower .Chapter 3 Products and Pricing1.How is the products you plan to offer is different from those offered by your competitors?a. Guaranteed authentic goods of high quality and reasonable price. The electrical appliance and goods we offer are of high quality and reasonable price. Any second-hand goods or copycat cellphones cannot be found in my market.we sell guaranteed authentic good.b.Better after-sale service. We will offer better after-sale service free of charge to ensure the satisfaction of my consumers.2.How will the pricing of your products be determined compared with those of competitive products?First, marketing research .Collecting and analyzing the price of competitive products to identify consumers’purchasing power and buying abilities. Then decide the price that the customers can accept. Also we can set the price the same as those of competitive products, besides we will offer some little gifts free of charge to attract more customers.3.Could the unique features of your product be protected from competitors?The unique features of my products could be protected from competitors . The electrical appliance and goods we offer are of high quality and reasonable price. Any second-hand goods or copycat cellphones cannot be found in my market.we sell guaranteed authentic good. Also we will offer better after-sale service free of charge to ensure the satisfaction of my consumers. The unique features of my products could be protected from competitors .Chapter 4 Channels of Distribution1.How will your business distribute the products to the customers?a.Virtual stores. We’ll also represent my goods on the Internet bysetting up virtual stores. My consumers can make inquiries, check specifications, compare prices, place orders and make payment, all through the Internet, thus making my goods shopping much efficient than the traditional modes.b.Direct selling. Home appliances and electrical goods can be solddirectly, which involves selling to consumers in their homes or workplaces. This approach can fully demonstrate the features of the products and enable direct and one-to-one consultation to prospective buyers.c.Multilevel marketing. MLM has been popular around the would inselling a wide variety of products. Hundreds of downliners ,the commissions can be quite sizable.d.Supermarkets are large stores featuring low prices, self-service andfast moving merchandise such as groceries.2. Could your products be distributed more efficiently and at lower costs?My products could be distributed more efficiently and at lower costs. We’ll represent my goods on the Internet by setting up virtual stores. My consumers can make inquiries, check specifications, compare prices, place orders and make payment, all through the Internet, thus making my goods shopping much efficient than the traditional modes.And home appliances and electrical goods can be sold directly, which involves selling to consumers in their homes or workplaces. This approach can fully demonstrate the features of the products and enable direct and one-to-one consultation to prospective buyers.Also consumers can buy my goods in my supermarket.So my products could be distributed more efficiently and at lower costs.3.Whether the cost of distribution of your products will be affected substantially if price of utilities or transportation go up by a big margin. The cost of distribution of your products will be affected substantially if price of utilities or transportation go up by a big margin. The numerous functions the utilities or transportation perform, physical distribution accounts for almost 30% of the total costs of marketing, if price of utilities or transportation go up by a big margin, the cost of distribution of your products will be affected substantially .Chapter 5 Promotion1.Describe the promotional mix for your products.Advertising :product advertising and institutional advertising.a.Internet .We’ll represent my goods on the Internet by setting upvirtual stores. My consumers can make inquiries, check specifications, compare prices, place orders and make payment, all through the Internet, thus making my goods shopping much efficient than the traditional modes.b.Newspapers and television. Put my goods’information on thenewspapers .ADs in the newspapers can be clipped and saved,also they are low in cost and can be prepared and placed within minimum time. Televisions can reach a vast captive audience of all types with colorful and eye-catching.c.Outdoor sales promotion. Billboards,posters ,trade show publicity andelectric displays are the major forms of outdoor advertising.2.Estimate the amount of money that will be allocated for promotion during the first year.We will spend 30% of the money on advertisements on the newspapers Internet and televisions. Then 40% of the money will be payed for the sales-promotion, especially outdoor promotion, such as billboards,posters ,trade show publicity and electric displays, to increase customer awareness and the sales of a firm’s product or service. All of thesales promotion can reach a vast captive audience of all types with colorful and eye-catching.Chapter 6 Money and Banking1.I think plastic money is really money. Money is a key element in economic and business activities and has been the theme of many witty remarks. To us, money is nothing but the currency of a country. To economists, money is a subject for study and, for something to be money; it must at least have the following characteristics: portability, divisibility, stability, durability and acceptability.First of all, money must be light in weight and easy to carry. Second, it must be easily divisible into smaller parts with a fixed value for each unit.Third, money must be stable in value, and this is best understood in times of inflation.Fourth, money must be able to stand the wear and tear of repeated transactions during its life in circulation.Last, for money of a country to function at all, it must be made legal tender for that country by its government and be acceptable to the public. As plastic money has all the characteristics of money, though it’s not made of paper, it still can be caller really money.2.Easy to carry and convenient.Credit card has "VISA" or "MasterCard" logo, in a foreign countrycan be directly brush calorie of consumption, and a cash or cash will first exchange; In addition, by credit card booking the ticket and hotel, telephone or Internet shopping and rent a car and so on is also very convenient, and might not have the cash benefits -- because credit card in addition to direct the brush has a "preliminary license" function; And there is no no change in embarrassment.Safe, Clean and healthy.As we all know that cash flow is bigger and bigger, coin of bacteria is one can imagine, but in addition to their credit card is a few cashier touched - even if the credit card dirty, still can clean disinfection.Facilitate financialCredit card bill in the future we will receive a paper or electronic mail forms of consumption detailed bill, from the bill, we can clear their own in last month's consumption and expenditure.3. Blind consumptionBrush card not like cash that a piece of a money flower out, a brush, nothing feeling, a few Numbers, lead to blind consumption, spend money like waterStolen brushCredit card basically the default password is free credit card consumption, it can easily be lost or stolen in when others stolen brush, cause needless trouble or loss; But in fact the credit card is also by thepassword can apply for credit card consumption - this is about to see how you manage your credit card.Easy to lose. It is just a small card, and sometimes even if you lost it, you still can’t find the fact after a long time.4. With an increases market share, Hongya cannot only squeeze out the rivals, but also consolidate its own position.1. After increasing modes of payment, the customers of Hongya increased rapidly. Nowadays, people prefer to carry credit cards instead of much money. Since Hongya started accepting different modes of payment, customers believe that their level is high and they attract more purchasers. Especially Hongya accepts buying on credit for the regular customers. So they gained more market share.2. Yes. The new modes of payment have potential risks. They sold commodities on credit. It is possible for them not to collect the account payable from their customers. Some customers may not pay back the money when they are not satisfied with the service or quality of goods. When customers make open account. Hongya should know about their credit and also make them do some promises.3. I do not think it will be widely adopted in China. First of all, there are some areas which is not developed enough to use credit. There is not enough equipment and some people even do not have all kinds of cards.Chapter 7 Financing1.Without money , Ralph can not buy a much needed pick-up and his financial plan was destroyed. He can not improve the store’s delivery as planed.2.If the bank does not change its decision, Ralph can borrow from his friends or family members. He can also transfer his other expenditures. He can even buy the pock-up through a open account. Take his equipment as collateral to solve the problem.1.Setting up his own manufacturing facilities is more advantages. Now that their business has enlarged and they also have enough capital to set up their own manufacturing factory. They can do it by themselves. It not only makes profits but also produce commodities that meet their demands. No other people know more their garments of their own brands than themselves.2.U sing other investors’ funds as equity is more beneficial to Hongya. Hongya need not pay back the money and the investors also decrease the liabilities and risks of Hongya. If Hongya use bank loans as debts. It must pay back in the line of credit and also pay back the interests.3.There are two types of loans; secures and unsecured. Hongya can put up collateral to make secures loan. We know that Hongya has had amount assets. Hongya can also make revolving credit agreements. Another option is short term fund raising. This type of loan is at a lowinterest rate.Chapter 8 Accounting1.I think clients should be punished if they make late payment. But I do not believe the seller can do in this way. First of all, he earns money from his clients. If clients are not satisfied with his behavior. They will choose other partners. For his own sake, he can not do that. If he really takes this measure, there may be more clients not make the payment.In order to make a win-win condition, he should not take this measure. It depends. Clients with long-term relationship should not be punished for late payment by carelessness for the sake of the continual business trade in the future. But clients who make late payments for many times should be punished according to what have been stipulated in the contracts.2.It is a good way to encourage clients to make early payment. This can motivate clients to make payments as soon as possible, consequently, provides ample space for the company’s future development with collected capital.3.We can give some preferential policies to clients if they make early payment. For example, we can make a preferential price or give them commodities free of charge as a reward to encourage early payment. To ensure an early payment, strict and clear stipulation in the contract, such as the maturity date of LC and clauses on claims for breach of contract, is essential. In addition, maintaining good relationship with clients in dailylife can also facilitate a prompt payment.4Hongya Balance sheetASSETS(RMB) LIABILITIES AND OWNER’S EQUITY(RMB)Current assets Current liabilitiesCash 1,100,000 Accts &notes payable 1,115,000Acct &notes receivable 830,000 Accrued wages 378,000 Inventories 2,000,000 Income taxes due 1,387,710Total current assets 3,930,000 Total current liabilities 2,880,710 Fixed assets Long-term Liabilities 1,000,000 Furniture 6,420,000 Total long-term liabilities 1,000,000 Less: Accumu. Depreciation 6,050,000 Total liabilities 3,880,710 Facilities 6,050,000 Owner equity 11,709,280 Less: Accumu. Depreciation (1,210,000) StockTotal fixed assets 10,618,000Other Assets Total liabilitiesSundry 1,042,000 and owner’s equity 15,590,000 Total other assets 1,042,000Total assets 15,590,000Hongya Income StatementRevenueGross sales 48,265,600Less: Sales returns and allowances 2,413,300Net sales 45,852,300Cost of goods soldBeginning inventory 1,430,000Purchases 34,016,000Cost goods available for sale 35,446,000Less: Ending inventory 5,280,000Total cost of goods sold 30,166,000Gross profit 15,686,000ExpensesMarketing expenses 5,080,000(advertising, salaries for salesmen)General expenses 2,443,000(utilities, relit, etc)Total expenses 7,523,000Net income before taxes 8,163,000Less income taxes 1,387,710Net income 6,775,290(1) Average inventory=Beginning inventory + Ending inventory／2=1,430,000 + 5,280,000／2=3355000(2)Inventory turnover= cost of goods sold／Average inventory=30,166,000／3,355,000=10 turnsCurrent ratio = current assets／current liabilities=3,930,000／2,880,710=1.36timesQuick ratio= current assets-inventories／current liabilities=3,930,000-2,000,000／2,880,710=0.67 timesR1=负债liabilities／资产assets=3,880,710／11,709,280=0.33Gross profit margin= gross profits／net sales=15,686,000／45,852,300 =34.2%Net profit margin=net income／net sales=6,775,290／45,852,300=14.7% Return on owners’ investment=Net inco me／total owner’s equity=6,775,290／11,709,280=57.9%In other words, it takes Hongya 6.6 days (365/55) on average to collect its receivables.3. Judging from these figures, we may see that the inventory and accounts receivable turnovers are pretty high, indicating a good and smooth operation in the firm. Net profit margin is comparatively lower.Chapter 9 The Securities Market1.The appropriate investment goal for the six clients should bemaking certain amount profits with the least risk, for I can see from their cases that the original principal is of vital importance for theirnormal life, consequently, in my opinion, the optimal investment portfolio should be least risky.2.If I were Simon, the portfolio would be suggested asfollows,35-year-old divorced woman: Concerning the two teen sons who may need a lot of money in their growth, I suggest two types of securities in the portfolio—bonds and common stock with almost equal proportion.The couple: Bonds would be more appealing for they have fixed income and may not want to risk a lot, since this kind of investment provide very steady income and have the least risk.The 19-year-old university freshman: He has no other economical sources owing to the lack of parents and has to rely on this sum of money for a long period until he graduates and finds a job to support himself. So I suggest bonds and preferred stock in his portfolio, for both of them are of high safety and steady income.The single woman: She has not got married yet and thus have too less worries than the other five people.Chapter 10 Risk Management and Insurance1.The major types of risk faced by Global Info are natural disasters,such as earthquake, typhoon and storms. Besides, fire, theft, explosion and other artificial disasters are also big risk.2. Insurance can be purchased to protect the company from damage orloss of their property. To be more specific, fire insurance cover lossessuffered by fire and it can add a rider to the policy, extending the coverage for losses such as windstorms, explosion, riot and fire.3.It should have bought fire insurance and business interruptioninsurance. There may be a lot of electronic equipments in Global Info for online advice applications, thus it is susceptible to fire caused by such kind of facilities. The company should appropriate a certain portion of money to insure it against potential risks for the sake of avoidance of catastrophic losses.1.Risk means uncertainty about the future and is unavoidable to all businesses. The possibility of risk, however small it may seem, indeed exist and can’t be removed thoroughly. So from this sense we may see that the indispensability of insurance.However, due to the fact that the premium exceeded all the compensation and Hongya has always done a good job in disaster-prevention measures, the company can buy less insurance in the future, deducting unnecessary insurances and readjust the structure of insurance concerning the accidents in recent years, or it can buy more cost-saving insurance with its own reality considered.2. It can buy group life insurance, which covers all individuals in a business firm. In addition, it can also set up relative training sessions to the staff that will frequently go out on business, informing them of self-protective methods and strengthening their awareness of safety.Purchase general liability, which protects policyholders against financial risks involving personal, professional, product.。

