Leveraged funds include. The procedure for the functioning of borrowed, attracted and operational funds in organizations. Group V. Funds formed from various sources

Introduction…………………………………………………………………………..

1. Forms of borrowed funds……………………………………………………..

2.Balance cash flows at the LLC Prestige enterprise……………………………………………………………………….

2.1. general characteristics activities of Prestige LLC………………..

2.2. Analysis and evaluation of cash flows based on the financial statements of Prestige LLC………………………………..….

2.3 Calculation of the effect financial leverage LLC "Prestige"………………..

2.4.Formation of balanced cash flows through additional attraction of borrowed funds…………………………....

Conclusion…………………………………………………………………........

Bibliography……………………………………………………………...

Introduction

Currently, many enterprises finance their activities with both their own and borrowed funds.

First of all, borrowed funds are needed to finance growing enterprises, when the growth rate of own sources lags behind the growth rate of the enterprise, to modernize production, develop new types of products, expand its market share, acquire another business, etc. Inflation and lack of own working capital force most enterprises to borrow money to finance working capital. The advantage of financing through debt sources is the reluctance of owners to increase the number of shareholders, shareholders, as well as the relatively lower cost of a loan compared to the cost of equity capital, which is expressed in the effect of financial leverage.

Borrowed capital is a set of borrowed funds that bring profit to the enterprise.

The purpose of managing financial and cash flows is to ensure the circulation of enterprise funds, which is a condition for its normal functioning, which determines the relevance and significance of the topic of this work for modern enterprises various fields and activities.

Analysis Money and cash flow management is one of the major areas activities of a financial manager. It includes the calculation of the time of circulation of funds (financial cycle), analysis of cash flow, its forecasting, determination of the optimal level of funds, budgeting of funds.

The purpose of this work is to analyze the management of the company's cash flow, to ensure the balance of cash flows by attracting borrowed capital.

To achieve this goal, it is necessary to solve the following tasks:

Perform an analysis of the organization's cash flow;

· Calculate financial ratios;

1. Forms of borrowings

Sources of formation financial resources enterprises are own, borrowed and borrowed funds. In accordance with this, funds of own, borrowed and borrowed funds are allocated.

Debt funds include loans (banking and commercial (commodity)), leasing, factoring and other special purpose funds.

1.1. Loan types

Bank credit is the main form of credit. This means that it is banks that most often provide their loans to entities in need of temporary financial assistance. This is a monetary form of a loan that occurs when transferring funds to debt on terms of urgency, repayment, payment. The circulation of funds allows you to mobilize temporarily released funds and at the same time redistribute them in favor of those who need them. This issuance is undertaken by the bank, as free cash is deposited in bank accounts, and the bank has information on how these resources can be used.

A bank loan is a movement of loan capital provided by banks for a loan for a fee for temporary use. It expresses the economic relations between creditors (banks) and lending entities (borrowers), which can be both legal entities and individuals.

A bank loan can operate within a national framework and in the form of an international loan. It is provided with the conclusion of a loan agreement for each borrower individually, so that the degree of risk of a loan transaction is minimal. The loan agreement is legal document, regulating the relationship between the bank and the borrower when issuing a loan, defining the mutual rights and obligations of the parties.

A bank loan can be direct or indirect. Direct credit relations (borrowing bank) are predominant. More limited use of indirect bank lending, ie. granting a loan to a borrower through an intermediary, for example, a trade organization, pawnshops, etc.

Within the form of a loan, types of loans are distinguished, which are formed depending on the characteristics of the object, the target direction of the loan, its term, security of repayment and other features. So, for example, taking into account the terms of issuance, the following types of loans are distinguished: short-term, medium-term, long-term; taking into account their direction by sectors of the economy: credit investments in industry, Agriculture, trade, construction, etc.; by objects, loans are distinguished into costs associated with the creation and increase of current and non-current (long-term) assets; consumer needs of the population. Depending on the form of provision, there are one-time loans and loans issued under a credit line. From the point of view of the technique of granting, it is possible to distinguish consortial, bill of exchange, pawnshop, acceptance, cash, non-cash, credit cards, etc. loans. According to the methods of repayment, loans are urgent, deferred, overdue, long-term repaid.

Table 1

Leasing classification

A commercial loan characterizes a credit transaction between a seller (lender) and a buyer (borrower). A loan is provided in a commodity form in the form of a deferred payment for the sale of goods (services), when the acquired values ​​arrive before they are paid for. The difference in time from the moment of delivery to the time of payment may be different. It is established in the supply contract or regulated by national regulations.

