剑桥商务英语高级5ppt课件

.,Module5MoneyandFinance,Gdut,.,FunctionsofMoney,MediumofexchangeAunitofaccount:measuringthevalueofgoodsandservicesAtemporarystoreofvalue,.,Finance,Themanagementofmoney财务管理；财政MinistryofFinance;Moneyusedtosupportanundertaking,fund:资金financesthemoneythatanorganizationorpersonhas,andthewaythattheymanageit财源，财力，财务状况V：fund，toprovidemoneyforaproject,.,Contents,MoneyexpressionAbankloanAcultureofdebtChoosinganinvestmentCompanyfinanceBusinesscosts,.,Moneyexpression,Moneyoftencoststoomuch.RalphWaldoEmerson,EssayistItsexpensivetoborrowmoney.Pursuingmoneyonlymakesyouneglectthemoreimportantthingsinlife.,.,Invoice,invoicesb(forsth)|invoicesth(tosb/sth)towriteorsendabillforworkyouhavedoneorgoodsyouhaveprovidedBeinvoicedforthegoodsN.listofgoodssoldorservicesprovidedwiththeprice(s)charged,espsentasabillCompare:bill,check;receipt,voucher,.,Abankloan,Aloanisatypeofdebt.Likealldebtinstruments,aloanentailstheredistributionoffinancialassetsovertime,betweenthelenderandtheborrower.Inaloan,theborrowerinitiallyreceivesorborrowsanamountofmoney,calledtheprincipal(本金),fromthelender,andisobligatedtopaybackorrepayanequalamountofmoneytothelenderatalatertime.Typically,themoneyispaidbackinregularinstallments,orpartialrepayments.Theloanisgenerallyprovidedatacost,referredtoasinterestonthedebt,whichprovidesanincentiveforthelendertoengageintheloan.,.,Typesofloans,Securedloan:aloaninwhichtheborrowerpledgessomeasset(e.g.acarorproperty)ascollateral(抵押物)fortheloan.Eg:mortgageloanUnsecuredloan:monetaryloansthatarenotsecuredagainsttheborrowersassets.Eg:creditcarddebtDemandloan:shorttermloans(typicallynomorethan180days)thatareatypicalinthattheydonothavefixeddatesforrepaymentandcarryafloatinginterestratewhichvariesaccordingtotheprimerate.Theycanbecalledforrepaymentbythelendinginstitutionatanytime.Demandloansmaybeunsecuredorsecured.,.,Securityforaloan,MortgagedpropertyAcar/house:mortgageloanBorrowersdonothaveacleartitleoveritandcannotsellitwithoutthelendersconsent.AguarantorAperson,theguarantor,agreestopaybackthedebtiftheborrowercantorwont.,.,UsefulTerms,Outgoing(日常开支):themoneythatyouhavetospendregularly,forexampleonrentorfoodSecurity(抵押品):jewelry,insurancepolicies,realestate,etcthatcanbeusedtoguaranteethatonewillpaybackborrowedmoneyorkeepapromise,e.g.lendmoneyonsecurity.CivilService(政府机关)/CivilorPublicServant(公务员):Bodyofgovernmentemployeesentrustedwiththeadministrationofthecountry,andmandatedtocarryoutthepolicyofthegovernment.Blue-chipstocks(蓝筹股):Stocksissuedbylargecompaniesarecalledbluechipstocks.Becausethecompaniesarewellestablished,withsomewhatpredictableearnings,theirstockpricestendtofluctuatelessthanotherequitiesandthushaverelativelystableprices.Thesecompaniesoftenpaysteadydividends,givingtheinvestorincomeinadditiontothepotentialforcapitalappreciation.,.,Acultureofdebt,AlanGreenspan:AmericaneconomistservedasChairmanoftheFederalReserveoftheUnitedStatesfrom1987to2006.,.,UsefulTerms,Remortgaging(再抵押):Aremortgage(alsoknownasrefinancing)istheprocessofpayingoffonemortgagewiththeproceeds(收益)orearningsfromanewmortgageusingthesamepropertyassecurity.Oftenthepurposeofswitchingistosecureamorefavorableinterestratefromadifferentlender.Down-payment(定金/首期款):adepositorfirstinstallmentonsomethingbeforethefullamountispaid.Negativeequity(负资产):Negativeequityoccurswhenthevalueofanassetusedtosecurealoanislessthantheoutstandingbalanceontheloan.IntheUnitedStates,assets(particularlyrealestate,whoseloansaremortgages)withnegativeequityareoftenreferredtoasbeingunderwater,andloansandborrowerswithnegativeequityaresaidtobeupsidedown.,.,Equity:financethemoneyforbusinessactivities(capital)thatacompanyobtainsbysellingsharesratherthanfromloans:股本toissue/raiseequityanequityinterest/stake(insth)equityholdings/investmentsequitymarkets/prices/valuesanequityanalyst/investor/trader,.,2.