"Financial management", 16. 02. 2010
Section 1 "Essence and organization of financial management at the enterprise"
1. Financial management is. . . .
1. public administration finance
2. management of financial flows commercial organization in a market economy +
3. management of financial flows of a non-profit organization +
2. What functions do the finances of organizations perform?
1. reproductive, control, distribution.
2. control, accounting
3. distribution, control +
3. Who forms the financial policy of the organization?
1. Chief Accountant organizations
2. financial manager +
3. head of an economic entity
4. The main goal of financial management is. . .
1. development financial strategy organizations
2. growth of dividends of the organization
3. maximizing the market value of the organization +
5. The objects of financial management are. . .
1. financial resources, non-current assets, wages of key employees
2. profitability of products, capital productivity, liquidity of the organization
3. financial resources, financial relations, cash flows +
6. What is the controlling subsystem of financial management?
1. directorate of a commercial organization
2. financial department and accounting +
3. marketing service organization
7. Basic official duties financial management is included. . .
1. management of securities, stocks and debt capital +
2. liquidity management, organization of relationships with creditors +
3. control financial risks, tax planning, development of an organization development strategy
8. The main concepts of financial management include concepts. . .
1. double entry
2. compromise between return and risk +
3. delegation of authority
9. Treat primary securities. . .
3. forwards
10. Treat secondary securities. . .
1. bonds
2. bills
3. futures +
11. "Golden Rule"Financial management is...
1. a ruble today is worth more than a ruble - tomorrow +
2. income increases as risk decreases
3. the higher the solvency, the less liquidity
12. Equal payments or receipts Money at regular intervals when using the same interest rate is. . . .
1. annunity +
2. discounting
13. If uniform payments of the enterprise are made at the end of the period, then such a flow is called. . .
1. prenumerando
2. perpetuity
3. postnumerando +
14. Derivative securities include. . .
1. company shares
2. options +
3. bonds
15. K financial market can be referred. . .
1. labor market
2. capital market +
3. sectoral commodity market
16. The organization mobilizes its funds for. . .
1. insurance market
2. communication services market
3. stock market +
17. The organization attracts short-term loans for. . .
1. capital market
2. insurance market
3. money market +
18. Of the listed sources of information for a financial manager, external ones are. . .
1. balance sheet
2. Forecast of socio-economic development of the industry +
3. cash flow statement
19. Of the listed sources of information, it refers to internal ones. . .
1. inflation rate
2. income statement +
3. statistical compilation data
20. External user information are. . .
1. investors +
2. financial manager of the organization
3. chief accountant of the organization
21. Foundation information support financial management is. . .
1. accounting policy organizations
2. balance sheet +
3. income statement +
22. A financial mechanism is a combination of:
1. forms of organization of financial relations, methods of formation and use financial resources used by the enterprise +
2. ways and methods of financial settlements between enterprises
3. ways and methods of financial settlements between enterprises and the state
23. The financial tactics of an enterprise are:
1. solving problems of a specific stage of enterprise development +
2. setting a long-term course in the field of enterprise finance, solving large-scale problems
3. development of fundamentally new forms and methods of redistribution cash funds enterprises
24. Financial management is:
1. scientific direction in macroeconomics
2. science of public finance management
3. practical activities for managing the company's cash flows
4. financial management of an economic entity +
5. academic discipline studying the basics of accounting and analysis
25. Components of the financial mechanism:
1. financial methods, financial leverage, system of financial settlements
2. financial methods, financial leverage, legal, regulatory and information support
3. financial methods, financial leverage, financial settlement system, information support +
26. Financial managers should primarily act in the interests of:
1. workers and employees
2. creditors
4. strategic investors
5. owners (shareholders) +
6.buyers and customers
Section 2 "Financial analysis and planning"
1. Turnover indicators characterize. . . .
1. solvency
2. business activity +
3. market stability
2. The indicator of return on assets is used as a characteristic:
1. profitability of capital investment in the property of the organization +
2. current liquidity
3. capital structure
3. Evaluation indicators business activity are. . .
1. working capital turnover +
2. coverage ratio
3. autonomy coefficient
4. The ratio of inventory turnover of raw materials and materials is defined as a ratio. . .
1. the volume of stocks of raw materials and materials for the period to profit from sales
2. the volume of stocks of raw materials and materials for the period to the volume of sales for the period
3. the cost of used materials to the average value of stocks of raw materials and materials +
5. From the above components current assets least liquid. . . .
1. production stocks +
2. accounts receivable
3. short-term financial investments
4. Prepaid expenses
6. Ratio absolute liquidity shows. . . .
1. what part of all liabilities the organization can repay in the near future
2. what part of the organization's short-term liabilities can be repaid in the near future +
3. what part long-term obligations organizations can repay in the near future
7. The critical liquidity ratio shows. . .
1. What part of long-term liabilities can the organization repay by mobilizing absolutely liquid and quick-selling assets
2. what part of short-term liabilities can the organization repay by mobilizing absolutely liquid and quick-selling assets +
3. What part of the organization's short-term liabilities can be repaid by mobilizing all current assets.
8. Current ratio shows. . . .
1. what part of the equity capital the organization can cover by mobilizing current assets
2. what part of long-term liabilities the organization can repay by mobilizing absolutely liquid and fast-moving assets
3. What part of short-term liabilities can the organization pay off by mobilizing all current assets +
9. If in the composition of the sources of funds of the enterprise 60% is occupied by equity, then this speaks. . .
1. about a sufficiently high degree of independence +
2. about a significant share of diversion of the organization's funds from direct turnover
3. on strengthening the material and technical base of the organization
10. Turnover ratio accounts payable shows opportunity. . . .
1. increase in commercial credit +
2. reducing commercial credit
3. rational use all types of commercial loans
11. Under the financial plan is understood. . .
1. cost estimate for production
2. planning document reflecting the costs of production and sales of products
3. planning document reflecting the receipt and expenditure of funds of the organization +
12. Task financial planning is. . . .
1. development financial policy organizations
2. providing the necessary financial resources for all types of activities of the organization +
3. development of the accounting policy of the organization
13. Compilation process financial plans comprises. . . .
1. analysis financial indicators previous period, drawing up forecast documents, developing an operational financial plan +