Commercial loans can be converted into movable property (working capital) before the due date for payment of this debt. The debt due to the enterprise from its customer is issued in the form of a bill of exchange for an amount corresponding to the present value of the debt obligation. The buyer issues a bill of exchange with the obligation to make payment on time and pay interest, the amount of which is included in the price of the goods and the amount of the bill.

drawer - a person who transfers the bill to the holder of the bill and undertakes to pay the amount of money on the bill for which the bill was issued. Bill holder - the owner of the bill, who has the right to receive the amount of money specified in it. Depending on the entity making the payment of money on the bill, there are promissory notes and bills of exchange.

They are of a dual nature, since, on the one hand, these funds are in the turnover of the enterprise, and on the other hand, they belong to its employees (dividends and the consumption fund). Confirmation of their duality is the fact that, firstly, in the balance sheet of the enterprise they are in section V of liabilities, i.e. among short-term liabilities, and secondly, in some calculations, they are excluded from the obligations of the enterprise.

· consumption fund - the monetary fund formed at the expense of net profit. It is intended mainly to meet the material and social needs of the employees of the enterprise, in some cases to pay fines and penalties for violations due to the fault of the enterprise.

· dividends and other payments to founders ;

· revenue of the future periods - a monetary fund, in which incomes received in the reporting period, but related to the following reporting periods, are formed. Such incomes include: rent, donated assets, forthcoming receipts of debts for shortages identified in previous years, etc.

· reserves for future expenses - are created for the purpose of uniform inclusion in the costs of production and circulation of upcoming costs. If the actual costs exceed the reserve, the missing amount is added to it. Otherwise, the provision is adjusted.

Sources credit resources temporarily free cash enterprises, population and state . The buying and selling of these resources is focused on the financial market. There is a certain relationship between the volume of production, its efficiency and the structure of financial resources, financial position enterprises.

If an enterprise operates inefficiently, then the structure of its financial resources is characterized by a low share of its own financial resources and a high share of borrowed and borrowed financial resources.

Borrowed capital.

The formation of the financial resources of the enterprise is carried out both at the expense of own and borrowed funds. With a lack own funds, enterprises can attract funds from other organizations, which are called borrowed capital.

Borrowed capital – this is a part of the capital used by an economic entity, which does not belong to him, but is attracted on the basis of a bank, commercial loan or equity loan on a repayment basis, the need to attract borrowed capital should be justified by a preliminary calculation of the need for working capital.

Loans include:

1. financial loan received from banking and non-banking financial and credit institutions;

2. commercial credit from suppliers;

3. accounts payable of the enterprise;

4. debt on the issue of debt securities;

5. factoring, forfeiting;

6. others.

On the one hand, raising borrowed funds is a factor in the successful functioning of an enterprise, which helps to quickly overcome the shortage of financial resources, indicates the confidence of creditors and ensures an increase in the profitability of own funds. On the other hand, enterprises are burdened with financial obligations.

One of the main evaluation characteristics of the effectiveness of managerial financial decisions is the amount and efficiency of the use of borrowed funds. These financial obligations can be used to form both long-term financial resources in the form of fixed capital, and for short-term (current) financial resources for each production cycle. Financial obligations in modern economic practice are differentiated as follows (Fig. 3).

By functional affiliation distinguish the following types of capital.

I. Fixed capital(buildings of equipment, machines, etc., which are reused in the production cycle and transfer their value in parts to production goods). The functions of this capital are not limited to its monotonous consumption. It exists in long-term forms and the income from it comes over a long period.

II. Working capital (raw materials, materials, stocks, work force etc.), which is fully used and transfers its value during one production cycle, i.e. we are talking about capital (in the form of materials, raw materials, wages etc.), which completely exhausts its function in the process of a single application. It is necessary to understand the essence of working capital, their difference from working capital.

working capital is the company's capital advanced in current assets.

Working capital ensures the continuity of the production process. In the process of circulation of funds, the advanced capital successively takes on various forms value (monetary - commodity - productive - commodity - monetary) and passes from one stage to another.

It is customary to distinguish composition and structure working capital:

- compound working capital- a set of elements, articles that form working capital.

- structure about on-board equipment- this is the ratio between the articles, it is not the same in various sectors of the economy.

Structure about working capital depends on a number of factors, such as production, accounting policy of the enterprise, organization of settlements, features of material - technical supply and others.

Increasing the profitability of own funds through the use of credit and thus fulfilling the function of financial leverage due to the fact that the company uses in its turnover a smaller amount of own funds. It is determined by the following formula:

Efr \u003d (P s / s - PC) * ZK / SK),

Efre- the effect of financial leverage, which consists in the increase in the return on equity ratio, percent;

Rs/s– return on equity, percent;

PC– loan fee, percent;

ZK- the average amount of borrowed capital used by the enterprise;

SC- the average amount of equity capital of the enterprise.

The formula has two parts:

the first is the difference between the level of profitability of own funds and the actual interest rate for the loan;

the second is the ratio of borrowed funds to own.

