Loan interest or, in other words, interest on a loan (debt interest, discount rate) is a monetary payment for the use of financial resources provided on loan. It is calculated over a certain period.
Features of the loan interest
The main source for the payment of loan interest is the income received in the process of using the loan. The amount of the loan interest cannot exceed the amount of the profit received. To determine its value, income should be divided by loan capital and the resulting value multiplied by one hundred percent.
Credit, like any other commodity, can change its value, which is expressed through a decrease or increase in the loan interest. The direction of its movement is determined by the ratio of supply and demand for resources. The interest rate depends on:
- the amount of savings acting as a source of lending;
- cyclical production;
- inflation rate;
- foreign currency value.
Interest forms
Classification of loan rates is carried out according to several parameters. First of all, the form of lending involves their division into:
- banking;
- consumer;
- state;
- commercial.
Depending on the duration of lending, the interest on long-term, short-term and medium-term loans is distinguished. Character financial transaction affects the interest rate. This criterion determines its division into interest on demand deposits, term deposits and loans. Depending on which institution sets its size, a distinction is made between banking and discount rate.
a) reducing investment;
b) increase in investments;
c) increase in GDP;
d) undermining the incentive for the economic activity of the population.
a) stimulates productive work;
b) contributes to the reduction of gaps in the incomes of people of various social categories;
c) leads to increased social differentiation;
d) is used to maintain the standard of living of people with fixed incomes.
82. Personal income is:
a) all income intended for personal expenses, after taxes;
b) GNP minus depreciation;
c) the cost of goods and services produced during the year;
d) income received by households during a given year, including the amount of their taxes.
83. Income policy in a command economy is based on:
a) the distribution of benefits according to needs;
b) equal distribution per capita;
c) normative distribution;
d) distribution according to work.
84. In the short run, an increase in the price level will increase employment if:
a) the rise in nominal wages lags behind the rise in the price level;
b) the growth of the real wage rate lags behind the growth of average labor productivity;
c) indexing wages lags behind inflation;
D) the real wage rate rises.
85. Voluntarily resigned employee during the search new work subject to unemployment
a) cyclic;
b) structural;
c) friction;
d) stagnant.
86. The egalitarian principle of social justice implies that:
a) fairness is established by the market;
b) all members of society receive equal benefits;
c) maximizes the utility of the poorest people;
d) maximizes the utility of all members of society.
87. Government in current year increased spending on education of the population by reducing the cost of maintaining the state apparatus. Thereby :
a) the real national income of the current year has increased;
b) the permanent income of the country has increased;
c) the nominal national income of the current year has increased;
d) national income will increase next year.
88. Compulsory social insurance covers all except:
a) pensioners working for hire;
c) temporarily disabled.
89. The main trend in the policy of income and wages in the economic developed countries is:
a) a reduction in real wages with an increase in the number of recipients of transfer payments;
b) increasing income differentiation and reducing social programs;
c) a gradual increase in the wage rate and an increase in the uniformity of income distribution.
d) a consistent increase in income tax, and an increase in transfer payments.
90. Public policy income in countries with market economies is:
a) maintaining a comparable level of wages in various industries national economy;
b) the establishment by the state of the amount of wages and salaries for all categories of employees;
c) redistribution of income through the system of taxes and social payments in order to smooth out social differences;
d) counteracting inflation.
91. Income inequality is:
a) differences in income taxation;
b) uneven distribution national income between the population of the country;
c) the difference in income from property, business income and labor income;
d) differences in the level of wages.
92. “Full employment” is:
a) the absolute absence of unemployment;
b) an unemployment rate equal to the sum of the levels of frictional and structural unemployment with zero cyclical unemployment;
c) when the number of unemployed to the available labor force is 9-10%;
G) natural level unemployment for a particular state.
93. The Lorenz curve shows:
a) the degree of uneven personal distribution of income;
b) tax rates depending on the level of income;
c) the dynamics of changes in income for the period;
d) the level of income of various groups of the population.
94. Extending the period of payment of unemployment benefits by increasing the state budget deficit refers to the following measures:
a) supply policy;
b) combined policy
in) fiscal policy
d) monetary policy.
95. Changes in the level of real wages can be determined by comparing nominal wages with the dynamics of:
a) the level of prices for goods and services;
b) the rate of profit;
c) tax rates;
d) bank interest rates.
a) differences in market value“commodity basket” of two different time periods;
b) differences in the price levels of the two different countries;
c) differences between the structure of production in the given and previous year;
d) the difference between the level of wholesale and retail prices.
97. Minimum size wages are set:
a) tariff agreement;
b) the state for civil servants and entrepreneurs for employees;
c) state law;
d) individually for each employee.
98. A person who has lost his job due to a recession in the economy falls into the category of unemployed, covered by:
a) frictional form of unemployment;
b) a stagnant form of unemployment;
c) cyclical form of unemployment;
d) structural form of unemployment.
99. If a person is sick and cannot work, then he:
a) refers to the number of part-time employees;
b) is not included in the labor force;
c) is considered as having lost the opportunity to go to work;
c) is unemployed.
100. Extending the period of payment of unemployment benefits by increasing the state budget deficit refers to the following measures:
a) supply policy;
c) monetary policy;
c) fiscal policy;
d) combined policy.