工商导论题型如下：一、Translating（共25题，每小题目1分，共25分）二、Scrambled Sentences（共9题，每小题目1分，共9分）三、Multiple Choices（共20题，每小题目1分，共20分）四、T or F（共20题，每小题目1分，共20分）五、Matching（共12题，每小题目1分，共12分）六、Questions and Answers（共2题，每小题目7分，共14分）♦♦ 1. The sole proprietorship is less popular than the other forms of business ownership. F ♦ 2. Many small firms prefer the proprietorship while large companies prefer the corporation. T♦ 3. In a sole proprietorship, death of the owner may force an end to the business.T♦ 4. Usually there are no provisions found in a partnership. F♦ 5. Franchising is a major part of retail merchandising The franchisor supplies important training, management know-how, and supervision to franchisees.T♦ 6. Owners of a corporation are personally liable for all the debts. F♦7. Limited partners are not allowed to exercise managerial authority. T♦8. It is difficult for a corporation to sell its stock in the ownership. F♦9. Regardless of the size of the corporation, the stockholders are the owners. T1. The rights and duties of a are regulated by a legal agreement entered into by the co-owners.a. sole proprietorshipb. partnershipc. corporationd. franchising2. The company that sells the franchise is the .a. franchiseeb. ownerc. employeed. franchisor3. will be voting on the proposed merger of the company next week.a. Employeeb. Shareholdersc. Mergersd. Staff4. The massive losses have prevented the company from declaring a this year.a. dividendb. profitc. shared. gain5. An asset is something a company possesses, which is not material but something else such as a good reputation.a. tangibleb. feasiblec. infeasibled. intangible6. Your employer's liability covers accidents that you have your way to work but not your way home.a. on, onb. in, inc. on, ind. in, on7. Those young people have considerable in marketing.a. expertb. experimentc. expertised. experienced8. As a separate legal entity, a corporation can sue and be sued in own name.a. theirb. thosec. itsd. his9. Some franchise agreements allow the franchisees very freedom to exercise their own ingenuity.a. fewb. littlec. littled. much♦ 1. The marketing process is the performance of business activities that directs the flow of goods or services from the producer to the consumer or user to satisfy their needs and wants. T♦ 2. The guiding principle of the marketing concept is that the basic objective of the firm is to make the maximum profit. F♦ 3. Utility refers to the power of a good or service to satisfy a human want. T♦ 4. Marketing strategy consists of (1) identifying the market segment, and (2) determining the market mix, which includes product, price, distribution, and promotion. T ♦ 5. The product life cycle consists of five stages: planning, introduction, growth, maturity, and decline. F♦ 6. Firms employ different pricing strategies when marketing their products and services.T ♦7. Physical distribution fulfills two main objectives: (1) specialization of labor and (2) geographical location. T♦8. What people buy is not usually affected by where they live and work. F♦9. Collecting and analyzing data to identify a market for the goods or services is not very important in the process of marketing. F♦10. Market segmentation is to divide a market into segments according to customers' needs, wants and interest. T♦ 1. The company will balance the benefits the costs of medical insurance for all the employees.♦ a. by b. for c. against d. with♦ 2. To succeed in marketing, we must have a clear idea of .♦ a. what the customers need♦ b. what the customers want♦ c. what causes them to buy♦ d. all of the above♦ 3. We have got to be a bit more in the way that we approach this task.♦ a. systematic b. system♦ c. systematical d. systematically♦ 4. Sara came down from London for the meeting and Elizabeth flew in from Sydney, and when the meeting had finished, they returned to their homes.♦ a. respect b. respectively♦ c. respected d. respective♦ 5. Sentimentality seems to be a of all the writers of that period.♦ a. character b. characteristic♦ c. characteristical d. icharacteristically♦ 6. The aim of teaching reform is to transform exam-oriented education into education.♦ a. career-oriented b. market-oriented♦ c. quality-oriented d. study-oriented♦7. The contract that I must give a month's notice if I leave my job.♦ a. specifies b. specific♦ c. specified d. is specified♦8. The new tax policy would force these companies to energy-saving measures. ♦ a. make b. adopt♦ c. bring d. get♦9. The financial department will integrate all the department reports one annual statement.♦ a. to b. into c. on d. by♦10. Some people debate whether the majority of today's firms actually practice the concept.♦ a. marked b. marketed♦ c. marketing d. market♦ 1. Commercialization is the final step in the new-product development. T♦ 2. It is possible that brand names can become generic terms. T♦ 3. A change in price level typically causes a change in the amount of the product demand. T♦ 4. Markup must be high for products with a stock turnover and low for products with a low turnover. F♦ 5. A product with little distinctiveness should use a "skim the cream" policy. F♦♦ 6. A brand gives identity to a product. T♦7. A trademark gives a product legal protection from infringement by other companies. T ♦8. Magazines, milk, cigarettes, and a candy bar are all considered shopping goods. F♦9. It is not unusual for a firm to suffer a loss during the introductory stage of a product's life cycle. T♦10. A convenience good to one person can be a specialty good to another person. T2003 by The McGraw-Hill Companies, Inc. All rights reserved by Xiaoping Zhang. All rights reserved in hopes of building sales volume quickly.2003 by The McGraw-Hill Companies, Inc. All rights reserved F2003 by The McGraw-Hill Companies, Inc. All rights reserved 2003 by The McGraw-Hill Companies, Inc. All rights reserved2003 by The McGraw-Hill Companies, Inc. All rights reserved 2003 by The McGraw-Hill Companies, Inc. All rights reserved2003 by The McGraw-Hill Companies, Inc. All rights reserved 2003 by The McGraw-Hill Companies, Inc. All rights reserved2003 by The McGraw-Hill Companies, Inc. All rights reserved 2003 by The McGraw-Hill Companies, Inc. All rights reserved2003 by The McGraw-Hill Companies, Inc. All rights reserved 2003 by The McGraw-Hill Companies, Inc. All rights reserved2003 by The McGraw-Hill Companies, Inc. All rights reserved 2003 by The McGraw-Hill Companies, Inc. All rights reservedby Xiaoping Zhang. All rights reserved 2003 by The McGraw-Hill Companies, Inc. All rights reserved2003 by The McGraw-Hill Companies, Inc. All rights reservedby Xiaoping Zhang. All rights reservedby Xiaoping Zhang. All rights reserved 2003 by The McGraw-Hill Companies, Inc. All rights reserved2003 by The McGraw-Hill Companies, Inc. All rights reservedby Xiaoping Zhang. All rights reservedby Xiaoping Zhang. All rights reserved 2003 by The McGraw-Hill Companies, Inc. All rights reserved2003 by The McGraw-Hill Companies, Inc. All rights reservedby Xiaoping Zhang. All rights reservedby Xiaoping Zhang. All rights reserved 2003 by The McGraw-Hill Companies, Inc. All rights reservedby Xiaoping Zhang. All rights reserved 2003 by The McGraw-Hill Companies, Inc. All rights reserved。