The result of the first part of the formula can be positive, zero, or negative. If the result is positive, the company receives additional profit from the use of the loan and thereby increases the profitability of its own funds. With a zero result, there is no profit, but no loss. If the result is negative, the company receives losses from using the loan, since the loan for this company is expensive.

The second part of the formula reflects the capital structure of the enterprise. It may seem that the higher the leverage, the higher the effect, and if it is equal to 100%, the effect is infinite. But this is only at first glance, since with an increase in the share of borrowed funds, the risk in the activities of the enterprise increases.

Therefore, there is a limit that governs this ratio. If it is exceeded, banks and lenders stop issuing loans or individual cases issue, but at a higher percentage that. naturally affects the effect.

Thus, the capital structure has a serious impact on the return on equity of the enterprise.

There are three main indicators of the capital structure:

If the first two coefficients are used in calculating the effect of financial leverage, in assessing the creditworthiness of an enterprise. financial analysis, then the coefficient of financial leverage - when calculating the factors affecting the profitability of own funds as one of these factors. Therefore, it cannot have both a minimum and a maximum value.

In fact, all three capital structure ratios are related to financial leverage. In the world literature capital structure the structure of constant (permanent) capital is usually understood, i.e. own and long-term borrowed.

The structure of the total capital, i.e. liabilities of the balance sheet is called financial structure.

The balance sheet liability includes:

The capital structure of an enterprise, as well as the cost of own and borrowed funds, determine the price of all its capital. This is what primarily determines the optimization of the capital structure.

The price of capital is one of the main concepts financial management. The price of capital is a payment for the use of a particular source of financing for an enterprise, not only borrowed capital, but also equity capital. Each of these sources has a price. It is expressed as a percentage of the capital employed. In relation to equity, the price is dividends to shareholders, costs associated with the issuance of shares, etc. The price of capital should not be identified with the value of the enterprise (business) or the value of the property of the enterprise. For some types of capital, its price is quite clearly expressed, for others it must be calculated.

The price of capital shows the minimum acceptable level of profitability of the operations of an economic entity.

The price of capital makes it possible to justify investment decisions, determine financial costs, optimize the capital structure, etc. There are prices for equity capital raised from internal and external sources. The cost of capital depends on many factors. This is the demand and supply of capital, the level of competition in financial markets, the degree of development of financial markets, the level of risk of financial assets, etc. The price of capital is related to its return (profitability). The latter must be higher than the price of capital, otherwise its use loses its meaning. The price of capital is one of the criteria for the implementation of investment projects

Thus, to determine the price of capital, the following sources of its formation are the most important:

· borrowed funds, which include long-term loans and bond issues;

· own funds, which include ordinary shares, preferred shares and retained earnings.

Weighted average cost of capital, characterizes the relative level of the total amount of expenses for maintaining sources of financing. It reflects the minimum return on invested capital, its profitability and is calculated:

The average cost of raising capital obtained in this way is denoted WACC(Weighted Average Cost of Capital):

w- the share of a particular source in the total volume of capital;

K e– price of own capital;

Kps– the price of capital raised through the issuance of preferred shares;

Kd– price of borrowed capital;

The most important aspect of the financial activity of enterprises is the formation and use of various monetary funds. Through them, the provision economic activity necessary funds, as well as expanded reproduction, financing of innovations, economic incentives, settlements with the budget, banks.

The monetary funds of the enterprise are reflected in its financial statements, primarily in the asset and liability balance. The balance sheet asset is the property of the enterprise, subdivided into non-current and current assets. Liabilities of the balance sheet are funds grouped according to the sources at the expense of which the property is formed. Liabilities balance is divided into three groups of sources: capital and reserves, long-term liabilities, short-term liabilities.

Enterprise funds can be divided into five groups:

• 1) own funds:
  • - authorized capital,
  • - revaluation of non-current assets,
  • - Extra capital,
  • - Reserve capital,
  • - savings fund
  • - retained earnings,
  • - others;
• 2) funds of borrowed funds:
  • - bank loans,
  • - loans of legal entities and individuals,
  • - commercial credit,
  • - factoring,
  • - leasing,
  • - creditors,
  • - others;
• 3) funds of attracted funds:
  • - consumption funds,
  • - dividend payments,
  • - revenue of the future periods,
• 4) funds formed from several sources:
  • - non-current assets (sources - borrowed and own),
  • - current assets (sources - own funds, credit, accounts payable, attracted),
  • - investment fund (sources - profit, depreciation fund, borrowed funds),
  • - Monetary Fund (sources - own and borrowed funds),
  • - others;
• 5) operating cash funds:
  • - to pay wages
  • - to pay dividends,
  • - for payments to the budget,
  • - others.

