Chapter 11 Sources of Funds

第一章1 CORRECTWhich of the following are microeconomic variables that help define and explain the discipline of finance? DA) risk and returnB) capital structureC) inflationD) all of the aboveFeedback: All of the above are relevant in explaining finance.2 CORRECTOne primary macroeconomic variable that helps define and explain the discipline of finance? CA) capital structureB) inflationC) technologyD) riskFeedback: Technology is very important in explaining the field of finance.3 CORRECTThe money markets deal with _________. BA) securities with a life of more than one yearB) short-term securitiesC) securities such as common stockD) none of the aboveFeedback: The money markets are concerned with short-term securities, those with a life less than one year.4 CORRECTThe ability of a firm to convert an asset to cash is called ___A_________.A) liquidityB) solvencyC) returnD) marketabilityFeedback: Liquidity also means how close an asset is to cash.5 CORRECTEarly in the history of finance, an important issue was: AA) liquidityB) technologyC) capital structureD) financing optionsFeedback: Maintaining liquidity was a major concern historically.6 INCORRECTThe __________C_________ is the most common form of business organization in the U.S.A) corporationB) partnershipC) sole proprietorshipD) none of the aboveFeedback: There are more sole proprietorships than any other form of business organization.7 CORRECTThe _________C___________ has more sales in dollars than any other form of business organization.A) sole proprietorshipB) partnershipC) corporationD) none of the aboveFeedback: The corporation is the most important in terms of dollars.8 CORRECTOne major disadvantage of the sole proprietorship is _____B___________.A) simplicity of decision-makingB) unlimited liabilityC) low operational costsD) none of the aboveFeedback: The owners of a sole proprietorship are personally liable.9 CORRECTThe appropriate firm goal in a capitalist society is ______B__________.A) profit maximizationB) shareholder wealth maximizationC) social responsibilityD) none of the aboveFeedback: The goal is to maximize the wealth of shareholders.10 CORRECTThe agency problem will occur in a business firm if the goals of ______C______ and shareholders do not agree.A) investorsB) the publicC) managementD) none of the above第二章Feedback: The goals of management may be different from those of shareholders.The accounting statements that a firm is required to file include all but one of these. BA) Balance SheetB) Statement of Accounts ReceivableC) Income StatementD) Statement of Cash FlowsFeedback: The required statements include the income statement, balance sheet and statement of changes in cash flows. The statement of changes in owners equity (or retained earnings) is also required by Generally Accepted Accounting Principles but is not covered in this text.2 CORRECTThe _______A________ shows the firm's operating results over a period of time.A) Income StatementB) Statement of Cash FlowsC) Balance SheetD) None of the aboveFeedback: The Income Statement represents a moving picture of a firm's revenues and expenses.3 CORRECTAll of the following except one are tax-deductible expenses. CA) interest expenseB) depreciationC) common stock dividendsD) income taxesFeedback: Common stock dividends are not tax deductible to a firm.4 CORRECTAll of the following are non-operating expenses except ______B_______.A) interest expenseB) cost of goods soldC) preferred stock dividendsD) taxesFeedback: The cost of goods sold is an operating expense.5 CORRECTBondholders receive _____C________ from the business firm.A) preferred dividend paymentsB) common stock paymentsC) interest paymentsD) royaltiesFeedback: Bondholders are typically paid interest semi-annually.6 CORRECTThe ratio of net income to common shares outstanding is called _____B_________.A) price/earnings ratioB) earnings per shareC) dividends per shareD) none of the aboveFeedback: This is called the earnings per share (EPS).7 CORRECTUsually, firms with high price/earnings ratios are _____A_______ firms.A) growthB) decliningC) matureD) none of the aboveFeedback: A high p/e ratio indicates a firm with strong growth prospects8 CORRECTOne of the limitations of the _____C_______ is that it is based on historical costs.A) income statementB) statement of cash flowsC) balance sheetD) none of the aboveFeedback: The balance sheet uses historical costs.9 INCORRECTA source of funds is a: DA) decrease in a current assetB) decrease in a current liabilityC) increase in a current liabilityD) a and c aboveFeedback: A decrease in current assets is equivalent to an increase in current liabilities.10 INCORRECTShort-term financing for a business firm includes: BA) bondsB) accounts payableC) stockholder's equityD) mortgagesFeedback: The other three answers represent long-term financing.第三章Trend analysis allows a firm to compare its performance to: DA) other firms in the industryB) other time periods within the firmC) other industriesD) all of the aboveFeedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare afirm’s performan ce against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company--both in and outside of their industry.2Ratio analysis allows a firm to compare its performance to: DA) other firms in the industryB) other time periods within the firmC) other industriesD) all of the aboveFeedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare a firm’s performance against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company--both in and outside of their industry.3Usually, a firm's suppliers are most interested in its ___D_____ ratios.A) profitabilityB) debtC) asset utilizationD) liquidityFeedback: The suppliers are most interested in getting paid, as shown by the liquidity of the firm.4 CORRECT__________D_____ would be most interested in a firm's debt utilization ratios.A) bondholdersB) stockholdersC) short-term creditorsD) Both A and BFeedback: Debt is indicated by a firm issuing bonds but is also a function of the debt to equity relationship or the degree of financial leverage. Both bond holders and stockholders are interested in this relationship although frof opposing viewpoints.5 CORRECTThe _______C______ ratio indicates the return firm shareholders are earning.A) return on assetsB) return on investmentC) return on equityD) net profit marginFeedback: The shareholders represent equity, or ownership in the firm.6 CORRECTWhich of the following is an example of a profitability ratio? CA) Quick ratioB) Average collection periodC) Return on equityD) Times interest earnedFeedback: This is the only profitability ratio that is listed. All profitability ratios have net income in the denominator.7Total asset turnover will indicate if there is a problem with the ___C______ ratio.A) debt to assetsB) times interest earnedC) fixed asset turnoverD) currentFeedback: Fixed asset turnover is part of total asset turnover.8 CORRECTAll of the following are asset utilization ratios except: DA) average collection periodB) inventory turnoverC) receivables turnoverD) return on assetsFeedback: Return on assets is a profitability ratio. Any ratio with net income in the denominator is a profitability ratio.9 CORRECTIf a firm's debt ratio is 55%, this means ____C__ of the firm's assets are financed by equity financing.A) 55%B) 50%C) 45%D) not enough information to answer questionFeedback: The equity portion plus the debt portion must add up to 100%.10 CORRECTAll of the following can present problems for ratio analysis except: DA) inflationB) inventory accounting methodsC) disinflationD) all of the aboveFeedback: These all may cause problems.第四章Planning for future growth is called: CA) capital budgetingB) working capital managementC) financial forecastingD) none of the aboveFeedback: This involves looking ahead to the future.2 INCORRECTWhich one of the following is NOT a tool of financial forecasting? BA) cash budgetB) capital budgetC) pro forma balance sheetD) pro forma income statementFeedback: The other three are all tools used by an analyst.3 CORRECTThe first step in developing a pro forma income statement is to: AA) build a sales forecastB) determine the production scheduleC) determine cost of goods soldD) none of the aboveFeedback: A sales forecast begins the process.4 INCORRECTPro forma statements are _B______ statements.A) actualB) projectedC) a previous year'sD) none of the aboveFeedback: Pro forma statements are based on estimates or projections.5 INCORRECTAll of the following compose cost of goods sold except ______D__________.A) raw materialB) laborC) overheadD) all of the above are part of cost of goods soldFeedback: The cost of good sold involves all three of these items.6 INCORRECTFinancial managers use the ______B_______ to plan for monthly financing needs.A) capital budgetB) cash budgetC) pro forma income statementD) none of the aboveFeedback: The cash budget allows for planning cash needs.7 INCORRECTThe payments that a firm collects from its customers are called _______C________.A) cash disbursementsB) cash outflowsC) cash receiptsD) none of the aboveFeedback: Cash receipts represent cash coming into the firm.8 INCORRECTExamples of cash disbursements are all but _________B________.A) payment for materials purchasedB) collection of accounts receivableC) payment of dividendsD) payment of taxesFeedback: The collection of accounts receivable is an example of a cash receipt, not a cash disbursement.9 CORRECTIn developing the pro forma balance sheet, we get common stock from __________A_______.A) the firm's previous balance sheetB) the firm's cash budgetC) the firm's income statementD) none of the aboveFeedback: Common stock appears on the balance sheet.10 INCORRECTThe percent of sales method of financial forecasting shows us the relationship between________D___ and financing needs.A) changes in the level of liabilitiesB) changes in the level of assetsC) changes in debtD) changes in the level of salesFeedback: It compares the relationship between balance sheet items and sales.第五章An example of a semi-variable cost is: DA) rentB) raw materialC) depreciationD) utilitiesFeedback: The other three represent fixed or variable costs.2 CORRECT_________A____ is the point at which firm profit is equal to zero.A) breakevenB) operating breakevenC) financial leverageD) combined breakevenFeedback: This is the point where the firm's revenues equal its expenses.3 INCORRECTIn breakeven analysis, if fixed costs rise, then the breakeven point will _____B_____.A) fallB) riseC) stay the sameD) none of the aboveFeedback: This implies that a larger quantity will have to be sold in order to break even.4 INCORRECTIn the breakeven formula, Price - Variable Cost is called the___C__________.A) breakeven pointB) leverageC) contribution marginD) none of the aboveFeedback: This implies that a larger quantity will have to be sold in order to cover the additional fixed costs and still break even.5 INCORRECTWhich of the following types of firms may operate with high operating leverage? BA) a doctor's officeB) an auto manufacturing facilityC) a mental health clinicD) none of the above would have high operating leverageFeedback: This implies a high break-even point and high operating expenses.6 INCORRECTThe __________C__________ is the percentage change in operating income that results from a percentage change in sales.A) degree of financial leverageB) breakeven pointC) degree of operating leverageD) degree of combined leverageFeedback: This is called the degree of operating leverage (DOL).7 CORRECTIf interest expenses for a firm rise, we know that firm has taken on more ______A________.A) financial leverageB) operating leverageC) fixed assetsD) none of the aboveFeedback: Financial leverage refers to interest expense on debt.8 INCORRECTThe ________B________ is the percentage change in earnings per share that results from a percentage change in operating income.A) degree of combined leverageB) degree of financial leverageC) breakeven pointD) degree of operating leverageFeedback: This is known as the degree of financial leverage (DFL).9 INCORRECTCombined leverage is the percentage change in relationship between sales and ______C______.A) operating incomeB) operating leverageC) earnings per shareD) breakeven pointFeedback: This combines operating leverage and financial leverage.10 INCORRECTA highly leveraged firm is ____B______ risky than its peers.A) lessB) moreC) the sameD) none of the aboveFeedback: Leverage is equivalent to risk, because it implies a higher level of fixed costs.