101.Item financial law:
a) relations regarding the circulation of funds
b) relations regarding the formation, distribution and use of centralized and decentralized funds of funds
in). scientific insights on economic activity
102. Financial activities of the state and municipalities- this is:
a) activities for the collection of taxes and fees
b). financing and lending activities at the expense of the budget
c) activities for the collection, distribution and use of funds of funds to achieve the tasks and functions of the state and municipalities
103. In financial law, the method is mainly used:
a) government orders
G). combinations of imperative and dispositive methods
104.Finance is:
a). the totality of cash in the territory of the state
b). set financial institutions
c) relations on the formation, distribution and use of funds of funds
105. What is hallmark method of financial law:
a). the opportunity to join contractual relationship
b) legal inequality of subjects of financial legal relations
c) the ability to choose a behavior option from several proposed by the state
106. The features of financial and legal norms include:
a) their predominantly imperative nature
b) regulate precisely financial relations
c) regulate monetary and property relations
d) regulate all economic relations
107. Which of the acts can be legal source financial law:
a) a judicial act of a court of general jurisdiction
b). judicial act arbitration court
c) prosecutor's decision
d) instruction of the Ministry of Finance of the Russian Federation
e) instructions from the Ministry of Health and social development RF
108. The sanction of the financial and legal norm is:
a) the obligation of the subject of the financial and legal relationship
b) a measure of state coercion
c) the scope of the legal capacity of the participant in the relationship
d) powers of a participant in a financial legal relationship
109. Financial law is dominated by the following rules:
a).
b). authorizing
c) binding
110. Regulation monetary circulation is a function:
a). Government of the Russian Federation
b). State Duma of the Russian Federation
G). Ministry of Finance
e) the Central Bank of the Russian Federation
111 . Financial relations are:
a) social relations arising in the sphere financial activities of the state and municipalities regarding the formation and use of centralized and decentralized funds of funds
b). monetary relations arising in the sphere of financial activity of the state and bodies local government
c) public relations of imperious property character in the sphere of economy
112. Financial capacity is:
a) the ability to have financial rights and obligations provided for by law
b) this is the ability of a person, independently or through legal representatives, to acquire, exercise, change and terminate financial rights and obligations
c) the ability of a person to be responsible for non-fulfillment and illegal implementation of financial rights and obligations
113. Public legal entities as subjects of financial law include:
a) public authorities, organizations
b).only municipalities
c) The Russian Federation as a whole and its subjects, municipalities
114. Right to use budget funds applies to:
a) to procedural budgetary rights
b) to material budgetary rights
c). the right to establish federal taxes and fees
115. The Central Bank of the Russian Federation as a subject of financial law refers to:
a) to public legal entities
b) to collective subjects
in). to individual subjects
116. Preliminary financial control is carried out:
a) after the financial transaction
b) during a financial transaction
c) before a financial transaction
117. Based on results audit auditor:
a) draws up an inspection report
b) expresses his opinion in the auditor's report
c). draws up a certificate
118. common goal activities Accounts Chamber RF:
a) implementation of the state financial control for the implementation of the federal budget
b) conducting audits at state unitary enterprises
c) anti-money laundering
119. The purpose of the audit is:
a) verification of fixed assets of the enterprise
b). Checking the profitability and profitability of production
c) expressing an opinion on reliability financial reporting persons being audited and compliance with the order of conduct accounting legislation
120. In whose jurisdiction is Federal Treasury:
a) State Duma of the Russian Federation
b) Central Bank of the Russian Federation
c) Ministry of Finance of the Russian Federation
d) Government of the Russian Federation
121. The federal budget and the budgets of state off-budget funds are approved in the form:
a) federal laws
b). federal constitutional laws
c) presidential decrees
122. Which of the following funds does not apply to state extrabudgetary funds:
a). The Pension Fund of the Russian Federation
123. The budget means:
a). budgets of all levels
b) classification of expenditures and revenues of the state
c) the form of formation and spending of funds of funds intended for financial support of the tasks and functions of the state and local self-government
124.Fiscal year begins:
b). since the adoption of the law on the budget
125. In Russian Federation the budget system includes:
a) the budget of the Russian Federation and the budgets of the constituent entities of the Russian Federation
b). the state budget and budgets of state off-budget funds
c) budgets of the Russian Federation, constituent entities of the Russian Federation and municipalities and budgets of state extra-budgetary funds
126. The revenues of the budget system include:
a) working cash and other income
b) tax and non-tax revenues
c) gratuitous transfers in the form of grants, subventions, subsidies
d).income from doing entrepreneurial activity its subjects
127. A sign of non-targeted nature of use is characteristic of gratuitous transfers in the form of:
a) subventions and grants
b).subventions and subsidies
c). subsidies and subsidies
d) subsidies
128. Budget expenditures are carried out in the form of:
a) budget allocations
b). budget obligations
c).expenditure obligations
129. The primary (original) legal relationship, within which the obligation to pay funds from the budget arises:
a) an expense obligation
b) budget obligation
c) budget expenditures
130. An obligated party to spending obligation is:
a) Central Bank of the Russian Federation
b) public legal education
c) organizations and individuals
131. A public obligation may be provided for:
a). contract
b) only by law
c) both by law and by agreement
132. Budget expenditures are:
