The Effect of Tax as an Instrument of Fiscal Policy in Kosovo

Chap 11.Mostly the objective of a business is not to make a profit.错2. A corporation is a business that is legally separate and distinct from its owners.对3. Accounting is a service that provides many different users with financial information to make economic decisions.对4. Primary users of accounting information are accountants.错5. "Managerial accounting is primarily concerned with the recording and reporting of economic data and activities of an entity for use by owners, creditors, governmental agencies, and the public." 错6. The financial statements of a proprietorship should include the owner's personal assets and liabilities.错7. The unit of measurement concept requires that economic data be recorded in a common unit of measurement 对8. "If a building is appraised for $90,000, offered for sale at $95,000, and the buyer pays $85,000 cash for it, the buyer would record the building at $90,000." 错9.An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a答案BA. proprietorshipB. corporationC. partnershipD. governmental unit10.Which of the following best describes accounting? BA. records economic data but does not communicate the data to users according to any specific rulesB. is an information system that provides reports to stakeholdersC. is of no use by individuals outside of the businessD. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements11. The two most common specialized fields of accounting in practice are BA. forensic accounting and financial accountingB. managerial accounting and financial accountingC. managerial accounting and environmental accountingD. financial accounting and tax accounting systems12.Which of the following is not a characteristic of financial accounting ______ CA. external reportingB. general-purpose informationC. future orientationD. standard and uniform reporting13.The business entity concept means that DA. the owner is part of the business entityB. an entity is organized according to state or federal statutesC. an entity is organized according to the rules set by the FASBD. "the entity is an individual economic unit for which data are recorded, analyzed, and reported"14."For accounting purposes, the business entity should be considered separate from its owners if the entity is" DA. a corporationB. a proprietorshipC. a partnershipD. all of the above15."Tom Smith is the owner of a small bookstore. He mainly does business through the internet so that the store has no physical office room and the ordersare dealt with at home. As a result, such bills as electricity, heating, telephone, and housecleaning are all recorded as expenses of the bookstore. This is not correct from the viewpoint of _______" AA. the separate entity conceptB. the going concern assumptionC. the accounting period conceptD. the monetary measurement assumption16.Which of the followings assures the accounting information users of timely decision___________ CA. the separate entity conceptB. the going concern assumptionC. the accounting period conceptD. the monetary measurement assumption17."Smith Company purchased $105,000 of computer equipment from Brown Company. Smith Company paid for the equipment using cash that had been obtained from the initial investment by Connie Smith. The transaction involving the computer equipment should be recorded on the accounting records of which of the following entities?" DA. Smith Company and Connie Smith's personal recordsB. Brown Company and Connie Smith's personal recordsC. Brown CompanyD. Smith Company and Brown Company18."The Reynolds Company estimated that the value of its land had increased from $10,000 to $16,000 and therefore wrote up the land account to $16,000. Which accounting concept(s) was (were) violated?" CA. separate entity conceptB. money measurement conceptC. historical cost conceptD. accounting period concept19.“Equipment with an estimated m arket value of $45,000 is offered for sale at $65,000. The equipment is acquired for $10,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is" AA.50000B.65000C.10000D.4500020."(mark out all correct answers) Which of the followings should not be included in the financial records of Delicious Sam, a bakery at the corner of the street ____________" A C DA. "Sweetie Alice, another bakery located opposite to Delicious Sam, lowered its price for brown bread from 50 cents to 30 cents "B. Delicious Sam purchased 100kg of flour for $50C. "Sweetie Alice sold cookie of $10 to Sam, the owner of Delicious Sam."D. Delicious Sam promised free delivery to bulk buying customers in order to compete with Sweetie Alice.E. Sam withdrew $200 from his personal bank account to pay the bill from the miller who supplied flour to Delicious SamChap 2 –a3.An asset must have a physical substance and can be touched. 错9. Match each of the following items to: a. assets; b. liabilities; c. owners' equity;d. none of above items. 1.ending inventory ; 2.accounts payable to the suppliers;3.salaries due but unpaid;4.accounts receivable;5.retained earnings;6.capital stock;7.prepaid insurance答案：a b b a c c a13.How does the collection of cash from a customer who was previously put on account affect the accounting equation?答案CA．assets decrease; owner's equity decreases B.assets increase; owner's equity increasesC. assets increase; assets decreaseD. assets increase; liabilities increase25.(mark out all correct answers) The owner’s equity accounts of a partnership might be答案 B D EA. capital stockB. "Tom Smith, capital"C. retained earningsD. "Alice Butler, capital"E. "Pauline Jones, capital"Chap 2 –b3.Indicate for each of following transactions should related accounts be debited or credited. 1.Purchased inventory on account. The inventory account should be____; 2.Borrowed money from a bank. The notes payable account should be___; 3.Issued stock for cash. The capital stock should be____ 答案D C C6.Owner's equity is increased by 答案BA. cashB. revenueC. accounts receivableD. all of the above8."For a corporation, temporary proprietorship accounts are supposed to replace the ____________________ account temporarily."答案 retained earnings12.Consuming goods and services in the process of generating revenues results in expenses. 对17. Net profit reported in the Income statement will not be reduced when the corporation declares and pays cash dividends to the stockholders 对21. A credit signifies a decrease in 答案AA. drawingsB. liabilitiesC. capitalD. revenue27."Land, originally purchased for $20,000, is sold for $75,000 in cash. What is the effect of the sale on the accounting equation?" 答案BA. "assets increase $75,000; owner's equity increases $75,000"B. "assets increase $55,000; owner's equity increases $55,000"C. "assets increase $75,000; liabilities decrease $20,000; owner's equity increases $55,000"D. "assets increase $20,000; no change for liabilities; owner's equity increases $75,000"29.Which of the following entries records the payment of an account payable? 答案 DA. debit Cash; credit Accounts PayableB. debit Accounts Receivable; credit CashC. debit Cash; credit Supplies ExpenseD. debit Accounts Payable; credit CashChap 3 –a2.Which one of the following is a purpose of the ledger rather than a purpose of the journal?答案 AA. to show increases and decreases in accountsB. to show a chronological order for transactionsC. to show a complete transaction in one placeD. to help locate errors10.The accounting entry to record the purchase of office supplies for cash will not involve an expense account. 对14.The process of transferring the data from the journal to the ledger accounts is posting. 对20.Posting a transaction twice will not cause the trial balance totals to be unequal.对21.Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance. 错23."The total number at the bottom of the trial balance should equal to the total number at the bottom of the balance sheet, because they both show the equality of the accounting equation." 错24.(mark out all correct answers) The credit column of a T/B might include _______ accounts。

高二英语经济术语单选题45题1. The _____ of a country is the total value of all goods and services produced within its borders in a specific period.A. GDPB. GNPC. inflationD. recession答案：A。

解析：GDP（国内生产总值）的定义就是一个国家在特定时期内其境内生产的所有商品和服务的总价值。

选项B，GNP（ 国民生产总值）是一个国民概念，是指一个国家或地区的国民在一定时期（ 通常为一年）内所生产的最终产品和服务的市场价值总和，与题干中强调国内的概念不同。

选项C，inflation（ 通货膨胀）指的是物价持续上涨的经济现象，与生产价值总量概念不同。

选项D，recession 经济衰退）是指经济活动普遍放缓、商业萎缩的时期，与生产价值总量概念不同。

2. When the general level of prices for goods and services is rising continuously, we call it _____.A. GDPB. inflationC. deflationD. recession答案：B。

解析：根据定义，当商品和服务的总体价格水平持续上升时，这就是inflation 通货膨胀）。

选项A，GDP是国内生产总值，与物价上涨无关。

选项C，deflation 通货紧缩）是物价持续下降的现象，与题干描述相反。

选项D，recession是经济衰退，主要强调经济活动的放缓而非物价的上升。

3. A period of significant decline in economic activity spread across the economy, lasting more than a few months, is known as _____.A. inflationB. GDP growthC. recessionD. economic boom答案：C。