(Finance;StockExchange)equitiespl.sharesincompanies,especiallyordinaryshares;thebusinessoftradingshares:普通股票tobuy/hold/investin/sell/tradeequities,.,3.(alsohomeequity,especiallyinAmE)U)thevalueofapropertyafteralldebtshavebeenpaid:抵押资产的净值Equity=assets-liabilitiesTheyhave10yearsofmortgagepaymentsleftandabout$75000equityintheirhome.,.,Homeequityloan（房屋净值贷款）,atypeofloaninwhichtheborrowerusestheequityintheirhomeascollateral(抵押物).usefultofinancemajorexpensessuchashomerepairs,medicalbillsorcollegeeducation.Ahomeequityloancreatesalien(扣押权)againsttheborrowershouse,andreducesactualhomeequity.Lien：righttokeepsbspropertyuntiladebtowedinconnectionwithit(forrepair,transport,etc)ispaid,.,EquityBorrowing(房屋淨值貸款),HomeequityborrowingEquityfinancing-orequityloans-areaflexibleformofborrowingsecuredbyyourhome.Homeequityloansletyoudrawontheinvestmentyouhaveinyourhometodoavarietyofthings,suchas:RenovateormakehomeimprovementsBuyanewcarPurchaseaninvestmentpropertyFinanceschoolormedicalfeesConsolidateyourdebts,.,EquityBorrowing(房屋淨值貸款),EquityexplainedEquityisthedifferencebetweenwhatyouoweonyourpropertyanditscurrentmarketvalue.Forexample,ifyourhomeisworth$200,000andtheprincipalremainingonyourmortgageis$40,000,theportionofyourhomewhichyouown-theequity-is$160,000.,.,EquityBorrowing(房屋淨值貸款),HowitworksYoucanusetheequityinyourhomeassecurityforaloan.Mostlenderswillallowyoutoborrowsomeorallofthevalueoftheequity.Becausethevalueofyourhomealmostalwaysexceedsthedebt,itislessriskylendingagainstequity.Henceinterestratesontheseloansareoftenlower.,.,EquityBorrowing(房屋淨值貸款),AdvantagesofequityborrowingLetyouuseyourlargestsourceofwealth-yourhomeFlexible,quickformoffinanceCanbeusedforawiderangeofneeds,frompayingbillstoinvestinginsharesInterestratescanbelower.,.,EquityBorrowing(房屋淨值貸款),Disadvantagesofequityborrowing:Aswithanymortgagesecuredagainstyourhome,ifyoudefaultonpaymentsthelendermaycallinorsuspendtheloanCanextendthetimeneededtopayoffyourmortgageYourhousecandeclineinvalue,reducingyourequity.,.,Borrowandspendpolicy:goodorevil,Debtisgood.-morespendingmoreeconomicgrowth-improvethelivingstandard,DebtisevilIfassetvaluescrashmoredebtmoremoneyinthemarketpotentialriskofinflationunstablesocietyandmarketToomuchdebtnotpayablebaddebtbankruptcyunemployment,.,ACultureofDebt,Remortgageyourhome:toborrowmoremoneyagainstthevalueofyourhousewhenyouhavealreadydonesoonceTomakeadown-payment:toputadepositorfirstinstallmentonsomethingbeforepayingthefullamountAssetvaluewillcrash:thevalueofpeoplespropertieswillfallsuddenlyTobeinnegativeequity:whenyourdebtsaregreaterthanyourassets.,.,Presentation,P49,speaking5Ponderoverthefollowingquestions:Whatfactorsshallbeconsideredwhenchoosinganinvestment?Figureoutthepriority.Whatwouldbetherisks?Whichcinemawillyouconsiderabetterchoiceandwhy?Whatarethedisadvantagesandadvantages?Usethelanguageboxtomakeyourpresentation.,.,Mutiplex(综合性多厅影院):Abuilding,especiallyamovietheaterordwelling,withmultipleseparateunits.p.a.