a) funds allocated to finance public
b). organizations and institutions
c) funds sent to financial security tasks and functions of the state and local self-government
d) funds allocated from the federal budget
133. The budget process is:
a) activities of budget control bodies to identify budget violations and recover damages
b) the activities of state authorities and local self-government and participants in the budget process, regulated by budget legislation, in the preparation, consideration, approval and execution of budgets, as well as control over the preparation, consideration and execution of budgets
c) the activities of local governments to control the formation, spending and use of cash funds
134. Legal form of the report on the execution of the budget of the Russian Federation:
a) classification of state revenues
b). budget painting
c) federal law
135. The State Duma is considering a draft federal law on federal budget for the next fiscal year:
a) in three readings
b) in four readings
c) to overcome all disagreements with the Government of the Russian Federation
136. The drafting of the federal budget is entrusted to:
a). State Duma Russian Federation with the participation of the Accounts Chamber of the Russian Federation
b) Government of the Russian Federation
in). President of the Russian Federation
d). Federal Treasury
137. The draft budget for the next financial year is submitted to the State Duma:
a) Simultaneously with the presentation of the budget message of the President to the Federal Assembly
138. The budgets of state off-budget funds are approved:
a) the Federal Assembly of the Russian Federation
b). The Government of the Russian Federation
c) bodies of these funds
139. Which state non-budgetary fund is used to pay benefits for temporary disability, pregnancy and childbirth, etc.:
a). Federal Fund mandatory health insurance
b) RF Social Insurance Fund
c) the Pension Fund of the Russian Federation
140. Which of the following funds does not apply to state extra-budgetary funds:
a). The Pension Fund of the Russian Federation
b) RF Social Insurance Fund
in) reserve fund Government of the Russian Federation
141. The execution of the budgets of state extra-budgetary funds is carried out:
a) the Federal Treasury of the Russian Federation
b). The Federal Assembly of the Russian Federation
c) the Government of the Russian Federation
142. The funds of state off-budget funds are owned by:
a). the funds themselves
b) Russian Federation
c) subjects of the Russian Federation and municipalities
c). organizations and individuals contributing to these funds
143. The right of economic management implies:
a) the company independently disposes of the profits received
b). the enterprise has the right to receive only part of the profit
c). the enterprise does not have the right to dispose of the profits received
144. Funds received from the sale of state and municipal property:
a) distributed equally between all levels of the budget system
b). are not subject to crediting to the budget
c) be credited to the relevant budgets in full
145. Funds received by the Central Bank of the Russian Federation are received:
a).100% to the state budget
b). completely remain to the bank itself
c) 50% is transferred to the budget, 50% remains to the bank
146. A credit institution is:
a) an institution established to provide loans to citizens and legal entities
b).banks and currency exchanges
c) a legal entity carrying out Bank operations for the purpose of making profit on the basis of a license issued by the Central Bank of the Russian Federation
147. Exercise money issue maybe:
a) the Central Bank of the Russian Federation
b). any banking organization
c). non-banking organization
148. The Central Bank of the Russian Federation is a payer:
b) corporate income tax
c) property of organizations
149. Which body licenses the activities of credit institutions:
a). Ministry of Finance
c) Central Bank of the Russian Federation
150. In whose competence is the right to issue money:
a). Ministry of Finance
b) Government of the Russian Federation
c) the Central Bank of the Russian Federation
d) State Duma of the Russian Federation
151. Grants are:
a) funds transferred to state extra-budgetary funds and state enterprises to perform their functional tasks;
b). budgetary funds intended for payment public debt;
c) budgetary funds transferred to the budget of another level on an irrevocable and non-repayable basis;
d) budgetary funds provided to the budget of another level of the budget system of the Russian Federation on a gratuitous and irrevocable basis to cover current expenses.
152. hallmark subvention is:
a) gratuitousness;
b) irrevocable;
c) target character;
d) all of the above is true.
153. The hallmark of a subsidy is:
a) gratuitousness;
b) irrevocable;
c) target character;
d) equity financing.
154 .Transfers to the population are:
a). all kinds money transfers to lower level budgets;
b) budgetary funds for financing mandatory payments to the population of a social nature, established by the legislation of the Russian Federation, the legislation of the constituent entities of the Russian Federation, legal acts local governments;
c).payments from consolidated budget to regional and local budgets,
d) provided that the constituent entities of the Russian Federation and local authorities send it to the population in the regime of social assistance.
155. Financial aid, carried out in the form of grants, subventions, subsidies, is taken into account:
1.as part of the income of the consolidated budget;
2. in the revenues of the budget that is the recipient of these funds;
3.as part of the budget transferring this assistance;
4. in the expenditure side of the budget, the funds of which are transferred to lower budgets.
156 . The budgeting process is:
a) the activities of state authorities, local governments and participants in the budget process, regulated by the norms of law, in drawing up and reviewing draft budgets, draft budgets of state extra-budgetary funds, approving and executing budgets and budgets of state extra-budgetary funds, as well as monitoring their implementation;
b) the method of budget execution in terms of revenue and expenditure, as well as the application of liability measures for violations established order in this domain;
c) the procedure for preparing draft budgets, their approval, as well as government controlled budgetary activities and the application of measures of responsibility for violations of budget legislation.