英语税法考试题及答案****一、单项选择题（每题2分，共20分）1. Which of the following is not considered a taxable event under tax law?A. Sale of goodsB. Provision of servicesC. Receiving a giftD. Winning a lottery**Answer: C**2. What is the primary purpose of tax law?A. To raise revenue for the governmentB. To regulate business practicesC. To provide legal adviceD. To promote social welfare**Answer: A**3. In which of the following situations would an individual typically be subject to income tax?A. Receiving a salaryB. Buying a carC. Paying for educationD. Selling a personal asset at a loss**Answer: A**4. What is the term used to describe the process of determining the tax liability of a taxpayer?A. Tax assessmentB. Tax evasionC. Tax planningD. Tax avoidance**Answer: A**5. Which of the following is an example of a direct tax?A. Sales taxB. Property taxC. Corporate taxD. Value-added tax (VAT)**Answer: B**6. What is the term for a tax that is levied on the production, distribution, or sale of goods and services?A. Excise taxB. Income taxC. Capital gains taxD. Import tax**Answer: A**7. Which of the following is a common method used by individuals to reduce their taxable income?A. Underreporting incomeB. Tax fraudC. DeductionsD. Tax evasion**Answer: C**8. What is the term for a tax that is levied on the transfer of property or assets?A. Inheritance taxB. Capital gains taxC. Property taxD. Stamp duty**Answer: A**9. What is the term used to describe a tax system where the tax rate increases as the taxable amount increases?A. Progressive taxB. Regressive taxC. Proportional taxD. Flat tax**Answer: A**10. Which of the following is not a type of tax evasion?A. Hiding incomeB. Overstating deductionsC. Paying the correct amount of taxD. Falsifying records**Answer: C**二、多项选择题（每题3分，共15分）11. Which of the following are considered types of indirect taxes? (Choose all that apply)A. Sales taxB. Income taxC. Value-added tax (VAT)D. Property tax**Answer: A, C**12. What are some common tax deductions that individuals might claim on their tax returns? (Choose all that apply)A. Charitable donationsB. Home mortgage interestC. Gambling lossesD. Personal expenses**Answer: A, B, C**13. Which of the following are considered forms of tax avoidance? (Choose all that apply)A. Using tax sheltersB. Underreporting incomeC. Legal tax planningD. Tax fraud**Answer: A, C**14. What are some reasons why a government might impose a tax on a specific good or service? (Choose all that apply)A. To raise revenueB. To discourage consumption of the good or serviceC. To protect domestic industriesD. To redistribute wealth**Answer: A, B, C, D**15. Which of the following are considered taxable events for a business? (Choose all that apply)A. Sale of inventoryB. Receipt of a government grantC. Receipt of interest incomeD. Payment of dividends**Answer: A, C**三、简答题（每题5分，共20分）16. Explain the difference between a tax deduction and a tax credit.**Answer:**A tax deduction reduces the amount of taxable income, thereby lowering the tax liability. It is a subtraction from the gross income. A tax credit, on the other hand, is a direct reduction of the tax liability after the tax has been calculated. It is applied to the tax bill, reducing the amount owed dollar-for-dollar.17. What are the consequences of tax evasion?**Answer:**The consequences of tax evasion can include fines, penalties, interest on the unpaid tax, and in severe cases, criminal charges such astax fraud, which can lead to imprisonment. Tax evasion also undermines the financial stability of a country by reducing the government's revenue.18. Describe the concept of a tax treaty.**Answer:**A tax treaty is an agreement made between two or more countries to avoid double taxation and to prevent tax evasion and avoidance. These treaties often include provisions for the exchange of tax information and may specify which country has the right to tax certain types of income.19. What is the purpose of a tax audit?**Answer:**The purpose of a tax audit is to verify the accuracy of a taxpayer's tax return and to ensure compliance with tax laws. It involves a review of financial records and may result in adjustments to the tax liability, penalties, or additional taxes owed.四、案例分析题（每题10分，共20分）20. A multinational corporation has its headquarters in Country A and operates in several other countries, including Country B. The corporation has reported a significant amount of profits in Country B but has paid minimal taxes due to various deductions and exemptions. Discuss the potential tax implications and strategies that Country A and Country B might consider to address this situation.**Answer:**Country A might consider implementing or enforcing Controlled Foreign Corporation (CFC) rules to tax the profits of the corporation as if they were earned domestically. Country B could review its tax laws to close loopholes and ensure that the corporation is not abusing deductions and exemptions. Both countries could also engage in bilateral tax treaty negotiations to prevent base erosion and profit shifting (BEPS) and to ensure fair taxation.21. An individual has inherited a valuable piece of real estate from a relative. The individual decides to sell the property and realizes a significant capital gain. What are the tax implications of this sale, and how might the individual plan for these implications?**Answer:**The individual will likely be subject to capital gains tax on the profit from the sale of the inherited property. To plan for these implications, the individual might consider strategies such as holding the property for a longer period to qualify for long-term capital gains rates, which are typically lower than short-term rates. They could also explore charitable donations or other tax-saving strategies to offset the capital gains.五、论述题（15分）22. Discuss the role of tax policy in promoting economic growth and social welfare.**Answer:**Tax policy plays a crucial role in promoting economic growth and social welfare by influencing the behavior of individuals and businesses. By setting tax rates and offering incentives, governments can encourage investment, savings, and consumption, which can stimulate economic activity. Additionally, tax policy can be used to redistribute wealth, provide public goods and services, and address social issues such as poverty and inequality. Progressive tax systems,for example, can help to reduce income disparities and fund social programs that benefit the less fortunate. However, tax policies must be designed carefully to avoid disincentivizing work and investment, which could hinder economic growth.。

1、Financial intermediaries could not exist without intermediation.没有金融中介行为，金融中介机构就无法存在。

2、It is highly improbable that all depositors will withdraw funds at the same time.所有的存款人在同一时间提取资金是极不可能的。

3、Financial intermediaries facilitate a more efficient flow of funds from lenders to borrowers.金融机构促使资金从贷款人向借款人更为有效的流动。

4、This lo wering of interest rates would be highly beneficial to a country’s rate of economic growth and development.这种利率的降低可能对一个国家的经济增长率和发展极为有利。

5、The money market consists of a collection of markets, each trading a distinctly different financial instrument.货币市场包括了一系列的市场，每个市场交易的是一种完全不同的金融工具。

6、It is understandable that the traders will sell highest price and buy at the lowest.可以理解的是，交易人要以最高价卖出而以最低价买入。

7、In the trading room phones never ring, Instead, incoming calls are signaled by the blinking lights.在交易室里，电话铃声从来不响，打进的电话是由闪烁的灯光来显示的。

高二英语经济术语单选题30题1. The government is trying to control the ______ rate to keep the economy stable.A. inflationB. recessionC. GDPD. import答案解析：A。

本题考查经济术语。

Inflation（ 通货膨胀）指物价普遍持续上涨的现象，政府通常会采取措施控制通货膨胀率来稳定经济，所以A选项正确。

Recession（ 经济衰退）是指经济活动显著减少的时期，与控制某种率来稳定经济的语境不符，B选项错误。

GDP（ 国内生产总值）是衡量一个国家或地区经济总量的指标，不是被控制来稳定经济的率，C选项错误。

Import 进口）是一种经济活动，不是需要控制的率，D选项错误。

2. A significant drop in ______ indicates that the economy may be in trouble.A. revenueB. inflationC. exportD. interest答案解析：A。

Revenue（收益、收入），企业或国家的收益大幅下降意味着经济可能出现问题。

Inflation（ 通货膨胀）下降并不一定直接表明经济陷入困境，B选项错误。

Export 出口）下降只是经济的一个方面，不能完全代表经济陷入麻烦，C选项错误。

Interest（ 利息）下降也不能直接表明经济整体陷入困境，D选项错误。

3. When a country's ______ is growing steadily, it usually means the economy is developing well.A. GDPB. debtC. discountD. cost答案解析：A。

