Financial management - managing the finances of business entities, financial analysis, planning, as well as finding and distributing capital. It covers all major areas of finance and extends to all segments of the financial market. Financial management is also a type of management activity. It is a system of influence of the subject of financial management (financial manager) on its object in order to improve the latter. In addition, financial management is a form of entrepreneurship.

Financial management is interconnected with cost accounting, marketing, and planning.

Self-financing had a significant positive influence on the business economy. However, its possibilities in terms of administrative management are limited. Separate elements of cost accounting, in particular self-sufficiency and self-financing, control by the ruble, material responsibility, material interest, have achieved great development in a market economy. Cost accounting is necessary not only for a state enterprise under conditions of public ownership of the means of production, but also for a private enterprise, a commercial organization under conditions of private ownership.

Cost accounting as a method and style of management is in many ways similar to management. However, one should not assume that cost accounting cancels or replaces management, just as management does not cancel cost accounting. There is competition here, which creates a fertile ground for the development of cost accounting and management at the same time.

Marketing means market research, marketing system. Marketing is not only the science of selling, but also of managing, it is a kind of human activity aimed at satisfying needs and requirements through exchange. In the 50s of the last century, marketing theory joined with management theory. As a result, an applied science of managing companies based on the principle of marketing has emerged, called the “market management theory”. Marketing is the concept of managing the development, production and distribution of a product. Marketing affects management, closely interacts with it and intertwines. Their interrelation guarantees the success of entrepreneurship.

Planning is a system of planning decisions of a firm, which, as a participant market system, is forced to obey the price mechanism, the law of supply and demand, since it does not have the ability to cancel their actions.

By applying planning, the firm eliminates the costs that it could have if all actions within the firm were performed on the basis of buying and selling. By canceling such relationships, she avoids additional costs.

Planning is one of the functions of management. Financial management brings together the planning of material, technical, labor and financial resources ensuring their balance. Financial planning in our case has an intracompany orientation and is reflected in a special section of the business plan.

"Financial management", 16. 02. 2010

Section 1 "Essence and organization of financial management at the enterprise"

1. Financial management is. . . .

1. public financial management

2. management of financial flows of a commercial organization in a market economy +

3. management of financial flows of a non-profit organization +

2. What functions do the finances of organizations perform?

1. reproductive, control, distribution.

2. control, accounting

3. distribution, control +

3. Who forms the financial policy of the organization?

1. Chief Accountant organizations

2. financial manager +

3. head of an economic entity

4. The main goal of financial management is. . .

1. development of the financial strategy of the organization

2. growth of dividends of the organization

3. maximization market value organizations +

5. The objects of financial management are. . .

1. financial resources, non-current assets, wage essential workers

2. profitability of products, capital productivity, liquidity of the organization

3. financial resources, financial relations, cash flows +

6. What is the controlling subsystem of financial management?

1. directorate of a commercial organization

2. financial department and accounting +

3. marketing service organization

7. Basic official duties financial management is included. . .

1. management of securities, stocks and debt capital +

2. liquidity management, organization of relationships with creditors +

3. control financial risks, tax planning, development of an organization development strategy

8. The main concepts of financial management include concepts. . .

1. double entry

2. compromise between return and risk +

3. delegation of authority

9. Treat primary securities. . .

3. forwards

10. Treat secondary securities. . .

1. bonds

2. bills

3. futures +

11. "Golden Rule"Financial management is...

1. a ruble today is worth more than a ruble - tomorrow +

2. income increases as risk decreases

3. the higher the solvency, the less liquidity

12. Equal payments or receipts Money at regular intervals when using the same interest rate is. . . .

1. annunity +

2. discounting

13. If uniform payments of the enterprise are made at the end of the period, then such a flow is called. . .

1. prenumerando

2. perpetuity

3. postnumerando +

14. Derivative securities include. . .

1. company shares

2. options +

3. bonds

15. Can be attributed to the financial market. . .

1. labor market

2. capital market +

3. sectoral commodity market

16. The organization mobilizes its funds for. . .

1. insurance market

2. communication services market

3. stock market +

17. The organization attracts short-term loans for. . .

1. capital market

2. insurance market

3. money market +

18. Of the listed sources of information for a financial manager, external ones are. . .

1. balance sheet

2. Forecast of socio-economic development of the industry +

3. cash flow statement

19. Of the listed sources of information, it refers to internal ones. . .

1. inflation rate

2. income statement +

3. statistical compilation data

20. External user of information are. . .

1. investors +

2. financial manager of the organization

3. chief accountant of the organization

21. Foundation information support financial management is. . .

1. accounting policy organizations

2. balance sheet +

3. income statement +

22. A financial mechanism is a combination of:

1. forms of organization of financial relations, methods of formation and use of financial resources used by the enterprise +

2. ways and methods of financial settlements between enterprises

3. ways and methods of financial settlements between enterprises and the state

23. The financial tactics of an enterprise are:

1. solving problems of a specific stage of enterprise development +

2. setting a long-term course in the field of enterprise finance, solving large-scale problems

3. development of fundamentally new forms and methods of redistribution of the enterprise's funds

24. Financial management is:

1. scientific direction in macroeconomics

2. science of public finance management

3. practical management activities cash flows companies

4. financial management of an economic entity +

5. academic discipline that studies the basics of accounting and analysis

25. Components of the financial mechanism:

1. financial methods, financial leverage, financial settlement system

2. financial methods, financial leverage, legal, regulatory and information support

3. financial methods, financial leverage, financial settlement system, information support +

26. financial managers should primarily act in the interests of:

1. workers and employees

2. creditors

3. government bodies

4. strategic investors

5. owners (shareholders) +

6.buyers and customers

Section 2 "Financial analysis and planning"

1. Turnover indicators characterize. . . .

1. solvency

2. business activity +

3. market stability

2. The indicator of return on assets is used as a characteristic:

1. profitability of capital investment in the property of the organization +

2. current liquidity

3. capital structure

3. Indicators for assessing business activity are. . .

1. turnover working capital +

2. coverage ratio

3. autonomy coefficient

4. The ratio of inventory turnover of raw materials and materials is defined as a ratio. . .

1. the volume of stocks of raw materials and materials for the period to profit from sales

2. the volume of stocks of raw materials and materials for the period to the volume of sales for the period

3. the cost of used materials to the average value of stocks of raw materials and materials +

5. Of the above components of current assets, the least liquid. . . .

1. production stocks +

2. accounts receivable

3. short-term financial investments

4. Prepaid expenses

6. Absolute liquidity ratio shows. . . .

1. what part of all liabilities the organization can repay in the near future

2. what part of the organization's short-term liabilities can be repaid in the near future +

3. what part of the organization's long-term liabilities can be repaid in the near future

7. The critical liquidity ratio shows. . .

1. What part of long-term liabilities can the organization repay by mobilizing absolutely liquid and fast-moving assets

2. what part of short-term liabilities the organization can repay by mobilizing absolutely liquid and quick-selling assets +

3. What part of the organization's short-term liabilities can be repaid by mobilizing all current assets.

8. Current ratio shows. . . .

1. what part of the equity capital the organization can cover by mobilizing current assets

2. what part of long-term liabilities the organization can repay by mobilizing absolutely liquid and quick-selling assets

3. what part of short-term liabilities the organization can repay by mobilizing all current assets +

9. If in the composition of the sources of funds of the enterprise 60% is occupied by equity, then this speaks. . .

1. about a sufficiently high degree of independence +

2. about a significant share of diversion of the organization's funds from direct turnover

3. on strengthening the material and technical base of the organization

10. The accounts payable turnover ratio shows opportunity. . . .

1. increase in commercial credit +

2. reducing commercial credit

3. rational use all types of commercial loans

11. Under the financial plan is understood. . .

1. cost estimate for production

2. planning document reflecting the costs of production and sales of products

3. planning document reflecting the receipt and expenditure of funds of the organization +

12. Task financial planning is an. . . .

1. development of the financial policy of the organization

2. providing the necessary financial resources for all types of activities of the organization +

3. development of the accounting policy of the organization

13. Compilation process financial plans consists of. . . .

1. analysis financial indicators previous period, preparation of forecast documents, development of an operational financial plan +

2. determining the profitability of manufactured products

3. Efficiency calculation investment project

14. Drawing up the financial section of a business plan begins with the development of a forecast. . .

1. production volumes

2. sales volumes +

3. cash flow

15. With an increase in the natural volume of sales and other unchanged conditions, the share of variable costs in the composition of sales proceeds:

1. decreases

2. does not change

3. increases +

16. Liquidity ratios show. . . .

1. the degree of profitability of the main operations

2. the ability to cover their current liabilities at the expense of current assets +

3. the company has current debts

17. The highest level of business risk is observed in enterprises that have. . . . . . .

1. equal shares of fixed and variable costs

2. a large share of fixed costs +

3. high level of variable costs

19. When optimizing the assortment, one should focus on the choice of products from. . . . . .

1. the largest share in the sales structure +

2. the minimum value of total unit costs

3. the maximum values ​​of the coefficient "marginal profit/revenue"

20. With additional production and sale of several types of products, the maximum low price equal to them. . . . . . . . per product

1. full cost

2. the sum of fixed, variable costs and profits

3. marginal costs (variable costs) +

21. With an increase in sales from sales, fixed costs:

1. increase

2. do not change +

3. decrease

22. Marginal profit is. . . . . . .

1. profit after taxes

2. revenue minus direct costs

3. gross profit before taxes and interest

4. revenue minus variable costs +

23. Critical volume of sales in the presence of losses from the sale. . . . . . . . . . . . . . actual sales proceeds

24. The division of the costs of the enterprise into fixed and variable is carried out in order to:

1. determining the amount of revenue required for simple reproduction

2. definition of production and full cost

3. profit planning and profitability +

4. determination of the minimum required volume of sales for break-even activity +

25. The combined impact of operating and financial leverage measures. . . . . .

1. investment attractiveness of the company

2. a measure of the total risk of the enterprise +

3. competitive position of the enterprise

4. degree financial stability companies

26. Fixed costs as part of sales proceeds are costs, the amount of which does not depend on:

1. salaries of management personnel

2. depreciation policy of the enterprise

3. natural volume of sold products +

27. The concept of "profitability threshold" (critical point, break-even point) reflects:

1. the ratio of profit from sales to sales proceeds (excluding taxes)

2. proceeds from the sale, in which the enterprise has neither losses nor profits +

3. the minimum amount of revenue required to reimburse the fixed costs of production and sales of products

4. the value of the ratio of profits to production costs

5. net income of the enterprise in cash, necessary for expanded reproduction

28. With an increase in the natural volume of sales, the amount of variable costs:

1. increases +

2. decreases

3. does not change

29. The turnover ratio of working capital characterizes. . . . . . . . . .

1. the ratio of own funds in relation to the amount of funds from all possible sources

2. the amount of proceeds from sales per one ruble of working capital +

3. the ratio of the volume of proceeds from the sale of products to average annual cost fixed assets