157 . Financial legal norm (financial law norm) is:
a) a certain rule of conduct established by civil society and provided by it in public financial relations arising in the process of formation, distribution and use of public cash funds and income;
b) a strictly defined rule of conduct in public financial relations established by the state and secured by measures of state coercion arising in the process of formation, distribution and use of state (and municipal) funds and income, which fixes legal rights and the legal obligations of their participants;
c) a certain rule established by the state of conduct in public financial relations arising in the process of formation, distribution and use of state (and municipal) monetary funds and income, which establishes the legal rights and legal obligations of their participants;
d) a strictly defined rule of conduct in public financial relations established by civil society and secured by measures of state coercion arising in the process of formation, distribution and use of state (and municipal) funds and income, which establishes the legal rights and legal obligations of their participants;
158. Budget period:
a). lasts 1 calendar year;
b).consists of the stage of budget execution - the budget year;
c) includes the period of time from the beginning of the preparation of the draft budget to the approval of the report on budget execution.
159. Project federal law on the federal budget must be submitted to the State Duma of the Russian Federation no later than:
160. A draft federal law on the federal budget is being held in the State Duma of the Russian Federation:
a).3 readings;
b).4 readings;
c) the number of readings is determined by the Regulations of the State Duma.
161. The President of the Russian Federation, no later than March of the year preceding the financial year, speaks before the State Duma with:
a) forecast of socio-economic development;
b) an annual message to the Federal Assembly;
c) budget message;
d) a report on the execution of the budget.
162. The subject matter of financial law is:
a) public relations arising in the process of financial activities carried out by the state and local self-government, i.e. activities for the formation, distribution and use of funds of funds;
b). public relations arising in the process of the state's financial activities, i.e. activities for the formation, distribution and use of funds of funds;
c) public relations arising in the course of financial activities carried out by the local government, i.e. activities for the formation, distribution and use of funds of funds.
163. Budget painting is:
a).document submitted budget institution to the State Duma of the Russian Federation in order to receive budgetary allocations provided for by the budget;
b) a document on the quarterly distribution of budget revenues and expenditures and receipts from sources of financing the budget deficit, establishing the distribution of budgetary appropriations among recipients of budgetary funds and compiled in accordance with the budget classification of the Russian Federation;
c). document specifying budget classification to take into account the characteristics of each recipient of budgetary funds.
164. FROM The budget message to the Federal Assembly of the Russian Federation is:
a) President of the Russian Federation;
b) Chairman of the Accounts Chamber of the Russian Federation;
c) Minister of Finance;
d) Chairman of the Government of the Russian Federation.
165. Budget allocations are:
a) part of the budget funds transferred on a returnable basis to ensure investment tasks public sector economy;
b) budgetary funds provided for by the budget list to the recipient or manager of budgetary funds;
c) budget funds intended for transfer to state extra-budgetary funds in case of a deficit in their budgets;
d) funds of the federal budget intended for their transfer to the budgets of a lower level, or to the budgets of state extra-budgetary funds.
166. Budget commitments are:
a) obligations of some participants in the budget process in relation to other participants in the budget process;
b) the obligations of the bodies executing the budget to provide budgetary funds in accordance with the law (decision) on the budget and the estimate of income and expenses;
c) expenditure obligations, the fulfillment of which is provided for by the law (decision) on the budget for the corresponding financial year;
d) obligations of the main managers and managers of budgetary funds to finance budget recipients.
167. A budget loan is:
a) form of financing budget spending, which provides for the provision of funds to legal entities or other budgets on a returnable and reimbursable basis;
b). credit funds that the budget has the right to receive on reimbursable terms in credit institution;
c) part of the budget expenditures sent on a reimbursable basis to foreign states, including the CIS countries;
d) the form of providing non-repayable assistance to recipients of budgetary funds, in accordance with the approved budget schedule.
168. From the Federal Fund for Financial Support of the Subjects of the Russian Federation, the following are provided:
a) transfers;
b) subsidies;
c) subventions;
d) subsidies;
169. The fiscal year in the Russian Federation is equal to:
a) calendar year;
b) budget period;
c). agricultural year.
170. The completion of the budget occurs:
d) a different answer.
171. The principle of the unity of the cash desk in the process of budget execution implies:
a) crediting all incoming budget revenues, attracting and repaying sources of financing the budget deficit and making all expenses from a single budget account;
b) the use of only one bank account in the process of servicing revenues and expenditures of budgets of all levels;
c) transfer of rights for the formation of revenues and expenditures of budgets of the federal, regional and local levels to the Federal Treasury of the Russian Federation;
d) the procedure for opening only one account with the Bank of Russia, to which all income should be credited and from which all budget expenditures should be made.
172. Cash service for the execution of budgets of the budget system of the Russian Federation is carried out:
a) the Central Bank of the Russian Federation;
b) the Federal Treasury of the Russian Federation;
c) the Government of the Russian Federation;
d) each level of power independently.
173. State supervision carries out insurance activities:
a) Federal Assembly of the Russian Federation;
b) Accounts Chamber of the Russian Federation;
c) Department of Insurance Supervision of the Ministry of Finance of the Russian Federation;
d) Specialists in the field of insurance of the Ministry of Economy of the Russian Federation;
174. Legislatively established forms insurance are:
a) obligatory, property, personal, liability insurance, etc.;
b) obligatory and voluntary;
c) insurance provided by Russian and foreign insurers;
d) compulsory, personal, in case of fire, life insurance, civil liability and etc.