第六章Working capital management involves the financing and management of the __C_____ assets of the firm.A) fixedB) totalC) currentD) none of the aboveFeedback: Working capital management deals with the financing and management of currentassets.2 INCORRECTAn asset sold at the end of a specified time period is called a ______B_______ asset.A) temporary currentB) self-liquidatingC) currentD) permanent currentFeedback: A self-liquidating asset is one that will be sold after a certain amount of time.3 CORRECTFixed assets are usually financed with _______A______ funds.A) long-termB) short-termC) permanentD) none of the aboveFeedback: Fixed assets are by definition long-term assets.4 INCORRECT_________B_____ is usually used to finance self-liquidating assets.A) Long-term financingB) Short-term financingC) Permanent financingD) none of the aboveFeedback: These are short-term or temporary assets.5 INCORRECTShort-term interest rates, in a normal economy, are generally ____C____ than long-term rates.A) higherB) the sameC) lowerD) none of the aboveFeedback: Long-term interest rates are normally higher than short-term interest rates to compensate for uncertainty or risk.6 INCORRECTThe expectations hypothesis says that _____B____ interest rates are a function of _______ interest rates.A) short-term; long-termB) long-term; short-termC) short-term; short-termD) none of the aboveFeedback: This theory says that long-term interest rates reflect the average of short-term expected rates.7 INCORRECTInsurance companies would tend to invest in ______C____ securities.A) short-termB) intermediate termC) long-termD) not enough information to answerFeedback: An insurance company would prefer long-term securities because they are more conservative or safer.8 INCORRECTThe _________D_____ theory says that investors must be paid a premium to hold long-term securities.A) expectations hypothesisB) time value theoryC) segmentationD) liquidity premiumFeedback: This is the liquidity premium.9 INCORRECTShort-term financing plans with high liquidity have: BA) high return and high riskB) moderate return and moderate riskC) low profit and low riskD) none of the aboveFeedback: This is known as a "middle-of-the-road" approach.10 INCORRECTLong-term financing plans with low liquidity have: BA) high return and high riskB) moderate return and moderate riskC) low return and low riskD) none of the aboveFeedback: This is also known as a "middle-of-the-road" approach.第七章The transaction motive for holding cash is for BA) a safety cushionB) daily operating requirementsC) compensating balance requirementsD) none of the aboveFeedback: This is money for everyday transactions.2 CORRECTWhich of the following motives for holding cash is required by the bank before loaning money? AA) compensating balance motiveB) transactions motiveC) precautionary motiveD) none of the aboveFeedback: This can be considered a form of collateral.3 INCORRECTThe difference between the cash balance on the firm's books and the balance shown on the bank's books is called: BA) the compensating balanceB) floatC) a safety cushionD) none of the aboveFeedback: Float implies that it takes time for checks to clear.4 CORRECTElectronic funds transfer has _____A_____ the use of float.A) reducedB) increasedC) had no effect onD) none of the aboveFeedback: Electronic funds transfer (EFT) has moved cash more quickly and reduced float.5 INCORRECTThe most utilized marketable security by most firms is the: DA) Treasury bondB) Agency securityC) Certificate of DepositD) Treasury billFeedback: Treasury bills (T-Bills) are very safe, popular investments.6 INCORRECTOf the following marketable securities, which are guaranteed by the Federal government? DA) agency securitiesB) negotiable certificates of depositC) banker's acceptancesD) none of the aboveFeedback: None of these are backed by the government.7 INCORRECTThe 5 C's of credit include: DA) conditionsB) collateralC) characterD) all of the aboveFeedback: The other two C's of credit are capacity and capital.8 INCORRECT BThe use of safety stock by a firm will:A) reduce inventory costsB) increase inventory costsC) have no effect on inventory costsD) none of the aboveFeedback: Safety stock is extra inventory a firm keeps in case of unforseen circumstances.9 INCORRECTAll of these factors are used in credit policy administration except: CA) credit standardsB) terms of tradeC) dollar amount of receivablesD) collection policyFeedback: The other three choices are the primary policy variables to consider.10 CORRECTFirms aim to hold ___A___ cash balances since cash is a non-interest earning asset.A) lowB) averageC) highD) none of the aboveFeedback: A firm does not want to keep too much cash on hand because it will lose interest (by not keeping the money in a bank).第八章The largest provider of short-term credit for a business is: BA) banking organizationsB) suppliers to the firmC) commercial paperD) EurodollarsFeedback: This is also known as trade credit.2 INCORRECTThe number of days until the firm is past due to a supplier is called the: CA) discount periodB) term to creditC) payment periodD) none of the aboveFeedback: The payment period is the number of days a firm has to pay its bill.3 INCORRECTIf a firm is given trade credit terms of 2/10, net 30, then the cost of the firm failing to take the discount is: CA) 2%B) 30%C) 36.72%D) 10%Feedback: This is calculated using formula 8-1 in this chapter.4 CORRECTThe interest rate given by a bank to its most creditworthy customers is the: AA) prime rateB) LIBOR rateC) federal funds rateD) discount rateFeedback: This is the "best" interest rate charged to people with excellent credit.5 INCORRECTWhich of the following types of bank loans generally have the highest effective rate of interest? DA) simple interest loanB) discount interest loanC) loan with a compensating balanceD) installment loanFeedback: Installment loans tend to be the most expensive.6 INCORRECTIf a firm needs to borrow $100,000, at 8% interest, to finance working capital needs and a 20% compensating is required, then the firm should borrow ____C______.A) $100,000B) $80,000C) $125,000D) $108,000Feedback: The formula to calculate this is: amount needed/(1-c), where c = the compensating balance percentage.7 CORRECTIf a bank offers a firm a simple interest loan of $1000 for 120 days at a cost of $60 interest, what is the effective rate of interest on the loan? AA) 18.00%B) 6.00%C) 20.00%D) none of the aboveFeedback: This is calculated by using formula 8-2 in this chapter.8 INCORRECTIf a company raises money to finance short-term needs by selling its accounts receivable to another party, this is called ___________. CA) pledgingB) warehousingC) factoringD) none of the aboveFeedback: Factoring means selling the accounts receivable outright.9 INCORRECTThe most restrictive policy for using inventory as collateral for short-term borrowing is called: BA) blanket inventory lienB) warehousing inventoryC) trust receiptD) factoringFeedback: This is a complex method of inventory financing wherein the lender takes control of the inventory.10 CORRECTA type of accounts receivable financing where a firm uses its receivables as collateral is called: AA) pledgingB) securitizationC) factoringD) warehousingFeedback: Pledging means using accounts receivable as collateral.第九章Both the future and present value of a sum of money are based on: CA) interest rateB) number of time periodsC) both a and bD) none of the aboveFeedback: These two factors are used in time value of money calculations.2 INCORRECTAn annuity is ___________________. CA) more than one paymentB) a series of unequal but consecutive paymentsC) a series of equal and consecutive paymentsD) a series of equal and non-consecutive paymentsFeedback: An annuity is a stream of equal payments to be received in the future.3 CORRECTIf you have $1000 and you plan to save it for 4 years with an interest rate of 10%, what is the future value of your savings? AA) $1464.00B) $1000.00C) $1331.00D) cannot be determinedFeedback: This is calculated by using formua 9-1 in this chapter.4 INCORRECTTime value of money is an important finance concept because: DA) it takes risk into accountB) it takes time into accountC) it takes compound interest into accountD) all of the aboveFeedback: Time value of money incorporates all of these concepts.5 INCORRECTThe present value of a dollar to be received in the future is: CA) more than a dollarB) equal to a dollarC) less than a dollarD) none of the aboveFeedback: The reason is because you can earn interest on the money.6 CORRECTThe future value of a dollar that you invest today is: AA) more than a dollarB) equal to a dollarC) less than a dollarD) none of the aboveFeedback: Again, the reason is because the money can earn interest.7 INCORRECTThe future value of an annuity is: CA) less than each annuity paymentB) equal to each annuity paymentC) more than each annuity paymentD) none of the aboveFeedback: The reason has to do with compound interest (or interest earning more interest).8 INCORRECTThe concepts of present value and future value are:DA) directly related to each otherB) not related to each otherC) proportionately related to each otherD) inversely related to each otherFeedback: They are essentially opposite sides of a coin.9 INCORRECTIf you win the lottery and you choose to have your proceeds distributed to you over atwenty-year time period, with the first payment coming to you one year from today, which calculation would you use to calculate the worth of those proceeds to you today? DA) future value of a lump sumB) future value of an annuityC) present value of a lump sumD) present value of an annuityFeedback: This is shown by formula 9-4 in this chapter. But this is not a typical situation. Most lotteries (let’s say $1 Million over 20 years), will pay you the first payment today and $50,000 each year for the next 19 years. This is actually an “annuity due” which is not covered in this text. Y ou’d have to calculate the present value of the annuity for 19 years and add the initial $50,000 you received today.10 CORRECTYou have $1000 you want to save. If four different banks offer four different compounding methods for interest, which method should you choose to maximize your $1000? AA) compounded dailyB) compounded quarterlyC) compounded semi-annuallyD) compounded annuallyFeedback: The more often interest is compounded the faster it will grow because you will begin to earn interest on the interest sooner.第十章In valuing a financial asset, you use these variables: DA) present value of future cash flowsB) discount rateC) required rate of returnD) all of the aboveFeedback: All of these are needed in order to value an asset.2 CORRECTThe principal amount of a bond at issue is called: AA) par valueB) coupon valueC) present value of an annuityD) present value of a lump sumFeedback: This is also known as the face value or stated value.3 INCORRECT BIf a bond's value rises above its par value during its life, interest rates have:A) gone upB) gone downC) stayed the sameD) there is no correlation with interest ratesFeedback: There is an inverse relationship between bond prices and interest rates (or yields).4 INCORRECTThe basic "rent" that you are charged when you borrow money is called: CA) inflation premiumB) risk premiumC) real rate of returnD) none of the aboveFeedback: This is known as the opportunity cost in economics.5 INCORRECTAs time to maturity draws near, a bond's value approaches: BA) zeroB) parC) the coupon paymentD) none of the aboveFeedback: The bond price gets closer to its face value the closer it is to maturity (see figure 10-2 in this chapter).6 INCORRECTOne characteristic of preferred stock is that:DA) it has no maturity dateB) it is a hybrid security with characteristics of both common stock and debtC) it pays a fixed dividend paymentD) all of the aboveFeedback: Preferred stock is described by all of the above characteristics.7 CORRECTCommon stock that has no growth in dividends is valued as if it were: AA) preferred stockB) a bondC) an optionD) none of the aboveFeedback: It is treated the same as preferred stock.8 INCORRECT。