GDP（国内生产总值）是衡量一个国家经济发展的重要指标，GDP稳定增长通常意味着经济发展良好。

Unit Oneinternational business exports/importsexporter/importerpatentstrademarkscopyrightsinternational trade transportationtourismbankingadvertisingconstructionretailing/wholesaling insuranceeducationmass communication specializationabsolute advantage comparative advantageinput/outputopportunity cost opportunity cost ratios exchange rateoperating costsbank credit agreements clearing arrangementstrade in goodstrade in servicesvisible goods/invisible goods international investments balance of paymentsforeign direct investment (FDI)manufactured goodscultural conflicts negotiationmarketingbusiness administration business public relations businessman businesspeoplesubsidiary/subsidiariesjoint venturesaffiliated businessesgeneral manager executivesCEOcommercial riskfinancial riskspolitical risksregulatory riskstax risksantitrust lawsdouble taxationcommercial creditcommercial lendingpurchased merchandise onaccountadvances on salescommercial billa qualified lenderbank loanscurrent ratiocash assetsoutstanding indebtednesscollateralcredit historyfinancial profilethe commodity economyindustry capitalbusiness enterprisespersonal creditcreditorsliensinternational businessmanagementcreative consciousnessthe capacity of working onone’s ownglobal economic integrationinternationalizationWTOUruguay RoundGATTNegotiation forumDoha Development Agendatrade rulesside-effectswell-beingtrade disputesagriculturetextiles and clothingtelecommunicationsgovernment purchasesgovernment procurementindustrial standardsproduct safetyfood sanitation regulationsintellectual propertytrade without discriminationGATSTRIPs Agreementmost-favored-nation(MFN)customs duty ratecustoms dutiestariffsnational treatmenttransparencyTrade Policy ReviewMechanismannexpredictable and growingaccess to marketsfree-tradeimport bansquotaspredictabilitythe bound ratestransition economiesfair competitiondumpingsubsidieseconomic reformthe least-developed countriesUnit Twointernational tradeworld tradeoverseas tradeindustrializationadvanced transportationglobalizationtransnational corporationstrade restrictionsgovernmental quotasexport tariffs1trade barriersraw materialscapital-intensive products land-intensive productslabor-intensive commodities heavy construction equipment industrial machinery consumer goodslabor costsproduction facilitiesfarming technologymass productioneconomic benefitsdomestic marketnatural resources technology resources human resourcescost of productionpolitical strengthtastespreferencesconsumption patternsre-export/re-import favorable trade balance active trade balanceexport surplustrade surplusunfavorable trade balance adverse trade balanceimport surplustrade deficitexport trade, import trade and transit tradedirect trade, indirect trade and entrepot tradetangible trade and intangible tradebarter trade and free-liquidation tradedirect transit trade and indirect transit tradethe bonded warehousethe domestic transportation linewarehouse charges transshipment processorIncotermsCISGUCP600bargainingan intervening mediumcash tradeterms and conditionsbusiness correspondenceletters, telexes, cables, faxes,e-mails, etc.inquiry/enquiry, offer,counter-offer, acceptance andconclusion of a contractdocumentary creditshipment documentssettlementanalytical studycredit standingcapacityspecificationstrade termsFOB, FCA, FAS, CFR, CPT,CIF, CIP, EXW, DAF, DDU,DDP, DES, DEQ,L/Cshipping spacecharter a shipimport entryimport inspectionsmarket research, creditinquiry, making contactscontractual termsMOFTECChinese Embassyforeign trade corporationschambers of commerceinquiry agenciesbusiness connectionsinquirera bank referencetrader, dealertrade shows, direct sales,direct mail, manufacturer’srepresentatives, wholesalersand distributorsthe consulate officeICCannual sales volumebusiness culturebusiness negotiationbusiness talksinternational fairsthe China ExportCommodities Fairthe export sales contractforce majeuretile documentsthe total volume of tradepractitionersan essential conditionthe mandatory supervisionthe prerequisitecustoms formalitiesa certificate of qualitytraditions and practicesUNCTADairfreight, sea freightopen accountaccuracy, completeness,conciseness and promptnessgovernment controldocumentscommercial documentstransportation documentsinsurance documentsfinancial documentsgeneral useimport licenseforeign exchange licenseexport licensecertificate of origininspection certificateconsular invoicecustoms invoicethe licensing authoritiescentral bankscustoms clearanceeconomic sanctionsa notary publicthe country of destintionpreferred import status2the place of manufacturethe Import and Export Commodity Inspection BureauChina Council for Promotion of International Tradethe Generalized System of Preferences (GSP)EUpreferential import duties Certificate of Origin of Textile ProductsExport Licenses of Textile ProductsShipment Certificate of Textile ProductssurveyorInspection Certificate of QualityInspection Certificate of WeightInspection Certificate of QuantityInspection Certificate of Health and Veterinary Inspection Certificate Inspection Certificate of QuarantineAQSIQthe importing countrythe exporting countrypro forma invoice commercial invoicequality certificateweight certificate preliminary invoicea quotationan irrevocable letter of credit consular documents Buyer’s referenceOrder number/indent number Invoice number and date Export or import license numberMethod of dispatch Shipment terms Names and addresses of theseller and the buyerCountry from which theshipment is madeDescription of the goodsRebate or similar incentivesSignature of the exporterapplication form forinternational money transferdrafts (bills of exchange)banker’s draftcommercial draftsight drafttime draft (usance draft)application for documentaryletter of credit and letter ofcreditcash in advanceremitterdrawer/draweepayor, payer/payeethe payment instrument30 days sight50 days after sight90 days after the date of thisdraft30 days after the bill of ladingMethod of adviceDate of expirybeneficiaryadvising/paying/confirmingbankpartial shipmentsport of shipmentairport/port of dischargeairport/port of loadinga payment undertakingshipping notepacking listbill of ladingrail/road consignment noteair waybill (AWB)parcel post receiptcombined transportdocumentsarrival notificationon board his vessela delivery or receipt notea Mate’s Receiptthe on-board bill of ladinga supplimentary documentinsurance claimsclaim settlementsconsignor/consigneeplace of deliveryshipping markscontainer numbercarriershipperbulk cargocubic measurementgross weightthe notified partyrail transportthe departure/destinationstationtransferable or negotiablean instruciton sheeta straight or non-negotiablebill of ladingright of disposalthe shipping brokerthe insurer (insurancecompany), underwriterthe insuredan indispensable adjunctinsurance policyinsurance certificateopen policyinsurance coveragePICCmutual consentlegal avoidancebreach of contractcargo readinesscustomary packagesseaworthy shipment packingCISGsole ownershipindustrial property rightL/Cfund shortage3market fluctuationpayment routelate shipmentthe amendment notification the shipping orderdelivery documentsworking fundsshipping operationtaking deliveryinspection reportUnit Threebusiness negotiationsocial interaction consultationbargainingmediationarbitrationlitigationwin-win principle/integrative bargaining/interest-based bargainingequality principlesincere cooperationkeep it flexible and fluid positional bargainingmutual success convergence of interests equality and mutual benefit law statusnegotiation strategies and tacticsthe negative effects preparation for negotiation the negotiating team gathering of informationthe negotiation briefan essential preconditionthe factual requirementinner depletionextra expensework-loadproduction organizaiton investment distributiona development project an engineering projectthe chief negotiatortechnologistfinancial expertlegal specialistbackup onespublic relationscontingency abilitiescapital guaranteethe power of the collectivethe optimal effectexplicit responsibilitiesthe cooperation of negotiatorsa clear job-divisionthe cooperation betweenon-stage people and out-stageonesrepresentatives and deputiesfavorable moral charactersnecessary psychologicalmakingsnecessary professionalknowledgefavorable language skillsfavorable polical makingsthe physical factors (thetempo, intensity, flexibility,stability and so on )sanguine peoplebilious peoplephlegmatical peopledepressed peoplethe factual needsgeneralistscommercial warsbilateral and multilateralcommunicationidentifying issuesissues and objectivesa competitive negotiationa noncompetitive negotiationa responsible sourcea contract priceinfrastructurelogistics systemsub-contractorsbusiness scopeannual sales volumespaybacka feasibility studypolitical and socialbackgroundsocial and economic analysisdetailed analysislocation and sitemain costsmanpowerschedul implementationfinancial and economicevaluaitonalternative approachesthe basic components andimplicationsplant capacitymarket demandoverhead costsadministrative overheadsa timeframefixed investmentsnet working capital estimatesnegotiating brief andnegotiating planmemoranduman invitation to offeran invitation to make a bidpromotional communicationsales literatureofferor/offereeselling offer/buying offeroffer with engagementoffer without engagementfirm offerirrevocable offercommon practicea usual practicequotation sheetsfinal confirmationa contractual relationshippurchase contractagency arrangementexclusive sales agreementabsence of feedback4satisfactionself-reinforcementtwo human biasesthe confirmation bias egocentrismmediocrityself-esteemseparate