175. The issue of cash in the Russian Federation is carried out by:
a) Ministry of Finance of the Russian Federation;
b) Government of the Russian Federation;
c) Central Bank of the Russian Federation;
d) Federal Assembly of the Russian Federation;
176. Banking activities are supervised by:
a) Central Bank of the Russian Federation (Bank of Russia);
b) Accounts Chamber of the Russian Federation;
c) Ministry of Finance of the Russian Federation;
d) Federal Assembly of the Russian Federation;
177. The Central Bank of the Russian Federation (Bank of Russia) is accountable to:
a) the Accounts Chamber of the Russian Federation;
b) the Federal Assembly of the Russian Federation;
c) to the Government of the Russian Federation
d) State Duma of the Russian Federation.
178. The main method of financial control is:
a) observation;
b) revision;
c) examination;
d). check.
179. A legal entity is obliged to agree on the cash balance limit:
a).c tax office;
b) with the bank in which the current account is opened;
c) with the local administration;
d).c financial authority subject of the Russian Federation.
180. size limit cash sum of money, which legal entities are entitled to transfer to other legal entities as a payment under one transaction, is:
a) 10 thousand rubles;
b).60 thousand rubles;
c).100 thousand rubles.
181. Currency control in the Russian Federation is carried out:
a). bodies currency control;
b) currency control agents;
c) bodies and agents of currency control.
182. Order of conduct cash transactions on the territory of the Russian Federation establishes:
a) Central Bank of the Russian Federation;
b) Federal Treasury of the Russian Federation;
3.Ministry of Finance;
C). Government of the Russian Federation.
183. Settlements between legal entities in the Russian Federation should be carried out:
b) in cash;
c) in non-cash and cash form;
d) using credit cards.
184. Ways legal regulation monetary circulation include:
a) monetary reform;
b) denomination;
c) issue of money;
d) all of the above.
185. The legislation of the Russian Federation on taxes and fees includes:
a) the totality of all normative acts on taxes and fees;
b). set tax code the Russian Federation and the federal laws on taxes and fees adopted in accordance with it;
c) the totality of federal laws and by-laws on taxes and fees;
d) the totality of federal laws and norms of law on taxes and fees.
186. The legislation of the constituent entities of the Russian Federation on taxes and fees includes:
a) a set of laws and other regulatory legal acts on taxes and fees of the constituent entities of the Russian Federation, adopted in accordance with the Tax Code;
b) the totality of only one laws of the subjects of the Russian Federation on taxes and fees;
c) the totality of the Tax Code, laws of the Russian Federation, constituent entities of the Russian Federation and subordinate normative legal acts on taxes and fees;
d). set adopted laws and other legal norms adopted by the legislative bodies of the constituent entities of the Russian Federation in accordance with the Tax Code.
187 . To regulatory legal acts of local governments on taxes and fees include:
and all regulations adopted by the representative and executive authorities of municipalities;
b) normative acts adopted by the representative bodies of local self-government;
c) all normative acts and norms of law that are adopted by local governments.
188. Legislation on taxes and fees regulates the relations:
a) power relations in the establishment, introduction and collection of taxes and fees in the Russian Federation, as well as relations arising in the process of implementation tax control, appealing against acts of tax authorities, actions of their officials and holding accountable for committing tax offense;
b) power relations between the Government of the Russian Federation and the Ministry of Taxes and Duties, tax police, customs authorities, as well as between tax authorities and taxpayers, tax agents;
c) between taxpayers and tax agents, between tax authorities and authorities general competence, between law enforcement agencies and taxpayers.
189. Types of financial control:
a) preliminary, current and main;
b) preliminary, current and additional;
c). preliminary, current and subsequent.
190. Budget revenues are generated from:
a) at the expense of any activity not prohibited by applicable law;
b) tax revenues and gratuitous transfers;
c) tax and non-tax types of income;
d) tax and non-tax types of income, as well as through gratuitous transfers
191. budget system The Russian Federation consists of budgets:
a) two levels;
b).three levels;
c).four levels.
192. Budget deficit is:
a) excess of budget revenues over its expenditures;
b) the excess of budget expenditures over its revenues;
c) the excess of budget profits over its losses.
193. Budget surplus is:
a) excess of budget expenditures over its revenues;
b) the excess of budget profits over its losses;
c). any option, depending on the situation;
d) the excess of budget revenues over its expenditures.
194. Interim budget management is provided in case of:
a) if the law (decision) on the budget has not entered into force since the beginning of the financial year;
b) if the law (decision) on the budget has not entered into force before the beginning of the financial year;
c) if the law (decision) on the budget has entered into force from the beginning of the financial year in part;
d) temporary budget management is not provided for by the legislation.