工商导论翻译1-13简化了。

2. 决策自由相较于其他类型的商业经营，个体经营在商业政策和运作上拥有更多的自由。

作为个体营业者，提供什么样的产品（或服务），以你认为合适的价格成交，都由你自己决定。

你用不着和其他任何人商量何时开门营业和闭店，该雇用什么样的人做你的助手，何时休息去希腊度假一周，这些都由你自己决定。

3. 易于保守经营和财务秘密尤如在战场上获胜，商场上的胜利有时候也要依靠保守秘密。

如果你是一名公司经理，你就很难保守自己的商业战略秘密。

但如果你是个体经营者，你就不必对股东或董事们汇报。

没有人会知道你的企业运作或财政上的信息，除非你急不可耐地想要引人关注。

4. 税收负担较少与其他商业形式相比，个体经营者在纳税方面最为幸运。

在美国，个体经营者的税率往往只有公司税率的一半。

5. 独自享有利润无论是总经理还是蓝领工人，只要是作雇员就常常会有“为他人做嫁衣”的感觉。

这也是为什么很多人都选择自己做老板的原因。

个体经营者则不同。

如果努力工作，赚了一笔钱，那么就可以完全独享所有的利润，不用和他人分享。

这或许也是作个体经营者最有吸引力的地方了。

劣势成为个体经营者并不是说就可以无忧无虑了，以下是其经营方式的不利方面：1. 无限责任对每位个体经营者来说无限责任是最可怕的恶梦。

责任在这里意味着偿还债务的义务。

按照法律，个体经营者的无限责任意味着，如果此人破产了，偿还债务不仅有可能倾尽他全部的商业财产，还有可能耗尽他的部分或者全部个人财产，2. 有限的资金渠道个体经营者可能也较容易从银行获得贷款，因为他有商业资产或个人资产做抵押。

可是同那些既能从银行获得贷款又能向股东融资的大型企业相比，个体经营者获取资金的途径十分有限，因此很难保证额外资金。

3. 有限的管理技能许多的个体经营者或许是这行或那行的专家，但却很难有管理一个现代企业所要求的方方面面的技能。

这些技能至少涉及营销、融资和人力资源管理方面。

因此，个体经营者不得不做更大的努力来经营好自己的企业，并在工作上花费更多的时间。

工商导论第二版Cloze翻译详解第一章建立企业在三种最基本的企业经营组织形式中，独资企业最容易成立和解散。

它的优点包括所有者可以保留所有的利润，在商业运作中有自由，并保密。

如果企业成功，所有者还可以获得个人满足感。

另一方面，独资企业在规模和寿命方面有限制，所有者必须对所有的义务承担无限的责任。

在合伙企业中，成员主要分为两类:普通合伙人和有限合伙人，前者负责管理公司，因此负有无限责任;后者的责任仅限于他们在合伙企业中的投资。

与独资企业相比，合伙企业更容易获得资金和信贷。

他们也可以提高，因为他们的合伙人通常有不同的和互补的经验和教育背景。

主要的缺点是普通合伙人对公司的所有义务负责。

目前，我国主要的商业组织大多采取公司的形式，因为所有的所有者都承担有限责任，所有权和经营权的分离可以大大提高这种组织的绩效。

通过发行股票，他们筹集资金的能力大大增强。

但是，公司也有问题，主要是重税，缺乏商业秘密和严格的政府监管。

第二章营销概论营销的过程从创造产品和服务来满足顾客需要开始。

除了产品本身，营销组合包括定价、购买和推广策略。

事实上，营销的作用可以分为交换功能（购买和销售），分销功能（运输和存储），促进功能（标准化、融资和风险承担）。

企业认识到他们的市场营销可以更有针对性。

市场可以根据地理、人口、心理或产品使用变量进行细分。

市场研究可以通过研究消费者的购买行为和态度来帮助确定目标市场。

市场研究可以帮助市场营销者了解该细分市场的共同特性如何影响消费者的购买决策。

许多个人和心理的考虑，加上许多社会和文化的影响，决定了消费者的行为。

在做出购买决定时，消费者首先要确定自己的需求，然后在实际购买之前尽可能多地收集他们认为必要的信息。

购后评价对营销人员也很重要，因为它们会影响未来的购买模式。

由于其他国家的消费者行为、语言和习惯与我国不同，国际营销往往需要营销者重新考虑营销组合。

新产品、反映较高运输成本的价格、特定文化的广告以及利用外国公司来分销产品可能是必要的。

《工商导论》（Fundamentals of Business）考核方式：考试考试题型：选择题；填空；连线搭配；英译汉；汉译英。

教学目的以英语为授课语言，全面、系统、概要地介绍市场经济体制下工商企业的运作，让学生对市场经济既现代工商企业的运作用一个总体印象，并熟悉同期业环境、经营管理、金融财务、法律保险等方面有关的英语词汇和用语，为下一步学习更微观、更具体的课程打下基础。

1．商务知识：了解在中国融入全球经济时，在工商管理方面所需的基本概念和相关的英语知识。

2．词汇：商务英语词汇具有比较强的专业性，要求学生在一学期的学习中有管理、营销、金融、财务、贸易、法律和保险等方面1000左右的专业词汇积累，以及商务常见的缩略语，机构名称等。

3．听力与口语：能够流利地在一般性的商务活动中进行交流，能流利地进行商务方面的口头陈述和报告，并能对相关案例做讨论，；4．写作：能看懂和起草商务单据、文件、信函和报告；5．阅读：能够阅读原版的经贸书刊。

Set up a business and be my own bossChapter One Setting up a Business建立企业Four major forms of business:1.sole proprietorship个体经营优点：易于建立；simple to establish;决策自由；freer in decision-making;易于保守经营和财务秘密；easy to keep operational and financial secrecy税收负担较少；less tax burden独自享有利润exclusive use of profits缺点：无限责任；unlimited liability有限的资金渠道；limited access to capital有限的管理技巧limited managerial expertise2.partnership合伙企业优点：更方便得到资金和信贷；improve access to capital and credit优质管理的可能性大大增加greater possibility for good management明确的法律框架；definite legal framework更好的发展前景better prospects for growth缺点：无限责任；unlimited liability内部矛盾；internal conflict持续性问题problem of continuity3.corporation 大型股份制公司优点：有限责任；limited liability易于发展壮大；easy to expand所有权与经营权分离；separated ownership and management持续的生命力continuous life缺点：双重税收；double taxation高组织成本；high organizing costs缺少秘密；lack of secrecy特许经营4.franchise特许经营优点：顾客即刻认可；instant customer recognition自主性；independence获得培训指导；receive training and guidance借贷更容易less difficulty getting bank loans缺点：减少风险但不保证成功；reduce risk ,they do not guarantee success要牺牲部分独立性sacrifice some independence。