30. The following are involved in the calculation of the break-even point:

1. total costs and mass profits

2. fixed costs, specific variable costs, sales volume +

3. direct, indirect costs and sales volume

31. With an increase in sales proceeds, the share of fixed costs in the total cost of products sold:

1. does not change

2. increases

3. decreases +

32. Variable costs include:

1. piecework wages of production personnel +

2. material costs for raw materials and materials +

3. administrative and management expenses

4. interest on a loan

5. depreciation charges

33. The share of variable costs in the proceeds from sales in the base period at enterprise A is 50%, at enterprise B - 60%. In the next period, both enterprises are expected to reduce the natural volume of sales by 15% while maintaining the basic prices. The profit of the enterprise is reduced:

1. the same

2. to a greater extent at enterprise A +

3. to a greater extent in enterprise B

34. Operating leverage evaluates:

1. cost of products sold

2. a measure of profit sensitivity to changes in prices and sales volumes +

3. degree of profitability of sales

4. sales proceeds

35. The duration of one revolution in days is defined as. . . . . . . . . . .

1. the product of working capital balances by the number of days in the reporting period, divided by the volume of products sold

2. the ratio of the average annual cost of working capital to the proceeds from the sale of products

3. the ratio of the amount of the average balance of working capital to the amount of one-day revenue for the analyzed period +

Section 3 " Methodological foundations making financial decisions"

1. The financial flow is fully related. . .

1. receipt of loans, issue of new shares, payment of dividends +

2. profit, depreciation, payment of interest on a loan

3. sales proceeds, profits, loans.

2. Market value valuable papers arises. . .

1. at the time of the decision to issue securities

2. at the initial placement of securities

3. in the secondary financial market +

3. The value of a security in the stock market is affected. . . .

1. the organization's need for additional attraction of cash flows

2. rate of return +

3. marketing policy of the organization

4. Current yield of a bond with a face value of 10,000 rubles. with a coupon rate of 9% per annum, if the purchase price was 9000 rubles. , is equal to. . .

5. If the purchase price of a discount bond was 1000 rubles. , and the redemption price is 1200 rubles. , then its profitability is equal. . . .

6. If the amount of dividends paid is 120 rubles. , and the rate loan interest- 12%, then the market value of the share will be equal to. . .

2. 1000 rub. +

7. Bonds are brought to its owner. . .

1. coupon income +

2. dividends

3. operating income

8. If the amount of expected dividends per share is 50 rubles. , the purchase price of a share is 1000 rubles. , then the preferred stock's dividend yield will be . .

9. If the current dividend is 30 rubles. per share, the purchase price of a share is 1500 rubles. , the expected dividend growth rate is 3% per year, then the rate of return on an ordinary share will be equal to. . .

10. An indicator that characterizes the quantitative measurement of risk is. . .

1. coefficient of variation +

2. current yield

3. standard deviation of expected return

11. Discounting is:

1. determination of the present value of future cash +

2. accounting for inflation

3. Determination of the future value of today's money

12. The internal rate of return means. . . . . . . . . . . . . . . . . . project

1. unprofitable

2. break even

3. profitability +

13. When comparing alternative equal-period investment projects, the following criterion should be used as the main one:

1. payback period

2. net present value (NPV) +

3. internal rate of return

5. accounting rate of return

6. net discounted cash income ratio (NPVR)

14. Bank deposit for the same period increases more when interest is applied

1. simple

2. complex

3. continuous +

15. The annuity method is applied when calculating:

1. the balance of the debt on the loan

2. equal amounts of payments for a number of periods +

3. interest rates on deposits

16. Leasing is used by the enterprise for:

1. replenishment of own sources of financing

2. obtaining the right to use the equipment

3. acquisition of equipment and other fixed assets +

17. It is advisable to make investments if:

1. their net present value is positive +

2. internal rate of return is less than the weighted average cost of capital provided to finance investments

3. their profitability index is zero

18. The term "opportunity cost" or "lost profit" means:

1. income that the investor refuses by investing in another project +

2. level of bank interest

3. variable costs of raising a given amount of funds

4. yield of government securities

19. When using a long-term loan, the calculation of annual total payments using the annuity method. . . . . . . . . . . . . . . . . . . . . total loan payments

1. reduces

2. increases +

3. does not change

20. The loan is used by the enterprise for:

1. replenishment of the enterprise's own sources of financing

2. purchase of equipment with insufficient own funds +

3. obtaining the right to use the equipment

Section 4 "Basics of making investment decisions"

1. Investments in fixed capital include. . . .

1. purchase of securities

2. building a workshop +

3. work in progress

2. Investment is. . .

1. funds allocated for capital construction and production consumption

2. capital investment in the development of the organization with the aim of making a profit

3. investment of funds, securities and other property with a monetary value, for profit and (or) to achieve another beneficial effect +

3. Simple rate of return shows. . .

1. the share of current costs in the cash flow of the organization

2. the share of investment costs returned to the organization in the form of net profit over a certain period of time +

3. the share of variable costs in the total costs of the organization

4. The payback period of the project with a uniform cash flow is a ratio. . .

1. net cash flow to the amount of investment costs

2. total cash receipts to invested costs

3. free cash flow to the amount of investment costs +

5. The current present value of the project NPV shows:

1. average profitability of an investment project

2. the discounted amount of profit received from the implementation of the investment project +

3. the discounted value of the gross profit from sales finished products

1. the level of income from the implementation of the project per 1 rub. investment costs +