195. When considering in the last reading the bill of the federal law on the federal budget for the next financial year:
196. Money performs the function:
a) means of control
b) means of payment
c) fiscal
197. The term for the withdrawal from circulation of banknotes and coins when they are exchanged for banknotes and coins of a new sample is established:
a). three to five years
b) no limit
c) within 1 year
d) 1 to 5 years
A feature of human behavior is the fact that the individual prefers today's benefits, albeit greater, but future benefits. This feature is called time preference. Temporal Preference- the propensity of economic agents of individuals to prefer, ceteris paribus, the realities of today to future benefits. In order for the owner of capital to refuse to use it independently today, he must be rewarded for such a refusal. Percent- payment for the fact that the owner of capital provides others with the opportunity for today's, current use of capital, refusing to independently use it alternatively.
The interest rate is determined by the supply of accumulated funds and the demand for borrowed funds. Loan interest is the price paid to the owners of capital for the use of their borrowed money during a certain period. Loan interest is expressed using the interest rate (interest rate) for the year. Interest rate - the amount of money that is required to pay for the use of one borrowed monetary unit per year. The interest rate is calculated:
where r is the loan interest rate; R - annual income of the creditor; K is the amount of money capital lent out.
Distinguish between nominal and real interest rates. Nominal lending rate is the interest rate expressed in terms of monetary units ah at the current exchange rate, excluding inflation. This is the amount of money paid per unit of borrowed currency for certain period time. The nominal rate shows how much the amount that the borrower returns to the lender exceeds the amount received in the form of a loan. Real interest rate- the lending interest rate, expressed in monetary units, adjusted for inflation. This rate is the main one when making investment decisions.
There are a number of factors that influence the interest rate:
1. Risk investment project. Risk is an essential feature market economy. An entrepreneur takes a risk when he concludes a contract with a new supplier, establishes the production of a new product, develops a new market, etc. A lender takes a risk when he provides credit to a little-known firm; lends money to a well-known firm that invests in some new project, etc. The higher the risk that the borrower will not repay the loan, the higher the loan interest will be charged by the lender.
2. The term of the loan. The longer the term for which the loan is granted, the more missed opportunities for the use of these funds from the lender. In other words, lenders of a long-term loan are forced to refuse alternative options for investing capital for a long time. In addition, the longer the period for which the loan is granted, the greater the likelihood that it will not be returned, therefore, the higher the interest rate.
3. Loan security. Collateral - property or other valuables given by the borrower as security for a loan. If the loan is not repaid by the borrower, the lender has the right to satisfy his claim from the value of the collateral. Collateral in securing a loan generally reduces the risk to the lender, and the lower the risk, the lower the interest rate will be.
4. The amount of the loan. The interest rate on smaller loans is usually higher than on larger ones. This is explained by the fact that the administrative and management costs in absolute terms of both small and large loans are the same. Since the costs of making any loan are equal, the smaller the loan, the higher the interest rate should be.
5. Taxation of income (interest). Some forms of credit and the income of lenders are taxed. The amount of tax is included by the creditor in the percentage. In other words, the greater the tax levied, the greater the interest rate. The lender may prefer a lower interest rate on a tax-free loan and refuse a loan at more high rate loan interest, if the income received will be taxed.
6. Terms of competition. How more bank s (creditors) operates in a given territory, the higher the competition between them and the lower the interest rate. Conversely, the larger the bank, the greater its monopoly power, the higher the interest rate.
And far away we went - and fear embraced me.
Imp, tucking his hoof under him
Twisted the moneylender at the hellfire.
Hot dripping fat into a smoked trough
And the baked usurer burst on the fire.
And I: “Tell me: what is hidden in this execution?”
Virgil to me: “My son, this execution has a great meaning:
Having one acquisition always in the subject,
The fat of his debtors was sucked by this evil old man
And he mercilessly twisted them in your world. …
A. S. Pushkin
The news that appeared in the media on November 9 this year about the decision National Bank Republic of Belarus once again (11th this year) to raise the refinancing rate received a mixed assessment. As it was indicated in the message: “The next increase in the refinancing rate and rates on liquidity management operations is a consistent step to limit inflationary processes and stabilize the situation in the economy and financial sector generally. This measure will also support the renewed recent months the growth of fixed-term ruble deposits of the population in banks, to stabilize inflationary expectations in the economy, and will also become an additional factor in strengthening the balance of payments”. However, is it really so?
According to some economists, in conditions of inflation, one of the ways to overcome it for the Central Bank is the so-called “dear money” policy, which implies:
- sale of public valuable papers;
- rate increase required reserves;
- an increase in the discount rate (hereinafter referred to as “loan interest”).
What consequences, however, can an increase in loan interest have for the macroeconomic system?
If guided common sense, then the conclusion is inevitable: an increase in the lending interest rate leads to an increase in inflation. On the simple example Let us consider how an increase in the discount rate generates an increase in prices, or, in other words, reduces the solvency of monetary units. Suppose we are engaged in oil refining and the subsequent sale of petroleum products. Due to a shortage own funds We take out loans at 15% per annum. This means that the cost of the loan - 15% of the amount paid to the lender after a year - we will be forced to invest in the cost of petroleum products when they are sold. Because for many industries National economy petroleum products are raw materials, the increase in their cost is transferred to the cost of goods and services of these industries.