C h a p t e r1S e t t i n g U p a B u s i n e s s1.Inwhichfieldwillyousetupyourbusiness? Withthedevelopmentofthescienceandtechnology,manytraditionalgoodsha vebeendisplacedbyelectricalapparatus.Almostlywedoanythingbyusingelec tricity,suchaselectriccookers,cellphones,computersandairconditioners.We stronglyrealizeitwhenthere’ssomethingwrongwithelectricity.SoIwanttoset upmybusiness,buildingasupermarket,inthefieldofelectricalapplianceandele ctronicgoods.2.Willyourbusinessbeasoleproprietorship,apartnership,oracorporation? Mybusinesswillbeasoleproprietorship.Theadvantagesofsoleproprietorship saremanyfold.Thefollowingaretheirmajorappeals.Firstofall,it’ssimpletoestablish.Justpayasmallfee,getthenecessarystateandl ocallicensesorpermits.Secondly,it’smorefreerindecision-making.Asasoleproprietor,Icanmakemy owndecisionsonbusinesspoliciesandoperations,suchasthetypeofgoodsorser vicesIwanttoofferatthepriceIfeelappropriate.Thirdly,it’seasytokeepoperationalandfinancialsecrecy.Idon’thavetoreportt oshareholdersorboarddirectors.Fourthly,it’slesstaxburden.Thetaxratesforsoleproprietorsareoftenonlyhalfo fthoseforcorporations.Lastbutnotleast,it’sexclusiveuseofprofits.ifIworkhardandmakeasmallfortu ne,Icantakealltheprofitsanddon’thavetosharethemwithanyoneelse. Chapter2Marketing:AnOverview1.Howwouldyourbusinessofferadvantagesovercompetitivefirms? Theadvantagesofmybusinessaremanyfold.Thefollowingarethemajorappeal s.a.Guaranteedauthenticgoodsofhighqualityandreasonableprice.Theelectricalapplianceandgoodsweofferareofhighqualityandreasonableprice.An ysecond-handgoodsorcopycatcellphonescannotbefoundinmymarket.w esellguaranteedauthenticgood.b.Somepromotionalactivities.Wecanoffersomekindsoffreegiftswhenconsumersbuymygoods.Iftheyconsumeacertainamountofmoney,theycanre gisterformembershipcards.c.Betterafter-saleservice.Wewillofferbetterafter-saleservicefreeofchargetoensurethesatisfactionofmyconsumers.2.Doesyourbusinesshavefactorswhichcouldmakeyourrevenuelowerorexp enseshigherthanwhatyouexpect?a.Lowreputationofanewbrand.Mybusinessasanewcomertothisfieldlackshighreputationandbrandeffect,therearenotmanyconsumersatfirst.b.Somecopycatelectronicgoodsofcheeperpriceandpoorqualityinothercompetitivefirms.Thesegoodswillattractconsumersalotatverylowpriceatfi rst,mybusinesswillbeinapoorsituationwhichmakesmyrevenuelower.Chapter3ProductsandPricing1.Howistheproductsyouplantoofferisdifferentfromthoseofferedbyyourco mpetitors?a.Guaranteedauthenticgoodsofhighqualityandreasonableprice.Theelectrica lapplianceandgoodsweofferareofhighqualityandreasonableprice.Anysecon d-handgoodsorcopycatcellphonescannotbefoundinmymarket.wesellguara nteedauthenticgood.b.Betterafter-saleservice.Wewillofferbetterafter-saleservicefreeofchargeto ensurethesatisfactionofmyconsumers.2.Howwillthepricingofyourproductsbedeterminedcomparedwiththoseofc ompetitiveproducts?First,marketingresearch.Collectingandanalyzingthepriceofcompetitivepro ductstoidentifyconsumers’purchasingpowerandbuyingabilities.Thendecid ethepricethatthecustomerscanaccept. Alsowecansetthepricethesameasthoseofcompetitiveproducts,besideswewil loffersomelittlegiftsfreeofchargetoattractmorecustomers.3.Couldtheuniquefeaturesofyourproductbeprotectedfromcompetitors? Theuniquefeaturesofmyproductscouldbeprotectedfromcompetitors.Theele ctricalapplianceandgoodsweofferareofhighqualityandreasonableprice.Any second-handgoodsorcopycatcellphonescannotbefoundinmymarket.wesell guaranteedauthenticgood.Alsowewillofferbetterafter-saleservicefreeofchargetoensurethesatisfactionofmyconsumers.Theuniquefeaturesofmyproduc tscouldbeprotectedfromcompetitors.Chapter4ChannelsofDistribution1.Howwillyourbusinessdistributetheproductstothecustomers?a.Virtualstores.We’llalsorepresentmygoodsontheInternetbysettingupvirtualstores.Myconsumerscanmakeinquiries,checkspecifications,compar eprices,placeordersandmakepayment,allthroughtheInternet,thusmakin gmygoodsshoppingmuchefficientthanthetraditionalmodes.b.Directselling.Homeappliancesandelectricalgoodscanbesolddirectly,whichinvolvessellingtoconsumersintheirhomesorworkplaces.Thisapproac hcanfullydemonstratethefeaturesoftheproductsandenabledirectandone-to-oneconsultationtoprospectivebuyers.c.Multilevelmarketing.MLMhasbeenpopulararoundthewouldinsellingawidevarietyofproducts.Hundredsofdownliners,thecommissionscanbeq uitesizable.d.Supermarketsarelargestoresfeaturinglowprices,self-serviceandfastmovingmerchandisesuchasgroceries.2.Couldyourproductsbedistributedmoreefficientlyandatlowercosts? Myproductscouldbedistributedmoreefficientlyandatlowercosts.We’llrepre sentmygoodsontheInternetbysettingupvirtualstores.Myconsumerscanmak einquiries,checkspecifications,compareprices,placeordersandmakepayment,allthroughtheInternet,thusmakingmygoodsshoppingmuchefficientthant hetraditionalmodes. Andhomeappliancesandelectricalgoodscanbesolddirectly,whichinvolvesse llingtoconsumersintheirhomesorworkplaces.Thisapproachcanfullydemons tratethefeaturesoftheproductsandenabledirectandone-to-oneconsultationto prospectivebuyers. Alsoconsumerscanbuymygoodsinmysupermarket.Somyproductscouldbed istributedmoreefficientlyandatlowercosts.3.Whetherthecostofdistributionofyourproductswillbeaffectedsubstantially ifpriceofutilitiesortransportationgoupbyabigmargin. Thecostofdistributionofyourproductswillbeaffectedsubstantiallyifpriceofu tilitiesortransportationgoupbyabigmargin.Thenumerousfunctionstheutiliti esortransportationperform,physicaldistributionaccountsforalmost30%ofth etotalcostsofmarketing,ifpriceofutilitiesortransportationgoupbyabigmargi n,thecostofdistributionofyourproductswillbeaffectedsubstantially. Chapter5Promotion1.Describethepromotionalmixforyourproducts.Advertising:productadvertisingandinstitutionaladvertising.a.Internet.We’llrepresentmygoodsontheInternetbysettingupvirtualstores.Myconsumerscanmakeinquiries,checkspecifications,compareprices,p laceordersandmakepayment,allthroughtheInternet,thusmakingmygood sshoppingmuchefficientthanthetraditionalmodes.b.Newspapersandtelevision.Putmygoods’informationonthenewspapers.ADsinthenewspaperscanbeclippedandsaved,alsotheyarelowincostandc anbepreparedandplacedwithinminimumtime.Televisionscanreachavast captiveaudienceofalltypeswithcolorfulandeye-catching.c.Outdoorsalespromotion.Billboards,posters,tradeshowpublicityandelectricdisplaysarethemajorformsofoutdooradvertising.2.Estimatetheamountofmoneythatwillbeallocatedforpromotionduringthef irstyear.Wewillspend30%ofthemoneyonadvertisementsonthenewspapersInterneta ndtelevisions.Then40%ofthemoneywillbepayedforthesales-promotion,esp eciallyoutdoorpromotion,suchasbillboards,posters,tradeshowpublicityand electricdisplays,toincreasecustomerawarenessandthesalesofafirm’sproduc torservice.Allofthesalespromotioncanreachavastcaptiveaudienceofalltypes withcolorfulandeye-catching.Chapter6MoneyandBanking1.Ithinkplasticmoneyisreallymoney.Moneyisakeyelementineconomi candbusinessactivitiesandhasbeenthethemeofmanywittyremarks.Tous,mo neyisnothingbutthecurrencyofacountry.Toeconomists,moneyisasubjectfor studyand,forsomethingtobemoney;itmustatleasthavethefollowingcharacter istics:portability,divisibility,stability,durabilityandacceptability. Firstofall,moneymustbelightinweightandeasytocarry.Second,itmustbeeasilydivisibleintosmallerpartswithafixedvalueforeachuni t.Third,moneymustbestableinvalue,andthisisbestunderstoodintimesofinflati on.Fourth,moneymustbeabletostandthewearandtearofrepeatedtransactionsdur ingitslifeincirculation.Last,formoneyofacountrytofunctionatall,itmustbemadelegaltenderforthatc ountrybyitsgovernmentandbeacceptabletothepublic.Asplasticmoneyhasall thecharacteristicsofmoney,thoughit’snotmadeofpaper,itstillcanbecallerreal lymoney.2.Easytocarryandconvenient.Creditcardhas"VISA"or"MasterCard"logo,inaforeigncountrycanbedi rectlybrushcalorieofconsumption,andacashorcashwillfirstexchange;Inaddi tion,bycreditcardbookingtheticketandhotel,telephoneorInternetshoppingan drentacarandsoonisalsoveryconvenient,andmightnothavethecashbenefits--becausecreditcardinadditiontodirectthebrushhasa"preliminarylicense"func tion;Andthereisnonochangeinembarrassment.Safe,Cleanandhealthy.Asweallknowthatcashflowisbiggerandbigger,coinofbacteriaisonecani magine,butinadditiontotheircreditcardisafewcashiertouched-evenifthecred itcarddirty,stillcancleandisinfection.FacilitatefinancialCreditcardbillinthefuturewewillreceiveapaperorelectronicmailformso fconsumptiondetailedbill,fromthebill,wecancleartheirowninlastmonth'sco