2. determining the profitability of manufactured products
3. calculation of the effectiveness of the investment project
14. Drawing up the financial section of a business plan begins with the development of a forecast. . .
1. production volumes
2. sales volumes +
3. cash flow
15. With an increase in the natural volume of sales and other unchanged conditions, the share of variable costs in the composition of sales proceeds:
1. decreases
2. does not change
3. increases +
16. Liquidity ratios show. . . .
1. the degree of profitability of the main operations
2. the ability to cover their current liabilities at the expense of current assets +
3. the company has current debts
17. The highest level of business risk is observed in enterprises that have. . . . . . .
1. equal shares of fixed and variable costs
2. a large share of fixed costs +
3. high level of variable costs
19. When optimizing the assortment, one should focus on the choice of products from. . . . . .
1. the largest share in the sales structure +
2. the minimum value of total unit costs
3. maximum values margin profit/revenue ratio
20. With additional production and sale of several types of products, the maximum low price equal to them. . . . . . . . per product
1. full cost
2. the sum of fixed, variable costs and profits
3. marginal costs (variable costs) +
21. With an increase in sales from sales, fixed costs:
1. increase
2. do not change +
3. decrease
22. Marginal profit- this is. . . . . . .
1. profit after taxes
2. revenue minus direct costs
3. gross profit before taxes and interest
4. revenue minus variable costs +
23. Critical volume of sales in the presence of losses from the sale. . . . . . . . . . . . . . actual sales proceeds
24. The division of the costs of the enterprise into fixed and variable is carried out in order to:
1. determining the amount of revenue required for simple reproduction
2. definition of production and full cost
3. profit planning and profitability +
4. determination of the minimum required volume of sales for break-even activity +
25. The combined impact of operating and financial leverage measures. . . . . .
1. investment attractiveness of the company
2. a measure of the total risk of the enterprise +
3. competitive position of the enterprise
4. degree financial stability companies
26. Fixed costs as part of sales proceeds are costs, the amount of which does not depend on:
1. wages management personnel
2. depreciation policy of the enterprise
3. natural volume of sold products +
27. The concept of "profitability threshold" (critical point, break-even point) reflects:
1. the ratio of profit from sales to sales proceeds (excluding taxes)
2. proceeds from the sale, in which the enterprise has neither losses nor profits +
3. the minimum amount of revenue required to reimburse the fixed costs of production and sales of products
4. the value of the ratio of profits to production costs
5. net income enterprises in monetary form required for extended reproduction
28. With an increase in the natural volume of sales, the amount of variable costs:
1. increases +
2. decreases
3. does not change
29. The turnover ratio of working capital characterizes. . . . . . . . . .
1. ratio own funds in relation to the amount of funds from all possible sources
2. the amount of proceeds from sales per one ruble of working capital +
3. the ratio of the volume of proceeds from the sale of products to the average annual cost of fixed assets
30. The following are involved in the calculation of the break-even point:
1. total costs and mass profits
2. fixed costs, specific variable costs, sales volume +
3. direct, indirect costs and sales volume
31. With an increase in sales proceeds, the share of fixed costs in the total cost of products sold:
1. does not change
2. increases
3. decreases +
32. K variable costs relate:
1. piecework wages of production personnel +
2. material costs for raw materials and materials +
3. administrative and management expenses
4. interest on a loan
5. depreciation charges
33. The share of variable costs in the proceeds from sales in the base period at enterprise A is 50%, at enterprise B - 60%. In the next period, both enterprises are expected to reduce the natural volume of sales by 15% while maintaining the basic prices. The profit of the enterprise is reduced:
1. the same
2. to a greater extent at enterprise A +
3. to a greater extent in enterprise B
34. Operating leverage evaluates:
1. cost of products sold
2. a measure of profit sensitivity to changes in prices and sales volumes +
3. degree of profitability of sales
4. sales proceeds
35. The duration of one revolution in days is defined as. . . . . . . . . . .
1. the product of working capital balances by the number of days in reporting period divided by the volume of products sold
2. the ratio of the average annual cost of working capital to the proceeds from the sale of products
3. the ratio of the amount of the average balance of working capital to the amount of one-day revenue for the analyzed period +
Section 3 " Methodological foundations making financial decisions"
1 TO financial flow fully relate. . .
1. receipt of loans, issue of new shares, payment of dividends +
2. profit, depreciation, payment of interest on a loan
3. sales proceeds, profits, loans.
2. Market value valuable papers arises. . .
1. at the time of the decision to issue securities
2. at initial placement valuable papers
3. in the secondary financial market +
3. The value of a security in the stock market is affected. . . .
1. the organization's need for additional attraction of cash flows
2. rate of return +
3. marketing policy of the organization
4. Current yield of a bond with a face value of 10,000 rubles. with a coupon rate of 9% per annum, if the purchase price was 9000 rubles. , is equal to. . .
5. If the purchase price of a discount bond was 1000 rubles. , and the redemption price is 1200 rubles. , then its profitability is equal. . . .
6. If the amount of dividends paid is 120 rubles. , and the rate loan interest- 12%, then market price shares will be equal. . .
2. 1000 rub. +
7. Bonds are brought to its owner. . .
1. coupon income +
2. dividends
3. operating income
8. If the amount of expected dividends per share is 50 rubles. , the purchase price of a share is 1000 rubles. , then the preferred stock's dividend yield will be . .
9. If the current dividend is 30 rubles. per share, the purchase price of a share is 1500 rubles. , the expected growth rate of dividends is 3% per year, then the rate of return on an ordinary share will be equal to. . .