2. share of cash receipts

3. share of cash outflows in gross cash flow

7. The indicator of the internal rate of return is. . .

1. the price of capital, below which the investment project is not profitable

2. average discount rate for borrowing

3. investment project discount rate at which the net present value of the project is zero +

8. Modified internal rate of return assumes. . . .

1. discounting of income received during the implementation of the investment project

2. reinvestment of income from the investment project at the cost of capital +

3. discounting of investment costs required for the implementation of the investment project

9. Uncertainty about future cash flows is caused. . .

1. incomplete or inaccurate information about the conditions for the implementation of the investment project +

2. incorrect accounting for the impact of inflation on the amount of cash flow

3. incomplete information about the amount of investment costs

10. Non-standard cash flow suggests. . .

1. the predominance of positive cash flows inflows in the process of implementing an investment project

2. the predominance of negative cash flows inflows in the process of implementing the investment project

3. alternation in any sequence of outflows and inflows in the process of implementing an investment project +

11. Discount rate adjustments are implied. . .

1. introduction of adjustments to the risk-free or minimum acceptable discount rate +

2. determination of the risk-free discount rate

3. achieving the maximum allowable discount rate

Section 5 Capital Structure and Dividend Policy

1. The criteria for dividing the capital of an organization is. . .

1. standardized and non-standardized

2. attracted and borrowed

3. own and borrowed +

2. It affects the volume and structure of own capital. . .

1. organizational and legal form of management +

2. the amount of depreciation

3. amount of working capital

3. Advantages of own sources of capital financing - this. . .

1. high price of attraction compared to the price of borrowed capital

2. Ensuring financial stability and reducing the risk of bankruptcy +

3. loss of liquidity of the organization

4. The disadvantages associated with the attraction of borrowed capital are. . .

1. reduction of financial risks

2. low cost of attraction and the presence of a "tax shield"

3. the need to pay interest for the use of borrowed capital +

5. The elements of capital are. . .

1. long-term credits and loans +

2. fixed capital

3. accounts payable

6. If the amount of the dividend paid on preferred shares amounted to 200 rubles. per share, and the market price of a preferred share is 4000 rubles. , then the price of capital formed at the expense of preferred shares is equal to. . . .

7. If dividends are 300 rubles. per share, the market price of an ordinary share is 6000 rubles. , the annual growth rate of dividend payments is steadily increasing by 5%, the cost of additional emission is 2% of the issue volume, then the price of the source of capital raised through the additional issue of ordinary shares will be equal to. . .

8. If the interest rate for a loan is 10%, the income tax rate is 24%, then the cost of capital raised through loans and borrowings will be equal. . .

9. The price of capital is used in the following management decision. . .

1. Estimating the need for working capital

2. management of receivables and payables

3. assessment of the market value of the organization +

10. Dividends on shares are paid out. . .

1. Sales proceeds

2. net profit +

3. retained earnings

11. The dividend irrelevance theory is characterized by the following type of investor behavior. . .

1. shareholders do not care what form the distribution of net profit will take +

2. Shareholders prioritize current dividend payouts

3. Shareholders prioritize capital gains

12. The "bird in hand" theory is characterized by the following type of investor behavior. . . .

1. shareholders do not care in what form the distribution of net profit will be carried out

2. shareholders prioritize capital gains

3. Shareholders prioritize current dividend payouts +

14. Dividend decisions are subject to the following restrictions. . .

1. depreciation policy chosen by the organization

2. legal restrictions +

3. accounting policy of the organization

15. The dividend yield of an ordinary share is an indicator calculated as. . .

1. the ratio of net income less dividends on preferred shares to the total number of ordinary shares (DPS) +

2. The ratio of the market price of a share to earnings per share

3. the ratio of the dividend paid on a share to its market price

16. Dividend yield shows. . . .

1. the share of returned capital invested in the shares of the organization

2. the share of net profit paid by the shareholders of the organization in the form of dividends

3. share of the dividend paid on ordinary shares in the amount of earnings per share +

17. Dividend yield is a constant in the following dividend payout methods. . .

1. Residual Dividend Method and Fixed Dividend Method

2. The method of constant percentage distribution of profits and the method of fixed dividend payments +

3. method of payment of the guaranteed minimum and extra-dividends and the method of fixed dividend payments

18. The source of payment of dividends in accordance with the legislation of the Russian Federation is. . .

1. net profit of the current year +

2. gross profit of the organization

3. income from unrealized transactions

19. The following method of dividend payments contributes to smoothing fluctuations in the market value of shares. . . .

1. method of constant growth of dividend payments +

2. Residual dividend method

3. methodology for paying the guaranteed minimum and extra dividends

20. To obtain reliable information about profits joint-stock company should use:

1. balance sheet of a joint-stock company

2. results of audits

3. income statement +

21. Source of payment of dividends on preferred shares in case of a lack of profit from a joint-stock company:

1. issue of bonds

2. additional issue of shares

3. reserve fund +

4. short-term bank loan

5. issue of a bill

22. The effect of financial leverage means:

1. increase in the share of equity

2. increase in return on equity when using borrowed sources +

3. increase in cash flows

4. acceleration of the turnover of current assets

23. Redemption of own shares is carried out in order to:

1. reduce the company's liabilities

2. maintaining the market value of the company +

3. reduce the cost of equity financing

24. financial leverage calculated as a ratio:

1. equity to debt

2. debt capital to equity +

3. earnings to equity

25. An additional issue of shares is carried out:

1. in order to maintain control

2. in order to maintain the market rate

3. in order to minimize taxes

4. in order to obtain additional external funding +

26. Net assets of a company are:

1. company equity

2. value of assets available for distribution among shareholders after settlements with creditors +