nsumptionandexpenditure.3.BlindconsumptionBrushcardnotlikecashthatapieceofamoneyflowerout,abrush,nothingfe eling,afewNumbers,leadtoblindconsumption,spendmoneylikewater StolenbrushCreditcardbasicallythedefaultpasswordisfreecreditcardconsumption,i tcaneasilybelostorstoleninwhenothersstolenbrush,causeneedlesstroubleorl oss;Butinfactthecreditcardisalsobythepasswordcanapplyforcreditcardcons umption-thisisabouttoseehowyoumanageyourcreditcard.Easytolose.Itisjustasmallcard,andsometimesevenifyoulostit,youstillc an’tfindthefactafteralongtime.4.Withanincreasesmarketshare,Hongyacannotonlysqueezeouttherivals,b utalsoconsolidateitsownposition.1.Afterincreasingmodesofpayment,thecustomersofHongyaincreasedr apidly.Nowadays,peopleprefertocarrycreditcardsinsteadofmuchmoney.Si nceHongyastartedacceptingdifferentmodesofpayment,customersbelieveth attheirlevelishighandtheyattractmorepurchasers.EspeciallyHongyaaccepts buyingoncreditfortheregularcustomers.Sotheygainedmoremarketshare.2.Yes.Thenewmodesofpaymenthavepotentialrisks.Theysoldcommod itiesoncredit.Itispossibleforthemnottocollecttheaccountpayablefromtheirc ustomers.Somecustomersmaynotpaybackthemoneywhentheyarenotsatisfi edwiththeserviceorqualityofgoods.Whencustomersmakeopenaccount.Hon gyashouldknowabouttheircreditandalsomakethemdosomepromises.3.IdonotthinkitwillbewidelyadoptedinChina.Firstofall,therearesomea reaswhichisnotdevelopedenoughtousecredit.Thereisnotenoughequipmenta ndsomepeopleevendonothaveallkindsofcards.Chapter7Financing1.Withoutmoney,Ralphcannotbuyamuchneededpick-upandhisfinanci alplanwasdestroyed.Hecannotimprovethestore’sdeliveryasplaned.2.Ifthebankdoesnotchangeitsdecision,Ralphcanborrowfromhisfriends orfamilymembers.Hecanalsotransferhisotherexpenditures.Hecanevenbuyt hepock-upthroughaopenaccount.Takehisequipmentascollateraltosolvethep roblem.1.Settinguphisownmanufacturingfacilitiesismoreadvantages.Nowthat theirbusinesshasenlargedandtheyalsohaveenoughcapitaltosetuptheirownm anufacturingfactory.Theycandoitbythemselves.Itnotonlymakesprofitsbutal soproducecommoditiesthatmeettheirdemands.Nootherpeopleknowmoreth eirgarmentsoftheirownbrandsthanthemselves.2.U singotherinvestors’fundsasequityismorebeneficialtoHongya.Hon gyaneednotpaybackthemoneyandtheinvestorsalsodecreasetheliabilitiesandrisksofHongya.IfHongyausebankloansasdebts.Itmustpaybackinthelineofcr editandalsopaybacktheinterests.3.Therearetwotypesofloans;securesandunsecured.Hongyacanputupco llateraltomakesecuresloan.WeknowthatHongyahashadamountassets.Hong yacanalsomakerevolvingcreditagreements.Anotheroptionisshorttermfundr aising.Thistypeofloanisatalowinterestrate.Chapter8Accounting1.I thinkclientsshouldbepunishediftheymakelatepayment.ButIdonotbelie vethesellercandointhisway.Firstofall,heearnsmoneyfromhisclients.Ifclient sarenotsatisfiedwithhisbehavior.Theywillchooseotherpartners.Forhisowns ake,hecannotdothat.Ifhereallytakesthismeasure,theremaybemoreclientsnot makethepayment.Inordertomakeawin-wincondition,heshouldnottakethismeasure.Itdepends. Clientswithlong-termrelationshipshouldnotbepunishedforlatepaymentbyc arelessnessforthesakeofthecontinualbusinesstradeinthefuture.Butclientsw homakelatepaymentsformanytimesshouldbepunishedaccordingtowhathav ebeenstipulatedinthecontracts.2.Itisagoodwaytoencourageclientstomakeearlypayment.Thiscanmotivate clientstomakepaymentsassoonaspossible,consequently,providesamplespac eforthecompany’sfuturedevelopmentwithcollectedcapital.3.Wecangivesomepreferentialpoliciestoclientsiftheymakeearlypayment. Forexample,wecanmakeapreferentialpriceorgivethemcommoditiesfreeofchargeasarewardtoencourageearlypayment.Toensureanearlypayment,strictandclearstipulationinthecontract,suchasthematuritydateofLCandclausesonclaimsforbreachofcontract,isessential.Inaddition,maintaininggoodrelationshipwithclientsindailylifecanalsofacilitateapromptpayment.4HongyaBalancesheetASSETS(RMB)LIABILITIESANDOWNER’SEQUITY(RMB) CurrentassetsCurrentliabilitiesCash1,100,000Accts&notespayable1,115,000Acct&notesreceivable830,000Accruedwages378,000Inventories2,000,000Incometaxesdue1,387,710Totalcurrentassets3,930,000Totalcurrentliabilities2,880,710FixedassetsLong-termLiabilities1,000,000Furniture6,420,000Totallong-termliabilities1,000,000Less:Accumu.Depreciation6,050,000Totalliabilities3,880,710Facilities6,050,000Ownerequity11,709,280Less:Accumu.Depreciation(1,210,000)StockTotalfixedassets10,618,000OtherAssetsTotalliabilitiesSundry1,042,000andowner’sequity15,590,000Totalotherassets1,042,000Totalassets15,590,000HongyaIncomeStatement RevenueGrosssales48,265,600Less:Salesreturnsandallowances2,413,300Netsales45,852,300CostofgoodssoldBeginninginventory1,430,000Purchases34,016,000Costgoodsavailableforsale35,446,000Less:Endinginventory5,280,000Totalcostofgoodssold30,166,000Grossprofit15,686,000ExpensesMarketingexpenses5,080,000(advertising,salariesforsalesmen)Generalexpenses2,443,000(utilities,relit,etc)Totalexpenses7,523,000Netincomebeforetaxes8,163,000Lessincometaxes1,387,710Netincome6,775,290(1)Averageinventory=Beginninginventory+Endinginventory／2=1,430,000+5,280,000／2=3355000(2)Inventoryturnover=costofgoodssold／Averageinventory=30,166,000／3,355,000=10turnsCurrentratio=currentassets／currentliabilities=3,930,000／2,880,710=1.36timesQuickratio=currentassets-inventories／currentliabilities=3,930,000-2,000,000／2,880,710=0.67timesR1=负债liabilities／资产assets=3,880,710／11,709,280=0.33 Grossprofitmargin=grossprofits／netsales=15,686,000／45,852,300=34.2%Netprofitmargin=netincome／netsales=6,775,290／45,852,300=14.7% Returnonowners’investment=Netincome／totalowner’se quity=6,775,290／11,709,280=57.9%Inotherwords,ittakesHongya6.6days(365/55)onaveragetocollectitsrec eivables.3.Judgingfromthesefigures,wemayseethattheinventoryandaccountsreceiva bleturnoversareprettyhigh,indicatingagoodandsmoothoperationinthefirm. Netprofitmarginiscomparativelylower.Chapter9TheSecuritiesMarket1.Theappropriateinvestmentgoalforthesixclientsshouldbemakingcertainamountprofitswiththeleastrisk,forIcanseefromtheircasesthattheo riginalprincipalisofvitalimportancefortheirnormallife,consequently,inm yopinion,theoptimalinvestmentportfolioshouldbeleastrisky.2.IfIwereSimon,theportfoliowouldbesuggestedasfollows,35-year-olddivorcedwoman:Concerningthetwoteensonswhomayneedalotofmo neyintheirgrowth,Isuggesttwotypesofsecuritiesintheportfolio—bondsa ndcommonstockwithalmostequalproportion.Thecouple:Bondswouldbemoreappealingfortheyhavefixedincome andmaynotwanttoriskalot,sincethiskindofinvestmentprovideverysteady incomeandhavetheleastrisk.The19-year-olduniversityfreshman:Hehasnoothereconomicalsourcesowin gtothelackofparentsandhastorelyonthissumofmoney foralongperioduntilhegraduatesandfindsajobtosupporthimself.SoIsuggestb ondsandpreferredstockinhisportfolio,forbothofthemareofhighsafetyandste adyincome.Thesinglewoman:Shehasnotgotmarriedyetandthushavetooless worriesthantheotherfivepeople.Chapter10RiskManagementandInsurance1.ThemajortypesofriskfacedbyGlobalInfoarenaturaldisasters,suchasearthquake,typhoonandstorms.Besides,fire,theft,explosionandotherartificia ldisastersarealsobigrisk.2.Insurancecanbepurchasedtoprotectthecompanyfromdamageorlossoftheirproperty.Tobemorespecific,fireinsurancecoverlossessufferedbyfirea nditcanaddaridertothepolicy,extendingthecoverageforlossessuchaswin dstorms,explosion,riotandfire.3.Itshouldhaveboughtfireinsuranceandbusinessinterruptioninsurance.TheremaybealotofelectronicequipmentsinGlobalInfoforonlineadviceappli cations,thusitissusceptibletofirecausedbysuchkindoffacilities.Thecomp anyshouldappropriateacertainportionofmoneytoinsureitagainstpotentia lrisksforthesakeofavoidanceofcatastrophiclosses.1.Riskmeansuncertaintyaboutthefutureandisunavoidabletoallbusinesses.T hepossibilityofrisk,howeversmallitmayseem,indeedexistandcan’tberemov edthoroughly.Sofromthissensewemayseethattheindispensabilityofinsuranc e.However,duetothefactthatthepremiumexceededallthecompensationandHo ngyahasalwaysdoneagoodjobindisaster-preventionmeasures,thecompanyc anbuylessinsuranceinthefuture,deductingunnecessaryinsurancesandreadju stthestructureofinsuranceconcerningtheaccidentsinrecentyears,oritcanbuy morecost-savinginsurancewithitsownrealityconsidered.2.Itcanbuygrouplifeinsurance,whichcoversallindividualsinabusinessfirm.I naddition,itcanalsosetuprelativetrainingsessionstothestaffthatwillfrequentl ygooutonbusiness,informingthemofself-protectivemethodsandstrengtheni ngtheirawarenessofsafety.Purchasegeneralliability,whichprotectspolicyholdersagainstfinancialris ksinvolvingpersonal,professional,product.。