Similarly, suppose that the same amount is invested in the bank at the same 15% per annum. This means that after a year, the amount of money in the economy will increase by an amount equal to the "income" from the deposit - by 15% of the amount invested. As a result, in order to provide “income” in cash, it is necessary to resort to emission, which directly leads to an increase in money supply and the corresponding depreciation of money. It follows from this that the loan interest works as an artificial generator of inflation, leading to a reduction in the cost of national currency and, as a result, contributes to the reduction purchasing power working population. In the case of an increase in loan interest, the situation is even more aggravated due to the fact that interest growth gives an exponential progression (picture on the left): this is expressed in a “bloat” of the money supply and a significant decrease in purchasing power.
As you know, a diversified production-consumer system is based on the principles of interdependence and interconnectedness: the products of industry “A” are raw materials for industry “B”, and the final product of industry “B” is intermediate for other industries. As a result, the rise in the cost of the final product of one economic sector leads to an increase in the cost of production of many other industries. This is especially true of the price list base, which is a group of goods and services, the increase in prices for which has a sharp impact on the entire macroeconomic system. The price list base includes (a) primary energy carriers due to the need to use electricity in the production process; (b) services natural monopolies- housing and communal sector, transport system and others.
The loan interest rate causes a change in the instant total nominal solvency of the company, which, through trading network reflected in changes in the prices of certain goods and services. Due to the fact that all industries are interconnected, a change in nominal solvency leads to a general change in the situation on the market, as a result of which the manufacturer of one type of product cannot purchase intermediate product for the purpose of further production, while another manufacturer cannot break even to sell its product. In addition, one should take into account those industries in which the return on capital is not designed for an annual cycle, as a result of which large-scale projects in these industries remain unfinished. This applies primarily to agriculture, civil engineering, shipbuilding industry.
For a deeper understanding of the issues under consideration, let's turn to another practical example:
Suppose we have to build another National Library, taking into account the time required for its construction earlier, as well as the prices of 2002. The analysis shows that with an increased rate of 40%, its cost increases by 25 times! This circumstance largely affects the conditions for the construction of such a structure. As a result, the project would have to be abandoned.
It follows from this that the “dear money” policy, which involves an increase in the loan interest rate, is a generator of price growth, undermines economic stability and social well-being and, as a result, is unacceptable in principle. Many highly developed countries have long understood these simple mechanisms of governance and deliberately abandoned such an impact on the economy.
Without exception, all highly developed countries maintain the loan interest rate at a fairly low level, not exceeding (or slightly exceeding) the growth of the country's energy potential. Moreover, the growth of consumer prices is no more than 4% per year, which is a fairly weighty argument against the policy of “expensive money”. So, in Japan, for example, the refinancing rate is 1.48%, in Sweden - 2.38%, in Switzerland - 2.75%, while inflation is kept at a fairly low level. For greater clarity, here is a table compiled according to the CIA:
Thus, if we correlate all of the above with the actions taken by the country's leadership, a completely logical question arises: “From what position should we evaluate what is happening?”
Loan interest - objective economic category, which is a kind of price loaned for temporary use of value .
Loan interest arises where an individual owner transfers to another a certain value for temporary use for the purpose of its productive consumption. This value has the characteristics of a commodity.
If we recall the formula of commodity-money circulation and considering that the function of a commodity in a loan is performed by money, the formula for the movement of the loaned value will take the form:
D-D", i.e. D "-D \u003d? D,
where D - loan value;
D" - the accumulated amount of debt;
D - increment to the loan, acting as a fee for the loan.
For the creditor, the purpose of the transaction is to obtain a certain income on the loaned value; the entrepreneur raises funds also in order to increase profits. The entrepreneur pays interest from the profit to the creditor, a part of this profit and acts in the form of loan interest.
Loan interest is inextricably linked with the concept of loan capital.
Loan capital - the owner's funds that are lent in order to make a profit in the form of money interest subject to the return of the initial capital.
The first and main source of formation of loan capital is a part of the funds released in the process of reproduction, which accumulates in itself money capital. The process of release of funds from the production process occurs due to:
- - depreciation of fixed assets;
- - the difference in money capital between the cost of goods released in the process of selling products and, over time, the production of new material costs for the purchase of raw materials and materials, wages;
- - surplus value arising from production activities.
The second source of the formation of loan capital is the capital of rentiers (money capitalists - entrepreneurs who make a profit in lending operations.
The third source of the formation of loan capital is the union of other creditors who invest their income and savings in credit institutions. These can be attributed Insurance companies, Pension Fund, temporarily free funds of the state budget, savings and incomes of various classes and other institutions.
There are various forms of loan interest, their classification is determined by a number of features, including: forms of credit; types of credit institutions; types of investments involving a loan; terms of crediting; types of operations of a credit institution.
So, according to the forms of credit, such forms of loan interest are distinguished as commercial interest, bank interest, consumer percentage, percentage of leasing deals, interest on government loans.
By types of credit institutions, we can say that there are such forms of loan interest as the discount interest of the Central Bank of the Russian Federation, bank interest, and interest on pawnshop operations.
By type of investment with a bank loan, the following are distinguished: interest on loans in working capital, interest on investments in fixed assets, interest on investments in securities.
According to the terms of lending, interest on short-term, medium-term and long-term loans differs.
According to the types of operations of a credit institution, such forms are distinguished as: deposit interest, bill interest, bank discount interest, interest on loans, interest on interbank loans.