3. the difference between equity and the amount of losses

Section 6 "Sources of financing economic activity»

1. The main ways of financing economic activity:

1. issue of shares

3. all of the above +

2. Venture capital is used:

1. to finance the activities of fast-growing and high-risk firms +

2. to finance state-owned enterprises

3. to finance companies whose shares are publicly traded on the stock market

3. Upon the expiration of the financial lease, the lessee:

1. retains the rental object

2. buys the leased object from the lessor at the original cost

3. can return the leased object, conclude an agreement or redeem the object at the residual value +

4. For manufacturing enterprise leasing allows:

1. update fixed assets by dispersing costs over time +

2. in case of failure of the equipment, stop leasing payments

3. in case of a production need, sell the leased object at market value

5. Financial leasing is:

1. long-term agreement covering a large cost of rented equipment +

2. short-term rental of premises, equipment, etc.

3. long-term lease, involving partial redemption of equipment.

6. What is not a source of financing for the enterprise:

1. forfaiting

2. depreciation charges

3. R&D costs +

4. mortgage

Section 7 "Management working capital»

1. The cash flow of the organization is. . . .

1. the totality of the financial resources of the organization

2. the presence of an optimal balance of funds on the current account

3. the amount of receipts and payments of funds for a certain period of time +

2. Cash flow from investment activities is. . .

1. long-term loans and credits

2. advances from buyers

3. income from financial investments +

3. Cash flow from operating activities- This. . .

1. financial investments

2. repayment of receivables +

3. payment of dividends to the owners of the organization

4. The main indirect method for calculating net cash flow are. . .

1. net profit and depreciation charges +

2. cash balance and changes in assets and liabilities

3. liquid cash flow and sales revenue

5. The full production cycle of the organization is determined. . .

1. the period of turnover of work in progress, the period of turnover of stocks of finished products, the period of turnover of receivables

2. the period of turnover of industrial stocks, the period of turnover of work in progress, the period of turnover of stocks of finished products +

3. the period of turnover of stocks of finished products, the period of turnover of work in progress, the period of turnover of accounts payable

6. The financial cycle is. . .

1. the time interval between the payment deadline for your obligations to suppliers and the receipt of money from buyers +

2. the period during which the receivables are fully repaid

3. the period during which the accounts payable are fully repaid

7. Permanent working capital. . .

1. shows the required maximum working capital for the implementation of uninterrupted production activities

2. shows the average amount of working capital for the implementation of uninterrupted production activities

3. shows a minimum of current assets for the implementation of uninterrupted production activities +

8. The conservative policy of working capital management is characterized. . .

1. a high proportion of current assets in the composition of all assets of the organization

2. low specific gravity short-term loan as part of liabilities or its absence +

3. average turnover period of working capital

9. Aggressive working capital management policy complies. . .

1. average level of short-term credit in liabilities

2. low share of short-term loans in liabilities or its absence

3. high share of short-term loans in all liabilities +

10. What is the relationship between order lot size and ordering costs?

1. the larger the batch size, the lower the total transaction costs for placing orders +

2. The smaller the batch size, the lower the total transaction costs for placing orders

3. the larger the batch size, the higher the total transaction costs for placing orders

11. The amount of total receivables depends on. . . .

1. amount of accounts payable

2. sales volumes of goods on credit +

3. sales volumes of goods

12. Accounts receivable is considered normal provided that. . .

1. the debt will be repaid in 14 months

2. the debt will be repaid in 12 months +

3. the debt will be repaid in 16 months

13. In the process of managing receivables, next questions. . .

1. control over the growth of labor productivity and cost reduction

2. profit planning and inventory optimization of the organization

3. control over the structure of receivables in the context of debtors and assessment of its liquidity +

Section 8 "Special Sections of Financial Management"

1. Crisis is. . .

1. chronic insolvency of the organization +

2. excess of accounts payable over accounts receivable

3. use of loans for the acquisition of working capital

2. Which of the following crises characterizes the crisis of regular occurrence?

1. short-term

2. disastrous

3. cyclic +

3. Which of the following crises characterizes the crisis by source of origin?

1. elemental +

2. painful

3. short-term

4. Signs of a potential crisis are. . .

1. decrease in free cash flow +

2. destructive impact of the external environment

3. quasi-normal state of the organization

5. Signs of the latent stage of the crisis are. . .

1. no real symptoms of a crisis

2. decrease in free cash flow +

3. Decreased profitability of products and organization

6. The factors causing the crisis and related to the "far" environment of the organization are. .

1. pace economic growth in the country +

2. managerial

3. financial

7. Symptoms of a crisis situation are. . .

1. the presence of overdue receivables

2. excess own working capital

3. decrease in income from the main activities of the organization +

8. An indicator characterizing the entry of an organization into a crisis zone is. .

1. break-even point of manufactured products +

2. the amount of variable costs

3. contribution margin

9. External signs of the organization's insolvency are. . .

1. failure to fulfill the requirements of creditors within two months

2. failure to fulfill the requirements of creditors within three months +

3. unsatisfactory structure of the balance sheet

10. The bankruptcy procedure is carried out for the purpose. . .

1. Sales expansion

2. cost reduction

3. repayment of all types of debts of the organization +

11. The real bankruptcy of the organization occurs when. . .

1. loss of capital +

2. low profitability

3. rising production costs

12. Deliberate bankruptcy of an organization occurs when. . .

1. late payment of debt obligations

2. using the organization's funds for the personal enrichment of its management +