Chapter l Forms of Business OrganizationMultiple Choice1．All of the following are considered disadvantages of sole proprietorships except：a) the owner has unlimited liability b) limited skillsc) simple to establish d) limited funds2．In (an)_________partnership, all of the partners have unlimited liability，a) unlimited b) unrestricted c) general d) nominal3．A_________ is a business that has one owner．a) sole proprietorship b) partnership c) corporation d) limited partnership4．Which of the following is the advantage of a sole proprietorship?a) unlimited liability b) complete control c) limited skills d) limited funds5．The board of directors of a corporation is elected by itsa) workers b) labor union c) stockholders d) creditors6 Jim has an idea for a new business．He wants to get started as soon as possible with a minimum amount of expense．He also wants to be his own boss，and wants to keep all of the profits he expects to earn for himself. These goals suggest that Jim would favor setting up his firm as a：__.a) public corporation b) sole proprietorshipc) limited liability company d) general partnership7．The responsibility of appointing the president and other key officers of a corporation belongs to the corporation’s:a) employees b) labor union c) board of directors d) creditors8 Stockholders of a corporation pay personal income taxes on the _____ they receive when the corporation distributes some of its eanings.a) interest b) dividends c) revenue d) retained eamings9. A major advantage of franchise arrangements is that they：a) are very inexpensive to set up b) a11ow thefranchisee to keep all of the profitc) give the franchisee total control over how the business is rund) offer the franchisee a proven management styleFill in Blanks：1．The advantages of sole propnetorships are many fold．They are_______________________, _________________ easy to keep operational and financial secrecy, _________ and exclusive use of profits. 2．Besides advantages，sole proprietorships have some disadvantages，such as_________________, limited access to capital, _________________ and unshared loss．3．People who take part in the management of thefirm and therefore take unlimited 1iability are regarded as_______________________.4．The major disadvantages of a partnership are unlimitedliability_________________，_________________ and _________________________.5．A________________ is treated like a private person under the law．It can receive，own and transfer property，enter into contracts．sue and be sued．A corporation is a______________.6．_____________ are owners of the business,because they hold shares which represent the ownership of the company.7．Each corporation must pay a fee to get a license which is also called_____________________.8．People tend to set up a corporation because it is easy to_________, has______ liability, seperated ownership and management and so on．9．Franchising is a licensing agreement by which a business_________allows___________to sell and use its product, service or method in retum for a royalty from the latter．10．Proven management style and name recognition are advantages of a special form of a business called______．True/False1．An advantage of a parttnership over a sole proprietorship is that more than one owner can contribute funds to the firm．2．A sole proprietorship is the form of business ownership best suited to raising large amounts of funds．3．When stockholders of a corporation sell their stocks for more than theypaid for the stocks，the difference is the stockholders’dividend．4．Sharing profits and less contro1of the business ownership are two common disadvantages of franchising．5．When entrepreneurs establish a business，they must first decide on the form of business ownership．6．People become owners of a corporation by purchasing its stock．7．Owners of a corporation can earn a return on their investment either by receiving dividends or by selling the stock．Chapter 2 MarketingMultiple Choices：1．——is one of the functions of marketing．A Marketing researchB Sole proprietorshipC Compact replicaD Chronic shortage2. The following are considered to be the functions of marketing except：A．essence of marketing B．storage C．acquiring D. transportation3. The marketing mix contains the following except：A．channels ofdistribution B．promotion C．place D．utility 4. The 4Ps stands for：A．Product，Price，Psychographic，Place B．Product—use variables，Price．Promotion．PlaceC．Product , Price，Promotion，Place D．Product，Problem ofContinuity，Promotion，Place5. When identifying market segments，marketers 1ook at some variables，the most common being:A. geographic Variables，demographic Variables，psychographic Variables．pricing VariablesB．geographic Variables，demographic Variables．psychographic Variables．Product-use Variables．C. risk taking Variables．geographic Variables，product—use variables．grading VariablesD．distributing Variables，placing Variables．demographic Variables．psychographic Variables6. The process of accumulating and analyzing market data in order to make better decisions is called：A．market segmentation B．target marketing C．marketing mix strategies D．marketing—research7. A group of individuals with similar traits will may purchase particular products is a：A．common market segments B. product market C. target market D．consumer market mixFill in Blanks：1. ______________ represents a group of people who have similar needs and wants and are believed to have interest in the same products．2. ____________ means collecting and analyzing data to identify a market and to answer questions of the number and the location of potential customers and so on·3．Dividing a market into segments according to customers’needs，wants and interest is called__________.4．Markets may be segmented based on______________, _________________, _______________，and ___________ variables．5. The marketers must develop a comprehensive plan covering the following major areas such as__________, price, _______ and channels of distribution，four of which are usually called the marketing mix．6. Marketing functions can be grouped into_____ functions (buying and selling), _____________functions (transportation and storage)，and facilitation functions(standardization and financing)True/False1．In order to make more profits，marketers should try to zero in on al l the segments of market to satisfy al l the needs and wants of a11 people．2．The Chinese managers realized that the key to a lasting success，in a market economy，lies in either production or selling．3．The concept of finding the needs of the consumers and satisfying them is the essence of marketing．4．In practice，marketing functions can be grouped into exchange functions like buying and selling.5. Marketing functions can be grouped into distribution functions like standardization，financing and risk taking.Chapter 3 Product and PricingMultiple Choice1．Products that are widely available to consumers，purchased frequently，and easily accessible are：a) shopping products．b) specialty products．c) convenience products．d) commodity products．2．All of the following are phases in the product 1ife cycle except：a) promotion b) introduction．c) decline d) maturity．3．When consumers compare the quality，and prices of competing goods before making the purchase decision，the goods are considered to be：a) shopping products b)specialty products c)convenience productsd)product 1ine commodities．4. The phase in the product life cycle in which sales are at their highest level is the：a) maturity phase． b ) introduction phase．c) growth phase．d) decline phase．5．Milk，newspapers．soda．and chewing gum are examplesa) shopping products．b)specialty products．c) convenience products．d)commodity products．6．Sales of the product of_______ during the growth phase of the productlife cycle．a)decrease rapidly b)remain unchanged c) increase rapidly d) decrease slowly7．In satisfying the consumer, the ultimate goal is to develop a product that isa) higher priced b) copyrighted c) patented d) superior to others．8．Which of the following are goods that consumers would make an extra effort to purchase?a) shopping products b)specialty products c) convenience products d) product mix commodities9．Which of the following is most likely to be a convenience good?a)a Mercedes sports utility vehicle b)a new Haire washing machinec)a gallon of milk d)a pair of Nike basketball shoes 10．The first step in creating a new product is to develop a(n)a) production plan b) market test c) idea d)screeningl1．Which of the following describes a pricing strategy where firms charge a high initial price assuming there is no competitive product in the marketa) price skimming b) penetration pricing c)loss—leader pricing d)odd pricing12. In setting objectives of pricing，firms should have adopt an optimized approach．The pricing objectives should be except——．a)profit-oriented b)sales-oriented c) follow-the-leader d) product-orientedFill in blanks：1. Products generally fall into two categories：_____________________ and _________________.2. Consumer products can be classified into some subcategories．They are_____________, ______________ and ______________.3. New product development involves the following stages：___________,screenmg,__________ testing and______________.4.________ is a strategy that a new product is priced low to attract customers and penetrate the market quickly．5. Odd pricing strategy is also called___________,which makes prices appear more acceptable to customers．6. In order to attract customers，a store can offer a few items which are priced at or under cost．Such a strategy is called____________.7. ____________ can simplify buyers’purchase decisions and speed up stock turnover．In this way, stores usually group their goods into classes and reduce the number of prices．8. ______________are items that are used by companies for production purposes or further assmbly．9. ____________ is a tool used to make decisions whether or not to launcha new product．10. Products like milk newspapers，soda and chewing gum which can be bought conveniently are called______________.11. In the phase of ________________during a product life cycle，sales volume is a peak and begins to decline．12. __________ are considered by specific consumers to be special，meaning consumers would make an effort to purchase them．13. ProductS such as plastic and steel are examples of proucts for___________markets．14. The_________is the typical set of phases that products experience over their life．