10. An indicator that characterizes the quantitative measurement of risk is. . .
1. coefficient of variation +
2. current yield
3. standard deviation of expected return
11. Discounting is:
1 definition present value future cash +
2. accounting for inflation
3. Determination of the future value of today's money
12. The internal rate of return means. . . . . . . . . . . . . . . . . . project
1. unprofitable
2. break even
3. profitability +
13. When comparing alternative equal-period investment projects, the following criterion should be used as the main one:
1. payback period
2. net present value (NPV) +
3. internal rate of return
5. accounting rate of return
6. net present value ratio cash income(NPVR)
14. Bank deposit over the same period increases more when interest is applied
1. simple
2. complex
3. continuous +
15. The annuity method is applied when calculating:
1. the balance of the debt on the loan
2. equal amounts of payments for a number of periods +
3. interest rates on deposits
16. Leasing is used by the enterprise for:
1. replenishment own sources funding
2. obtaining the right to use the equipment
3. acquisition of equipment and other fixed assets +
17. It is advisable to make investments if:
1. their net present value is positive +
2. internal rate of return is less than the weighted average cost of capital provided to finance investments
3. their profitability index is zero
18. The term "opportunity cost" or "lost profit" means:
1. income that the investor refuses by investing in another project +
2. level of bank interest
3. variable costs of raising a given amount of funds
4. yield of government securities
19. When using a long-term loan, the calculation of annual total payments using the annuity method. . . . . . . . . . . . . . . . . . . . . total loan payments
1. reduces
2. increases +
3. does not change
20. The loan is used by the enterprise for:
1. replenishment of the enterprise's own sources of financing
2. purchase of equipment with insufficient own funds +
3. obtaining the right to use the equipment
Section 4 "Basics of making investment decisions"
1. Investments in fixed capital include. . . .
1. purchase of securities
2. building a workshop +
3. work in progress
2. Investment is. . .
1. funds allocated for capital construction and production consumption
2. capital investment in the development of the organization with the aim of making a profit
3. investment of funds, securities and other property having monetary value, to make a profit and (or) achieve another beneficial effect +
3. Simple rate of return shows. . .
1. the share of current costs in the cash flow of the organization
2. share investment costs returned to the organization in the form net profit within a certain period of time +
3. the share of variable costs in the total costs of the organization
4. The payback period of the project with a uniform cash flow is a ratio. . .
1. net cash flow to the amount of investment costs
2. total cash receipts to invested costs
3. free cash flow to the amount of investment costs +
5. The current present value of the project NPV shows:
1. average profitability of an investment project
2. discounted value profit received from the implementation of the investment project +
3. the discounted value of the gross profit from sales finished products
1. the level of income from the implementation of the project per 1 rub. investment costs +
2. share of cash receipts
3. share of cash outflows in gross cash flow
7. The indicator of the internal rate of return is. . .
1. the price of capital, below which the investment project is not profitable
2. average discount rate of attraction borrowed money
3. investment project discount rate at which the net present value of the project is zero +
8. Modified internal rate of return assumes. . . .
1. discounting of income received during the implementation of the investment project
2. reinvestment of income from the investment project at the cost of capital +
3. discounting of investment costs required for the implementation of the investment project
9. Uncertainty about future cash flows is caused. . .
1. incomplete or inaccurate information about the conditions for the implementation of the investment project +
2. incorrect accounting for the impact of inflation on the amount of cash flow
3. incomplete information about the amount of investment costs
10. Custom cash flow suggests. . .
1. the predominance of positive cash flows inflows in the process of implementing an investment project
2. the predominance of negative cash flows inflows in the process of implementing the investment project
3. alternation in any sequence of outflows and inflows in the process of implementing an investment project +
11. Discount rate adjustments are implied. . .
1. introduction of adjustments to the risk-free or minimum acceptable discount rate +
2. determination of the risk-free discount rate
3. achieving the maximum allowable discount rate
Section 5 Capital Structure and Dividend Policy
1. The criteria for dividing the capital of an organization is. . .
1. standardized and non-standardized
2. attracted and borrowed
3. own and borrowed +
2. It affects the volume and structure of own capital. . .
1. organizational and legal form of management +
2. the amount of depreciation
3. amount of working capital
3. Advantages of own sources of capital financing - this. . .
1. high price of attraction compared to the price of borrowed capital
2. Ensuring financial stability and reducing the risk of bankruptcy +
3. loss of liquidity of the organization
4. The disadvantages associated with the attraction of borrowed capital are. . .
1. reduction of financial risks
2. low cost of attraction and the presence of a "tax shield"
3. the need to pay interest for the use of borrowed capital +
5. The elements of capital are. . .
1. long-term loans and loans +
2. fixed capital
3. accounts payable
6. If the amount of the dividend paid on preferred shares amounted to 200 rubles. per share, and the market price of a preferred share is 4000 rubles. , then the price of capital formed at the expense of preferred shares is equal to. . . .
7. If dividends are 300 rubles. per share, the market price of an ordinary share is 6000 rubles. , annual growth rate dividend payments steadily increases by 5%, the cost of additional emission is 2% of the volume of issue, then the price of the source of capital attracted through additional issue ordinary shares, will be equal. . .
8. If the interest rate for a loan is 10%, the income tax rate is 24%, then the cost of capital raised through loans and borrowings will be equal. . .
9. The price of capital is used in the following management decision. . .
1. Estimating the need for working capital
2. management of receivables and payables
3. assessment of the market value of the organization +
10. Dividends on shares are paid out. . .
1. Sales proceeds
2. net profit +
11. The dividend irrelevance theory is characterized by the following type of investor behavior. . .
1. shareholders do not care what form the distribution of net profit will take +
2. Shareholders prioritize current dividend payouts
3. Shareholders prioritize capital gains
12. The "bird in hand" theory is characterized by the following type of investor behavior. . . .
1. shareholders do not care in what form the distribution of net profit will be carried out
2. shareholders prioritize capital gains
3. Shareholders prioritize current dividend payouts +
14. Dividend decisions are subject to the following restrictions. . .
1. depreciation policy chosen by the organization
2. legal restrictions +
3. accounting policy of the organization
15. Dividend yield of an ordinary share is an indicator calculated as. . .
1. the ratio of net income less dividends on preferred shares to the total number of ordinary shares (DPS) +
2. attitude market price shares to earnings per share
3. the ratio of the dividend paid on a share to its market price
16. Dividend yield shows. . . .
1. the share of returned capital invested in the shares of the organization
2. the share of net profit paid by the shareholders of the organization in the form of dividends
3. share of the dividend paid on ordinary shares in the amount of earnings per share +
17. Dividend yield is a constant in the following dividend payout methods. . .
1. Residual Dividend Method and Fixed Dividend Method
2. The method of constant percentage distribution of profits and the method of fixed dividend payments +
3. method of payment of the guaranteed minimum and extra-dividends and the method of fixed dividend payments
