CMA考试essay 题P2(四）

　　1、风险管理的四个步骤、管理方式、好处、管理层对风险管理的态度、风险控制的作用；?

　　步骤：1.identify risk   2.assess risk   3.prioritize risk   4.formulate risk responses 5.monitor risk responses

　　好处：1.efficient use of resource   2.reducing operational surprises and losses

　　3.seizing opportunities    4.improve deployment of capital

　　5.reassuring investors will lower the cost of capital

　　态度：risk retention   risk reduction   risk sharing    risk avoidance

　　2、间接法编制现金流量表、AR回收天数、与同行业比是否合理、固定费用的影响、EBIT，计算operating cashflow/fixed cost等，indirect method与direct method的区别。

　　Direct :It lists separate cash receipts and disbursements and reports net cash flow as the difference between them

　　Indirect :It begins with accrual-basis net income or the change in net assets and removes items that did not affect operating cash flow

　　3.问到了会计成本和经济成本的区别，问到了国际贸易中的风险和如何规避

　　Accounting cost:explicit cost

　　Economic cost:explicit cost plus implicit cost

　　风险规避：use stock option   use forward contract    use interest rate swap,currency swap,credit default swap

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