True/False1.Firms regularly consider the prices of competitiors when determiningthe prices of their own products.2.A Roles watch and a Jaguar automobole are considered specialtyproducts.3.Cameras, clothes, and hosehold items are examples of products thatexist in industrial market.4.Firms that spend money on research and development expect thebenefits received to exceed the expenses incurred.5.Managers typically attempt to set a price that will maximize a firm’svalue.exoenses lncurrea．Chapter 4 Channels of DistributionMultiple Choice：1．The _________ is the path a product takes from the producer the customer.a) marketing mix b) retail corridor c)distribution channeld)chain of distribution；tt,tches buyers and sellers without becoming an2. A(n) _____________is a marketing intermediary that matches buyers and sellers without becoming an owner of the goods involved·a). retailer b). wholesaler c).agent d). exchange router3.____________are marketing intermediaries that distribute the products directly to customers’a) retailer b) wholesalers．c) rack jobbers·d) privateers4. A decision that determines the manner by which a firm’s products are made accessible to its customers is called a(n)：a). promotional decision·b)advertising decision·c)distribution decision· d)exchange decisionn·5．When manufacturers deals directly with their customers without using marketing intermediaries, they are aa)direct channel·b)one-level channel c)two-level channel d)three-level channel6．An advantage of a direct channel is that the producer can：a) eliminate some employees. b) avoid making sales on creditc) focus mainly on production, without having to worry about product promotiond) have full control over the price of its products.7．Mail-order clothing firm is an example ofa)direct channel b)one-level channel c)two-level channeld)three-level channel8. Wholesalers use their sales expertise when selling products toa)producers b)retailers c)employees d)managers 9．A one-level channel of distribution involves the use of onea)distribution center b) marketing intermediaryc) warehouse．d) mode of transportation．10. ________________ are a popular mode of transportation for goods because they can reach a variety of locations quickly and can make several stops in a local area·a) Trucks b) Railroad carriers c) Airlines d) Pipelinel 1．A__________ is an intermediary that purchases products from amanufacturer and sells them to a retailer.a) retailer b) manufacturer’s agent c) chain distributor d) wholesaler12．The optimal channel of distribution is dependent on：a)the recent performance of the firm b)product characteristics c)advertising d)promotionl 3．The modes of transportation can include the following except：a)rail b)pipeline c)water d)retailerFill in Blanks：1. A payment is made to someone for providing a service or goods．Such a payment is called____________ which is usually a percentage of the total value of the service or goods·2.The movement of goods to the places where they can be sold is cal led______________.3.__________________ are routes through which goods are moved from producers to end-users．4. ____________ purchase goods and then sell them to buyers for resale.5. ____________ are those who sell merchandise directly to the ultimate consumer．6. A _______________ or a(n) is a person or an organization that buys goods from the producer and sells them to the customer for a profit．7.The value of middleman can be time utility, ___________, ownershiputility,_____________________, and _____________________.8. Modes of transportation can include____________, truck, ______________water and__________9．Once goods are produced，most of them do not go to the end users directly．Rather they are distributed to the buyers through various channels such as______________ and _______________.10. Marketing intermediaries, called_______________, match buyers and sellers of products without becoming the owner．11．Some products have__________________ channels, where two middlemen participate.True/False1．Railroads are often cheaper than trucks for transporting goods over long distances．2．Wholesalers may maintain sufficient inventory so that retailers can order small amounts on a frequent basis．3．The first step in developing a system for distributing products is the selection of the proper form of transportation．4．When manufacturers sell to customers without using marketing intermediaries，they are using a one-level channel of distribution．5．One thing that distinguishes agents as they match buyers and sellers of products，is that agents become owners of the products．6．When the wholesaler purchases the products from the manufacturer andsells them to retailers on credit, the retailer normally bears the credit risk．Chapter 5 PromotionMultiple Choice1．Which of the following terms describes the combination of promotion methods that a firm uses to increase the acceptance of its products?a) public relations b) advertising media c) promotional life cycle d) promotion mix2．All of the following are methods of promotion except：a) personal selling．b) sales promotion．c) marketing．d) public relations．3. Effective promotion should：a ) decrease the need for advertising and personal salespeople．b) increase demand for the product and the value of the firm．c) increase sales volume and decrease production costs，．d) maximize the number of employees involved in the marketing effort．4. Which of the following methods of advertising sends catalogs to the homes of potential consumers?a) telemarketing b) computer online services c) specialty ads d) direct mail5．To close a sale while the product’s advantages are still in the minds of potential customers, salespeople may offer：a)incentives to purchase．b) advertising literature．c) publicity on the product．d) personal advice．6．A11 of the following are steps involved in personal selling except：a) identify the target market．b) contact potential customers．c) conduct production quality control d) answer customer questions．7. To create or maintain a favorable public image, firms will use:：a) personal salespeople．b) public legal services．c) public relations．d) industry standards．8．The promotion mix for a firm includes the following except fora) target marketing b) personal selling c) sales promotiond) public relations9 Which of the following describes a non-personal sales presentation intended to influence a large number of consumers?a) publicity b)production c) public relations d) advertisingl 0. Al l of the following are advertising media except：a) newspapers．b) magazines．c) radio．d) telemarketing．1 1．All of the following are means of advertising except：a) telemarketing．b) government publications．c) Internet．d) outdoor adsl 2．A technique that uses a personal presentation to influence a consumer’s demand for a product is：a)target market identification．b)personal selling．c) personal website promotion．d)personal display promotion．13. When a salesperson demonstrates the use of products and tell buyers about the advantages，thesalesperson is：a) making a sales present b) answering questions．c) identifying the target market．d) closing the sale．1 4．When Seabee Boat company gives a free fishing rod to any buyer purchasing a new boat, the company is offering a(n)：a) sample．b) promotion．c) premium d) loss leaderl 5．A brief written announcement about a firm provided by that firm to the media is called a(n)：a) advertisement．b) sales promotion．c) special event marketing．d) new release．True／False1. Public relations are the actions taken by a firm with the goal of creating a favorable public image．2. Advertising a restaurant on the side of a bus is an example of transportation ads．3. If a firm’s product is properly produced，priced，and distributed，it doesnot need to be promoted·4. If a firm's target market is made of a wide variety of customers throughout a specific region，it would likely use advertising to promote its product．5. The most effective type of advertising is newspaper advertising．Fill in Blanks1．The combination of the promotional tools is called the_______________ 2．There are two types of advertising：____________ advertising and _______advertising．The former focuses on individual products while the latter is used to create a positive image for an organization.3. ___________ provides the most direct way for firms to help prospective customers satisfy their needs and wants through face-to-face communication with the firms’ sales representatives.4. ____________is the first step involved in personal selling in order to find out prospective customers who are mostly to buy the promoted products or service．5. Do further research to determine which prospects have the authority and the financial capacity to buy is a step taken in personal selling, which is called ___________.6. The combination of the promotional tools is called the promotion mix which includes___________, sales promotion．public relations，publicity．and word of mouth.7. Personal selling provides face-to-face communication with prospective customers．The selling process can be broken into 7 steps such as _________, quality, approach, make presentation，handle objections, ____________ and follow up．8. _____________ is a personal sales presentation used to influence one or more consumers·9. ______________ is a form of advertising that provides visual effects and can be used to promote products nation wide．10. Firms usually create or maintain their positive public images by the tool called_____________.Chapter 6 ManagementMultiple Choice1．All ofthe following are managerial functions except：a) planning b) organizing c) controlling d)·financing．2. The function of management that represents the preparation of the firm for future business conditions is：a)organizing．b)leading．c) controlling．d)planning．3. Jim has just been promoted to a management position for the First National Bank. His boss has asked him to focus on identifying problems in the operations of the bank and to take steps to correct them. Jim’s activities illustrate the _________of management.a) planning b) organizing c) learning d) controlling4．Which of the following management functions involves the monitoring and evaluation of the activities of employees?a) planning b) organizing c) learning d) controlling5．Which of the following is not one of the managerial skills?a) technical skills b) mission skills c) conceptual skills d)human skills 6．Managers utilize——to understand the relationships between the various tasks of a firm.a) conceptual skills b) technical skills c) communication skills d) interpersonal skills 。

