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FinanceFrom Wikipedia, the free encyclopedia

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Finance

Financial MarketsBond market

Stock (Equities) MarketForex market

Derivatives marketCommodity marketSpot (cash) Market

OTC marketReal Estate market

Market ParticipantsInvestors

SpeculatorsInstitutional Investors

Corporate financeStructured financeCapital budgeting

Financial risk managementMergers and Acquisitions

AccountingFinancial Statements

AuditingCredit rating agency

Personal financeCredit and Debt

Employment contractRetirement

Financial planning

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Public financeTax

Banks and BankingCentral Bank List of banks

DepositsLoan

Financial regulationFinance designationsAccounting scandals

History of financeStock market bubble

RecessionStock market crash

v d e

Finance studies and addresses the ways in which individuals, businesses, andorganizations raise, allocate, and use monetary resources over time, taking into accountthe risks entailed in their projects. The term "finance" may thus incorporate any of thefollowing:

The study of money and other assets; The management and control of those assets; Profiling and managing project risks; The science of managing money; As a verb, "to finance" is to provide funds for business or for an individual's large

purchases (car, home, etc.).

The activity of finance is the application of a set of techniques that individuals andorganizations (entities) use to manage their money, particularly the differences betweenincome and expenditure and the risks of their investments.

An income that exceeds its expenditure can lend or invest the excess income. On theother hand, an entity whose income is less than its expenditure can raise capital byborrowing or selling equity claims, decreasing its expenses, or increasing its income. Thelender can find a borrower, a financial intermediary, such as a bank or buy notes or bondsin the bond market. The lender receives interest, the borrower pays a higher interest than

the lender receives, and the financial intermediary pockets the difference.

A bank aggregates the activities of many borrowers and lenders. A bank accepts depositsfrom lenders, on which it pays the interest. The bank then lends these deposits toborrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity. Banks are thus compensators of money flows in space.

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A specific example of corporate finance is the sale of stock by a company to institutionalinvestors like investment banks, who in turn generally sell it to the public. The stock gives whoever owns it part ownership in that company. If you buy one share of XYZ Inc,and they have 100 shares outstanding (held by investors), you are 1/100 owner of thatcompany. Of course, in return for the stock, the company receives cash, which it uses to

expand its business in a process called "equity financing". Equity financing mixed withthe sale of bonds (or any other debt financing) is called the company's capital structure.

Finance is used by individuals (personal finance), by governments (public finance), bybusinesses (corporate finance), etc., as well as by a wide variety of organizationsincluding schools and non-profit organizations. In general, the goals of each of the aboveactivities are achieved through the use of appropriate financial instruments, withconsideration to their institutional setting.

Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful. Managing money (a

liquid asset) is essential to ensure a secure future, both for the individual and anorganization.

Contents

[hide]

1 Personal finance 2 Business finance

o 2.1 Capital 2.1.1 Sources of capital

2.1.1.1 Capital market 2.1.1.2 Money market

2.1.2 Borrowed capital 2.1.3 Own capital 2.1.4 Differences between shares and debentures 2.1.5 Fixed capital

2.1.5.1 Factors determining fixed capital requirements 2.1.6 Working capital

2.1.6.1 Factors determining working capital requirements o 2.2 The desirability of budgeting

2.2.1 Capital budget 2.2.2 Cash budget

o 2.3 Management of current assets 2.3.1 Credit policy

2.3.1.1 Advantages of credit trade 2.3.1.2 Disadvantages of credit trade 2.3.1.3 Forms of credit 2.3.1.4 Factors which influence credit conditions 2.3.1.5 Credit collection

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2.3.1.5.1 Overdue accounts 2.3.1.5.2 Effective credit control 2.3.1.5.3 Sources of information on creditworthiness 2.3.1.5.4 Duties of the credit department

2.3.2 Stock

2.3.3 Purpose of stock control 2.3.3.1 Stockpiling 2.3.3.1.1 Advantages 2.3.3.1.2 Disadvantages

2.3.3.2 Influence of stock management on rate of return 2.3.3.3 Rate of stock turnover 2.3.3.4 Determining optimum stock levels

2.3.4 Cash 2.3.4.1 Reasons for keeping cash 2.3.4.2 Advantages of sufficient cash

o 2.4 Management of fixed assets

2.4.1 Depreciation 2.4.2 Insurance 2.4.2.1 Uninsurable risks 2.4.2.2 Requirements of an insurance contract

3 Shared Services 4 Finance of states 5 Financial economics 6 Financial mathematics 7 Experimental finance 8 Related Professional Qualifications 9 See also

10 External links

[edit ] Personal finance

Main article: Personal finance

Questions in personal finance revolve around

How much money will be needed by an individual (or by a family) at variouspoints in the future?

Where will this money come from (e.g. savings or borrowing)? How can people protect themselves against unforeseen events in their lives, and

risk in financial markets? How can family assets be best transferred across generations (bequests and

inheritance)? How do taxes (tax subsidies or penalties) affect personal financial decisions?

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Personal financial decisions may involve paying for education, financing durable goods such as real estate and cars, buying insurance, e.g. health and property insurance,investing and saving for retirement.