18. The source of payment of dividends in accordance with the legislation of the Russian Federation is. . .
1. net profit of the current year +
2. gross profit of the organization
3. income from unrealized transactions
19. The following method of dividend payments contributes to smoothing fluctuations in the market value of shares. . . .
1. method of constant growth of dividend payments +
2. Residual dividend method
3. methodology for paying the guaranteed minimum and extra dividends
20. To obtain reliable information about profits joint-stock company should use:
1. balance sheet of a joint-stock company
2. results of audits
3. income statement +
21. Source of payment of dividends on preferred shares in case of a lack of profit from a joint-stock company:
1. issue of bonds
2. additional issue of shares
3. reserve fund +
4. short-term bank loan
5. issue of a bill
22. The effect of financial leverage means:
1. increase in the share of equity
2. increase in return on equity when using borrowed sources +
3. increase in cash flows
4. acceleration of the turnover of current assets
23. Redemption of own shares is carried out in order to:
1. reduce the company's liabilities
2. maintaining the market value of the company +
3. reduce the cost of equity financing
24. financial leverage calculated as a ratio:
1. equity to debt
2. debt capital to equity +
3. earnings to equity
25. Additional issue shares are held:
1. in order to maintain control
2. in order to maintain the market rate
3. in order to minimize taxes
4. in order to obtain additional external funding +
26. Net assets of a company are:
1. company equity
2. value of assets available for distribution among shareholders after settlements with creditors +
3. the difference between equity and the amount of losses
Section 6 "Sources of financing economic activity»
1. The main ways of financing economic activities:
1. issue of shares
3. all of the above +
2. Venture capital is used:
1. to finance the activities of fast-growing and high-risk firms +
2. to finance state-owned enterprises
3. to finance companies whose shares are traded in free sale in the stock market
3. Upon the expiration of the financial lease, the lessee:
1. retains the rental object
2. buys the leased object from the lessor at the original cost
3. can return the leased object, conclude an agreement or redeem the object at the residual value +
4. For manufacturing enterprise leasing allows:
1. update fixed assets by dispersing costs over time +
2. in case of failure of the equipment, stop leasing payments
3. in case of a production need, sell the leased object at market value
5. Financial leasing is:
1. long-term agreement covering a large cost of rented equipment +
2. short-term rental of premises, equipment, etc.
3. long-term lease, involving partial redemption of equipment.
6. What is not a source of financing for the enterprise:
1. forfaiting
2. depreciation charges
3. R&D costs +
4. mortgage
Section 7 "Working Capital Management"
1. The cash flow of the organization is. . . .
1. the totality of the financial resources of the organization
2. the presence of an optimal balance of funds on the current account
3. the amount of receipts and payments of funds for a certain period of time +
2. Cash flow from investment activity- this is. . .
1. long-term loans and credits
2. advances from buyers
3. receipts from financial investments +
3. Cash flow from operating activities- this is. . .
1. financial investments
2. repayment of receivables +
3. payment of dividends to the owners of the organization
4. The main indirect method for calculating net cash flow are. . .
1. net profit and depreciation charges +
2. cash balance and changes in assets and liabilities
3. liquid cash flow and sales revenue
5. The full production cycle of the organization is determined. . .
1. the period of turnover of work in progress, the period of turnover of stocks of finished products, the period of turnover of receivables
2. turnover period production stocks, the period of turnover of work in progress, the period of turnover of stocks of finished products +
3. the period of turnover of stocks of finished products, the period of turnover of work in progress, the period of turnover of accounts payable
6. The financial cycle is. . .
1. the time interval between the payment deadline for your obligations to suppliers and the receipt of money from buyers +
2. the period during which the receivables are fully repaid
3. the period during which the accounts payable are fully repaid
7. Permanent working capital. . .
1. shows the required maximum working capital for the implementation of uninterrupted production activities
2. shows the average amount of working capital for the implementation of uninterrupted production activities
3. shows a minimum of current assets for the implementation of uninterrupted production activities +
8. The conservative policy of working capital management is characterized. . .
1. a high proportion of current assets in the composition of all assets of the organization
2. low specific gravity short term loan as part of liabilities or its absence +
3. average turnover period of working capital
9. Aggressive working capital management policy complies. . .
1. average level of short-term credit in liabilities
2. low share of short-term loans in liabilities or its absence
3. high share of short-term loans in all liabilities +
10. What is the relationship between order lot size and ordering costs?
1. than larger size delivery line, the lower the total operating costs for placing orders +
2. The smaller the batch size, the lower the total transaction costs for placing orders
3. the larger the batch size, the higher the total transaction costs for placing orders
11. The amount of total receivables depends on. . . .
1. amount of accounts payable
2. sales volumes of goods on credit +
3. sales volumes of goods
12. Accounts receivable is considered normal provided that. . .
1. the debt will be repaid in 14 months
2. the debt will be repaid in 12 months +
3. the debt will be repaid in 16 months
13. The following issues are addressed in the process of receivables management. . .
1. control over the growth of labor productivity and cost reduction
2. profit planning and inventory optimization of the organization
3. control over the structure of receivables in the context of debtors and assessment of its liquidity +
Section 8 " Special Sections financial management"