3. intentionally misleading creditors in order to obtain installment payments

13. Bankruptcy reorganization procedures include. . .

1. forced liquidation

2. voluntary liquidation

3. pre-trial sanitation +

14. The two-factor model of E. Altman is based on. . .

1. coefficients of current liquidity and financial dependence +

2. turnover ratios and current liquidity

3. profitability ratios and capital structure

15. The W. Beaver coefficient is based on. . . .

1. Current ratio and capital structure

2. net profit, depreciation and amount of liabilities +

3. profitability and asset turnover

1. current liquidity and profitability ratios

2. coefficients of financial independence and asset turnover

3. liquidity and financial independence ratios +

18. Purpose crisis management from a financial management standpoint,. . . .

1. profit maximization and product portfolio optimization

2. restoration of financial stability and solvency +

3. reduction of accounts payable and receivable of the organization

19. The subsystem of anti-crisis management is formed. . .

1. strategic management, reengineering, benchmarking +

2. tactical control, crisis management, marketing

3. personnel management, restructuring, insolvency management

20. The formation of the "competitive estate" of the organization involves. . .

1. restructuring

2. risk management

3. bankruptcy management +

21. Indicators for monitoring property status are. . .

1. Capacity utilization rate

2. depreciation rate of fixed assets +

3. market value of the organization

22. Monitoring indicators for assessing the financial condition of an organization are. . .

1. profit +

2. volume of production and sales of products

3. the value of non-current assets and their share in the total assets

23. Bankruptcy prevention includes. . .

1. full mobilization of internal financial reserves

2. organization reorganization

3. Restoring financial stability and ensuring financial balance +

24. The principles underlying crisis management are. . .

1. continuous monitoring of the financial condition of the organization

2. differentiation of symptoms of an uncontrollable crisis according to the degree of their danger to the viability of the organization +

3. "cutting off the excess", leading to a decrease in the size of current external and internal financial obligations in the short term

25. The following measures of financial recovery correspond to the stage of restoring the solvency of the organization. . .

1. acceleration of collection of receivables, use of factoring +

2. prolongation of short-term loans and borrowings

3. acceleration of the turnover of working capital

26. Forms of financial recovery are. . .

1. prolongation of short-term accounts payable

2. optimization of the assortment policy of the organization

3. vertical merger of organizations +

27. Sanitation of an organization without preserving its legal entity is. .

1. transfer of the organization for rent +

2. conglomerate merger of the organization

3. restructuring

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2019-12-16 226

Why is it necessary to study financial management?

Today, one of the main conditions for the stable functioning of any enterprise is a competently and correctly chosen strategy. entrepreneurial activity. And financial management plays a key role in creating this strategy.

Essence of financial management

Financial management is a financial science that studies methods effective use own and borrowed capital of the company, ways to get the most profit with the least risk, rapid capital growth. Financial management answers the question of how to easily and quickly turn an enterprise from uninteresting to attractive to investors.

This is a certain system of principles, forms and methods that is used for correct regulation financial activities enterprises. It is financial management that is responsible for making investment decisions and finding financial sources for them. That is, by and large, it answers the questions of where to get the money and what to do with it. The relevance of the application of financial management is also due to the fact that modern economic realities and the requirements of the world market require constant development. Today successful business cannot stand still, it must grow, expand, find new ways of self-realization.

Goals and objectives of financial management

The main goal of financial management is to maximize the value of the enterprise by increasing capital.

Detailed Goals:

1. effective functioning and strengthening of positions in a competitive market;
2. prevention of company ruin and financial insolvency;
3. achieving market leadership and effective functioning in a competitive environment;
4. achievement of the maximum growth rate of the price of the organization;
5. a stable growth rate of the firm's reserve;
6. maximum increase in profits;
7. minimizing the costs of the enterprise;
8. guaranteeing profitability and economic efficiency.

Basic concepts of financial management

A thorough knowledge of the concepts of financial management and their relationship entails the adoption of effective, balanced, profitable and rational decisions in the process of managing the financial flows of an enterprise.

Functions of financial management

Any process or activity assumes the presence of certain functions. Financial management functions are divided into 2 formats:

Financial management - what kind of profession is it?

The relevance and relevance of financial management in modern business leads to a huge demand for qualified specialists, which today significantly exceeds the supply that exists in the labor market. This suggests that a person with knowledge in the field of financial management can count not only on guaranteed employment and consistently high earnings, but also on the rapid development of a career.

So, what knowledge and skills should a specialist applying for the position of a financial manager have?

You can get the necessary knowledge, as well as systematize existing knowledge without interrupting your main activity, on the course Financial management and the financial analysis . The first module of the course is provided free of charge.

Education from the AC “Active” is a convenient remote format, highly qualified teaching staff and the opportunity to take an exam for an international diploma online.

1. Calculation of the financial cycle.

2. Coefficients of autonomy and bankruptcy forecast..

3. Analysis of the movement and forecasting of cash flow.

4.Indicators of profitability of the enterprise.

5a. Analysis and management of inventories.

5b. Types of financial stability of the enterprise.

6. Analysis and management of receivables.

7.Coefficients of current, urgent and absolute liquidity.

8. Basic theories of capital structure (traditional and Modigliani-Miller theory).

9.Coefficients of accounts receivable and accounts payable at the enterprise.

10.Evaluation of ordinary and preferred shares.

11.Formirovanie cash management policy of the enterprise.

12.Methods for evaluating investment projects.

13. Problems of intra-company financial planning.

14.Classification financial instruments and markets.