(每年):perannumIndependentCinema(独立电影院):Anindependentcinemaisusuallyasmallcinemaplayingindependentfilmsorartfilms.Anindependentfilmisafilmthatisproducedmostlyoutsideofamajorfilmstudio.Thetermalsoreferstoartfilmswhichdiffernoticeablyfrommostmassmarketedfilms.Inadditiontobeingproducedbyindependentproductioncompanies,independentfilmsareoftenproducedand/ordistributedbysubsidiariesofmajorstudios.Inordertobeconsideredindependent,lessthanhalfofafilmsfinancingshouldcomefromamajorstudio.Independentfilmsaresometimesdistinguishablebytheircontentandstyleandthewayinwhichthefilmmakerspersonalartisticvisionisrealized.Usually,butnotalways,independentfilmsaremadewithconsiderablylowerbudgetsthanmajorstudiofilms.Generally,themarketingofindependentfilmsischaracterizedbylimitedreleasedesignedtobuildword-of-mouthortoreachsmallspecialtyaudiences.,.,Companyfinance,Howtomanagethecompanysfinance?Whatsmallbusinesswouldyouliketosetup?Thinkofthefinancialrisksofsuchaventureandlistthemout.,.,Financialrisks,Cashflowproblemsfromlatepaymentbycustomers.TakingoutloanstheycannotserviceproperlyNotkeepingcashreservesfortimesofdifficultyNotinsuringthemselvesagainstbusinessrisk.NotsettingasideenoughmoneyformarketingandadvertisingNotprovidingfortheirownretirement,.,Financialterms,Variablecost:expensesthatchangeinproportiontotheactivityofabusiness.Fixedcost:businessexpensesthatarenotdependentonthelevelofgoodsorservicesproducedbythebusinessWhatarethey?Rent,salary,fuelconsumption,rawmaterial,maintenancefee,manufacturingoverheads,electricity,.,Financialterms,Currentassets:cashandotherliquidassetsthatcanorwillbeconvertedtocashorusedwithinoneyear.Fixedassets:plant,property,equipment,andotherassetsexpectedtolastformorethanoneyear.Accumulateddepreciationrepresentsthecumulativevalueoffixedassetsthathavebeenexpensedordepreciated.,.,Currentliability:claimsofcreditorsthataretoberepaidwithinoneyear.Long-termdebt:debtsthatcomedueoneyearorlongerafterthedateonthebalanesheet.Owners(shareholders)equity:claimsoftheproprietor(业主，老板),partners,orstockholdersagainsttheassetsofthefirm;thedifferencebetweentotalassetsandtotalliabilities.Dividends：anamountoftheprofitsthatacompanypaystoshareholders,.,Accountspayable:afileoraccountsub-ledgerthatrecordsamountsthatapersonorcompanyowestosuppliers,buthasnotpaidyet(aformofdebt),sometimesreferredastradepayables.Eg:Whenaninvoiceisreceived,itisaddedtothefile,andthenremovedwhenitispaid.Inhouseholds,accountspayableareordinarilybillsfromtheelectriccompany,telephonecompany,cabletelevisionorsatellitedishservice,andothersuchregularservices.Inabusiness,thereisusuallyamuchbroaderrangeofservicesintheA/Pfile,.,mostbusinessentities,AccountsReceivableistypicallyexecutedbygeneratinganinvoiceandeithermailingorelectronicallydeliveringittothecustomer,who,inturn,mustpayitwithinanestablishedtimeframe,calledcredittermsorpaymentterms.,.,Operatingincome:grossincomeminusoperatingexpenses,alsocalledEBIDA(earningbeforeinterestdepreciation,taxesandamortization(分期偿还)Financialstatement财务报表：aformalrecordofthefinancialactivitiesofabusiness,person,orotherentity.Theobjectiveoffinancialstatementsistoprovideinformationaboutthefinancialposition,performanceandchangesinfinancialpositionofanenterprisethatisusefultoawiderangeofusersinmakingeconomicdecisions,.,Balancesheet:alsoreferredtoasstatementoffinancialpositionorcondition,reportsonacompanysassets,liabilities,andOwnershipequityatagivenpointintime.Incomestatement:alsoreferredtoasProfitandLossstatement(oraP&L),reportsonacompanysincome,expenses,andprofitsoveraperiodoftime.Profit&Lossaccountprovideinformationontheoperationoftheenterprise.Theseincludesaleandthevariousexpensesincurredduringtheprocessingstate.Statementofretainedearnings:explainsthechangesinacompanysretainedearningsoverthereportingperiod.Statementofcashflows:reportsonacompanyscashflowactivities