people from the problemfocus on interests not positionsbe well preparedbe patience and integrity legitimate concerns personal attacksblue-eyed weakness offensive and defensivea defensive-offensive stance a neutral stanceoutright acceptanceoutright rejectionqualified rejectiona nimble attackthe barrier of language cooperative language style competitive language stylea longstanding relationship one-off contractsan all-purpose excuse deceptive strategiesjargonacronymscontractionstechnical termslanguage principles courtesy, conciseness, clarity, correctness, constructiveness and concessiontrade-offdeadlockmulti-nationsmulti-nationalitiescultural analysissub-cultural dynamics intercultural communication breakdown intergroupencode and decodecultural literacycultural implicationsgeneral guidelinesverbal/nonverbalfacial expressonseye contactgesturesbody movementsposturephysical appearancespacebody languageorientationmonochronic and polychronicdominant culture settingssocioeconomic classcultural conflictsbusiness normsa sophisticated protocolguest-host relationshipunwritten rulesa fallback positionlinear communicationUnit FourInternational trade termsa price/export quotationsincidental chargesa foreign trade merchantIncoterms2000the price of commoditythe unit pricea name of currency, a unitprice, a measuring unit, atrade term, and a name ofdestination or shipping placemiscellaneous expensesinternational rules andpractices on trade termsWarsaw-Oxford Rules 1932Revised American ForeignTrade Definition 1941The American Chamber ofCommercethe National ImportersAssociationthe American Foreign TradeAssociationthe US Export Quotations andAbbreviations in 1919EX-point of originEx Factory, Ex Mill, Ex Minenamed inland carriernamed inland of departurenamed point of destinationnamed place of destinationnamed port of destinationnamed port of shipmentnamed point of exportationnamed point of importationnamed point/placenamed inland point in countryof importationFreight Prepaid ToFreight Allowed ToC&F, EX-DOCKthe ship’s railthe risk of loss or of damagesales contractthe mode of transportmulti-modal transportsea or inland waterwaytransport/transportationmarine insuranceobtain insurance only onminimum coverthe buyer’s/seller’sobligationsthe export/import permit andexport/import traxthe loading/unloading costthe insurance premiumthe sea freightthe seller’s/buyer’s premisescustomary packing/mannera contract of carriageMT(metric ton)subsequent carriersthe first carrier5at the disposal of the buyer basic/special packingthe loading berthib/IBa land frontierwarehouseterminaltransport stationcommon misconceptions property rightsvariants of Incotermsunder tackleliner termsFOB trimmed/towedentry feeUnit Fivepricingpricing principlesprice and unit pricethe accompanying services the pulse of the marketsthe price of commodity, the unit price: a nature of currency, a unit price, a measuring unit, a trade term and a name of destination or shipping placecost structurecosts of production, selling and delivery costs, and customs dutiesancillary costthe factory pricefixed costsvariable costs commissionssales trip expensespricing methodslong-term objectiveshort-term objective profitabilitymarket shareannual budgetssales volume cost-based pricingbreak-even pricingmarginal cost pricingmargin of profit, profit margintarget costingthe break-even point (BEP)FC, P, VCtotal fixed pricemortgage interest/paymentsreal estate taxesmarginal costthe direct coststhe variable overheadsmoney of accountmoney of paymenthard currencysoft currencyvehicle currencyforeign exchange ratesforeign exchange riskfloating exchange ratesexposurehedgeforward marketforward ratespot marketbrokerage housesforward contractintermediary servicequantity discountcash discountspecial discountnet pricepricing strategiesthe marketing mixfollowing-the-leader pricingpenetration pricingcost-oriented pricingdemand-oriented pricingretail pricingthe break-even pointmarketerscomponent partsutilitiessuppliersoperating expensesadvertising campaignsmanufacturersfranchise marketersthe U.S Small BusinessAdministration (SBA)government regulationsload weightsspeed limitsa unit price: currency unit,unit price figure,measurement unit anddelivery termsinitial priceUnit Sixinternational transportationocean transportrail transportationair transportationcontainer transportinternational multi-modaltransportationsea portscarrying capacityliner transportcharter transport / tramptransportthe four fixed: fixed sailingdate, fixed route and fixedports to call at, and relativelyfixed freight rateconsignor/consigneethe intermediate portsfreight: basic freight +surchargesthe basic freight ratethe tariff of freight rateW, M, W/M, Ad Val., W/M orAd Val.per metric tonweight tonper cubic metermeasurement tonfreight toncharge surcharges6transshipment surchargesfuel surchargesoverweight and overlength surchargesa charter party: the charterer and the ship ownerbulk cargocrude oilraw timbertime chartervoyage charterthe loading/unloading rate demurragedispatch moneyliner term, free out (FO), free in (FI), free in and out (FIO) scheduled airliners chartered planes consolidated consignments by freight forwardersFull Container Load (FCL) Less than Container Load (LCL)a door to door servicedesk-to-desk serviceport to port shipmentthe Container Freight Sation (CFS)the point of originthe place of destinationa multi-modal transport operatorthe general carrier conveyancesub-carriersmarine bills of lading seaway billsairway bills (AWB) or air consignment notes combined transport documentsinland transport way bills(road waybill or CMR consignment note and railway bill or cargo receipt)courier receipt or post parcel receiptsshippingthe bill of lading (B/L)a traded objecta contract of carriagea receipt of goodsa title documentin apparent good orderparties of a bill of lading: thecarrier and the shipper/theconsignor, the consignee, thenotify party and the transferee/the endorsee /holderdifferent ordersdemonstrative orderrestrictive orderbearer order“to order” and “to the order ofthe shipper”“to the order of the issuingbank”“to the order of the importer”“to bearer”under collectionnon-paymentnon-commercial transactionsbe left blank“to the named consignee(importer)”blank endorsementspecial endorsementthe shipping company (thecarrier)the charting vesselthe voyae numberthe port of receipt/the port ofloading/the port of shipmentthe port of destination/the portof discharge/the port ofdeliverythe premises of theimporter/exportermarks and numbersboxes/cartons/casesbe prepaid or collectedfreight prepaid/freight collectoriginal B/L, copiestypes of bill of ladingon board B/L (or shipped B/L)and a received for shipmentB/Lin one’s custodyclean (or unclaused) B/L andunclean (or foul) B/Lnegotiable B/L (order B/L andbearer B/L or open B/L) andstraight B/L (ornon-negotiable B/L or anamed consignee B/L)direct B/L and transshipmentB/Llong form B/L and short formB/Lliner B/L and chartered B/Lon deck B/Lstale B/Lante-dated B/L & advancedB/Lcontainer B/Lcontents leaking, packagingspoiled by contents,packaging broken / holed /torn / damaged, packagingcontaminated, goods damaged/ scratched, packaging badlydented, packaging damagedand contents exposed,insufficient packing, casesshort shipped, goodsunprotected / unboxed /partial protected, etc.Combined TransportDocument (CTD)Combined Transport Operator(CTO)the estimated date ofdeparture (ETD)the estimated time of arrival(ETA)forwarderNVD: no value declaredThe flight date7CMR, CIMadditional protocolEMS, DHL, UPS, FedExthe post officea courieran expedited delivery service expedite (a.) servicesperils and lossesperils of the sea, maritime losses , maritime expenses lightergeneral perils of the sea and extraneous risksnatural calamities (vile weather, thunder, lightning, tsunami, earthquake, flood, etc.)fortuitous accidentsgeneral extraneous risks and special extraneous risks theft, pilferage, contamination, leakage, breakage, sweating and/or heating, taint of odor, rusting, hook damage, fresh and/or rain water damage, short-delivery and non-delivery, shortage in weight, clashing, etc. political or military affairs or administrative ruleswar, strike, heightened duty, rejection, etc.total loss and partial loss actual total loss and constructive total loss general average (G. A.) and partial average (P. A. )sue and labor expenses salvage chargesmarine insurance clausesthe acope of cover, exclusions, commencement and termination of cover, duty of the insured, time of validity of a claim, etc.basic insurance and additional insurancebasic marine insurancecoverage: FPA (Free FromParticular Average), WPA andAll risksadditional risksgeneral risks and special risksCIC (China InsuranceClauses)warehouse to warehouseclause11 general additional risks:theft, pilferage andnon-delivery risk (TPND),fresh water and/or raindamage risk (FWRD), clashand breakage risks, leakagerisk, shortage risk,intermixture andcontamination risks, taint ofodor risk, sweat an heatingrisks, rust risk, breakage ofpacking risk, hook damagerisk8 special additional risks: warrisk, strike risk, failure todelivery risk, import duty risk,on deck risk, rejection risk,aflatoxin risk, fire riskextersion clause for storage ofcargo at destination in HongKong, including Kowloon, orMacao (FREC)import and export cargoinsurance practicesinsurance amount andpremiumclaim for lossesadvice of lossesshipping clause(transportation clause )time of shipmenttime of deliverythe port/place of shipment anddestinationpartial shipment / shipment byinstallmentstime policy, voyage policyand mixed policyinsurance policy, insurancecertificate, combinedcertificate and open policyunvalued policy and valuedpolicy8。