DCF2013 - 2014 Academic YearD eclaration anD c ertification of f inances (Dcf) f ormUndergraduate Day ProgramsGlobal Pathways or American Classroom students moving to Undergraduate Day ProgramsUndergraduate day program at Northeastern must complete the Declaration and Certification of Finances (DCF) Form in order to obtain a form I-20 for his/her new program. This I-20 form indicates that an international applicant has been accepted as a full-time degree-seeking student, has the required proficiency in English, and that there is sufficient financial support for his/her education while studying in the U.S. Northeastern will provide an international student with a new I-20 form to enable the student to keep his/her law-ful student (F-1) status when changing program/degree within Northeastern.Please note:1. The complete DCF form and required supporting documents (listed in Section D) must be submitted to Undergraduate Admis-sions prior to completion of the Global Pathways or American Classroom Program.2. If you are planning to travel outside of the United States, before the start of your new degree program, please remember that uponre-entry the U.S. you must use the I-20 form for your new program of study issued by the ISSI.3. As an international student you are required to complete Immigration Clearance prior to course registration. Therefore you shouldarrive on campus no later than the new program/degree start date (see item # 5 on your new I-20 form), and report in person to the ISSI during the scheduled Immigration Clearance session. Please have your passport, I-94 card, and ALL I-20s with you.Completing immigration clearance is essential for compliance with University policies and federal regulations.PERSONAL INFORMATION - Please type or print in block letters.► Important: Always spell your name(s) consistently on all forms /applications.Family Name: Given (First) Name/Middle Name:Current U.S. Address (required):Street Apt City State ZipEmail Address: Telephone Number: ( )DCF INSTRUCTIONSPlease note that your Certificate of Eligibility (I-20 form) cannot be issued unless complete information and appropriate certification are submitted. This form must be completed in English, typed or printed clearly.1. Complete Section A – Financial Declaration2. Supply a bank statement to accompany the completed Financial Declaration OR have a bank representative fill in, sign and sealSection B – Certification of Sources of Funds & Amounts. Financial documents must be sertified within 12 months prior to the program start date. If a bank statement accompanies this document, it must be an Original, written in English and should include:• Sponsor’s name (written in English) on the account• Opening date of account and current balance listed in U.S. dollars.If you are being sponsored by your government or another sponsoring agency:• Complete Section A - Financial Declaration• Include original or certified copy of your award letter detailing which fees will be provided by your sponsor(s)ESTIMATE OF EXPENSES FOR THE ACADEMIC YEAR 2013-2014 – BASED ON TWO SEMESTER (8 MONTHS) These figures are estimates for the 2013-2014 academic year and are subject to change at any time by Northeastern University’s Board of Trustees (costs increase about 5% per year). All amounts in US$.Tuition$40,696University fees 952Room and board (for standard double room in a resi-dence & 15 meals per week plan)13,580Medical insurance (per academic year)2,249Books, supplies, and personal expenses2,800Total (8 Months)$ 60,277A student will need at least $60,277 for the academicyear (September to April). Additional living expensesfor the Summer (May to August) will add approxi-mately $5,000 to your yearly expenses.SECTION A: FINANCIAL DECLARATIONPlease list and document the total amount needed and sources of financial support during your program of study at Northeastern in the Declaration and Certification of Finances (DCF) Form. Current financial documents must accompany the DCF form.TO BE COMPLETED BY THE STUDENT’S SPONSOR(S) (PARENT, FAMILY MEMBER, OR PRIV ATE SPONSOR) I hereby certify that I am willing and that I promise to provide the amount of $ per year payable in US dollars for years (2-4 year’s minimum for transfer student, 4-5 years for freshmen) for the educational expenses while at Northeastern University and all living expenses of (print student’s name)who is my (identify relationship) .Documentation of my financial resources in the form of a bank letter is attached or Bank Official completed in Section B of this form.Sponsor’s name Sponsor’s signature Datemm/dd/yyyy Sponsor’s current addressPlease Note: If there is more than one sponsor or financial source(s), please submit additional letters of support and bank documentation. Please attach documentation for other types of funding you may be receiving, for example: scholarships, government sponsored grants, etc.SECTION B: OFFICIAL CERTIFICATION OF SOURCE(S) OF FUNDS AND AMOUNTSTO BE COMPLETED BY THE FINANCIAL INSTITUTION/BANKThe above sources and amounts must be verified by official bank certification below or attached letters of certification by the bank(s). Please note that bank letters must indicate the actual amount on deposit.PHOTOCOPIES OF FINANCIAL DOCUMENTS WILL NOT BE ACCEPTED.ALL DOCUMENTS MUST BE IN ENGLISH OR AN OFFICIAL NOTARIZED TRANSLATION MUST BE PROVIDED.“This is to certify that I have read the information provided by the applicant on this from, that it is a true and ac-curate statement, that the funds are available and that they can be transferred to the United States”Signature of Bank Of Bank Official Datemm/dd/yyPrint Name and Title of Bank official Name and address of BankFAILURE TO OBTAIN BANK SIGNATURE AND SEAL MAY DELAY THE ISSUANCE OF A VISA ELIGIBILTY DOCUMENT (I-20 FORM). APPLY BANK SEAL OR STAMP HERE ►TO BE COMPLETED BY THE STUDENT - Please read the following statement and sign below:“I certify that all statements on this form are true and accurate and that the stated funds are available for my educational expenses while at Northeastern University during the period specified. I understand that under the Privacy Act,the information that I provide cannot be given to anyone outside the university without my written permission.I will notify Northeastern University of any changes to my financial circumstances.Furthermore, I understand that falsification of any financial documentation or signatures is grounds for cancellation of my application for the form I-20 and subsequent enrollment.”Student’s full name Student’s Signature: Date:mm/dd/yySECTION C: DELIVERY INSTRUCTIONSDocuments will not be mailed without complete and clear instructions.Delivery (please select one A or B)□ A. Hold my visa eligibility document (form I-20) for pick-up.Please contact □ Mr. □Ms:Last/First Nametelephone: (required) e- mail: ( required)□ B. Mail my visa eligibility document (form I-20) to the following address:(please fill in address below; type or print in block letters)Required information:Street Address line 1:►Note: Express services cannot deliver to a P.O. BoxStreet Address line 2:City: State/Province:Country: ZIP/Postal Code (required):Mailing Address Telephone Number (required):IMPORTANT: The mailing address format outlined above is essential for delivery by the FedEx service.Failure to follow the exact format will result in rejection of the shipment by the express mail carrier. SECTION D: REQUIRED SUPPORTING DOCUMENTS1. The DCF form - filled out completely.2. An original financial document covering all expenses for one academic year (e.g., student’s bank statement, an affidavit of support, the letter from government agency, NU award letter, etc., ) If you have more than one source of funding, please provide the required documentation corresponding to each source. The financial documentation accompanying your DCF form must be an ORIGINAL, written in ENGLISH or an official / notarized translation must be provided.The bank statement must include:• Sponsor’s name (written in English) on the account• Opening date of account and current balance listed in U.S. dollars.• Date of statement3. Photocopy of the identity page(s) of your passport.4. Photocopy of your I-94 form (front and back)Please submit the DCF Form and all required supporting document to:Nancy Baker, Admissions AssistantUndergraduate Admissions200 Kerr Hall, Northeastern UniversityIMPORTANT: Documents will be accepted on Monday - Friday between 8:30 am -11:30 am ONLY.The ISSI will need between 8 to 10 business days after receipt of the student’s complete application from Undergraduate Admission to process a form I-20 for a new degree program. Please note incomplete or insufficient documentation will result in a delay in the processing of an I-20 form for your new degee program。