15. Indicators of the property status of the organization.

16. The basic concept of the price of capital.

17. The structure of the balance sheet and its characteristics.

18. Valuation of bonds.

19. Problems of formation and renewal of fixed capital in the organization

20.Method of calculating the critical volume of sales.

21.Tax policy of the enterprise.

22. Interest rates and methods of their calculation.

23.Sources of the formation of own working capital.

24. Methods for predicting the possible bankruptcy of an enterprise.

25. Financial reporting and analysis of the financial condition of the enterprise.

26.Leveridzh and its role in financial management.

27. System of indicators of enterprise profitability.

28. Information support of financial management.

29. Estimation of balance liquidity.

30.Financial planning at the enterprise.

31. Stocks of the enterprise and their structure.

32. Essence of cash flow planning.

33. Coefficients of security with own working capital, bankruptcy forecast.

34.Goals and objectives of financial management.

35. profit and its types.

36. The essence of working capital management. The importance of cash management.

37. Types of financial stability of enterprises.

38. Choice of working capital management policy.

39.Coefficients of autonomy, the ratio of own and borrowed funds, maneuverability

40. Place and role of finance in social production.

41. Break-even point.

42.Working capital: basic concepts.

43 Liquidity ratios: current, urgent and absolute

44. Forecasting solvency indicators.

45. Own and borrowed resources of the enterprise.

46. ​​Calculation of the creditworthiness index.

47. The essence of the rationing of working capital.

Calculation of the financial cycle.

Working capital in the course of its use may be in different forms. Each enterprise buys raw materials, processes them, manufactures finished products and sells them on credit. We can say that the funds go through a full operating cycle.

The cash flow during the operating cycle goes through the following main stages, consistently changing its forms:

– funds are used to purchase raw materials and materials;

- stocks of raw materials, materials as a result of direct production activities are converted into a stock of finished products;

- stocks of finished products are sold to customers and before they are paid are converted into receivables;

- Collected (paid) receivables are again converted into cash, some of which can be stored in the form of highly liquid short-term financial investments until their production demand.

The production cycle begins with the receipt of raw materials and materials at the warehouse of the enterprise and ends with the shipment of finished products to the buyer.

The duration of the production cycle of a commercial organization is determined by the following formula:

Ppc \u003d Osm + Onzp + Ogp, where Ppc is the duration of the production cycle in days;

Osm - the duration of the turnover of the average stock of raw materials, materials and semi-finished products in days; Onzp - the duration of the turnover of the average volume of work in progress in days;

Ogp - the duration of the turnover of the average stock of finished products in days.

The financial cycle begins from the moment the supplier pays for the purchased raw materials and materials (payment of accounts payable) and ends at the moment of receipt of money from buyers for shipped products (payment of accounts receivable).

The duration of the financial cycle is determined as follows:

Ofc \u003d Ppc - Okz \u003d Omz + Odz - Okz, where Okz - average balances of accounts payable / production costs; Omz - average inventory balances / production costs;

Oz - average balances of subsidiaries / sales proceeds.

The operating cycle characterizes total time, during which financial resources are in stocks and receivables.

The duration of the operating cycle is calculated by the formula

Pots \u003d Ppc + Odz.

Calculation of the financial cycle is the basis of planning and cash management. The enterprise must constantly strive to reduce the production and financial cycle. To do this, they can use various measures: rationing of working capital; reducing the cost of production; optimization of production stocks; optimization of the delivery of raw materials and materials; optimization of delivery and storage of finished products; receivables management; cash management; reduction of the production cycle; reduced need for inventory; effective pricing policy; application of a logical approach, etc.

The choice of an option for reducing the production and financial cycles is made on the basis of a comparison of the effectiveness of each option. Reducing the duration of these cycles reduces the need for working capital.

Autonomy coefficients and bankruptcy forecast.

autonomy coefficient.

The autonomy coefficient shows the share of own capital in the liability of the company's balance sheet, i.e. the degree of independence of the enterprise from borrowed funds. A high autonomy ratio reflects minimal financial risk and good opportunities to raise additional funds from outside. The growth of this coefficient indicates an increase in the independence of the enterprise. Theoretically, the normative value of the coefficient should be equal to or greater than 0.5 (50%). This means that all obligations of the enterprise can be covered by its own funds. The growth of the coefficient in the general case indicates an increase in the independence of the enterprise.

Bankruptcy forecast coefficient (Kpb) is calculated by the formula: Kpb = (Znds + NLA - P5) / WB, where Znds - stocks and VAT; NLA - the most liquid assets; P5 - short-term liabilities; VB - balance currency.

The ratio shows the ability of the enterprise to pay off its short-term obligations, subject to a favorable sale of reserves. The higher the value of the indicator, the lower the risk of bankruptcy.

is the management of the company's finances, aimed at achieving the strategic and tactical goals of the functioning of this company in the market.

The main issues of financial management are related to the formation of the enterprise's capital and ensuring its most efficient use.

Currently, the concept of "financial management" implies a variety of aspects of financial management of the enterprise. A number of areas of financial management have received in-depth development and stand out as relatively independent scientific and educational disciplines:

• higher financial computing;
• investment analysis;
• risk management;
• crisis management;
• company valuation.

A Brief History of Financial Management

Financial management as a scientific direction originated at the beginning of the last century in the United States and, at the first stages of its formation, considered mainly issues related to the financial aspects of creating new firms and companies, and later - financial investment management and bankruptcy problems.