Englisha group of enterprisesaccelerating dividendaccounting assumptionaccounting estimatesaccounting foraccounting incomeaccounting periodaccounting policiesaccounting profitaccounting treatmentaccrualaccrual basisaccrual for employeeaccrued liabilitiesaccumulated amortizationaccumulated exchange differenceaccumulated profits or lossesaccumulating compensated absencesacquireeacquireracquisitionacquisition feeactive marketactual rateactuarial assumptionsactuarial gains and lossesacruarial present value of promised benefitsactuarial present value of promised retirement benefit actuarial reportactuarial techniqueactuarial valuationactuaryadditionaladditional considerationadministrative expensesadvanceaggregateaggregate valueallocateallowanceallowed alternative treatmentamortizationamortization methodamortization periodamortized costamountamount recoverableancillary costsannual reportanticipated futuer transactionsanti-dilutiveappropriationarm's length transactionasking priceassessassetassignmentassociateattributableauthorised for issueavailable-for-saleaverage carrying amountaverage ratebalance between benefit and costbalance sheetbalance sheet ratebalance sheet liability methodbank overdraftsbasic earnings per sharebeginning of the periodbenchmark treatmentsbeneficiarybest estimatebid bondsbid pricebillsbinding sale agreementboard of directorsbonusbonus issuebonus planborrowing aggreementsborrowing costbottom-up testbranchbrokeragebusiness combinationbusiness combination which is an acquisition business segmentbuy backbuying segmentcall optioncallablecallable debtcapcapitalcapital approachcapital asset pricing modelcapital commitmentcapital contributionscapital gaincapital maintenancecapital trasactionscapitalisationcapitalization issuescapitalization ratecarry forwardcarry forward of unused tax creditcarry forward of unused tax lossescarrying amountcarrying back a tax losscashcash basiscash equivalentscash flowcash flow riskcash flow statementscash generating unitcash in bankscash inflowcash on handcash outflowcertificates of depositchanges in accounting policieschanges in financial positioncharge againstchief executive officerclass of assetsclassificationclearing houseclosing ratecollateralcollateralised borrowingcollectabilitycollection costcombination of sharescombinecombined entitycombined resultcombining and segmenting construction contract combining enterprisecommissioncommitmentcommitment feecommodity contractcommodity future contractcmmodity-based contractcommon sharecomparabilitycomparable unconrolled price method comparative periodcompensated absencescompensationcompound instrumentcomputer softwareconcentration of credit riskconsiderationconsistencyconsolidated balance sheetconsolidated financial statementsconsolidated groupconsolidated income statementconsolidationconsolidation of sharesconsolidation procedureconstant rate of returnconstruction contractconstruction overheadconstructive obligationconsumablecontingenciescontingent assetcontingent commitmentscontingent gainscontingent liabilitiescontingent lossescontingent rentalcontingently issuable sharescontractcontractorcontractual obligationcontractual provisioncontractual rightcontributecontributioncontrolconventionconversion optionconversion rightconvertconvertibleconvertible bondscopyrightcorporate assetscorridorcostcost methodcost of acquisitioncost of an investmentcost of conversioncost of disposalcost of goods soldcost of inventoriescost of laborcost of purchasecost of salescost of sales methodcost recovery approachcost savingcost-plus contractcost-plus methodcosts of acquisitioncosts of materialcosts of registeringcosts to completecounterpartycreditcredit facilitiescredit riskcredit termcreditorcreditworthinesscumulative preference dividends cunulative preferred sharecurrency riskcurrency swapcurrency traslation differences cunrrent and expected profitabilty current assetscurrent costcurrent cost approachcurrent cost financial statements current interest ratecurrent investmentscurrent liabilitiescurrent periodcurrent salary approchcurrent service costcurrent taxcurtailmentcustomer loyaltydate of acquisitiondate of contributiondate of the reportdate of the valuationday-to-day activitydealing securitiesdebt defaultdebt instrumentdebt securitydebt-equity ratiodeclinedeductible temporary differences defaultdeferral methoddeferred compensationdeferred compensation arrangement deferred foreign exchange gain or loss deferred incomedeferred paymentdeferred payment termsdeferred revenuedeferred tax assetdeferred tax liabilitiesdeferred taxesdefined benefit liabilitydefined benefit obligationdefined benefit plansdefined contribution plansdegree of comparabilitydeliverydemand depositsdemonstrably committeddeposit withdrawaldepreciable amountdepreciable assetdepreciationdepreciation methoddepreciation ratederecognise(a financial instrument) derecognitionderivate financial instruments derivativedevelopment costdevelopment expenditure development phrasediluted earnings per sharedilutivedilutive optiondilutive potential ordinary shares diminishing balance methoddirect effectdirect increment costdirect investmentdirect labordirector methoddirect relationshipdirectly attributable expenditure dischargedisclosedisosurediscontinued operations disecontinuing operationdiscountdiscount ratedisposaldisposal considerationdisposal of subsidiariesdisposalsdistress saledistributiondistribution costsdividend incomedividend receivabledividend yielddividendsdividends policydocumentary creditdownstream transactionsearningsearnings per shareearnings-generating capacity economic benefitseconomic lifeeconomic performanceeffective dateeffective intesest methodeffective yieldeliminateembedded derivativeemployee benefitemployee benefit costemployee share ownership plan employment termination indemnityend of the periodentityequityaquity capitalequity compensation benefitsequity compensation plansequity financial instrumentequity instrumentsequity issueequity methodequity securitiesestimated valueevalateevents after the balance sheet dateexchange rateexchange controlsexchange differencesexchange lossexchange of assetsexecutionexecutory contractexercise dateexercise priceexisting useexpected growth rateexpected valueexpenditures carried forwordexpensesexperience adjustmentsexpiryexpiry dateexplanatory notesexplorationexposureex-rightsextend the termexternal customerextinguishextinguishment of debtextractionextraordinary itemsface of the balance sheetface of the income statementfair presentationfair valuefaithful representationfeefellow subsidiaryFIFO formulafinance chargefinance costsfinance incomefinance leasefinancial asset or liability held for trading financial assetsfinancial budgetingfinancial guaranteefinancial institutionfinancial instrumentfinancial interestfinancial liabilityfinancial or fiscal aidsfinancial performancefinancial policyfinancial positionfinancial reportfinancial reportingfinancial reviewfinancial rightsfinancial statementsfinancial structurefinancial supportfinancial yearfinancial year-to date basisfinancing activitiesfinancing arrangementfinancing devicefinished goodsfirm commitmentfirm purchase contractfirm sales contractfiscal policyfixed price contractfixed production overheadsfixed