Chapter 1110. Metrobank offers one-year loans with a 9 percent stated or base rate, charges a 0.25 percentloan origination fee, imposes a 10 percent compensating balance requirement, and must pay a 6 percent reserve requirement to the Federal Reserve. The loans typically are repaid at maturity.a. If the risk premium for a given customer is 2.5 percent, what is the simple promisedinterest return on the loan?The simple promised interest return on the loan is BR + m = 0.09 + 0.025 = 0.115 or 11.5 percent.b. What is the contractually promised gross return on the loan per dollar lent?percentRR b m BR f k 97.121906.01175.011)]06.01(1.0[1)025.009.0(0025.011)]1([1)(1=-+=---+++=---+++=σc. Which of the fee items has the greatest impact on the gross return?The compensating balance has the strongest effect on the gross return on the loan.Without the compensating balance, the gross return would equal 11.75 percent, a reduction of 1.22 percent. Without the origination fee, the gross return would be 12.69 percent, a reduction of only 0.28 percent. Eliminating the reserve requirement would cause the gross return to increase to 13.06 percent, an increase of 0.09 percent.24. Assume a one-year T-Bill is currently yielding 5.5 percent, and a AAA-rated discount bond with similar maturity is yielding 8.5 percent.a. If the expected recovery from collateral in the event of default is 50 percent of principaland interest, what is the probability of repayment of the AAA-rated bond? What is the probability of default?p(1 + k) + γ (1 - p)(1 + k) = 1+I. Solve for the probability of repayment (p):percent or k i p 47.949447.05.015.0085.1055.1111=--=--++=γγTherefore the probability of default is 1.0 - .9447 = 0.0553 or 5.53 percent.b. What is the probability of repayment of the AAA-rated bond if the expected recoveryfrom collateral in the case of default is 94.47 percent of principal and interest? What is the probability of default?percent or k i p 00.505000.09447.019447.0085.1055.1111=--=--++=γγTherefore the probability of default is 1.0 – 0.5000 = 0.5000 or 50.00 percent.c. What is the relationship between the probability of default and the proportion of principal and interest that may be recovered in the case of default on the loan?The proportion of the loan’s principal and interest that is collectible on default is a perfect substitute for the probability of repayment should such defaults occur.32. A bank is planning to make a loan of $5,000,000 to a firm in the steel industry. It expectsto charge a servicing fee of 50 basis points. The loan has a maturity of 8 years and a duration of 7.5 years. The cost of funds (the RAROC benchmark) for the bank is 10 percent. Assume the bank has estimated the maximum change in the risk premium on the steel manufacturing sector to be approximately 4.2 percent, based on two years of historical data. The current market interest rate for loans in this sector is 12 percent.a. Using the RAROC model, determine whether the bank should make the loan?RAROC = Fees and interest earned on loan/ Loan or capital riskLoan risk, or ∆LN = -D LN *LN *(∆R/(1 + R) = = -7.5 * $5m * (.042/1.12) = -$1,406,250 Expected interest = 0.12 x $5,000,000 = $600,000Servicing fees = 0.0050 x $5,000,000 = $25,000Less cost of funds = 0.10 x $5,000,000 = -$500,000Net interest and fee income = $125,000RAROC = $125,000/1,406,250 = 8.89 percent. Since RAROC is lower than the cost of funds to the bank, the bank should not make the loan.b. What should be the duration in order for this loan to be approved?For RAROC to be 10 percent, loan risk should be:$125,000/∆LN = 0.10 ⇒ ∆LN = 125,000 / 0.10 = $1,250,000⇒ -D LN * LN * (∆R/(1 + R)) = 1,250,000D LN= 1,250,000/(5,000,000 * (0.042/1.12)) = 6.67 years.Thus, this loan can be made if the duration is reduced to 6.67 years from 7.5 years. The duration can be reduced.c. Assuming that duration cannot be changed, how much additional interest and feeincome would be necessary to make the loan acceptable?Necessary RAROC = Income/Risk ⇒ Income = RAROC * Risk= $1,406,250 *0.10 = $140,625Therefore, additional income = $140,625 - $125,000 = $15,625.d. Given the proposed income stream and the negotiated duration, what adjustment in therisk premium would be necessary to make the loan acceptable?$125,000/0.10 = $1,250,000 ⇒-$1,250,000 = -7.5*$5,000,000*(∆R/1.12)Thus ∆R = 1.12(-$1,250,000)/(-7.5*$5,000,000) = 0.0373。

资金英文Funds can refer to any amount of money, investments or resources that a person or organization has at their disposal. It is crucial for individuals and businesses to have sufficient funds to meet their financial obligations and to pursue growth opportunities.Sources of FundsThere are various sources of funds that individuals and organizations can access, depending on their needs and financial situation. These include:1. Personal savings: One of the most common sources of funds is personal savings. This can include savings accounts, fixed deposits, and other investments made by individuals towards future financial goals.2. Loans: Individuals and organizations can obtain loans from banks, financial institutions or private lenders. The funds borrowed can be used to meet immediate financial needs or to invest in long-term projects.3. Equity financing: This involves raising funds by selling ownership stakes in a business or organization. Equity investors receive a share of the profits as well as voting rights in the organization.4. Bonds: Companies can issue bonds to raise funds. These are essentially loans taken out by the company, with the bondholders receiving regular interest payments and the principal amount refunded at maturity.5. Crowdfunding: This involves raising funds from a large number of individuals, usually through an online platform. This can be an effective way for startups or small businesses to raise funds for early-stage projects.Uses of FundsFunds can be used in various ways, depending on the needs of the individual or organization. Some common uses of funds include:1. Paying off debt: Funds can be used to pay off outstanding debts or to meet short-term financial obligations.2. Investment: Individuals and organizations can use funds to invest in stocks, bonds, real estate or other assets, with the aim of generating future returns.3. Expansion: Businesses can use funds to expand their operations, such as by opening new branches, launching new products or hiring more employees.4. Research and development: Funds can be used to finance research and development projects, especially in the technology and pharmaceutical industries.5. Emergency funds: Individuals and organizations can set aside funds for unforeseen emergencies, such as illness or natural disasters.Managing FundsManaging funds effectively is crucial for individuals and organizations to achieve their financial goals. This involves:1. Budgeting: Creating a budget can help individuals and businesses to track their income and expenses, and to ensure that they are living within their means.2. Investing: Investing funds in a diversified portfolio can help to spread risk and generate long-term returns.3. Cashflow management: Managing cashflow effectively can help organizations to meet their financial obligations and maintain a healthy financial position.4. Monitoring: Regularly monitoring financial statements and investment portfolios can help individuals and organizations to track their progress towards their financial goals.ConclusionIn summary, funds are essential for individuals and organizations to meet their financial obligations, pursue growth opportunities and achieve their long-term goals. By accessing appropriate sources of funds, and managing them effectively, individuals and organizations can secure their financial future and generate long-term returns.。