First group cash funds of the enterprise - own funds. They play a decisive role in the activities of the enterprise, since the requirements for their volume and organization are strictly defined. When organizing, an enterprise must have statutory fund, or authorized capital, through which fixed assets and working capital are formed. The organization of the authorized capital, its effective use, management is one of the main and most important tasks of the financial service of the enterprise. The authorized capital is the main source of the company's own funds. The amount of the authorized capital of a joint-stock company reflects the amount of shares issued by it, and of a state and municipal enterprise - the amount of the authorized fund. The authorized capital is changed by the enterprise, as a rule, according to the results of its work for the year after the introduction of changes in the constituent documents.

The authorized capital of the enterprise determines minimum size his property guaranteeing the interests of his creditors. The authorized capital of joint-stock companies is called fictitious capital, since the value of shares, which determines the size of the authorized captain, is subject to constant fluctuations in the stock market. The authorized capital acts as the first monetary fund, reflected in section. 3 liabilities of the company's balance sheet.

The following type of own funds of the enterprise revaluation of non-current assets. This item appeared in the balance sheet from January 1, 2011 in accordance with the order of the Ministry of Finance of Russia dated July 2, 2010 No. 66i "On Forms financial statements organizations". Previously, the results of the revaluation of non-current assets were reflected in the accounts of additional capital, and in the new financial statements - an independent line in the same section "Capital and reserves". This decision was made in accordance with the standards of the IFRS system, which instead of the income statement provides for a report on total income1, which includes not only profit and loss, but also all operations of a revaluation nature, i.e. revaluation of securities and non-current assets.Revaluation of securities generate profits and losses, and revaluation of non-current assets (fixed assets and intangible assets) increases or decreases the company's own capital.Profit and income from the revaluation of non-current assets constitute the total income of the enterprise.

The next cash fund of the enterprise's own funds is Extra capital, which includes share premium of a joint-stock company (income from the sale of shares at a price in excess of the nominal value, minus the costs of their sale), etc.

Additional capital accumulates funds received by the enterprise during the year through the above channels. It is quite natural to annually increase the authorized capital at the expense of additional, but many enterprises do not do this.

reserve fund formed by deductions from profits in the amount determined by the charter or legislation.

Such concepts as net assets are closely related to the company's own funds. In world practice, they are also called share capital. Net assets are real own funds at the moment.

The amount of net assets is determined in accordance with Order No. Yun, 03-5/pz of January 29, 2003 of the Ministry of Finance of Russia and the Federal Securities Commission of Russia "On approval of the procedure for assessing the value of net assets of joint-stock companies":

where NA - net assets; A - the total value of the enterprise's balance sheet asset, including the value of deferred tax assets; А|ШЧ - assets subtracted when calculating net assets; at present - this is the debt of participants (founders) for contributions to the authorized capital; P4 - long-term liabilities of the company's balance sheet liabilities, including the amount of deferred tax liabilities; П5vych - short-term liabilities of the company's balance sheet liabilities, deducted when calculating net assets:

• - credits and loans;
• - accounts payable;
• - indebtedness to participants (founders) for the payment of income;
• - reserves for future expenses;
• - others, including reserves in connection with contingent liabilities and termination of operations.

There is a relationship between the net assets of the enterprise and its authorized capital, which is valid starting from the second year of operation.

If CA< УК (уставного капитала), предприятие обязано уменьшить свой уставный капитал до величины чистых активов, т.е. фактически до величины собственных средств. Так, если ЧА = 500 тыс. руб., а УК = 600 тыс. руб., то предприятие обязано уменьшить уставный капитал па 100 тыс. руб.

If CA< УК (минимального), то предприятие обязано принять решение о своей ликвидации, так как сложившаяся ситуация противоречит закону.

where RF - reserve fund; PA - excess over the nominal value determined by the charter of the JSC salvage value outstanding preferred shares, then joint-stock company does not have the right to decide on the payment of dividends. It also has no right to do so if the value of net assets may turn out to be less than the specified value after the payment of dividends.

From December 31, 2009, in accordance with Federal Law No. 352 of December 27, 2009 "On Amendments to Certain Legislative Acts Russian Federation in terms of revising restrictions for business entities when forming authorized capital, revising ways to protect the rights of creditors in the event of a decrease in authorized capital, changing requirements for business entities in the event that the authorized capital does not correspond to the value of net assets, revising restrictions related to the implementation business companies issue of bonds" the procedure has changed regarding the situation when net assets are less than the authorized capital. The specified law provides for a list of measures that enterprises are required to take before it comes to reducing the authorized capital or liquidating the enterprise.

Second group cash funds of the enterprise - funds of borrowed funds. In a market economy, no enterprise can do without borrowed funds. Borrowed funds in normal economic conditions help to increase the efficiency of production, increase the profitability of own funds.

Credit in the West is often called financial leverage.