1. Crisis is. . .
1. chronic insolvency of the organization +
2. excess of accounts payable over accounts receivable
3. use of loans for the acquisition of working capital
2. Which of the following crises characterizes the crisis of regular occurrence?
1. short-term
2. disastrous
3. cyclic +
3. Which of the following crises characterizes the crisis by source of origin?
1. elemental +
2. painful
3. short-term
4. Signs of a potential crisis are. . .
1. decrease in free cash flow +
2. destructive impact of the external environment
3. quasi-normal state of the organization
5. Signs of the latent stage of the crisis are. . .
1. no real symptoms of a crisis
2. decrease in free cash flow +
3. Decreased profitability of products and organization
6. The factors causing the crisis and related to the "far" environment of the organization are. .
1. pace economic growth in the country +
2. managerial
3. financial
7. Symptoms crisis situation- this is. . .
1. the presence of overdue receivables
2. excess own working capital
3. decrease in income from the main activities of the organization +
8. An indicator characterizing the entry of an organization into a crisis zone is. .
1. break-even point of manufactured products +
2. the amount of variable costs
3. contribution margin
9. External signs the insolvency of the organization is. . .
1. failure to fulfill the requirements of creditors within two months
2. failure to fulfill the requirements of creditors within three months +
3. unsatisfactory structure of the balance sheet
10. The bankruptcy procedure is carried out for the purpose. . .
1. Sales expansion
2. cost reduction
3. repayment of all types of debts of the organization +
11. The real bankruptcy of the organization occurs when. . .
1. loss of capital +
2. low profitability
3. rising production costs
12. Deliberate bankruptcy of an organization occurs when. . .
1. late payment of debt obligations
2. using the organization's funds for the personal enrichment of its management +
3. intentionally misleading creditors in order to obtain installment payments
13. Bankruptcy reorganization procedures include. . .
1. forced liquidation
2. voluntary liquidation
3. pre-trial sanitation +
14. The two-factor model of E. Altman is based on. . .
1. coefficients of current liquidity and financial dependence +
2. turnover ratios and current liquidity
3. profitability ratios and capital structure
15. The W. Beaver coefficient is based on. . . .
1. Current ratio and capital structure
2. net profit, depreciation and amount of liabilities +
3. profitability and asset turnover
1. current liquidity and profitability ratios
2. odds financial independence and asset turnover
3. liquidity and financial independence ratios +
18. The purpose of crisis management from the position of financial management is. . . .
1. profit maximization and product portfolio optimization
2. restoration of financial stability and solvency +
3. reduction of accounts payable and receivable of the organization
19. The subsystem of anti-crisis management is formed. . .
1. strategic management, reengineering, benchmarking +
2. tactical management, crisis management, marketing
3. personnel management, restructuring, insolvency management
20. The formation of the "competitive estate" of the organization involves. . .
1. restructuring
2. risk management
3. bankruptcy management +
21. Indicators for monitoring property status are. . .
1. Capacity utilization rate
2. depreciation rate of fixed assets +
3. market value of the organization
22. Monitoring indicators for assessing the financial condition of an organization are. . .
1. profit +
2. volume of production and sales of products
3. value non-current assets and their share in total assets
23. Bankruptcy prevention includes. . .
1. full mobilization of internal financial reserves
2. organization reorganization
3. Restoring financial stability and ensuring financial balance +
24. The principles underlying crisis management are. . .
1. continuous monitoring of the financial condition of the organization
2. differentiation of symptoms of an uncontrollable crisis according to the degree of their danger to the viability of the organization +
3. "cutting off superfluous", leading to a decrease in the size of the current external and internal financial obligations in the short term
25. The following measures of financial recovery correspond to the stage of restoring the solvency of the organization. . .
1. acceleration of collection of receivables, use of factoring +
2. prolongation short-term loans and loans
3. acceleration of the turnover of working capital
26. Forms of financial recovery are. . .
1. prolongation of short-term accounts payable
2. optimization of the assortment policy of the organization
3. vertical merger of organizations +
27. Sanitation of an organization without preserving its legal entity is. .
1. transfer of the organization for rent +
2. conglomerate merger of the organization
3. restructuring
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financing loan promissory note
Short-term financing means that the funds will be returned within one year at the latest. Traditionally, short-term financing is used in business to cover seasonal and temporary fluctuations in the state of funds. It can also be used to pay for long-term business needs or interest on funds raised on a long-term basis. For example, short-term financing may provide additional working capital or bridge financing for a long-term project.
Sources of short-term financing:
- 1. Trade credit. This is the most common source of short-term financing. It is a loan that the supplier of products or materials provides to the buyer. Registration of this transaction can be made by agreement or verbally. Forms trade credit are an open credit and a promissory note. Open credit (open account) allows the buyer to purchase goods with a deferred payment. This is an informal agreement whereby the customer receives the product before paying for it. A promissory note is a debt obligation of the buyer in writing to pay a certain amount money to the supplier by a specific date.
- 2. Loans from financial institutions. The company may contact commercial bank or another financial institution for a short term loan. Loans are either secured or unsecured. A secured loan is a loan that is secured by a guarantee of some value that the lender receives in the event of the bankruptcy of the borrower. For example, the collateral may be the company's own property. It is possible to single out various forms of such security: accounts receivable, inventories, and other other property. A loan against accounts receivable implies that the debt to the enterprise from its customers for open accounts. Accounts receivable may be sold to a third party financial company. This procedure is called factoring. When a firm borrows on the security of inventory, the bank accepts a receipt from it that if the firm does not pay the debt, then its inventory will pass to creditors. Short-term loans are also issued on the security of any movable property such as cars and other equipment. An unsecured loan is given without any collateral. In this case, the lender relies on the profitability of the enterprise or its reputation. As guarantees, the lender requires the borrower to keep a certain amount of money in a bank account (compensation balance). Another type of unsecured loan is " credit line". She represents maximum amount which the bank agrees to issue to the company within certain period time.
- 3. Bills. This is a short-term source of funding, which is an IOU issued by a company. The company that issues the bill of exchange undertakes to return sum of money specified in the bill, certain period. The investor buys a bill at a price below par, and at the end of the term receives full cost bills. Financial management: theory and practice / ed. Stoyanova E. S. - M., 2001.
The main methods of short-term financing are commercial loan and bank credit.
Commercial credit is associated with trade and intermediary operations; is provided by a supplier or intermediary and is drawn up in different ways: a bill of exchange, a buyer's advance, an open account.
One of the most promising types of commercial lending is the use of promissory notes and bills of exchange. A promissory note issued by a firm can serve as means of payment in a chain linking several enterprises. Often the liquidity of such financial instruments is maintained by the bank in the form of aval - bank guarantee pay the bill in case of non-payment by the company that issued the bill.
Bank lending is carried out in various forms: an urgent loan, a contract loan, an on-call loan, an accounting loan, an acceptance loan, factoring, and forwarding.
Term loan - the most common form of short-term lending, when the bank transfers the agreed amount to the borrower's current account. At the end of the term, the loan is repaid.
A contract loan - provides for the maintenance by the bank of the current account of the client with the payment of received settlement documents and posting revenue. If the client's funds are not enough to pay off obligations, the bank lends to him within the limits established in loan agreement amounts, i.e. A current account can have a debit and a credit balance.
On-call credit - is a kind of current account and is issued, as a rule, on the security of inventory items or securities. Within the limits of the secured loan, the bank pays all the client's accounts, receiving the right to repay the loan at its first request at the expense of the funds received on the client's account, and if they are insufficient, by selling the collateral. Interest rate on this loan is lower than on term loans.
Accounting (bill) credit is provided by the bank to the holder of the bill by purchasing (accounting) the bill before the due date. The holder of the bill receives from the bank the amount specified in the bill minus discount interest and other overhead costs.