It is generally accepted that the beginning of this direction was laid by G. Markowitz, who developed in the late 1950s. portfolio theory, on the basis of which W. Sharp, J. Lintner and J. Mossin a few years later created a model for assessing the return on financial assets (CAPM), linking the risk and return of a portfolio of financial instruments. Further development of this area led to the development of the concept of an efficient market, the creation of the theory of arbitrage pricing, the theory of pricing of options, and a number of other models for evaluating market instruments. Around this time, intensive research began on the structure of capital and the price of funding sources. The main contribution to this section was made by F. Modigliani and M. Miller. Year of publication of their work “The cost of capital. Corporate Finance. Theory of Investments” in 1958 is considered a milestone, when FM emerged as an independent discipline from applied microeconomics. The portfolio theory and the theory of capital structure can be called the core of financial management, since they allow answering two basic questions: where to get money and where to invest money.

The role of financial management in the management of the organization

Financial management is carried out through financial mechanism, which can be defined as a system of action financial methods, expressed in the organization, planning and stimulation of the use of .

1. State normative-legal regulation of the financial activity of the enterprise.
2. Market mechanism for regulating the financial activity of an enterprise.
3. The internal mechanism for regulating the financial activities of the enterprise (charter, financial strategy, internal standards and requirements).
4. The system of specific techniques and methods used in the enterprise in the process of analysis, planning and control of financial activities.

represent a system of economic relations associated with the formation, distribution and use of funds in the process of their circulation. The market environment, the expansion of independence of acceptance have led to a sharp increase in the importance of financial management in the management of any economic structure.

The concept of "management" can be considered from three angles:

• as a system economic management company;
• as a governing body;
• as a form of business activity.

The development of market relations in our country, which made it possible for enterprises to independently make management decisions and dispose of end result activities, along with a fundamental change, the emergence, introduction of new forms of ownership, improvement of the system accounting, led to the realization of the importance of financial management as a scientific discipline and the possibility of using its theoretical and practical results in the management of Russian enterprises and organizations.

Objectives of financial management

• increase in the market value of the company's shares;
• increase in profit;
• fixing the company in a particular market or expanding an existing market segment;
• avoiding bankruptcy and major financial failures;
• improving the well-being of workers and/or management personnel;
• contribution to the development of science and technology.

1. Achieving high financial stability of the company in the process of its development. This task is implemented by forming an effective policy for financing the economic and investment activities of the company, managing the formation of financial resources from various sources, and optimizing the financial structure of the company's capital.

2. Optimization of the company's cash flows. This task is achieved through effective management of solvency and absolute liquidity. At the same time, the free balance of cash assets should be minimized in order to reduce the risk of impairment of excess cash.

3. Ensuring the maximization of the company's profits. This task is implemented by managing the formation of financial results, optimizing the size and composition of the financial resources of the company's non-current and current assets, and balancing cash flows.

4. Minimization of financial risks. This goal is achieved by developing effective system identification of risks, qualitative and quantitative assessment of financial risks, determination of ways to minimize them, development of an insurance policy.

Functions of financial management

• organization and management of relations of the enterprise in the financial sector with other enterprises, banks, insurance companies, budgets of all levels;
• formation of financial resources and their optimization;
• placement of capital and management of the process of its functioning;
• analysis and management of the company's cash flows.

Financial management includes management strategy and tactics.

Management strategy- the general direction and method of using funds to achieve the goal. This method corresponds to a certain set of rules and decision-making constraints. Management tactics- these are specific methods and techniques for achieving the set goal within certain conditions of the economic activity of the enterprise in question.

Functions of financial management:

Planning function:

• development of the company's financial strategy; formation of a system of goals and main indicators of its activities for the long-term and short term; carrying out long-term and short-term financial planning; preparation of the company's budget;
• formation pricing policy; sales forecast; analysis economic factors and market conditions;

The function of forming the capital structure and calculating its price:

• determination of the total need for financial resources to ensure the activities of the organization; formation and analysis of alternative sources of financing; formation of an optimal financial structure of capital that provides the value of the company;
• calculation of the price of capital;
• formation of an effective flow of reinvested profits and depreciation.
• investment analysis;

Investment Policy Development Function:

• formation of the most important areas for investing the company's capital; grade investment attractiveness individual financial instruments, selection of the most effective of them;
• formation of an investment portfolio and its management.

Working capital management function:

• identification of a real need for certain types assets and determining their value, based on the expected growth rate of the company;
• formation of an asset structure that meets the company's liquidity requirements;
• increasing the efficiency of working capital use;
• control and regulation of monetary transactions; cash flow analysis;

Financial risk analysis function:

• identification of financial risks inherent in the investment and financial and economic activities of the company;
• analysis and forecasting of financial and business risks;

Evaluation and consultation function:

• formation of a system of measures to prevent and minimize financial risks;
• coordination and control of execution management decisions within the framework of financial management;
• organization of a monitoring system for financial activities, implementation of individual projects and management of financial results;
• adjustment of financial plans, budgets of individual departments;
• consultations with heads of departments of the company and development of recommendations on financial matters.

Information support of financial management

Specific indicators of this system are formed due to external and internal sources which can be divided into the following groups:

1. Indicators characterizing the general economic development of the country (used when making strategic decisions in the field of financial activity).
2. Indicators characterizing the financial market situation (used in the formation of a portfolio of financial investments, the implementation of short-term investments).
3. Indicators characterizing the activities of competitors and counterparties (used in making operational management decisions).
4. Regulatory indicators.
5. Indicators characterizing the results of the financial activity of the enterprise (balance sheet, income statement).
6. Normative and planned indicators.