Example. Suppose the working capital of the enterprise is 5 million rubles, of which 3 million rubles. - own funds, and 2 million rubles. - borrowed. Profit for the year amounted to 1 million rubles. As a result, the profitability of working capital as a whole amounted to 20% (1: 5 x 100%), and equity - 33.3% (1: 3 x 100%). Thus, using borrowed funds in its turnover, the enterprise thereby uses a smaller amount of its own funds, as a result of which their profitability increases, i.e. returns from every ruble.

This is the effect of financial leverage (EFF), which can be measured using the following formula:

where EFR is the effect of financial leverage; Rcc - return on equity, measured as a percentage as the ratio of net profit to equity; PSF - interest rate for a loan actually offered by the lender when issuing a loan; (SL: SS) - the capital structure of the enterprise, showing the ratio of borrowed funds (SL) to own funds (SS) in the turnover of the enterprise, i.e. amount of financial leverage.

If the difference (Rss - Psf) is positive, then the enterprise, through the use of cheaper borrowed funds, will increase the profitability of its own; if it is equal to a bullet, there will be no effect; if negative, there will be a loss when using the loan. In addition, from the point of view of mathematics, it may seem that the more borrowed funds in the turnover of an enterprise, the greater the effect. But there is a certain limit of borrowed funds, above which the risk increases sharply, and as a result, the bank either stops issuing a loan or raises the interest rate for it, which affects the effect in the direction of its decrease.

There are three indicators of the capital structure of an enterprise, each of which in its own way reflects the amount of financial leverage:

1) the ratio of borrowed and own funds (Ka / s):

where PZ, P4 and P5 - Sec. 3, 4 and 5 liabilities of the balance.

Its maximum value is one. When calculating this coefficient, each enterprise must take into account its individual characteristics;

2) autonomy coefficient (Ka), reflecting the independence of the enterprise from borrowed sources:

where II is the total amount of liabilities, i.e. all funds in circulation of the enterprise.

The minimum value of this coefficient is 0.5. This means that the company must have at least 50% of its own funds;

3) coefficient of financial leverage (Kfr):

This coefficient has no minimum or maximum values, since its role is to show the influence of the return on equity of the capital structure as one of the main factors.

Return on equity (Rcc) is determined by the formula

where PE is the net profit of the enterprise; PZsr - sec. 3 liabilities of balance, arithmetic mean value.

The modified formula, the so-called DuPont formula, shows the factors that affect the return on equity:

where B - sales revenue for the period; Asr - average value of assets; ПЗср - arithmetic mean value of section. 3 passive balance; (PE: B x 100) - profitability

sales, %; (B: Asr) - turnover of funds, times; (Аср: ПЗср) - coefficient of financial leverage or capital structure.

Thus, in order to increase efficiency, profitability, return on equity, an enterprise should use borrowed funds not only when there are not enough own funds, but also when they are sufficient, i.e. as financial leverage if it is profitable.

Accounts payable as economic category, expressing the financial relationship between the creditor and the debtor, is inherently ambiguous.

Accounts payable are of two types:

• 1) urgent, i.e. formed in accordance with an agreement or on the basis of legislation - advances from customers, advance payment, commercial credit;
• 2) overdue, i.e. debts not paid on time to enterprises and organizations, budgets, employees of enterprises, etc.

Accounts payable are, in essence, attracted funds of the enterprise, i.e. neither own nor borrowed.

When determining financial structure capital of the enterprise, all liabilities of its balance sheet are divided into two parts:

• 1) own funds: Sec. 3 liabilities of the balance sheet "Capital and reserves";
• 2) borrowed funds: Sec. 4 liabilities of the balance sheet "Long-term liabilities" and sec. 5 "Current liabilities", including accounts payable.

In this situation, accounts payable acts as borrowed funds.

And finally, accounts payable perform the most important role as a source of working capital of the enterprise. Almost any of them defines financial strategy based on the structure of three sources: own funds - loans - accounts payable.

Third group cash funds of the enterprise - funds of attracted funds. Such funds are of a dual nature: on the one hand, these funds are in the turnover of the enterprise, on the other hand, they belong to its owners and employees (dividends and consumption fund).

In addition, these funds are targeted and are not permanent, as they are spent during the year. Funds of borrowed funds include those in sec. 5 liabilities of the balance sheet deferred income, reserves for future expenses, etc.

Fourth group the company's monetary funds (formed from several sources) are fundamental monetary funds, which include a number of previously considered funds. Non-current and current assets are two components of the entire property of the enterprise. Funds for their formation have different sources.

The investment fund is intended for the development of production. It concentrates:

• o depreciation fund intended for simple reproduction of fixed assets;
• o an accumulation fund formed from deductions from profits and intended for the development of production;
• o borrowed and borrowed sources.