软件项目经费预算方案英文回答：Software Project Budget Plan.The software project budget plan outlines the financial resources required to complete a software project successfully. It includes detailed estimates for allproject costs, including labor, materials, equipment, and other expenses. The budget plan also identifies the sources of funding for the project and establishes a mechanism for tracking and controlling project expenditures.Key Elements of a Software Project Budget Plan.Labor Costs: These costs include the salaries and benefits of all personnel working on the project, such as developers, testers, project managers, and other staff.Materials Costs: These costs include the purchase orrental of hardware, software, and other materials needed to complete the project.Equipment Costs: These costs include the purchase or rental of specialized equipment, such as servers, workstations, and testing equipment.Other Expenses: These costs include any other expenses not covered by the previous categories, such as travel, training, documentation, and marketing.Sources of Funding: The budget plan should identify the sources of funding for the project, such as company funds, grants, or external investments.Tracking and Control: The budget plan should establish a mechanism for tracking and controlling project expenditures. This may involve regular financial reporting, cost variance analysis, and other financial management techniques.Benefits of a Software Project Budget Plan.Improved Financial Planning: A budget plan helps project managers and stakeholders to plan and manage financial resources effectively.Cost Control: The budget plan provides a baseline against which actual project costs can be compared. This allows project managers to identify and address cost overruns early on.Risk Mitigation: By identifying and forecasting project costs, the budget plan helps to mitigate financial risks and ensure that the project is completed within budget.Increased Stakeholder Confidence: A well-defined budget plan increases stakeholder confidence in theproject's financial viability and reduces the risk of project delays or cancellations.Development of a Software Project Budget Plan.The development of a software project budget plan typically involves the following steps:Estimation: The first step is to estimate the costs of each project component, such as labor, materials, equipment, and other expenses.Budget Allocation: Once the costs have been estimated, the budget is allocated to each project component based on its importance and risk.Contingency Planning: The budget plan should include a contingency fund to cover unforeseen expenses or cost overruns.Regular Monitoring: The project budget should be monitored regularly to track actual expenditures and compare them to the budgeted amounts. Any significant variances should be investigated and addressed promptly.中文回答：软件项目经费预算方案。