C hapt er 1 Set ti ng U p a B usi n ess1.In which field will you set up your business?With the development of the science and technology, many traditional goods have been displaced by electrical apparatus. Almostly we do anything by using electricity, such as electric cookers, cellphones, computers and air conditioners.We strongly realize it when there's something wrong with electricity. So I want to set up my business ,building a supermarket, in the field of electrical appliance and electronic goods.2. Will your business be a sole proprietorship, a partnership, or a corporation ?My business will be a sole proprietorship. The advantages of sole proprietorships are many fold. The following are their major appeals.First of all, it 's simple to establish. Just pay a small fee, get the necessary state and local licenses or permits.Secondly, it's more freer in decision-making. As a sole proprietor ,I can make my own decisions on business policies and operations, such as the type of goods or services I want to offer at the price I feel appropriate.Thirdly, it 's easy to keep operational and financial secrecy. I do'nt have to report to shareholders or board directors.Fourthly, it 's less tax burden. The tax rates for sole proprietors are often only half of those for corporations.Last but not least, it's exclusive use of I work hard and make a small fortune, I can take all the profits and don't have to share them with anyone else.Chapter 2 Marketing: An Overview1.How would your business offer advantages over competitive firms?The advantages of my business are many fold. The following are the major appeals.a. Guaranteed authentic goods of high quality and reasonable price. Theelectrical appliance and goods we offer are of high quality and reasonable price. Any second-hand goods or copycat cellphones cannot be found in my sell guaranteed authentic good.b. Some promotional activities .We can offer some kinds of free gifts whenconsumers buy my goods. If they consume a certain amount of money, they can register for membership cards.c. Better after-sale service. We will offer better after-sale service free ofcharge to ensure the satisfaction of my consumers.2. Does your business have factors which could make your revenue lower or expenses higher than what you expect?a. Low reputation of a new brand. My business as a new comer to this fieldlacks high reputation and brand effect, there are not many consumers at first.b. Some copycat electronic goods of cheeper price and poor quality in othercompetitive firms. These goods will attract consumers a lot at very lowprice at first,my business will be in a poor situation which makes myrevenue lower .Chapter 3 Products and Pricing1. How is the products you plan to offer is different from those offered by your competitors?a. G uaranteed authentic goods of high quality and reasonable price. The electrical appliance and goods we offer are of high quality and reasonable price.Any second-hand goods or copycat cellphones cannot be found in my sell guaranteed authentic good.after-sale service. We will offer better after-sale service free of charge to ensure the satisfaction of my consumers.2. How will the pricing of your products be determined compared with those of competitive products?First, marketing research .Collecting and analyzing the price of competitive products to identify consumers'purchasing power and buying abilities. Then decide the price that the customers can accept.Also we can set the price the same as those of competitive products, besides we will offer some little gifts free of charge to attract more customers.3. Could the unique features of your product be protected from competitors?The unique features of my products could be protected from competitors .The electrical appliance and goods we offer are of high quality and reasonable price. Any second-hand goods or copycat cellphones cannot be found in mysell guaranteed authentic good. Also we will offer better after-sale service freeof charge to ensure the satisfaction of my consumers. The unique features of my products could be protected from competitors .Chapter 4 Channels of Distribution1.How will your business distribute the products to the customers?a. Virtual stores. We'll also represent my goods on the Internet by setting upvirtual stores. My consumers can make inquiries, check specifications,compare prices, place orders and make payment, all through the Internet, thus making my goods shopping much efficient than the traditional modes. b. Direct selling. Home appliances and electrical goods can be sold directly,which involves selling to consumers in their homes or workplaces. Thisapproach can fully demonstrate the features of the products and enabledirect and one-to-one consultation to prospective buyers.c. Multilevel marketing. MLM has been popular around the would in selling awide variety of products. Hundreds of downliners ,the commissions can be quite sizable.d. Supermarkets are large stores featuring low prices, self-service and fastmoving merchandise such as groceries.2. Could your products be distributed more efficiently and at lower costs?My products could be distributed more efficiently and at lower costs. We'll represent my goods on the Internet by setting up virtual stores. My consumers can make inquiries, check specifications, compare prices, place orders and makepayment, all through the Internet, thus making my goods shopping much efficient than the traditional modes.And home appliances and electrical goods can be sold directly, which involves selling to consumers in their homes or workplaces. This approach can fully demonstrate the features of the products and enable direct and one-to-one consultation to prospective buyers.Also consumers can buy my goods in my my products could be distributed more efficiently and at lower costs.3. Whether the cost of distribution of your products will be affected substantially if price of utilities or transportation go up by a big margin.The cost of distribution of your products will be affected substantially if price of utilities or transportation go up by a big margin. The numerous functions the utilities or transportation perform, physical distribution accounts for almost 30% of the total costs of marketing, if price of utilities or transportation go up by a big margin, the cost of distribution of your products will be affected substantially .Chapter 5 Promotion1. Describe the promotional mix for your products.Advertising :product advertising and institutional advertising.a. Internet .We'll represent my goods on the Internet by setting up virtualstores. My consumers can make inquiries, check specifications, compareprices, place orders and make payment, all through the Internet, thus makingmy goods shopping much efficient than the traditional modes.b. Newspapers and television. Put my good'sinformation on thenewspapers .ADs in the newspapers can be clipped and saved,also they arelow in cost and can be prepared and placed within minimum time.Televisions can reach a vast captive audience of all types with colorful andeye-catching.c. Outdoor sales promotion. Billboards,posters ,trade show publicity andelectric displays are the major forms of outdoor advertising.2. Estimate the amount of money that will be allocated for promotion during the first year.We will spend 30% of the money on advertisements on the newspapersInternet and televisions. Then 40% of the money will be payed for the sales-promotion, especially outdoor promotion, such as billboards,posters ,trade show publicity and electric displays, to increase customer awareness and the sales of a firm's product or service. All of the sales promotion can reach a vast captive audience of all types with colorful and eye-catching.Chapter 6 Money and Banking1.I think plastic money is really money. Money is a key element in economic and business activities and has been the theme of many witty remarks.To us, money is nothing but the currency of a country. To economists, money is a subject for study and, for something to be money; it must at least have thefollowing characteristics: portability, divisibility, stability, durability andacceptability.First of all, money must be light in weight and easy to carry.Second, it must be easily divisible into smaller parts with a fixed value for eachunit.Third, money must be stable in value, and this is best understood in times ofinflation.Fourth, money must be able to stand the wear and tear of repeatedtransactions during its life in circulation.Last, for money of a country to function at all, it must be made legal tender forthat country by its government and be acceptable to the public. As plasticmoney has all the characteristics of money, though it can be caller' s not made of pap really money.2. Easy to carry and convenient.Credit card has "VISA" or "MasterCard" logo, in a foreign country can bedirectly brush calorie of consumption, and a cash or cash will first exchange; Inaddition, by credit card booking the ticket and hotel, telephone or Internetshopping and rent a car and so on is also very convenient, and might not havethe cash benefits -- becausecredit card in addition to direct the brush has a"preliminary license" function; And there is no no change in embarrassment.Safe, Clean and healthy.As we all know that cash flow is bigger and bigger, coin of bacteria is one can imagine, but in addition to their credit card is a few cashier touched - even if the credit card dirty, still can clean disinfection.Facilitate financialCredit card bill in the future we will receive a paper or electronic mail forms of consumption detailed bill, from the bill, we can clear their own in last month's consumption and expenditure.3. Blind consumptionBrush card not like cash that a piece of a money flower out, a brush, nothing feeling, a few Numbers, lead to blind consumption, spend money like water Stolen brushCredit card basically the default password is free credit card consumption, it can easily be lost or stolen in when others stolen brush, cause needless trouble or loss; But in fact the credit card is also by the password can apply for credit card consumption - this is about to see how you manage your credit card.Easy to lose. It is just a small card, and sometimes even if you lost it, you still can ' t find the fact after a long time.4. With an increases market share, Hongya cannot only squeezeout the rivals, but also consolidate its own position.1. After increasing modes of payment, the customers of Hongya increased rapidly. Nowadays, people prefer to carry credit cards instead of much money.Since Hongya started accepting different modes of payment, customers believe that their level is high and they attract more purchasers. Especially Hongya accepts buying on credit for the regular customers. So they gained more market share.2. Yes. The new modes of payment have potential risks. They sold commodities on credit. It is possible for them not to collect the account payable from their customers. Some customers may not pay back the money when they are not satisfied with the service or quality of goods. When customers make open account. Hongya should know about their credit and also make them do some promises.3. I do not think it will be widely adopted in China. First of all, there are some areas which is not developed enough to use credit. There is not enough equipment and some people even do not have all kinds of cards.Chapter 7 Financingmoney , Ralph can not buy a much needed pick-up and his financial plan was destroyed. He can not improve the store' s delivery as planed.the bank does not change its decision, Ralph can borrow from his friends or family members. He can also transfer his other expenditures. He can even buy the pock-up through a open account. Take his equipment as collateral to solve the problem.up his own manufacturing facilities is more advantages.Now that their business has enlarged and they also have enough capital to set up their ownmanufacturing factory. They can do it by themselves. It not only makes profits but also produce commodities that meet their demands. No other people know more their garments of their own brands than themselves.other investors fu'nds as equity is more beneficial to Hongya. Hongya need not pay back the money and the investors also decrease the liabilities and risks of Hongya. If Hongya use bank loans as debts. It must pay back in the line of credit and also pay back the interests.are two types of loans; secures and unsecured. Hongya can put upcollateral to make secures loan. We know that Hongya has had amount assets.Hongya can also make revolving credit agreements.Another option is short term fund raising. This type of loan is at a low interest rate.Chapter 8 Accounting1.I think clients should be punished if they make late payment. But I do notbelieve the seller can do in this way. First of all, he earns money from his clients. If clients are not satisfied with his behavior. They will choose other partners. For his own sake, he can not do that. If he really takes this measure, there may be more clients not make the payment.In order to make a win-win condition, he should not take this measure. Itdepends. Clients with long-term relationship should not be punished for late payment by carelessnessfor the sake of the continual business trade in the future. But clients who make late payments for many times should be punished according to what have been stipulated in the contracts.is a good way to en courage clie nts to make early p ayme nt. This can motivatedie nts to make p ayme nts as soon as p ossible, con seque ntly, pro videsamplespace for the company ' s future development with collected capital.can give some p refere ntial p olicies to clie nts if they make early p ayme nt.Forexa mp le, we can make a p refere ntial p rice or give them commodities free ofcharge as a reward to en courageearly p ayme nt. To en sure an early p ayment, strict and clear sti pu latio n in the con tract, such as the maturity date of LCand clauses on claims for breach of con tract, is esse ntial. I n additi on,maintaining good relati on shi p with clie nts in daily life can also facilitate aprompt p ayme nt.Hon gya Bala nee sheetLIABILITIES AND OWNER ' EQUIT Y(RMB) Curre nt liabilities Less: Accumu. De preciation (1,210,000) StockASSETS(RMB)Current assetsCash 1,100,000 Accts &no tes p ayable 1,115,000Acct &no tes receivable 830,000 Accrued wages378,000 Inven tories 2,000,000 In come taxes due1,387,710 Total current assets 3,930,000 Total curre nt liabilities2,880,710 Fixed assets Lon g-term Liabilities1,000,000 Furniture 6,420,000 Total lo ng-term liabilities 1,000,000Less: Accumu. Dep reciatio n 6,050,000 Total liabilities 3,880,710Facilities6,050,000 Own er equity11,709,280+ 5,280,000/2=3355000 (2)1 nven tory turno ver 二 cost of goods sole / Average inven tory=30,166,000/ 3,355,000=10 turnsCurre nt ratio = curre nt asset /curre nt liabilities=3,930,000/2,880,710=Quick ratio= curre nt assets-i nven torie / curre nt liabilities=3,930,000-2,000,000/2,880,710= timesR1=负债 liabilities /资产 assets=3,880,71/11,709,280=Gross p rofit margi n= gross p rofits/ net sales=15,686,00/45,852,300 =%Net profit margi n=net in come / net sales=6,775,29/45,852,300=%Retu rn on owners ' inv estme nt=Net in /totel owner equiiy=6,775,290/11,709,280=%In other words, it takes Hongya days (365/55) on average to collect itsreceivables.3. Judgi ng from these figures, we may see that the inven tory and acco untsreceivable turnovers are pretty high, indicating a good and smooth operation in the firm. Net profit margin is comparatively lower.Chapter 9 The Securities Market1. The appropriate investment goal for the six clients should be makingTotal expen ses7,523,000 Net in come before taxes8,163,000 Less in come taxes1,387,710 Netin come 6,775,290(1) Average inven tory=Begi nning inven tory + Ending inven tory /2=1,430,000certain amount profits with the least risk, for I can see from their cases that theoriginal principal is of vital importance for their normal life, consequently, in myopinion, the optimal investment portfolio should be least risky.2. If I were Simon, the portfolio would be suggested asfollows,35-year-old divorced woman: Concerning the two teen sons who may need a lot of money in their growth, I suggest two types of securities in the portfolio —bonds and common stock with almost equal proportion.The couple: Bonds would be more appealing for they have fixedincome and may not want to risk a lot, since this kind of investment provide very steady income and have the least risk.The 19-year-old university freshman: He has no other economical sourcesowing to the lack of parents and has to rely on this sum of money for a long period until he graduates and finds a job to support himself. So I suggest bonds and preferred stock in his portfolio, for both of them are of high safety and steady single woman: She has not got married yet and thus have too less worries than the other five people.Chapter 10 Risk Management and Insurance.The major types of risk faced by Global Info are natural disasters, such as earthquake, typhoon and storms. Besides, fire, theft, explosion and other artificial disasters are also big risk.. Insurance can be purchased to protect the company from damage or loss of theirproperty. To be more specific, fire insurance cover losses suffered by fire and it can adda rider to the policy, extending the coverage for losses such as windstorms, explosion,riot and fire..It should have bought fire insurance and business interruption insurance.There may be a lot of electronic equipments in Global Info for online adviceapplications, thus it is susceptible to fire caused by such kind of facilities.The company should appropriate a certain portion of money to insure it againstpotential risks for the sake of avoidance of catastrophic losses.1. Risk means uncertainty about the future and is unavoidable to all businesses.The possibility of risk, how ever small it may seem, indeed exist and can removedt be thoroughly. So from this sense we may see that the indispensability of insurance.However, due to the fact that the premium exceeded all the compensation andHongya has always done a good job in disaster-prevention measures, the company canbuy less insurance in the future, deducting unnecessary insurances and readjust the structure of insurance concerning the accidents in recent years, or it can buy more cost-saving insurance with its own reality considered.2. It can buy group life insurance, which covers all individuals in a business firm. In addition, it can also set up relative training sessions to the staff that will frequently go outon business, informing them of self-protective methods and strengthening their awarenessof safety.Purchase general liability, which protects policyholders against financial risks involving personal, professional, product.。