The role of this fund is obvious. The enterprise should be able and obliged to provide an increase in working capital and financing at the expense of its own profits and other sources. capital investments. The investment fund is a source of increasing the authorized capital of the enterprise, since investments in the development of production increase the property of the enterprise.

The currency fund is formed at enterprises that receive foreign exchange earnings from export operations and buy foreign currency for import operations. This fund does not have an independent purpose. It stands out insofar as currency transactions have their own characteristics. For these purposes, enterprises in commercial banks licensed by the Bank of Russia to conduct foreign exchange transactions open foreign currency accounts.

Operating cash funds of the enterprise, forming fifth group cash funds are created by him periodically. So, twice a month the company forms a fund for the payment of wages. To ensure the timely payment of wages, enterprises accumulate the necessary funds on the account, and in their absence apply to the bank for a loan to pay wages. Of no small importance is the determination of the optimal terms for the payment of wages and the number of days required for this.

Periodically, enterprises organize a fund for payments to budgets various taxes. Their late payments are subject to penalties.

In addition to those listed at the enterprise, a number of other funds of funds are created: to repay bank loans, develop new technology, research works, deductions from a higher organization.

The funds of borrowed funds include: consumption funds - a monetary fund formed from net profit and used to meet the material and social needs of the enterprise's employees; dividend payments; revenue of the future periods; reserves for future expenses and payments.

10) In property insurance, the object of insurance is property interests related to the possession, use and disposal of property.

11) Money turnover is a process of continuous movement of banknotes in cash and non-cash form.

12) gold exchange - monometallism. Those. foreign currency is exchanged for gold.

1) 1. organization of exchange meetings for public public trading, including: organization of exchange trading; development of exchange trading rules; logistical support of tenders; attraction of qualified personnel;

2. development of exchange contracts, including: unification of requirements for the quality of exchange goods; standardization of the sizes of consignments of goods; production unified requirements to settlements on exchange transactions;

3. resolution of disputes on exchange transactions;

4. identification and regulation of exchange prices;

5. exchange insurance (hedging) of participants in exchange trading against unfavorable price fluctuations;

6. guaranteeing the execution of transactions through exchange-based clearing and settlement systems;

7. information support of exchange activities;

8. control and regulation of the circulation of securities;

9. registration of the movement of property and distribution of property rights;

10. actual implementation of the interests of the state, institutional and private investors in the securities market. State regulation the activities of stock exchanges is one of the aspects of managing the economy as a whole, with the goal of creating a single exchange space. State regulation is implemented in the formation of a reliable legal framework and includes the licensing of both exchanges and organizations included in its infrastructure, as well as professional intermediaries of the exchange market.

Exchanges account for approximately 1/3 of all traded securities.

2) The tax period is the period during which the tax base is formed and the amount of the tax liability is determined.

3) Tax paid = 136600*0.2=27320.

4) The non-oil and gas deficit of the federal budget is the difference between the volume of federal budget revenues, excluding oil and gas revenues of the federal budget, and the total volume of federal budget expenditures in the corresponding financial year.

5) about 3 years.

6) State credit is a set of monetary relations between the state and individuals and legal entities related to the mobilization by the state of temporarily free funds and their use for the implementation state functions. The money borrowed by the state is placed at the disposal of the state and has no designated purpose. Most often, they cover the budget deficit or are used for large capital investments. Interest and repayment on government loans comes at the expense of budgetary funds. State credit is inherent in: repayment, urgency and payment (maybe interest-free). Credit functions: Fiscal. It participates in the formation of a centralized monetary fund; Regulatory. The state affects the economy as a whole (money circulation, interest rates, employment, etc.).

7) Calculation methods:

1. Direct counting method: with a small assortment: P \u003d ∑ (C * V-C * V) \u003d ∑ (V`-V``), where C is the price, C is the cost price, V` is the volume at the price, V`` - volume at cost. Amount by various types products.

With a large assortment: P \u003d (O n + V-O k) ` - (O n + V-O k) ``. With one stroke - it means at a price. With two, at cost. O n - balances in the warehouse at the beginning of the year, O to - balances in the warehouse at the end of the year. B-released products.

2. Basic profitability method: R basic = 100 * P of the current year (actual + planned) / C full of the current period

R-profitability. P future (planned) \u003d R basic * C full. future *k1*k2…,

where k2 and k2 are correction coefficients.

9) In liability insurance, the object of insurance is property interests related to compensation by the insured for the harm caused to him or her person or property individual, as well as harm caused to a legal entity.

10) Money circulation is a process of continuous movement of money in cash. Only cash can be circulated.