redemption valuefloating ratefloorforced transactionforeign activityforeign currencyforeign currency borrowingforeign currency hedgingforeign currency translationforeign entityforeign exchange gains and lossesforeign operationforeseeable lifeforgivable loansforward contractframeworkfranchise feefranchiseefranchisesfranchisorfrequency of actuarial valustionfull paidfundamental errorsfunding policyfunding riskfunds held for customersfurther costsfuture economic benefitsfuture contractgainsgeneral administrative expensegeneral disclosures(in financial statements) general price levelgeneral purchasing power approachgeneral purpose financial statementsgeneral salarygeographical segmentsgoing concerngoodwillgovernment assistancegovernment grantsgovernment procurementgrants related to assertsgrants related to incomegross carrying amountgross investment in the leasegross margin on salegross profitgroup administration pland(employee benefit) guarateed residual valueheadingshead-office expenseshedge accountinghedge effectivenesshedge itemhedginghedging instrumentheld for tradingheld-to-maturity investmenthire-purchase contracthistorical costhistorical cost systemhold harmless agreementholding companyhost contracthyperinflationhyperinflationary economyidentifiabilityidentifiable assertidentification of asserts and liabilitiesidentifyimmaterialimpairmentimpairment lossimpair of assetsimputed costimputed rate of interestincentiveinception of a leaseincidenceincomeincome approachincome from associatesincome statementincome statement liability methodincome taxincome tax assetsincome tax lawincome tax liabilitiesincome-producing assetsincremental borrowing rate of interest(lessee's) incremental shareindemnity claueseindirect methodindividual assetindividual liabilityinitial carrying valueinitial disclosure event(for a discontinuing operation) initial measurementinitial recognitioninsurance conractinsurance premiuminsurerintangible assetsintest cost (for an employee benefit plan)interest in joint venturesinterest incomeinterest or non-interest-bearing liabilities and provisions interest rate capsinterest rate callarsinterest rate floorsinterest rate implicit in a leaseinterest rate riskinterest rate swapinterest receivableinterest-bearing liabilityinterim financial reportinterim periodinternal management structureinternal organizational structureinternal profitinternally reported segmentinternally generated goodwilInternational Accounting Standard(IAS) International Accounting Standards Committee(IASC) intra-group transactioninventoriesinvesting activitiesinvesting enterpriseinvestmentinvestment earninginvestment performanceinvestment propertiesinvestment securitiesinvestment tax creditinvestor in a joint ventureinvoluntary liquidationissue of shareissued capitalitemjoint controljoint ownershipjoint productjoint venturejoint venture activitiesjoint venture agreementjointly controlled assetsjointly controlled entityjointly controlled operationjurisdictionlabourleaselease termlegal adviserlegal costslegal entitylegal mergerlegal obligationlegally enforceable rightlenderlender's returnlesseelessorletter of creditlevel yieldleveraged leaseliabilityliability methodlicenselicense feelicenseelicensing agreementlicensorlife insurance enterpriseLIFO formulaline-by-line reporting formatline-itemsliquidationliquidityliquidity riskloan syndication feeloan and receivables originated by the enterpriselong-term assetlong-term investmentlong-term loanlong-term receivableslosseslower of cost and market value maintenancemajority interestmanagementmandatory redemptionmanufacturing licencesmarginmarket interest ratemarket riskmarket valuemarketablemarketable securitiesmarketing rightmaster netting arrangement mastheadsmatchmatching conceptmatching of cost with revenues materalitymatrix appraochmatrix presentationmaturitymeasurementmeaurementmeasurement basesmedical costmergermineral extraction industries mineral rightminimum componentsminimum lease paymentsminority interestsmonetary assetsmonetary financial assetmonetary itemsmore likely than notmortgage servicing rightsmulti-employer(benefit) plans mutual fundsnature of expense methodnegative goodwillnegotiable papernet assets available for benefits net basisnet incomenet investmentnet investment in a foreign entity net investment in a leasenet lossnet monetery positionnet profitnet realisable valuenet result of operationnet selling priceneutralitynominal amountnominal considerationnon-cancellable leasenon-cash transactionnon-current assetsnon-marketable securitynon-monetary assetsnon-monetary benefitnon-monetary itemsnon-recoursenon-regencrative resourcesnormal capacity of production facilities note issuance facilitiesnotesnotes payablenotional amountobligating eventobligationoff-balance-sheet itemsoffer priceoffsettingon-balance-sheet itemsonerous contractoperating activitiesoperating assertsoperating costsoperating cycleoperating efficiencyoperating expensesoperating incomesoperating leaseoperating liabilitiesoperating policyoperating profitoperating segmentoptionoption contractoption pricing model valuationordinary activitiesordinary course of businessordinary itemordinary shareorganizational componentorganizational unitsoriginated loans and receivablesother claims payableother long-term employee benefitsother non-trade payablesoutright saleoutstandingoutstanding itemoutstanding sharesover the counter marketoverheadowener's equityownershippaid in capitalpar valueparent enterpriseparticipantspartly paidpartnershippast eventspast expensespast service costpatentpayablepayroll taxpensionpension planpercentage-of-completion methodperpetual debt instrumentsphysical wear and tearplan assets(for an employee benefit plan) pledgepoolpooling of interest methodportfoliopost-employment benefit planspost-employment benefitspotential benefitpotential ordinary sharepracticepredictabilitypreference sharepreferred capitalpremiumpre-opening costsprepaid expensepreparationprepaymentspresent obligationpresent valuepresent value of a defined benefit obligation presentationpresentation of financial statementprevious periodprice earings ratioprice quotationsprice riskpricingpricing modelprimary financial instrumentsprimary reporting formatprinciple-onlyprinciplepro forma informationpro rata basisprobable future economic benefitsprocessprocess of aggregationproduct life cycleprofit after taxprofit before taxprofit for the periodprofit sharingprofit sharing planprogress billingsprogress paymentproject managerprojected salary approchprojected unit credit methodpromissory notepronouncementproperty,plant and equipmentproportionate consolidationprospective applicationprovisonprovison for lossesprovision for taxes payableprovision for restructuringprudencepublic documentpublicly tradedpublishing titlepurchasepurchase methodpurchase priceput optionqualified actuaryqualifying assetsquotaquotationquoted market pricerates of returnraw materialsreal estaterealisable valuerealized profit and loss reasonable approximation reasonable profit allowance rebatesrebuttable presumption receiptsreceivablerecognitionrecognition criteria reconciliationrecoverrecoverabilityrecoverable amountredeemrediscountreductionrefinancingrefinancing agreementrefundregular way