Loan interest in all its forms is characterized by the following mechanism of use. The level of loan interest is determined by macroeconomic factors: the ratio of supply and demand of funds, the degree of profitability in other segments financial market, regulating the direction of the interest rate policy of the Central Bank of the Russian Federation, and also depends on the specific conditions of transactions both for attracting and placing funds.
Interest on loans owes its origin to the movement of lent value, which has the features of a commodity. This movement characterizes credit relations. Although the percentage is not a mandatory attribute of the loan, but outside credit relations it does not function; moreover, it acts as a moving motive for their development.
The percentage reflects the economic relations that arise on the basis of the loan. Their subjects are the creditor and the borrower (borrower) or, respectively, the recipient and the payer of interest. The relationship between the lender and the borrower, fixed by the category of interest, is stable and constantly reproduced, since it realizes the interests of the participants in the credit transaction. Although the interests of the parties are opposed to each other, they can only be realized through each other. The effect of using the loan becomes a condition for the payment of loans provided by the lender and allows you to realize the interest of the borrower with the amount of funds remaining after paying the interest. The object of relations regarding interest can only be income received from the use of credit. The relationship will not develop if one party does not receive part of the income in the form of loan interest, and the other party does not satisfy its interests in obtaining income through a loan. The clash of interests of participants in a credit transaction leads to the division of profits on invested funds between the lender and the borrower, and these shares are not always equal. However, based on the principle equal income on invested funds, then one ruble of borrowed funds accounts for the amount of profit corresponding to the profitability of own investments.
Relations regarding interest differ from relations regarding a loan: if a loan involves the movement of value from the lender to the borrower on the basis of repayment, then the payment of interest by the borrower characterizes the transfer of a certain part of the value without obtaining an equivalent. The payment of interest characterizes the movement of value in one direction, towards the creditor, its amount is completely transferred to the subject - the recipient of the interest. The right of ownership of the amount of interest passes from the borrower to the lender, while in the case of a loan, the ownership right is not assigned, the loaned value (credit) is transferred to the borrower for temporary use, and upon expiration certain period everything returns to the starting point. Credit is characterized by the advance of funds, while the payment of interest means the completion of the circuit of value. In relations regarding credit and interest, the movement of value begins in different ways: with a loaned value, from the creditor to the borrower; when paying interest - in the opposite direction, from the borrower to the creditor. The difference also lies in the qualitatively different size of the moving value. If a loan at its final stage is a return of value in its full amount of provision, then interest is a movement in the form of a special increment to a loan.
Interest as an economic category has its own sphere of functioning and influence. First of all, it performs a redistributive function - it redistributes part of the income between business entities, between owners in favor of one or another. Being a taxpayer, the creditor redistributes part of the funds to the state through payments to the budget.
Through the levels of loan interest, the ratio of demand and supply of credit is balanced, a rational combination of own and borrowed funds is established. This is achieved when the loan interest performs a regulatory function. The regulatory impact on reproduction is achieved through the distribution of loan capital between enterprises and industries. By means of interest, the volume of deposits attracted by the bank, the current liquidity of the bank is regulated. For modern economic relations the strengthening of the role of interest in the composition of monetary policy instruments is characteristic.
An important function of interest is the preservation of the loan fund. The initial amount of credit resources is not only preserved, but also increased due to the difference between the interest received by the creditor and the interest paid by him. The value returned from the borrower to the lender does not lose its qualities. Retaining its consumer properties thanks to interest, it is ready to enter into a new turnover and, along with other economic instruments actively influence social development.
For loan interest in all its forms, the following is characteristic. The payment is usually monetary form. The level of interest is determined by macroeconomic factors (the ratio of demand and supply of funds, the degree of profitability in other segments of the financial market, inflation, interest rate policy central bank, taxation, etc.), and microeconomic and depends on the specific conditions of transactions to attract or place funds. The procedure for accrual and collection of interest is stipulated in the agreement of the parties. The source of payment of interest depends on the nature of the transaction.
Interest policy is reflected in the regulation of the system, the level, the dynamics of interest rates and the establishment of regulation methods.
With all the features, a common basic beginning of the interest rate policy of banks can be distinguished - this money-credit policy state and the influence of the central bank on the level market price percent.
State and central bank affect the level of rates of commercial banks, using measures of both directive and indirect regulation. The first include limiting the upper level of rates, the difference between interest (margin), establishing official rate refinancing, discount interest, freezing interest rates, etc.
The most effective instruments of indirect influence are: the level of reserve requirements of the central bank; volume, conditions and price of the provided commercial banks loans; liquidity standards. The system of taxation of banks also belongs to the factors of indirect impact on the level of rates. Changes in tax rates directly affect the level of interest rates: the higher it is, the higher the interest rates for a loan, and vice versa. An increase in the reserve requirements of the central bank also leads to an increase in the level of interest rates for a loan.
Interest rate policy is one of the rather complex instruments of regulation banking, since the interest scale, the principles of its construction depend on many factors: the demand and supply of money, the degree business activity in the country, inflation, tension credit market, sources, volumes, terms free funds, the influence of external factors.
The underdevelopment of the credit market in the republic affects interest rate policy commercial banks. Interest rates are differentiated depending on the type and size of the bank, clientele, type of operations and other circumstances of an individual nature.
Thus, the percentage of judgment is an objective economic category, which is a kind of price of the value lent for temporary use.