12) The main instruments of the monetary policy of the Central Bank are:

setting the required bank reserve ratio (what part of their funds commercial banks should be kept at the Central Bank to ensure the reserve);

regulation of the official discount rate (at what percentage central bank gives loans to other banks);

open market operations (purchase and sale of government securities: bonds, treasuries…)

foreign exchange interventions (purchase and sale by the Bank of Russia of foreign currency on the foreign exchange market to influence the ruble exchange rate and the total money supply)

1. Regulation consists in coordinating the functioning of various parts of the economy and is achieved through the redistribution of financial resources. This leads to a change in the pace of various spheres. All spheres are involved in regulation financial system. Methods include: self-regulation and state. regulation. With self-regulation, the financial base is formed independently and used at its own discretion. State. regulation is used when the tasks of society, large-scale capital construction, during a crisis are solved. When the market mechanism is inappropriate to use.

2. All changes in the economy are due to changes in the money supply. Taxes should not be considered a regulatory tool.

3. Rate - 26%. Tax base=15000. Then the tax itself \u003d 15000 * 0.26 \u003d 3900 rubles.

4. The structure of the budget is formed by 3 blocks:

2. Costs

3. Sources of financing budget deficits.

5.B) no more than 10%

Refinancing the public debt is the repayment of old debt by issuing a new loan.

7. In 1998, a reform was carried out, which provides for the transition from a pay-as-you-go system to a mixed system (both pay-as-you-go and funded). In this regard, personalized accounting was introduced. Personalized accounting involves the creation of a database, for each working person an individual personal account with an individual insurance number is opened.

Principles of personalized accounting:

Unity of state pension insurance

· Universality and mandatory payment of insurance premiums.

· Accounting for the whole process labor activity insured person

· Compliance of information on assessed contributions with the amounts actually transferred.

8. Methods of non-linear depreciation:

1. The method of decreasing balance - depreciation is carried out on the basis of the residual value of fixed assets at the beginning of the depreciation period and the depreciation rate.

2. By the sum of the numbers of years of the useful life - the amount of depreciation is determined based on the initial cost of the object and the depreciation rate.

The numerator is the number of years remaining until the end of the term, and the denominator is the sum of the numbers of years of useful life.

3. In proportion to the volume of production - depreciation is charged based on the natural indicator of the volume of production in the reporting period and the ratio of the initial cost and the estimated amount of work for the entire period of use.

10. Reinsurance is the insurance of an insurer when an insurer transfers part of its liability to another insurer in order to ensure financial stability.

11. Means of payment. It manifests itself in settlements with financial authorities in the payment of taxes, debts, loans. It can be carried out in both national and foreign currencies. Form of payment: cash and non-cash money.

Test #27

1) Ministry of Finance of the Russian Federation, Federal Treasury of the Russian Federation (subdivision of the Ministry of Finance of the Russian Federation), federal Service insurance supervision (also MinFin), Federal customs Service, Off-budget funds, Federal Tax Service (MinFin), Department of Tax Revenues (subdivision of the Ministry of Internal Affairs of the Russian Federation), Accounts Chamber, Federal Service for Financial and Budgetary Supervision (MinFin), Federal Service for Financial Monitoring, federal agency for the management of the state property (Ministry of Economic Development), the Federal Tariff Service, the Federal Financial Markets Service, the Federal Agency for State. reserves (subdivision of the Ministry of Economic Development).

2) UST - unified social tax. This is a canceled federal tax in the Russian Federation, credited to Federal budget and state non-budgetary funds (the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation and the mandatory medical insurance funds of the Russian Federation) and intended to raise funds for the realization of the right of citizens to state pension and social Security and medical care. Since January 1, 2010, the unified social tax has been abolished, instead, former tax payers pay insurance premiums to the Pension Fund, Social Insurance Fund, federal and territorial MHIFs in accordance with Law No. 212-FZ of July 24, 2009.

3) 450 thousand rubles Tax rate = 2.2%. Average annual cost property taxed for the 1st quarter: (А1+А2+А3+А4)/4=А1=450 thousand rubles. Then the advance tax payment = ¼ * 450 * 0.022 = 2.475 thousand rubles. Answer: b

4) Tasks before the budget process: identification of all reserves; distribution of income and expenses; coordinating the budget with the program for stabilizing the economy and finances; deficit management; control over financial activities; automation of the budgeting process.

5) Regulating budget revenues: grants and subventions from the higher budget, subsidies from the financial support fund of the subjects of the federation, as well as transfers. - all these funds are means of budgetary regulation. They account for 20-40% of the higher budget.

6) Restructuring (“re”-repeat) is the termination of the debt obligations constituting the debt, based on an agreement, with the replacement of these debt obligations with other debt obligations, providing for other conditions for servicing and repaying the debt. Those. is changing structure.

7) Non-commercial activities - organizations that do not have the main goal of making a profit and do not distribute the profits among the participants. Funding sources - paid and free services - national resources, revenue from core activities, subsidies, revenue from renting premises, bank loans, voluntary contributions. Financing options: 1. Estimated - ie. basic services are free, budgeted (income and expenses/expenditures) 2. Self-financing and self-supporting – ie. costs are fully covered by the sale of services. 3. A combination of the first two.