Public Goods and Common ResourcesChapter 11ANSWERS TO CHAPTER CHECKPOINTSStudy Plan Problems and ApplicationsUse the following list of items to work Problems 1 and 2.•New Year’s Eve celebrations in Times Square, New York• A city’s sewer system•New York subway system• A skateboard•Cable TV•Niagara Falls1. Classify each of the items in the list as a private good, a public good, acommon resource, or a natural monopoly good. Explain each classification.•New Year’s Eve celebrations in Times Square, New YorkNew Year’s Eve celebrations in Times Square are a public good b e-cause they are nonexcludable and, as long as Times Square is not toocrowded, nonrival.• A city’s sewer systemA sewer system is a natural monopoly because it is nonrival and isexcludable.•New York subway systemA subway system is a natural monopoly because it is nonrival (at leastas long as it is not crowded) and is excludable.• A skateboardA skateboard is a private good.•Cable TVCable TV is a natural monopoly because it is nonrival and excludable.•Niagara FallsNiagara Falls is a common resource. It is nonexcludable because nei-ther the United States nor Canada charge admission and it is rival be-cause it is generally very crowded.© 2018 Pearson Education, Inc.118 Part 4 . MARKET FAILURE AND PUBLIC POLICY© 2018 Pearson Education, Inc.2. For each public good in the list, is there a free-rider problem? If not, howis the free-rider problem avoided?• New Year ’s Eve celebrations in Times Square, New YorkThere is a free-rider problem because New York City does not put upgates and charge an entrance fee to enter Times Square.• A city’s sewer systemThere is no free-rider problem because if you do not pay your bill,you are excluded by not receiving the service.• New York subway systemThe subway system is not a public good, so there is no free-riderproblem, because a rider must pay to ride the subway.• A skateboardA skateboard has no free rider problem because it is a private good,so it is necessary to first purchase the skateboard to use it.• Cable TVThere is no free-rider problem because if you do not pay your bill,you are excluded by not receiving the service.• Niagara FallsNiagara Falls has a free rider problem because it is generally verycrowded.3. The table sets out total benefit from a public good for Wendy, Sara, and Tom, the only people in the society. If the gov-ernment provided 3 units of the public good, calculate the marginal social benefit. The marginal social benefit equals the sum of the marginal benefits of each person at the specified quantity. Foreach person, the marginal benefit is the change in the total benefit. For 2to 3 units, Wendy’s marginal benefit is 20 and from 3 to 4 units her mar-ginal benefit is (also) 20. S o Wendy’s marginal benefit at 3 units is 20. For2 to3 units, Sara’s marginal benefit is 5 and from 3 to4 units her marginalbenefit is (also) 5. So Sara’s marginal benefit at 3 units is 5. For 2 to 3 units,Tom’s marginal benefit is 10 and from 3 to 4 u nits his marginal benefit is 5.So Tom’s marginal benefit at 3 units is 7.5. The marginal social benefit at 3units equals the sum to Wendy’s marginal benefit plus Sara’s margi nalbenefit plus Tom’s marginal benefit, which is 20 + 5 + 7.5 = 140.Units of public good Total benefit Wendy Sara Tom 0 0 0 0 1 20 10 302 40 15 503 60 20 604 80 25 65 5 100 30 67Chapter 11 . Public Goods and Common Resources119 Use the figure to work Problems 4 and 5. Itshows the marginal social benefit and marginalsocial cost of a waste disposal system in a city of 1million people.4. What is the efficient capacity of the systemand how much would each person have topay in taxes if the city installed the efficientcapacity?The efficient capacity is 2.5 million gallons aday. If the city installs the system, the totalcost (which is the area under the MC curve—see Figure 6.7 on page 152) is 1/2 ⨯2.5 mil-lion gallons ⨯$50 per gallon, which is $62.5million. There are 1 million residents, so eve-ryone pays $62.50.5. If voters are well informed about the costsand benefits of the waste disposal system,what capacity will voters choose? If voters are rationally ignorant, willbureaucrats install the efficient capacity? Explain your answer.If voters are well-informed, a system with a capacity of 2.5 million gallonswill be installed. If voters are rationally ignorant, bureaucrats will install asystem with a capacity of greater than 2.5 million gallons to maximizetheir budgets.Use the figure, which shows the market for NorthAtlantic tuna, to work Problems 6 to 8.6. a. What is the quantity of tuna that fisherscatch and the price of tuna? Is there over-fishing? Explain why or why not.In an unregulated market, the price andquantity are determined by the marginalcost and marginal social benefit. So theprice is $100 per ton and the quantity is80 tons per month. There is overfishingbecause the efficient quantity of tuna, de-termined by the quantity at which themarginal social cost equals the marginalsocial benefit, is 40 tons per month.b. If the stock of tuna is used efficiently,what would be the price of fish?If the stock is used efficiently, the price is$150 per ton.© 2018 Pearson Education, Inc.120Part 4 . MARKET FAILURE AND PUBLIC POLICY7. a. With a quota of 40 tons a month for the tuna fishing industry, what isthe equilibrium price of tuna and the quantity of tuna that fisherscatch?With a quota of 40 tons a month, the price of tuna is $150 per ton andthe quantity is 40 tons a month.b. Is the equilibrium an overfishing equilibrium?This equilibrium is not an overfishing equilibrium because the quanti-ty equals the efficient quantity.8. If the government issues ITQs to individual fishers that limit the totalcatch to the efficient quantity, what is the market price of an ITQ?The market price of an ITQ is equal to the difference between the price (MSB) of a ton of tuna and the marginal (private) cost of a ton of tuna, so the market price is $100.9. U.S. issues Arctic drilling permit to Royal Dutch ShellThe U.S. government has given Royal Dutch Shell permission to drill for oil and natural gas in the Arctic Ocean. Environmentalists say it is the wrong decision.Source: The Wall Street Journal, August 17, 2015 Are the oil and gas reserves public goods, private goods, or common re-sources? When an oil company receives a permit to develop a particular oil reserve, is that oil reserve a public good or a private good? Will the oil company produce an inefficient quantity or the efficient quantity? Ex-plain.Oil and gas reserves can be private goods or common resources, depend-ing on whether the government assigns permits (property rights) to the oil companies. If there are no permits (no property rights), then the oil re-serves are rival and nonexcludable and therefore are a common resource.If government has given the oil companies permits (property rights) to the reserves, then the reserves are rival and excludable, so they become a private good.With permits, the oil fields are private goods. Because the oil company owns the reserve it has the incentive to use the reserve efficiently since any over-use decreases the company’s profit. So, with permits the oil companies produce the efficient quantity.10. Read Eye on the U.S. Infrastructure on p. 278 and then explain why itwould be efficient to repair more bridges every year and why we don’t do so.The gasoline tax is the main source of funds for constructing and main-taining infrastructure such as bridges. As cars become more fuel efficient, they use less gasoline, thereby generating less gasoline tax revenue. There© 2018 Pearson Education, Inc.Chapter 11 . Public Goods and Common Resources121 is little political appetite for raising the gas tax because politicians worrythat a higher gas tax leads to higher gasoline prices which, in turn, couldlead to voter discontent and a defeat in their reelection campaign. Conse-quently, limited funds mean that there is inefficient underprovision andrepair of infrastructure such as bridges.© 2018 Pearson Education, Inc.122 Part 4 . MARKET FAILURE AND PUBLIC POLICY© 2018 Pearson Education, Inc.Instructor Assignable Problems and Applications1. a. What type of good is a highway bridge?A bridge is a public good because it is nonrival and nonexcludable.b. Why might a bridge be provided by government rather than privately?The government might provide a bridge because if it was privatelyprovided, the owner would be unable to overcome the free-rider prob-er. If that was the case, then the private market would not provide thebridge.c. Why might it be efficient to charge drivers a toll every time they use abridge?The toll is effectively a price to use the bridge. By charging a price, on-ly the drivers whose marginal benefit of using the bridge equals or ex-ceeds the toll will use the bridge. By reducing the number of vehicles,the number using the bridge is closer to the efficient quantity.d. What information would be needed to determine the efficient amountof bridges to repair each year?Information about the marginal social benefit and the marginal socialcost of repairing bridges would be ideal. Absent direct informationabout marginal social benefit, information about population density oruse of the bridge, which are related to the bridge’s marginal socialbenefit, would be important.Use the table, which provides data about a dandelion control program, to work Problems 2 and 3. 2. What quantity of spraying would a private control program provide? What is the efficient quantity of spraying? Dandelion spraying is a public good. A private con-trol program, beset by free riders, would provide no spraying. The efficient quantity of spraying is the quantity that sets the marginal social cost equal to the marginal social benefit, or 2.0 square milessprayed per day.3. Two political parties, the Conservers and the Eradicators, fight an elec-tion in which the only issue is the quantity of spraying to undertake. TheConservers want no spraying and the Eradicators want to spray 2.5 squaremiles a day. The voters are well-informed about the benefits and costs ofthe program. What is the outcome of the election?If voters are well informed, then the Eradicators would win the election.Both parties are proposing an inefficient quantity of spraying; the Con-servers propose too little and the Eradicators propose too much. But thedeadweight loss from the Eradicators’ proposal is less than theQuantity (square miles sprayed per day) Marginal social cost Marginal social benefit (dollars per day) 0.5 0 6001.0 100 500 1.5 200 4002.0 300 300 2.5 400 2003.0 500 100Chapter 11 . Public Goods and Common Resources 123 © 2018 Pearson Education, Inc.deadweight loss from the Conservers’ proposal.4. If hikers and others were required to pay a fee to use the AppalachianTrail, would the use of this common resource be more efficient? Would itbe even more efficient if the most popular spots such as Annapolis Rockhad more highly priced acc ess? Why do you think we don’t see moremarket solutions to the tragedy of the commons?The Appalachian Trail, or AT, is a common resource because it is nonex-cludable and rival. As those who have hiked the AT know, this resource isover utilized; the natural beauty is adversely affected by the number ofhikers. If there was a fee to hike the trail, its use would be more efficient.It would be even more efficient if the fee to use the trail was higher inmore popular areas, such as Annapolis Rock, because these areas are evenmore over-utilized than the less popular areas. However, probably feesare not imposed because politicians resist imposing fees that their constit-uents must pay on goods and services that had pre viously been “free.”Use the following information to answer Problems 5 to 7.A natural spring runs under land owned by ten people. Each person has the right to sink a well and can take water from the spring at a constant marginal cost of $5 a gallon. The table sets out the marginal external cost and the marginal social benefit from the water. 5. Draw a graph to illustrate the market equilib-rium. On your graph, show the efficient quan-tity of water taken. The natural spring is a common resource. The market equilibrium is where the marginalcost equals the marginal social benefit, which is60 gallons per day. The marginal social costequals the marginal cost of $5 per gallon plusthe marginal external cost. With this calcula-tion, Figure 11.3 shows that the efficient quan-tity is 30 gallons per day.6. If the government sets a production quota onthe total amount of water such that the springis used efficiently, what would that quota be?The production quota would be set at 30 gal-lons per day.7. If the government issues ITQs to land ownersthat limit the total amount of water taken to theefficient quantity, what is the market price ofQuantity of water (gallons per day) Marginal external cost Marginal social benefit (dollars per gallon) 10 1 10 20 2 9 30 3 840 4 750 5 6 60 6 5 70 7 4124Part 4 . MARKET FAILURE AND PUBLIC POLICYan ITQ?The market price of an ITQ equals the MSB (price) of water at the efficient quantity, $8 per gallon, minus the marginal cost of producing water, $5 per gallon, or $3.8. Waukesha deserves a shot at Great Lakes water supplyThe city of Waukesha, Wis., has applied to borrow water from Lake Michigan under the Great Lakes Compact, an agreement between the states and Canadian provinces that border the Great Lakes designed to meet longterm drinking water needs for communities like Waukesha.Source: , December 11, 2015 Is water in the Great Lakes a public good, a private good, or a common resource? What are the goals of the Compact? How might they be achieved?Water in the Great Lakes is a common resource. The goal of the Great Lakes Compact is to decrease the quantity of water removed from the Great Lakes to the efficient amount. This goal can be achieved by produc-tion quotas, limiting the quantity of water any particular user can extract.9. The Great Pacific Tuna CartelEight small Pacific islands with control of 5.5 million square miles of prime tuna fishing waters, have tripled the access fee for U.S. tuna fishers from $21 million to $63 million and increased monitoring of these waters.Source: The Wall Street Journal, March 20, 2013 Explain how the Pacific islands’ action influences the efficiency of the use of tuna resources and illustrate your answer with a graph of the tuna market.Tuna is a common resource. With no gov-ernment intervention, tuna is overfished. InFigure 11.4 the equilibrium with no govern-ment intervention is 25 tons per month andthe efficient quantity is 15 tons per month.T he rise in the access fee increases the fishers’costs so that some of them exit. The marketsupply curve of the remaining firms becomesthe MC + fee curve—it shifts leftward and be-comes steeper. (See Chapter 4, page 94 for therelationship between individual and marketsupply curves.) In the figure the access feedecreases the supply so it is the same as theMSC. Consequently, the equilibrium quantityequals the efficient quantity, 15 tons permonth.© 2018 Pearson Education, Inc.Chapter 11 . Public Goods and Common Resources125Multiple Choice Quiz1. A good is ________ if it is possible to prevent someone from enjoying itsbenefits and such a good might be a ________ good.A. rival; privateB. excludable; publicC. excludable; privateD. nonexcludable; common resourceAnswer: C A good is defined as excludable is it is possible to preventsomeone from enjoying its benefits. Private goods are definedto be excludable (and rival).2. A free-rider problem arises if a good is ________.A. nonrival and nonexcludableB. nonrival and excludableC. rival and nonexcludableD. rival and excludableAnswer: A The free-rider problem exists for public goods, which arenonrival and nonexcludable.3. The marginal social benefit from a public good is ________.A. the quantity demanded by all the people at a given priceB. the amount that all the people are willing to pay for a given quantityC. the amount that all the people are willing to pay at a given quantityfor one more unitD. the quantity demanded by all the people at a given marginal socialcostAnswer: C The marginal social benefit of a public good is the maximumeach person is willing to pay for another unit of the goodsummed over all the people.4. The efficient quantity of a public good is most likely to be delivered by____.A. an election contest between two parties that want different quantitiesB. highly trained bureaucratsC. efficient private companiesD. an individual transferable quotaAnswer: A If voters are fully informed about the costs and benefits, thewinner of the election will be the party that proposes the effi-cient quantity.© 2018 Pearson Education, Inc.126Part 4 . MARKET FAILURE AND PUBLIC POLICY5. A renewable common resource is used sustainably if ________.A. private benefits and public benefits are equalB. private benefits equal private costsC. the rate of renewal of the resource equals its rate of useD. the rate of use of the resource equals the social benefit from its use Answer: C If the rate of renewal equals the rate of use, the stock of the resource does not change.6. Overfishing occurs if, at the quantity caught, ________.A. marginal social cost equals marginal private cost plus marginal exter-nal costB. marginal social benefit equals the fishers’ marginal private costC. marginal social benefit equals marginal social costD. marginal social benefit equals marginal private cost plus marginal ex-ternal costAnswer: B The fisher’s marginal cost is less than the marginal social cost, so overfishing occurs.7. All the following can achieve an efficient use of a common resourceexcept ________.A. a production quota equal to the marginal external costB. individual transferable quotas that total the efficient quantityC. assigning property rights to convert the common resource to privateuseD. individual transferable quotas that trade at marginal external cost Answer: A The production quota must be set to equal the efficient quantity not the marginal external cost.8. When ITQs are assigned, the market price of an ITQ equals the ______.A. marginal benefit consumers receive from the fish caughtB. marginal private cost of fishingC. marginal external cost of fishingD. marginal social cost of fishingAnswer: C As Figure 11.10 on page 287 shows, because the price of an ITQ equals the marginal external cost, once the governmentintroduces ITQs, the market equilibrium is the same as the ef-ficient quantity.© 2018 Pearson Education, Inc.。

