Principles of Finance · 免费预览
经济周期与经济活动
经济在扩张与收缩之间交替，以高峰和低谷为标志；衰退由美国国家经济研究局依据对经济活动总体情况的判断正式宣布；对经济周期的认识会影响从销售预测到信贷政策的各项金融决策。
1. Growth that moves in waves
Growth that moves in waves
2. Who declares a recession
Who declares a recession
3. The cycle's financial fingerprints
The cycle's financial fingerprints
4. Planning across the cycle
Planning across the cycle
5. Naming the turning points
At which two points does the business cycle change direction?
6. The NBER's definition
Which statement about how recessions are declared in the United States is correct?
7. Signs of a maturing expansion
Which cluster of developments most signals that an expansion is maturing and may be near its peak?
8. Why growth strains cash
Why can rapid sales growth during an expansion actually strain a firm's cash position?
9. Normalizing earnings
Why do analysts normalize earnings across a full business cycle before valuing a company?
10. Recession-readiness in planning
Which practice best embodies planning for the business cycle rather than predicting it?
11. The four-letter cycle arbiter
What four-letter abbreviation names the private organization that officially declares US recessions? Write the abbreviation.
12. The top of the cycle
What one-word term names the point where expansion turns into contraction? Write the term in lowercase.
13. The bottom of the cycle
What one-word term names the point where contraction ends and expansion resumes? Write the term in lowercase.
14. The shrinking economy's label
What one-word term commonly names the contraction phase of the business cycle? Write the term in lowercase.