,particularlyitsoperating,investingandfinancingactivities.,.,Incomestatement(损益表)Balancesheet(资产负债表assets资产；liabilities债务)Cashflowstatement(现金流量表),Tocheckwhetherabusinessishealthy,youneedtolookat,.,Cashflow,.,Cashflow,Theflowofcashintoandoutofabusinessoveraperiodoftime.Watchingthecashinflowsandoutflowsisoneofthemajormanagementtasksofanowner.Theoutflowofcashismeasuredbythosechecksyouwillwriteeverymonthtopaysalaries,suppliers,andcreditors(债权人CF：debtor债务人).Theinflowsarethecashyoureceivefromcustomers,lenders,andinvestors.,.,InflowsLoansIncomesofthesalesofyourproductorservice.OutflowsLaborcostTaxLoanrepaymentProductioncost,Canyounamesometypicalinflowsandoutflowsforacompany?,.,UsefulTerms,TypicalInflowsandOutflows,.,UsefulTerms,TypicalInflowsandOutflowsPrincipal:本金,.,UsefulTerms,TypicalInflowsandOutflows,.,InflowsoutflowsPositivecashflowInflowsoutflowsNegativecashflow,.,UsefulTerms,NetChangeinCash(现金的净值变化):NetChangeincashistheincreaseordecreaseincashfromthebeginningtotheendofayear.NetChangeinCashrepresentsthesumof:CashFromOperatingActivitiesCashFromInvestingActivitiesCashFromFinancingActivitiesForeignExchangeEffects.Comparingacompanysnetchangeincashtothosegeneratedbyitsindustrypeersisagoodwaytogaugethehealthofitscashflowsituation.Acompanynotgeneratingthesameamountofcashascompetitorsisboundtoloseoutwhentimesgetrough.However,sinceprofitabilityiscomposedofitemsthatarenotcash-based,netchangeincashdoesnotdoaverygoodjobofindicatingtheoverallfinancialwell-beingofacompany.,.,purposes,Ownersandmanagersrequirefinancialstatementstomakeimportantbusinessdecisionsthataffectitscontinuedoperations.Financialanalysisisthenperformedonthesestatementstoprovidemanagementwithamoredetailedunderstandingofthefigures.Thesestatementsarealsousedaspartofmanagementsannualreporttothestockholders.Employeesalsoneedthesereportsinmakingcollectivebargainingagreements(CBA)withthemanagement,inthecaseoflaborunionsorforindividualsindiscussingtheircompensation,promotionandrankings.Prospectiveinvestorsmakeuseoffinancialstatementstoassesstheviabilityofinvestinginabusiness.Financialanalysesareoftenusedbyinvestorsandarepreparedbyprofessionals(financialanalysts),thusprovidingthemwiththebasisformakinginvestmentdecisions.Financialinstitutions(banksandotherlendingcompanies)usethemtodecidewhethertograntacompanywithfreshworkingcapitalorextenddebtsecurities(suchasalong-termbankloanordebentures)tofinanceexpansionandothersignificantexpenditures.Governmententities(taxauthorities)needfinancialstatementstoascertaintheproprietyandaccuracyoftaxesandotherdutiesdeclaredandpaidbyacompany.Vendorswhoextendcredittoabusinessrequirefinancialstatementstoassessthecreditworthinessofthebusiness.Mediaandthegeneralpublicarealsointerestedinfinancialstatementsforavarietyofreasons.,.,Ex4,ThefirstplaceyoushouldgotoLiterallyaphotograph,inotherwords,justapictureofacompanysfinancesataparticularpointintimeInaparticularlengthoftimeWhatultimatelymattersorismostimportant,ieinbusiness,thebottomlineistheprofitMakesomebasiccalcualtion,.,Administrativecost:Expenseincurredincontrollinganddirectinganorganization,butnotdirectlyidentifiablewithfinancing,marketing,orproductionoperation.Salariesofseniorexecutivesandcostofgeneralservices(suchasaccounting,contracting,andindustrialrelations)fallunderthisheading.Administrativecostsarerelatedtotheorganizationasawholeasopposedtoexpensesrelatedtoindividualexpenses.,.,overheads,1.General:resourceconsumedorlostincompletingaprocess,butwhichdoesnotcontributedirectlytotheendproductsAlsocalledburdencost.2.Acc