Acceptance credit is mainly used in foreign trade and is provided by the supplier to the importer by acceptance by the bank of the drafts issued to it by the exporter.
Factoring is an operation to acquire the right to collect a debt by a factoring company or bank. The factor pays a part of the amount of receivables (up to 80%), keeping the rest to cover the risk of non-payment.
Forveyting - lending to the exporter by purchasing bills accepted by the importer.
Let us briefly characterize such techniques as insurance, forward and futures contracts and REPO transactions, which allow providing the enterprise with the necessary working capital and, to a certain extent, reduce the risk of financial and economic activities when making financial decisions related to the future.
Insurance. There are two types of insurance: compulsory and optional. The first is provided for by law, and the cost of it is written off to the cost of production. The second type of insurance is voluntary, and the necessity and expediency of its application is determined by the degree of risk associated with this operation.
Forward and futures contracts are the most common hedging techniques. They are securities and are traded on stock exchanges.
One of the varieties of forward contracts are futures. Compared to forward contracts futures have a number distinguishing features:
- - the forward contract is "tied" to the exact date, and the futures - to the month of execution;
- – there are usually many participants in transactions, so sellers and buyers are not tied to each other;
- – futures are freely traded on stock exchanges;
- – change in prices for goods and financial instruments specified in the contracts, is carried out daily for the entire period until the moment of their execution. Kovalev V.V. Introduction to financial management / V.V. Kovalev. - M.: Finance and statistics, 2004.
REPO transactions - are agreements on repurchase of securities. A direct REPO transaction involves one of the parties selling another package of securities with an obligation to buy it back at a predetermined price. The repurchase is carried out at a price higher than the original price. REPO transactions are carried out mainly with government securities and are classified as short-term transactions - from several days to several months.
Let us briefly characterize such techniques as insurance, forward and future contracts and REPO operations, which allow providing the enterprise with the necessary working capital and, to a certain extent, reduce the risk of financial and economic activities when making financial decisions related to the future.
Insurance. There are two types of insurance: compulsory and optional. The first is provided for by law, and the cost of it is written off to the cost of production. The second type of insurance is voluntary, and the necessity and expediency of its application is determined by the degree of risk associated with this operation.
Forward and futures contracts- the most common hedging techniques. They are securities and traded on stock exchanges.
One of the varieties of forward contracts are futures. Compared to forward contracts, futures have a number of distinguishing features:
The forward contract is "pegged" to the exact date, and the futures - to the month of execution;
There are usually many participants in transactions, so sellers and buyers are not tied to each other;
Futures are freely traded on stock exchanges;
Changes in prices for goods and financial instruments specified in contracts are carried out daily throughout the entire period until they are executed.
REPO transactions- are agreements on repurchase of securities. A direct REPO transaction involves one of the parties selling another package of securities with an obligation to buy it back at a predetermined price. The repurchase is carried out at a price higher than the original price. REPO transactions are carried out mainly with government securities and are classified as short-term transactions - from several days to several months.
8. Structure and price of capital: basic concepts.
Capital - the total amount of funds in monetary, tangible and intangible forms, having a monetary value, invested in the assets of the enterprise.
As a result of capital investment, fixed and working capital is formed, which is presented in the asset balance. In the process of functioning, fixed capital acts mainly in the form of non-current assets, and working capital - in the form of current assets.
According to the form of investment, entrepreneurial and loan capital are distinguished. Entrepreneurial capital is advanced into real (tangible), intangible and financial assets enterprise in order to make a profit and obtain the right to manage it.
Loan capital is money capital, provided on credit on the terms of repayment and payment by third-party legal entities and citizens. Unlike entrepreneurial loan capital, it is not invested in the enterprise, but is transferred by the lender to the borrower for temporary use in order to receive interest income. Loan capital acts on credit market as a commodity, and its price is interest.
The price of equity is the amount of dividends on shares for share capital or the amount of profit paid on shares and related expenses.
The price of borrowed capital is the sum of interest paid for a loan or bonded loan, and the costs associated with them. The cost of capital is expressed as the rate of return required to various types financing of the enterprise - internal or external.
The total cost of capital is the weighted average of the individual costs of its individual elements.
Thus, capital expresses the sources of enterprise funds (liabilities) invested in its assets and generating income in the form of profit.
Capital structure and its optimization.
The capital structure (SC) is one of the key and most complex in financial management.
When forming the SC, it is necessary to establish which sources of asset financing maximize the value (price) of the company to the greatest extent. In practice, the capital structure is understood as the ratio between all own and borrowed sources of funds, i.e. its financial structure.
The financial structure (FS) implies a way of financing the production and commercial activities of an enterprise. Any company can finance its assets in four main ways:
1. at the expense own income(net proceeds from the sale of products (works, services) and income from non-sales operations;
2. through the issue of shares;
3. by attracting credits and loans from the financial market;
4. combined, mixed, way
In accordance with accounting standards, the financial structure of capital should be understood as the share of equity, long-term and short-term liabilities (including accounts payable) in the total liabilities of the balance sheet.
For determining overall size mobilized capital use a frequent indicator - the amount of capitalization, which is numerically equal to the sum of share capital and long-term liabilities.
The ratio between the individual elements of the volume of capitalization is the capitalized capital structure.
A company that raises capital only through the issue of ordinary shares has a simplified capital structure.
Enterprises that form a significant part of their liabilities at the expense of borrowed funds ( bank loans and bonded loans) have a more complex structure. Under evaluation investment attractiveness such enterprises receive lower credit rating than companies using their own funds.
Own and borrowed sources of funds are distinguished by a range of parameters. Equity grants the owner the right to participate directly in the management of the affairs joint stock company receiving part of the net profit in the form of a dividend. However, the terms of return of invested capital have not been determined and there are no income tax benefits.
Borrowed capital gives the right to priority receipt of interest on loans and bonded loans. The term of the credit or loan is fixed in the loan agreement with the bank or in the bond issue prospectus. The owner of debt capital also receives the right to tax savings, since interest on loans and borrowings is paid from pre-tax profits on sales.
Thus, the capital structure has a direct impact on the financial results of the economic activity of the enterprise. The ratio between own and borrowed capital is one of the important analytical indicators that shows the degree of investment risk.
General characteristics of short-term financial policy. Short term bank lending as a traditional method of short-term financing. Commercial trade credit and its types. Factoring and prospects for its development in Russia.