商业银行管理学习题7Chapter 7Risk Management for Changing Interest Rates: Asset-Liability Management and Duration TechniquesFill in the Blank Questions1. The ___________________ view of assets and liabilities held that the amount and types of depositswas primarily determined by customers and hence the key decision a bank needed to make waswith the assets.Answer: asset management 资产管理2. Recent decades have ushered in dramatic changes in banking. The goal of __________________was simply to gain control of the bank's sources of funds.Answer: liability management 负债管理4. __________________________ are those assets which mature or must be repriced within theplanning period.Answer: Interest-sensitive assets 利率敏感性资产5. __________________________ is the difference between interest-sensitive assets andinterest-sensitive liabilities.Answer: Dollar interest-sensitive gap6. A(n)__________________________ means that the bank has more interest-sensitive liabilitiesthan interest-sensitive assets.Answer: negative interest-sensitive gap (liability sensitive)7. The bank's__________________________ takes into account the idea that the speed (sensitivity)of interest rate changes will differ for different types of assets and liabilities.Answer: weighted interest-sensitive gap 加权利率敏感性缺口8. __________________________ is the risk due to changes in market interest rates which canadversely affect the bank's net interest margin, assets and equity.Answer: Interest rate risk9. The__________________________ is the rate of return on a financial instrument using a 360 dayyear relative to the instrument's face value.Answer: bank discount rate10. The __________________________ component of interest rates is the risk premium风险溢价 dueto the probability that the borrower will miss some payments or will not repay the loan.Answer: default risk premium 违约风险溢价11. __________________ is the weighted average maturity for a stream of future cash flows. It is adirect measure of price risk.Answer: Duration12. __________________________ is the difference between the dollar-weighted duration of the assetportfolio and the dollar-weighted duration of the liability portfolio.Answer: Duration gap13. A(n)__________________________ duration gap means that fora parallel increase in all interestrates the market value of net worth will tend to decline.Answer: positive14. A(n)__________________________ duration gap means that fora parallel increase in all interestrates the market value of net worth will tend to increase.Answer: negative15. When a bank has a positive duration gap a parallel increase in the interest rates on the assets andliabilities of the bank will lead to a(n) __________________ in the bank's net worth.Answer: decrease16. When a bank has a negative duration gap a parallel decrease in the interest rates on the assets andliabilities of the bank will lead to a(n)_________________________ in the bank's net worth.Answer: decrease17. U.S. banks tend to do better when the yield curve is upward-sloping because they tend to have____________ maturity gap positions.Answer: positive18.When a borrower has the right to pay off a loan early which reduced the lender’s expected rate ofreturn it is called .Answer: call risk 赎回风险19.Interest sensitive assets less interest sensitive liabilities divided by total assets of the bank is knownas .Answer: relative interest sensitive gap相对利率敏感性缺口20.Interest sensitive assets divided by interest sensitive liabilities is known as .Answer: Interest sensitivity ratio 灵敏度率True/False QuestionsT F 1. Asset management strategy in banking assumes that the amount and kinds of deposits and other borrowed funds a bank attracts are determined largely by its management.Answer: FalseT F 2. If interest rates fall when a bank is in an asset-sensitive position资产敏感性银行 its net interest margin will rise.Answer: FalseT F 3. A liability-sensitive ban 敏感性银行k will experience an increase in its net interest margin if interest rates rise.Answer: FalseT F 5. Short-term interest rates tend to rise more slowly than long-term interest rates and to fall more slowly when all interest rates in the market are headed down.Answer: FalseT F 6. A financial institution is liability sensitive if its interest-sensitive liabilities are less than its interest-sensitive assets.Answer: FalseT F 7. If a bank's interest-sensitive assets and liabilities are equal than its interest revenues from assets and funding costs from liabilities will change at the same rate.Answer: TrueT F 8. Banks with a positive cumulative interest-sensitive gap will benefit if interest rates rise, but lose income if interest rates decline.Answer: TrueT F 9. Banks with a negative cumulative interest-sensitive gap will benefit if interest rates rise, but lose income if interest rates decline.Answer: FalseT F 10. For most banks interest rates paid on liabilities tendto move more slowly than interest rates earned on assets.Answer: FalseT F 11. Interest-sensitive gap techniques do not consider the impact of changing interest rates on stockholders equity.Answer: TrueT F 12. Interest-sensitive gap, relative interest-sensitive gap and the interest-sensitivity ratio will often reach different conclusions as to whether the bank is asset or liability sensitive.Answer: FalseT F 16. Weighted interest-sensitive gap is less accurate than interest-sensitive gap in determining the affect of changes in interest rates on net interest margin.Answer: FalseT F 17. A bank with a positive duration gap experiencing a rise in interest rates will experience an increase in its net worth.Answer: FalseT F 18. A bank with a negative duration gap experiencing a rise in interest rates will experience an increase in its net worth.Answer: TrueT F 21. A bank with a negative duration gap experiencing a decrease in interest rates will experience an increase in its net worth.Answer: FalseT F 23. Duration is a direct measure of the price risk of a bond.Answer: TrueT F 24. A bond with a greater duration will have a smaller price change in percentage terms when interest rates change.Answer: FalseMultiple Choice Questions1.According to the textbook, the maturing of the liabilitymanagement techniques, coupled withmore volatile interest rates, gave birth to the __________________ approach which dominates banking today. The term that correctly fills in the blank in the preceding sentence is:A) Liability managementB) Asset managementC) Risk managementD) Funds managementE) None of the above.Answer: D2.The principal goal of interest-rate hedging strategy规避利率风险 is to hold fixed a bank's:A) Net interest marginB) Net income before taxesC) Value of loans and securitiesD) Noninterest spreadE) None of the above.Answer: A3. A bank is asset sensitive资产敏感性银行 if its:A) Loans and securities are affected by changes in interest rates.B) Interest-sensitive assets exceed its interest-sensitive liabilities.C) Interest-sensitive liabilities exceed its interest-sensitive assets.D) Deposits and borrowings are affected by changes in interest rates.E) None of the above.Answer: B4. A bank with a negative interest-sensitive GAP:A) Has a greater dollar volume of interest-sensitive liabilities than interest-sensitive assets.B) Will generate a higher interest margin if interest rates rise.C) Will generate a higher interest margin if interest rates fall.D) A and B.E) A and C.Answer: E5.The fact that a consumer who purchases a particular basket of goods for $100 today has to pay $105next year for the same basket of goods is an example of which of the following risks:A) Inflation riskB) Default riskC) Liquidity riskD) Price riskE) Maturity riskAnswer: A6.If a bank has a positive GAP, an increase in interest rates will cause interest income to __________,interest expense to__________, and net interest income to __________.A)Increase, increase, increaseB)Increase, decrease, increaseC)Increase, increase, decreaseD)Decrease, decrease, decreaseE)Decrease, increase, increaseAnswer: A7.If a bank has a negative GAP, a decrease in interest rates will cause interest income to __________,interest expense to__________, and net interest income to__________.A)Increase, increase, increaseB)Increase, decrease, increaseC)Increase, increase, decreaseD)Decrease, decrease, decreaseE)Decrease, decrease, increaseAnswer: E8. If Fifth National Bank's asset duration exceeds its liability duration and interest rates rise, this willtend to __________________ the market value of the bank's net worth.A) LowerB) RaiseC) StabilizeD) Not affectE) None of the aboveAnswer: A9. A bank has an average asset duration of 4.7 years and an average liability duration of 3.3 years. Thisbank has $750 million in total assets and $500 million in total liabilities. This bank has:A) A positive duration gap of 8.0 years.B) A negative duration gap of 2.5 years.C) A positive duration gap of 1.4 years.D) A positive duration gap of 2.5 years.E) None of the above.Answer: D10.A bank has an average asset duration of 1.15 years and an average liability duration of 2.70 years.This bank has $250 million in total assets and $225 million intotal liabilities. This bank has:A) A negative duration gap of 1.55 years.B) A positive duration gap of 1.28 years.C) A negative duration gap of 3.85 years.D) A negative duration gap of 1.28 years.E) None of the above.Answer: D11.The duration of a bond is the weighted average maturity of the future cash flows expected to bereceived on a bond. Which of the following is a true statement concerning duration?A) The longer the time to maturity, the greater the durationB) The higher the coupon rate, the higher the durationC) The shorter the duration, the greater the price volatilityD) All of the above are trueE) None of the above are trueAnswer: A12.A bond has a duration of 7.5 years. Its current market price is $1125. Interest rates in the market are7% today. It has been forecasted that interest rates will rise to 9% over the next couple of weeks.How will this bank's price change in percentage terms?A) This bond's price will rise by 2 percent.B) This bond's price will fall by 2 percent.C) This bond's price will fall by 14 .02 percentD) This bond's price will rise by 14.02 percentE) This bond's price will not changeAnswer: C。