8) answer: a

9) The risk of loss or shortfall in profit - insurance against loss of profit due to disruption of the production process.

10) Money is an economic category, with the participation of which economic relations are built related to the distribution of the product, price determination, exchange for goods and which contribute to the conservation of value and are a universal equivalent.

11) answer: a. Yes, they have been used.

12) I would answer: a- administrative. But not sure.

Test #28

1) Financial policy - the activities of the state for the purposeful use of finance. Tasks financial policy: creation of conditions for the formation of financial resources, rational distribution and efficient use of resources, choice of methods, mechanisms for regulating socio-economic processes.

2) The optimality of taxation as a principle is the scientific validity of the composition of taxes and the magnitude of rates.

4) The reserve fund of the government and higher executive authorities - no more than 3% of the costs.

The President's Reserve Fund - no more than 1% of approved expenditures.

5) Treasury - a family of bodies that are part of the federal treasury of the Ministry of Finance and territorial bodies. Tasks: work on execution and control over the execution of the budget, collection and analysis of information on the state of finances and forecasting, together with the Central Bank, servicing internal and external public debt. Execution is carried out according to the budget list - an operational quarterly plan for the distribution of income and expenses according to extra-budgetary classification. The budget list provides the dates of receipt and direction of funds. It is envisaged that all incoming funds will be credited to a single account - the budget (the principle of unity of the cash desk).

6) Domestic public debt - debt obligations of the state in the national currency.

7) insurance and accumulative. (from 1.01.2010)

8) Profit calculation methods:

Direct account (with a small and large assortment)

According to basic profitability

11) Payment turnover - the process of continuous movement of all means of payment existing in the country.

Test #29

1) FinSist
FinPredpr / GosFin/ Fear
FinComPr, FinNecomPr, FinSocietyOrg / State budget, GosKred, VnebudzhFunds / Personal Str, Property Str, Social Str, Str Prof Responsibility, Str Entrepreneur Risks

2) Tax - a mandatory individual gratuitous payment collected from organizations and individuals in the form of alienation of property belonging to them, on the right economic management, ownership or operational management of funds for the purpose of financial support for the activities of the state-va or municipalities.

4) Based on economic opportunities and norms, which are established on the basis of an analysis of consumption or experience of previous years. Norms of 2 types: based on in-kind purchases, individual payments.

8) Circulating capital makes a circuit between its two stages: circulating production assets and financial circulation.

9) Insurance tariff rate - the price of insurance risk, payment per unit of the sum insured (100 monetary units or %).

10) money accumulates.

12) Monetary policy - a set of measures for the economic regulation of money circulation and credit by influencing investment activity, inflation and various macroeconomic processes. D-k p is carried out by the Central Bank on behalf of the state.

Test #30

1) Professional stock market participants: broker, (dealer, manager, clearing, depository...)

4) Fixed revenues of the budget system are revenues that, in accordance with the legislation, in full or in a firmly fixed share (as a percentage) on a permanent or long-term basis (at least five years) go to the relevant budget. Fixed income: taxes received by the budget, as well as income from the privatization of state and municipal property.

5) The consolidated budget is a set of budgets for the whole of the Russian Federation or a separate territory, without the budgets of extra-budgetary funds and interbudgetary transfers. The consolidated budget combines the federal and territorial budgets (subjects of the Russian Federation). It is not subject to approval (does not have the force of law), is used for calculations and analysis.

6) Principal public debt - the amount of debt, the maturity of which has not come.

8) Authorized capital included in the own funds fund - organizational legal form. If the organization is a JSC, then the UK reflects the amount of issued shares. The Criminal Code may be changed based on the results of the year after changes are made to the constituent documents.

The minimum value is determined by law depending on the type of organization:

OJSC - 1000 * minimum wage; CJSC - 100 * minimum wage; state enterprises - 1000 * minimum wage; enterprise with the participation of foreign invest. - 1000 * minimum wage; the rest - 100 * minimum wage.

The value of the UK reflects the minimum amount of property that guarantees the interests of creditors.

An increase in the authorized capital by issuing new shares (for JSCs) or by increasing the par value of already issued shares. Decreasing the charter capital by buying back shares or reducing the par value.

9) The composition of circulating production assets: objects of labor, part of the means of labor.

10) Sum insured - the amount of money for which property, life, health are actually insured.

Insurance indemnity is the amount in which the damage is assessed and which is due for payment.

11) SDR - an artificial collective monetary unit, the rate of which is determined on the basis of the weighted average rate of a special set of currencies. US dollar - 41.9%, Euro - 37.4%, Yen - 9.4%, Pound sterl. - 11.3%.