contract regulatorsreguilatory authorities reimbursementrelated partiesrelated partiy disclosures related partiy relationship related partiy transaction relevancereliabilityreliability of measurement reliable estimateremaining useful life remeasurerenewablerentalsreorganisation of the group repaymentrepayment of share capital replacement cost of an asset reportable segmentreporting currencyreporting datereporting enterprisereporting on a net basis reporting periodreporting practicerepricing daterepurchase agreementresale price method reschedule paymentsresearchresearch and development cost research phaseresidual valuationresidual valueresource embodying economic benefitsrestatementrestructure of the grouprestructuringresult of operationresults of operating activitiesretail methodretained earningsretentionretirementretirement benefitretirement benefit costsretirement benefit planretrospective applicationreturn of investmentreturn on capitalreturn on investmentreturn on plan assets(of an employee benefit plan) return on turnoverrevaluationrevaluation surplusrevalued amount of an assetrevenuereversalreverse acquisitionreverse purchase agreementreverse share splitreverse stock splitreversedreviewrewardrewards associated with a leased assetright issuerisk diversificationrisk exposurerisk poolingrisks associated with a leased assetroyaltysale and leaseback transactionsalessales revenuesecondary segment reporting formatsecured liabilitiessecuritisationsecuritized assetssegmentsegment accounting pilicessegment assetssegment disclouresegment expensesegment liabilitysegment reportingsegment resultsegment revenuesegmentalselling costsselling priceselling segmentsensitivityseparabilityseparate acquisitionseparate financial statementset-offsettlement valueshareshare capitalshare optionshare option planshare premiumshare splitshare warrantshareholder's equityshareholder's interestsshort sellershort-term employee benefitssick paysignificant influencesignificant transactionsinking fund arrangementsite labor costsite supervisionsocial security arrangementsocial security contributionsolvencyspecial participation rightspin-offspot ratestaff coststages of vertically integranted operations stamp dutystandard cost methodstandard letters of creditstanding interpretation committeestart-up coststate (employee benefit ) planstated interest ratestated valuestatement of accounting policystatement of changes in equitystock dividendstock optionstock purchase planstock aplitstraight-line methodstrategic investmentsubleasesubsequent changesubsequent costsubsequent expendituresubsequent measurementsubsidiariessubstance over formsubventionsucessive share purchasessum-of-the-units methodsupervisory non-management directorssuretysurplussurplus fundswapswap contractsynergysynthetic instrumentsystematic methodtangible assetstax assetstax basetax benefittax liabilitytax losstax loss for carry backtax loss for carry forwardtax payabletax planning opportunitiestaxable entitytaxable incometaxable profittaxable temporary differencetaxationtaxes on incometemporary investment termtermterminationterminationg benefitstermination indemnitiesthresholdtimelinesstime-weighted factortiming differencestitle to assetstop-down testtotal carrying amounttotal return swaptrade and other payablestrade and other receivablestrade discounttrade discount and rebatetrade investmenttrade liabilitiestrademarktransaction costs (financial instruments) transanction in foreign currencytransfertransfer pricetransitional liability ( defined benefit plans) transitional provisiontreasury sharestrue and fair viewtrust activitiestrust fundtrusteesultimate redemption valueunderlyingunderlying financial instrumentunderlying primary financial instrument understandabilityunearned finance incomeunguaranteed residual valueunit of production methoduniting of interestsunquotesunrealized gainunrealized lossunrealized profitunused tax creditunusual itemupstream activitesupstream productupstream transactionsuseful lifevacation payvalid expectationvaluationvariable production overheadsventurervested employee benefitsvoting rightwarrantwarrantywarranty costswarranty provisionsweighted average cost formulasweighted average cost methodwelfare planwholly-owned subsidiarywithholding taxwork in progresswork performed by the enterprises and capitalised working capitalwrite backwrite downwrite offwrite-down investories on an item by item basis writeryield企业集团加速股利会计假设会计估计会计处理，会计核算会计收益会计期间会计政策会计利润会计处理应计权责发生制，应计制应计雇员费用应计负债累计摊销额累计汇兑差额累计损益累计带薪缺勤被购方购买方购买，收买，购并购买费用活跃市场实际汇率精算假设精算损益承诺福利的精算现值承诺退休福利的精算现值精算报告精算技术精算估价精算师追加的，额外的额外对价行政费用预收款，预付款加总，汇总，总计加总价值分配，分摊备抵，折让允许选用的处理方法摊销摊销方法摊销期摊余成本金额可收回金额，可补偿金额辅助费用年度报告，年报预期未来交易反稀释分配，分拨正常交易，公平交易要价评价，评估资产产权转让联营企业归属于批准报出可供出售的平均账面金额平均汇率收益与成本的平衡资产负债表负债法银行透支基本每股收益期初基准处理方法受益方最佳估计投标保函出价票据约束性销售协议董事会奖金，红利红股奖金计划借款协议借款费用自下而上测试分支机构经纪人佣金，经纪人业务企业合并购买式企业合并业务分部回购采购分部看涨期权，买入期权可赎回的可赎回债券（利率）上限资本资本法资本资产定价模型资本承诺资本投入资本利得资本保全资本交易资本化资本化发行资本化比率结转后期未利用的税款抵扣结转后期未利用的可抵扣（应税利润额的）亏损结转后期账面金额可抵扣（应税利润额的）亏损抵前现金收付实现制现金等价物现金流量现金流量风险现金流量表现金产出单元银行存款现金流入库存现金现金流出存单会计政策变更财务状况变动借记，计入首席执行官，行政总裁，总经理资产类别归类，分类清算所期末汇率可回收性收账费用并股合并合并实体合并经营成果合并和分立的建造合同参与合并的企业佣金承诺承诺费，承约费商品合同商品期货合同以商品为基础的合同普通股可比性不加控制的可比价格法比较期间带薪缺勤补偿，报酬复合金融工具计算机软件信用风险集中对价一致性合并资产负债表合并财务报表合并集团合并收益表合并并股合并程序固定回报率建造合同施工间接费用推定义务易耗品或有事项或有资产或有承诺或有利得或有负债或有损失或有租金或有可发行股合同，合约承包商合同义务合同条款合同权利注资，出资出资，提存金控制惯例转换期权转换权转换可转换可转换债券版权总部资产区间成本成本法购买成本，收买成本，购并成本处置成本销售成本存货成本人工成本采购成本销售成本销售成本法成本回收法成本节省成本加成合同成本加成法购买成本材料成本注册费用完工尚未发生的成本对应方贷记，贷项信用便利信用风险赊销期限债权人信用可靠度累积优先股股利累积优先股货币风险货币互换货币折算差额当期和预期获利能力流动资产现行成本现行成本法现行成本财务报表现行利率短期投资流动负债当期当期工资法当期服务成本当期税金缩减顾客信赖，顾客忠诚购买日，收买日，购并日出资日报告日评估日日常活动交易性证券债务拖欠债务性工具债务性证券债务-权益比率下跌可抵扣暂时性差异违约递延法递延酬劳递延酬劳安排递延汇兑损益递延收益递延付款递延付款条件递延收入递延所得税资产递延所得税负债递延所得税设定受益计划设定提存计划可比程度交付，交割，交货；送达活期存款明确承诺提取存款应折旧金额应折旧资产折旧折旧方法折旧率终止确认（某一金融工具）终止确认（某一金融工具）衍生金融工具衍生工具开发费用开发支出开发阶段稀释每股收益稀释稀释选择权稀释性潜在普通股余额递减折旧法直接影响直接增量费用直接投资直接人工直接发直接关系可直接归属的支出解脱，解除披露披露已终止经营终止经营折价，折扣，贴水折现率处置处置收入子公司的处置处置亏本销售分派，分配销售费用，分销费用股利收益应收股利股利率股利股利政策跟单信贷下游交易，下销交易收益每股收益，每股盈利获利能力经济利益经济寿命经济业绩生效日期实际利率法实际收益率消除嵌入衍生工具雇员福利雇员福利费用期末实体权益权益资本权益计酬福利权益计酬计划权益性金融工具权益性工具股份发行权益法权益性证券估计价值评价，估价资产负债表日后事项汇率外汇管制汇兑差额汇兑损失资产交换执行待执行合同行使日行使价格现有用途，现行用途预期增长率预期价值，预期价值法结转后期的支出费用经验调整失效，满期，终止满期日，终止日说明性注释勘探风险敞口除权展期外部客户消除消除债务采掘非常项目资产负债表表内收益表表内公允表述，公允列报公允价值真实反映费，手续费伙伴子公司先进先出法筹资费用筹资成本融资收益融资租赁为交易而持有的金融资产或负债金融资产财务预算财务担保金融机构金融工具财务权益金融负债财务或财政援助财务业绩财务政策财务状况财务审阅，财务审核财务权利财务报表财务结构财务支持财务年度财务年度年初至今基础筹资活动筹资安排筹资手段产成品确定承诺确定购买合同确定销售合同财政政策固定造价合同固定制造费用固定赎回价值浮动利率，浮动汇率（利率）下限强制性交易国外业务外币外币借款外币套期外币交易国外实体汇兑损益国外经营预计寿命饶让贷款远期合同框架特许权费受让人（接受特许权人）特许权费特许人（授出特许权人）精算估价周期全额支付重大差错注资政策注资风险代客持有资金追加费用未来经济利益期货合同利得一般行政费用（财务报表中）一般披露要求一般物价水平一般购买力法通用财务报表一般工资水平地区分部持续经营商誉政府援助政府补助政府采购与资产相关的政府补助与收益相关的政府补助账面总金额融资租赁投资总额销售毛利毛利指南标题总部的费用套期会计套期有效性被套期项目套期套期工具为交易而持有持有至到期的投资租购合同历史成本历史成本制度损坏责任转移协议控股公司主合同恶性通货膨胀恶性通货膨胀经济可辨认性可辨认资产资产和负债的认定认定，辨认不重要减值减值损失资产减值推算成本，假计成本估算利率奖励租赁起始日发生率收益收益法来自联营企业的收益收益表收益表负债法所得税所得税资产所得税法所得税负债产生收益的资产（承租人）增量借款利率增量股份豁免条款间接法单个资产，个别资产单个负债，个别负债初始账面价值（终止经营的）初始披露事项初始计量初始确认保险合同保险费承保人无形资产（雇员福利计划的）利息成本合营企业中的权益利息收益附息或不附息的负债与准备利率上限利率上下限组合利率下限租约中的内含利率利率风险利率互换本金剥离中期财务报告中期内部管理结构内部组织结构内部利润内部报告分部自创商誉国际会计准则国际会计准则委员会集团内部交易存货投资活动投资企业投资投资收益投资业绩投资性房地产投资性证券投资税款抵减合营中的投资者非自愿清算股票发行已发行股本项目共同控制共同拥有合营产品合营企业合营活动合营协议共同控制资产共同控制实体共同控制景扬管辖区域，管辖范围人工租赁租赁期法律顾问律师费用法律实体法定兼并法定义务法定执行权贷款人出借方回报承租人出租人信用证平均收益率杠杆租赁负债负债法许可证许可证费，执照费许可证受让人许可协议许可证让予人人寿保险企业后进先出法逐项报告格式单列项目清算流动性流动性风险。