面对资金短缺用解决方法英语作文Facing a shortage of funds can be a very challenging situation for individuals, businesses, or organizations. It can hinder growth, limit opportunities, and cause a great deal of stress. However, there are several ways to address this problem and overcome financial difficulties.面对资金短缺可能是个非常具有挑战性的情况，无论是个人、企业还是组织都会受到影响。

资金短缺可以阻碍增长，限制机会，引起大量压力。

然而，有几种方法可以解决此问题，克服财务困境。

One way to address a shortage of funds is to carefully review and analyze the current financial situation. By examining income, expenses, and cash flow, it is possible to identify areas where spending can be reduced or eliminated. This can help free up funds that can then be redirected towards more critical needs or investments.解决资金短缺的一种方法是仔细审查和分析当前的财务状况。

通过审视收入、支出和现金流，可以找出可以削减或消除支出的领域。

这可以帮助释放资金，然后将其重新用于更为重要的需求或投资。

In addition to cutting costs, another way to address a shortage of funds is to explore alternative sources of financing. This could involve seeking out loans, grants, investors, or partnerships to inject additional capital into the business or organization. By diversifying funding sources, it is possible to reduce reliance on a single channel and increase financial stability.除了削减成本，解决资金短缺的另一种方法是探索替代融资来源。

中国区域经济统计年鉴2010目录Contents第一章经济区域统计资料Chapter 1．Statistics of Economic Zone2-1 东部10省(市)国民经济和社会发展主要指标(2009年) 3Main Indicators of National Economic and Social Development of 10 Eastern Provinces(2009)1-2 中部6省国民经济和社会发展主要指标(2009年) 5Main Indicators of National Economic and Social Development of 6 Middle Provinces(2009) 1—3 西部12省(区、市)国民经济和社会发展主要指标(2009年) 7Main Indicators of National Economic and Social Development of 12 Western Provinces(2009、1—4东北3省国民经济和社会发展主要指标(2009年) 9Main Indicators of National Economic and Social Development of 3 Northeastern Provinces(2009)1—5 民族自治地方国民经济和社会发展主要指标(2009年)11Principal Aggregate Indicators on National Econonhic and Social Development of Minority NationalityAutonomous Areas(2009)1—6珠江三角洲经济区主要经济指标13Main Economic Indicators of The Pearl River Delta Economic Zone1—7长江三角洲经济区主要经济指标14Main Economic Indicators of Y angtze River Delta Economic Zone1-8海峡西岸经济区主要经济指标15Main Economic Indicators of the Economic Zone on the West Coast of Taiwan Straits1-9北部湾经济区主要经济指标15Main EconoIIliC Indicators of Beibu Gulf Economic Zone1—10关中一天水经济区国民经济和社会发展主要指标16Main Economic Indicators of Guanzhong&Tianshui Economic Zone第二章省、自治区、直辖市统计资料Chapter 2．StaffstiCS of Province2-1全国行政区划(2009年底) 19Divisions of Administrative Areas in China(End of 2009)2—2主要能源、黑色金属矿产基础储量(2009年)20Ensured Reserves of Major Energy and Ferrous Metals(2009)2—3主要有色金属、非会属矿产基础储量(2009年) 21Ensured Reserves of Major Non—ferrous Metal and Non—metal Mineral(2009)2—4水资源情况(2009年) 22Water Resources(2009)2—5森林资源情况23Forest Resources2-6湿地面积24Area of Wetlands2—7 国内生产总值和地区生产总值(2009年) 25Gross Domestic Product and Gross Regional Product(2009)2-8地区生产总值收入法构成项目(2009年)26Income Approach Components of Gross Regional Product(2009)2-9 支出法地区生产总值(2009年) 27Gross Regional Product by Expenditure Approach(2009)2-10资本形成总额及构成(2009年) 28Gross Capital Formation and Its Composition(2009)2—11最终消费支出及构成(2009年) 29Final Consumption Expenditure and Its Composition(2009)2-1 2居民消费水平(2009年) 3uHousehold Consumption Expenditure(2009)2—13人口数和出生率、死亡率、自然增长率(2009年) 3lTotal Population and Birth Rate，Death Rate and Natural Growth Rate(2009)2—14人口城乡构成(2009年) 32Population by Urban and Rural Residence(2009)2—15按i次产业分就业人员数(2009年底) 33Number of Employed Persons at Y ear—end by Three Strata of Industry (2009)2—16按城乡分就业人员数(2009年底) 34Number of Employed Persons in Urban and Rural Areas(End of 2009)2一17按行业分城镇单位就业人员数(2009年底) 36Number of Employed Persons in Urban Units by Sector(End of 2009)2—18城镇单位就业人员工资总额和指数(2009年) 39Total Wage Bill of Employed Persons in Urban Units and Related Indices(2009)2—19城镇单位就业人员平均工资和指数(2009年) 40A verage Wage of Employed Persons in Urban Units and Related Indices(2009)2．20职业介绍工作情况(2009年) 4lSituations of Job Services(2009)2-21 城镇登记失业人员及失业率43．Registered Urban Unemployment Persons and Unemployment Rate2—22按城乡分全社会固定资产投资(2009年) 44Total Investment in Fixed Assets in the Whole Country by Rural and Urban Areas(2009)2—23按赣记注册类型分全社会固定资产投资(2009年) 45Total Investment in Fixed Assets in the Whole Country by Status of Registration(2009)2—24全社会同定资产投资资金来源(2009年) 47Sources of Funds of Total Investment in Fixed Assets in the Whole Country(2009)2—25全社会住宅投资(2009年) 48Total Investment in Residential Buildings in the Whole Country(2009)2—26按丰要行业分伞社会固定资产投资(2009年) 49Total Investment in Fixed Assets in the Whole Country by Sector(2009)2—27全社会施工、竣工房屋面积和价值(2009年) 52V alue and Floor Space of Buildings under Construction and Completed in me WholeCountry(2009)2—28房地产开发企业(单位)建设房屋建筑面积和造价(2009年) 53Floor Space and Cost of Buildings Developed by Enterprises for Real Estate Development(2009) 2—29按用途分商品房屋销售面积(2009年) 54Floor Space of Commercialized Buildings Sold by Use(2009)2—30按用途分商品房屋平均销售价格(2009年) 55A verage Selling Price of Commercial Buildings by Use(2009)2-31财政收入(2009年) 56Government Revenue (2009)2—32财政支出(2009年) 59Government Expenditure(2009)2：33 居民消费价格指数和商品零售价格指数(2009年) 62Consumer Price Indices and Retail Price Indices(2009)2．34居民消费价格分类指数(2009年) 63Consumer Price Indices by Category(2009)2—35农业生产资料价格分类指数(2009年) 64Price Indices of Agricultural Means Production by Category(2009)2—36固定资产投资价格指数66Price Indices for Investment in Fixed Assets2—37城镇居民平均每人全年家庭收入来源(2009年) 67Per Capita Annual Income of Urban Households by Sources(2009)2—38城镇居民家庭平均每人全年消费性支出(2009年) 68Per Capita Annual Consumption Expenditure of Urban Households(2009)2—39城镇居民家庭平均每百户耐用消费品拥有量(2009年底) 69Ownership of Major Durable Consumer Goods Per 100 Urban Households at Y ear-end(2009) 2．40按来源分农村居民家庭人均纯收入(2009年) 72Per Capita Annual Net Income of Rural Households by Sources(2009)2—41 农村居民家庭平均每人生活消费支出(2009年) 73Per Capita Consumption Expenditure of Rural Households(2009)2．42农村居民家庭平均每人生活消费现金支出(2009年) 74Per Capita Cash Consumption Expenditure of Rural Households(2009)2—43农村居民家庭平均每百户主要耐用消费品拥有量(2009年JR) 75Ownership of Durable Consumer Goods Per 100 Ruml Households at Y ear—end(20091 2—44城市建设情况(2009年) 77Statistics on City Construction(2009)2—45城市供水情况(2009年)178Basic Statistics on Tap Water Supply in Cities(2009)2．46城市燃气情况(2009年) 79Basic Statistics on Supply of Gas in Cities(2009)2．47城市集中供热情况(2009年) 80Basic Statistics on Heating in Cities(2009)2．48城市市政设施(2009年) 81Basic Statistics on Municipal Infrastructure in Cities(2009)2．49城市公共交通情况(2009年) 82Basic Statistics on Public Transportation in Cities(2009)2，50城市绿地和园林(2009年) 83Basic Statistics on Parks and Green Areas in Cities(2009)2．51城市市容环境卫生情况(2009年) 84Basic Statistics on Urban Sanitation in Cities(2009)2．52城市设施水平(2009年) 85Level of Public Facilities in Cities(2009)2。