CFP- a system of measures aimed at ensuring uninterrupted financial th current activities pr th.
An object management - ObK. Goals: Ensuring production within the limits of existing production capacities and fixed assets; Provide flexibility tech. Finnish; Generation of own sources of fin-I cap invest-th.
Traditional methods include short-term bank loans .
*blank (unsecured) for the implementation of individual business transactions. in fact, it is provided by the size of the DZ pr-I and its funds on the account in the same bank; *Contracting ("overdraft"). used in an amount not exceeding the maximum negative balance specified in the loan agreement. According to the "-" balance of the account, the pr-e pays the bank credit%, and according to the "+" balance, the bank; *seasonal loan with monthly debt amortization. interest payment and monthly repayment of the principal amount. The debt amortization schedule is linked by size to the amount of seasonal cash demand reduction; * opening a credit line; *revolving (automatically renewable) credit; * on-call loan; * Lombard loan. Loan secured by highly liquid assets (GKO bills).
Budget loans funded by B various levels and target VBFs.
Direct transfers: budget credit; subsidizing interest rates.
Off-balance sheet liabilities B: budgetary guarantees for bank loans.
hidden transfers. Deferrals and installments for the payment of taxes and fees
tax credits. forced tax credit
Factoring- an intermediary operation, carried out by a factoring company or a bank, to collect money. funds from the debtors of his client (assignment of DZ).
Factoring involves three subject:
1. organizer of factoring - a specialized company or factoring department of the bank;
2. the supplier of products is a client of the factoring organizer;
3. The organization-buyer of the products acts as a borrower of the organization-supplier.
For the implementation of factoring operations, the organizer creates a reserve in the amount of up to 10% of the total fund to cover possible losses.
Factoring scheme: 1 - delivery of goods on a deferred payment basis; 2 - assignment of the right to claim to the bank; 3 - payment of early payment (up to 90% of the debt); 4 - payment for goods by the debtor; 5 - payment of the balance minus the commission.
18. Types and methods of financial planning and forecasting. Peculiarities of budgeting as a managerial planning technology in an enterprise.
Financial planning: essence, tasks, principles. Types of financial planning. Financial forecasting and its role in financial planning. Methods for forecasting the main financial indicators. Peculiarities of budgeting as a managerial planning technology in an enterprise. The structure of the consolidated budget of the enterprise.
Financial planning is scientific process justification for a certain period of the movement of financial resources and the corresponding financial relations. Its object is mainly the financial activity of the state or any economic entity, sometimes individual or circle financial transactions. At the same time, not only the movement of resources for the formation and use of various funds of funds is determined, but also the financial relations mediating them and the resulting cost proportions.
Financial planning is the planning of all income and directions of spending the enterprise's funds to ensure its development. Financial planning is carried out by drawing up financial plans of different content and purpose, depending on the tasks and objects of planning.
The main tasks of financial planning:
1. Providing a normal reproduction process with the necessary sources of funding. At the same time, targeted sources of financing, their formation and use are of great importance;
2. Compliance with the interests of shareholders and other investors. A business plan containing such a rationale for an investment project is the main document for investors that stimulates capital investment;
3. Guaranteed fulfillment of the company's obligations to the budget and off-budget funds, banks and other lenders. The optimal capital structure for a given enterprise brings maximum profit and maximizes payments to the budget under given parameters
4. Identification of reserves and mobilization of resources for effective use profits and other income, including non-operating;
5. Ruble control over the financial condition, solvency and creditworthiness of the enterprise.
The purpose of financial planning is to link income with necessary expenses. When income exceeds expenses, the excess amount is sent to the reserve fund. When expenses exceed income, the amount of the shortfall financial resources is replenished by issuing securities, obtaining loans, receiving charitable contributions, etc.
financial forecasting is a study of specific prospects for the development of finances of economic entities and government entities in the future, a scientifically based assumption about the volumes and directions of use of financial resources in the future. Financial forecasting reveals the expected future picture of the state of financial resources and the need for them, possible options for implementation financial activities and is a prerequisite for financial planning.
the tasks of financial forecasting are:
1) linking material and financial and cost proportions at the macro and micro levels for the future;
2) determination of the sources of formation and the volume of financial resources of business entities and government entities for the forecast period;
3) substantiation of directions for the use of financial resources by business entities and government entities for the forecast period based on an analysis of trends and dynamics of financial indicators, taking into account internal and external factors affecting them. external factors;
4) determination and assessment of the financial consequences of decisions taken by public authorities and local government, business entities decisions.
There are various classifications of predictive-analytical methods. The most common is the following classification.
1. Non-formalized methods. They are based on the description analytical procedures at the logical level, and not with the help of strict analytical dependencies (methods expert assessments, scenarios, psychological, morphological, methods of comparison, building systems of indicators, building systems of analytical tables, etc.). The application of these methods is characterized by a certain subjectivism, since the intuition, experience and knowledge of the analyst are of great importance.
2. Formalized methods. They are based on strict formalized analytical dependencies. Dozens of these methods are known; they can be conditionally divided into groups:
1) elementary methods of factor analysis: methods of chain substitutions, arithmetic differences, isolation of the isolated influence of factors, percentages, simple and compound interest, balance, differential, logarithmic, integral methods. Within the framework of financial management, these methods are used mainly to assess and predict the financial condition of the enterprise;
2) traditional methods economic statistics: methods of average and relative values, grouping, graphic, index, elementary methods of processing time series. These methods are widely used in financial management;
3) mathematical and statistical methods for studying relationships: correlation analysis, regression analysis, analysis of variance, modern factor analysis, etc.;
4) methods of economic cybernetics and optimal programming: methods of system analysis, methods of machine simulation, linear programming, etc. At present, the importance of these methods in financial management is relatively low; at the same time, methods of machine simulation are becoming more widespread (in particular, for the development and selection various options actions within the framework of optimization investment policy);
5) econometric methods: matrix methods, harmonic analysis, spectral analysis, methods of the theory of production functions, methods of the theory of input-output balance;
6) methods of research of operations and theory of decision making: methods of graph theory, tree method, methods of Bayesian analysis, game theory, queuing theory, methods of network planning and management. Along with econometric-cal these methods are not widely used in financial management. The complex use of these methods for solving current and future problems can significantly increase the efficiency of financial management.