2022年考研考博-考博英语-中国财政科学研究院考试预测题精选专练VII（附带答案）第1套一.综合题(共25题)1.单选题______ that as both birds and mammals become larger, their metabolic rates per unit of tissue decrease, and they generally live longer.问题1选项A.The truthB.It is trueC.If trueD.To be true【答案】B【解析】考查固定句型。

句意：的确，随着鸟类和哺乳动物的体型变大，它们每单位组织的代谢率会下降，它们通常会活得更长。

It is/was+adj.+that是强调句型，It作形式主语，真正主语是that 后面的内容，B选项It is true符合题意。

因此B选项正确。

2.单选题While the company’s CEO professes to be confident and urges the deal forward, its investors are unlikely to be so _______ about its prospects. Many were uncomfortable at the way the corporation was forced to spend much of its capital in last year’s expansion, and this new venture is potentially even more risky.问题1选项A.apatheticB.sanguineC.apprehensiveD.anxious【答案】B【解析】考查形容词辨析。

A选项apathetic“无动于衷的；缺乏兴趣的”；B选项sanguine“乐观的，充满希望的”；C选项apprehensive“忧虑的”；D选项anxious“担忧的；急切的”。

The influence of corporate governance on the relation betweencapital structure and valueCapital structure:relation with corporate value and main research streamsWhen looking at the most important theoretical contributions on the relation between capital structure and value,as illustrated in Figure1,it becomes immediately evident that there is a substantial difference between the early theories and the more recent ones.Modigliani and Miller(1958),who had originally asserted that there was no relationship between capital structure and value;in1963,instead,reached the paradoxical and provocative conclusion that a maximum level of debt would mean a maximum level of firm value,due to the fact that interest is tax deductible.Many later contributions pointed out that this effect is compensated when considering personal taxes(Miller,1977),an eventual lack of tax capacity,due to the presence of economic loss,the effect of other types of tax shields(De Angelo and Masulis,1980), as well as the introduction of the costs(direct and indirect)of financial distress;all these situations end up creating a trade-off between debt costs and benefits.Point L’in Figure1c indicates an optimal level of debt,beyond which any rise in leverage would cause an increase in the benefits of debt that would be less than proportional with respect to the costs of financial distress.Furthermore,this non monotonic relation would be modified even more when considering agency costs as well as the costs of financial distress.Finally,one last stream of research(Myers,1984,Myers1984) points out managerial preferences when choosing financing resources.In this case no optimal level of debt becomes‘‘objectively’’evident,but this is due to the various situations the manager had to deal with over time.The function of managerial preference has particular relevance due to information asymmetries,therefore the level of firm indebtedness will be determined by the tangent between the firm value function and the curve of manager indifference.Furthermore,it can be observed that debt increases in correspondence with the better the firm’s reputation is on the market(Chevalier,1995).Research has shownsimilarities between firms that belong to the same sector(Titman and Wessels,1988); in other words,capital structure tends to be industry-specific.The empirical comparison between the trade-off theory and the pecking order theory seems to be controversial.On one hand,empirical evidence shows moderate coherence with the trade-off theory,when revenue and agency problems are taken into consideration contextually;on the other hand,the negative relation between leverage and firm profit does not seem to support the trade-off theory,as it confirms a hierarchical order in financial decision making.It is,thus,clear that the topic of capital structure is anything but defined and that there are still many open problems regarding it.As many authors have noted(Rajan and Zingales,1995)capital structure is a ‘‘hot’’topic in finance.By analyzing international literature the main research priorities and new analytical approaches are related to:the important comparison between‘‘rational’’and‘‘behavioural’’finance(Barberis and Thaler,2002);a lively comparison made between the pecking order theory and the trade-off theory(Shyam-Sunder and Myers,1999);the attempt to apply these theories to small firms(Berger and Udell,1998,Fluck,2001);the role of corporate governance on the relation between capital structure and value(Heinrich,2000,Bhagat and Jefferis,2002, Brailsford et al.,2004,Mahrt-Smith,2005).The behavioural approach,that considers the pecking order of financial resources in terms of‘‘irrational’’preferences,caused an immediate reaction from Stewart Myers in2000and2001and jointly with Shyam-Sunder in1999(Myers,2000;2001; Shyam-Sunder and Myers,1999).Stewart Myers is the founder of the pecking order theory[7].Problems of information asymmetry,together with transaction costs,would be able to offer a rational explanation to managerial behaviour when financial choices are made following a hierarchical order(Fama and French,2002).In other words, according to Myers and Fama,there should be a‘‘rational’’explanation to the phenomenon observed by Stein,Baker,Wrugler,Barberis and Thaler.Moreover,studies on capital structure have also been done looking at small and medium size firms(Berger and Udell,1998,Michaelas et al.,1999,Romano et al.,2000,Fluck,2001),due to the relevant economic role of these firms(in Europe they are95percent of the total firms operating).Zingales(2000)as well has emphasized the fact that today‘‘...the attention shown towards large firms tends to partially obscure firms that do not have access to the financial markets...’’.In one of the most interesting studies done on this topic,Berger and Udell(1998)asserted that firm financial behaviour depends on what phase of their life cycle they are in.In fact,there should be an optimal pro-tempore capital structure,related to the phase of the life cycle that the firm is in.Finally,the observations of Michael Jensen(1986),made throughout his many contributions on corporate governance,as well as those of Williamson(1988),have encouraged a line of research that,revitalized in the second part of the nineties,seems to be quite promising as a means to analyze how corporate governance directly or indirectly influences the relation between capital structure and value(Fluck,1998, Zhang,1998,Myers,2000,De Jong,2002,Berger and Patti,2003,Brailsford et al., 2004,Mahrt-Smith,2005).In synthesis,it is possible to affirm,as it follows,that a joined analysis of capital structure and corporate governance is necessary when describing and interpreting the firm’s ability to create value(Zingales,2000,Heinrich, 2000,Bhagat and Jefferis,2002).This type of consideration could help overcome the controversy found when studying the relation between capital structure and value,on both a theoretical and empirical level.Influence of corporate governance on the relation between capital structure and value.Capital structure can be analyzed by looking at the rights and attributes that characterize the firm’s assets and that influence,with different levels of intensity, governance activities.Equity and debt,therefore,must be considered as both financial instruments and corporate governance instruments(Williamson,1988):debt subordinates governance activities to stricter management,while equity allows for greater flexibility and decision making power.It can thus be inferred that when capital structure becomes an instrument of corporate governance,not only the mix between debt and equity and their well known consequences as far as taxes go must be takeninto consideration.The way in which cash flow is allocated(cash flow right)and, even more importantly,how the right to make decisions and manage the firm(voting rights)is dealt with must also be examined.For example,venture capitalists are particularly sensitive to how capital structure and financing contracts are laid out,so that an optimal corporate governance can be guaranteed while incentives and checks for management behavior are well established(Zingales,2000)[10].Coase(1991),in a sort of critique on his own work done in1937,points out that it is important to pay more attention to the role of capital structure as an instrument that can mediate and moderate economical transactions within the firm and, consequently,between entrepreneurs and other stakeholders(corporate governance relations).As explicitly pointed out by Bhagat and Jefferis(2002),when they pay particular attention to the relations between cause and effect and to their interactions recently described on a theoretical level(Fluck,1998,Zhang,1998,Heinrich,2000,Brailsford et al.,2004,Mahrt-Smith,2005),a‘‘research proposal’’that future empirical studies should evaluate should be,how corporate governance can potentially have a relevant influence on the relation between capital structure and value,with an effect of mediation and/or moderation.The five relations identified in Figure2describe:the relation between capital structure and firm value(relation A)through a role of corporate governance ‘‘mediation’’;the relation between capital structure and firm value(relation A) through the role of capital governance‘‘moderation’’(relation D);the role of corporate governance as a determining factor in choices regarding capital structure(relation E).All five relations shown in Figure2are particularly interesting and show two threads of research that focus on the relations between:corporate governance and capital structure,where the dimensions of the corporate governance determine firmfinancing choices,causing a possible relation of co-causation Whether management voluntarily chooses to use debt as a source of financing to reduce problems of information asymmetry and transaction,maximizing the efficiency of its firm governance decisions,or the increase in the debt level is forced by thestockholders as an instrument to discipline behavior and assure good corporate governance,capital structure is influenced by corporate governance(relation E)and vice versa(relation B).On one hand,a change in how debt and equity are dealt with influences firm governance activities by modifying the structure of incentives and managerial control. If,through the mix debt and equity,different categories of investors all converge within the firm,where they have different types of influence on governance decisions, then managers will tend to have preferences when determining how one of these categories will prevail when defining the firm’s capital structure.Even more importantly,through a specific design of debt contracts and equity it is possible to considerably increase firm governance efficiency.On the other hand,even corporate governance influences choices regarding capital structure(relation E).Myers(1984)and Myers and Majluf(1984)show how firmfinancing choices are made by management following an order of preference;in this case,if the manager chooses the financing resources it can be presumed that she is avoiding a reduction of her decision making power by accepting the discipline represented by debt.Internal resource financing allows management to prevent other subjects from intervening in their decision making processes.De Jong(2002)reveals how in the Netherlands managers try to avoid using debt so that their decision making power remains unchecked.Zwiebel(1996)has observed that managers don’t voluntarily accept the‘‘discipline’’of debt;other governance mechanisms impose that debt is issued.Jensen(1986)noted that decisions to increase firm debt are voluntarily made by management when it intends to‘‘reassure’’stakeholders that its governance decisions are‘‘proper’’.In this light,firm financing decisions can be strictly deliberated by managers-entrepreneurs or else can be induced by specific situations that go beyond the will of the management.ConclusionThis paper define a theoretical approach that can contribute in clearing up the relation between capital structure,corporate governance and value,while they alsopromote a more precise design for empirical research.Capital structure represents one of many instruments that can preserve corporate governance efficiency and protect its ability to create value.Therefore,this thread of research affirms that if investment policies allow for value creation,financing policies,together with other governance instruments,can assure that investment policies are carried out efficiently while firm value is protected from opportunistic behavior.In other words,various authors(Borsch-Supan and Koke,2000,Bhagat and Jefferis,2002and Berger and Patti,2003)point out the necessity to analyze the relation between capital structure and value by always taking into consideration the interaction between corporate governance variables such as ownership concentration, management participation in the equity capital,the composition of the Board of Directors,etc.Furthermore,there is a problem in the way to operationalize these constructs,due to multidimensional nature of these.It is quite difficult to identify indicators that perfectly correspond to theoretical constructs;it means that proxy variables,or empirical measures of latent constructs,must be used(Corbetta,1992).Moreover,it must be considered possible that there may be distortions in the signs and entities of the connections between variables due to endogeneity problems, or rather the presence of co-variation even when there is no cause,and reciprocal cause,where the distinction between the cause variable and the effect variable are lacking,and the two reciprocally influence each other.From an econometric point of view,therefore,it would seem to be important to further investigate the research proposal outlined above,by empirically examining the model proposed in Figure2using appropriate econometric techniques that can handle the complexity of the relations between the elements studied.Some proposals for study can be found in literature;the use of lagged variables is criticized by Borsch-Supan and Koke(2000)that affirm that it would be better to determine instrumental variables that influence only one of the two elements of study;Berger and Patti(2003),Borsch-Supan and Koke(2000)and Chen and Steiner(1999) promote the application of structural model equations to solve these problems,that isa method appropriate for examining the causal relations between latent, one-dimensional or multi-dimensional variables,measured with multiple indicators (Corbetta,1992).In conclusion,this paper defines a theoretical model that contributes to clarifying the relations between capital structure,corporate governance and firm value,while promoting,as an aim for future research,a verification of the validity of this model through application of the analysis to a wide sample of firms and to single firms.To study the interaction between capital structure,corporate governance and value when analyzing a wide sample of firms,the researcher has to take into account the relations showed in Figure2,look at problems of endogeneity and reciprocal causality,and make sure there is complementarity between all the three factors.Such an analysis deserves the application of refined econometric techniques.Moreover,these relations should be investigated in a cross-country analysis,to catch the role of country-specific factors.Source:Maurizio La Rocca,2007“The influence of corporate governance on the relation between capital structure and value”.corporate gorernance,vol.7,no.3april,pp.312-325.。