Consolidated budget industrial enterprise consists of three groups of budgets of the first level - operational, investment and financial:
Operating budget focuses on modeling future costs and revenues from current operations for the budget period. Therefore, the object of consideration of the operating budget is the financial cycle of the enterprise.
Investment budget considers the issues of renewal and disposal of capital assets (fixed assets and investments, long-term financial investments), which form the basis of the investment cycle.
Purpose of the financial budget- balance planning cash receipts and expenses, and in a broader sense - the balance of working capital and current liabilities to maintain the financial stability of the enterprise during the budget period.
The end results of the budget process are the planned forms of the summary financial reporting:
Report on financial results (profit and loss) - the "result" of operational budgeting;
cash flow statement and a statement of changes in financial condition - the "total" of financial budgets;
investment report- "result" of investment budgeting;
balance- an integral "total" that combines the results of all three main budgets that make up consolidated budget enterprises.
Short-term financing is the attraction of funds by the company for the implementation of various projects for a period not exceeding 1 year. Current (short-term) liabilities include accounts payable or accounts payable (goods and services received on credit), bills payable ( debentures, promissory notes issued by an enterprise in exchange for services or goods received), accumulated liabilities (obligations that have been accrued but not yet covered: part of wage, tax, interest arrears), short-term bank loans.
Sources of short-term financing:
· Trade credit. This is the most common source of short-term financing. It is a loan that the supplier of products or materials provides to the buyer. Registration of this transaction can be made by agreement or verbally. Forms of trade credit are open credit and promissory notes. Open credit (open account) allows the buyer to purchase goods with a deferred payment. This is an informal agreement whereby the customer receives the product before paying for it.
· Loans from financial institutions. An enterprise may apply to a commercial bank or other financial institution for a short-term loan. Loans are either secured or unsecured. Forms of collateral: accounts receivable, inventories, movable ("liquid") property and other other property. Accounts receivable may be sold to a third party finance company. This procedure is called factoring. When a firm borrows on the security of inventory, the bank accepts a receipt from it that if the firm does not pay the debt, then its inventory will pass to creditors. An unsecured loan is given without any collateral. In this case, the lender relies on the profitability of the enterprise or its reputation. As guarantees, the lender requires the borrower to keep a certain amount of money in a bank account (compensation balance). Another type of unsecured loan is a line of credit. It represents the maximum amount that the bank agrees to lend to the company within a certain period of time.
· Bills of exchange. This is a short-term source of funding, which is an IOU issued by a company. The company that issues the bills of exchange undertakes to return the amount of money specified in the bill within a certain period of time. The investor buys a bill at a price below par (this is "his interest"), and at the end of the term receives the full value of the bill.
· Charges. Salary payments occur 1-2 times a month. Thus, the balance reflects the amount of accrued, but not paid wages. The same is true with taxes. Accruals can be temporarily used as sources of funding, and free of charge.
A revolving loan is a formal line of credit often used large enterprises. For example, an enterprise may enter into an agreement with big bank on an automatically renewed - revolving - loan for 500 million rubles. In accordance with this agreement, the bank was obliged to provide the enterprise with loans in the amount of 500 million rubles within 4 years, as soon as such a need arises. In turn, the company undertakes to pay an annual fee for the undrawn part of the loan in the amount of 1% of the unclaimed part. In addition, of course, you will have to pay interest on the loan amount.
12. Long-term financing, its types
Sources of long-term funds:
1. Equity Owner. This is a conditional concept used as a generalized characteristic of a person who provided his funds as a contribution to the authorized capital in exchange for the right to receive an appropriate share in current profits company and its net assets in the event of its liquidation.
The owners bear the greatest risk from participation in the company, therefore, theoretically, their remuneration for the provided capital is maximum, but their claims in the event of the bankruptcy of the company are satisfied last.
A) the capital of the firm's owners is the valuation of the total rights of the firm's owners to a share in its property.
B) authorized capital - the total nominal value of the company's shares acquired by shareholders. The increase in the capital can be achieved by either joining other own sources (retained earnings, additional capital, funds created from retained earnings), or additional contributions participants (founders) of the enterprise. Most often preference shares make up an insignificant part of the charter capital and over time are either redeemed by the company or converted into ordinary shares.
C) additional capital reflects: the amount of revaluations of fixed assets, objects capital construction and other tangible objects of the organization's property with a term beneficial use over 12 months, held in in due course; the difference between the sale value of shares received in the process of forming the management company of the joint-stock company through the sale of shares at a price exceeding the face value, and their face value; positive exchange differences on deposits in the UK in foreign currency. Behind this source, in fact, are the owners of ordinary shares. But it cannot be called a full-fledged source of financing, because. revaluation can be both positive and negative.
D) reserve capital - a source of financing, represented by an independent item in the liabilities side of the balance sheet, reflecting the company's reserves formed at the expense of net profit. Behind this source, in fact, are the owners of ordinary shares. By definition, the Criminal Code is a guarantee of the interests of third parties, but it does not change without need, and therefore, with an increase in the volume of accounts payable, the relative size of the guarantee of the interests of third-party investors and creditors formally decreases. To reduce the concerns of outsiders, a kind of duplicate of the UK is provided by transferring part of retained earnings to reserve capital, the directions of which are more limited. The use of reserve capital, just like other funds created by the company, is within the competence of its Board of Directors (Supervisory Board)
D) profit. All of the above sources are included in the group of so-called non-distributable funds and reserves, i.e. they cannot be used to accrue dividends, while profits are available for such an operation. Formally, it is profit that is considered the main source of funds for a dynamically developing enterprise.
2. Borrowed capital - a set of long-term obligations of the enterprise to third parties. Basically, this capital is represented by long-term bank loans and bond issues.
Borrowed capital as a long-term source of financing is divided into three types: bank loans, bonded loans, financial leasing.
3. Spontaneous long term sources funding (free source). These include tax office as a representative of state bodies, represented in the balance sheet by the item “Deferred tax liabilities". The emergence of such a source of funds is implied tax legislation and is realized if the firm applies straight-line depreciation for accounting purposes (i.e., to calculate shareholder-oriented profits) and accelerated depreciation for the purpose of settlements with the state on income tax. In this case, the state provides the firm with a long-term tax credit. This group also includes long-term creditors as the antithesis of long-term debtors (in practice, their existence is extremely rare).