Personal financial decisions may also involve paying for a loan.

[edit ] Business finance

Main article: Corporate finance

In the case of a company, managerial or corporate finance is the task of providing thefunds for the corporation's activities. For small business, this is referred to as SMEfinance. It generally involves balancing risk and profitability.

Long term funds would be provided by ownership equity and long-term credit, often inthe form of bonds. These decisions lead to the company's capital structure. Short-termfunding or working capital is mostly provided by banks extending a line of credit.

On the bond market, borrowers package their debt in the form of bonds. The borrower receives the money that it borrows by selling the bond, which includes a promise to repaythe value of the bond with interest. The purchaser of a bond can resell it so that the actualrecipient of the interest payments can change over time. Bonds allow lenders to recoupthe value of their loan by simply selling the bond.

Another business decision concerning finance is investment, or fund management. Aninvestment is an acquisition of an asset in the hope that it will maintain or increase itsvalue. In investment management -- in choosing a portfolio -- one has to decide what ,how much and when to invest. In doing so, one needs to...

Identify relevant objectives and constraints: institution or individual goals, timehorizon, risk aversion and tax considerations;

Identify the appropriate strategy: active v. passive -- hedging strategy Measure the portfolio performance

Financial management is duplicate with the financial function of the Accountingprofession. However, financial accounting is more concerned with the reporting of historical financial information, while the financial decision is directed toward the futureof the firm.

[edit ] Capital

Capital is the money which gives the business the power to buy goods to be used in theproduction of other goods or the offering of a service.

[edit ] Sources of capital

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[edit ] Capital market

Long-term funds are bought and sold:o Shareso Debentureso

Long-term loans, often with a mortgage bond as securityo Reserve funds

[edit ] Money market

Financial institutions can use short-term savings to lend out in the form of short-term loans:

o Credit on open accounto Bank overdrafto Short-term loanso Bills of exchangeo

Factoring of debtors[edit ] Borrowed capital

This is capital which the business borrows from institutions or people, and includesdebentures:

Redeemable debentures Irredeemable debentures Debentures to bearer

[edit ] Own capitalThis is capital that owners of a business (shareholders and partners, for example) provide:

Preference shares:o Ordinary preference shareso Cumulative preference shareso Participating preference shares

Ordinary shares Bonus shares Founders' shares

[edit ] Differences between shares and debentures

Shareholders are effectively owners; debenture-holders are creditors. Shareholders may vote at AGMs and be elected as directors; debenture-holders

may not vote at AGMs or be elected as directors. Shareholders receive profit in the form of dividends; debenture-holders receive a

fixed rate of interest.

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If there is no profit, the shareholder does not receive a dividend; interest is paid todebenture-holders regardless of whether or not a profit has been made.

[edit ] Fixed capital

This is money which is used to purchase assets that will remain permanently in thebusiness and help it to make a profit.

[edit ] Factors determining fixed capital requirements

Nature of business Size of business Stage of development Capital invested by the owners

[edit ] Working capital

This is money which is used to buy stock, pay expenses and finance credit.

[edit ] Factors determining working capital requirements

Size of business Stage of development Time of production Rate of stock turnover Buying and selling terms Seasonal consumption Seasonal production

[edit ] The desirability of budgeting

[edit ] Capital budget

This concerns fixed asset requirements for the next five years and how these will befinanced.

[edit ] Cash budget

Working capital requirements of a business should be monitored at all times to ensurethat there are sufficient funds available to meet short-term expenses.

[edit ] Management of current assets

[edit ] Credit policy

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Send a letter asking for settlement of debt. Send a second or third letter if first is ineffectual. Threaten legal action.

[edit ] Effective credit control

Increases sales Reduces bad debts Increases profits Builds customer loyalty

[edit ] Sources of information on creditworthiness

Business references Bank references Credit agencies Chambers of commerce Employers Credit application forms

[edit ] Duties of the credit department

Legal action Taking necessary steps to ensure settlement of account Knowing the credit policy and procedures for credit control Setting credit limits Ensuring that statements of account are sent out Ensuring that thorough checks are carried out on credit customers Keeping records of all amounts owing Ensuring that debts are settled promptly

[edit ] Stock

[edit ] Purpose of stock control

Ensures that enough stock is on hand to satisfy demand. Protects and monitors theft. Safeguards against having to stockpile. Allows for control over selling and cost price.

[edit ] Stockpiling

This refers to the purchase of stock at the right time, at the right price and in the rightquantities.

[edit ] Advantages

Losses due to price fluctuations and stock loss kept to a minimum

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Ensures that goods reach customers timeously; better service Saves space and storage cost Investment of working capital kept to minimum No loss in production due to delays

[edit ] Disadvantages

Obsolescence Danger of fire and theft Initial working capital investment is very large Losses due to price fluctuation

[edit ] Influence of stock management on rate of return

Right price Right quantity Right quality Right place Right time Right property

[edit ] Rate of stock turnover

This refers to the number of times per year that the average level of stock is sold. It maybe worked out by dividing the cost price of goods sold by the cost price of the averagestock level.

[edit ] Determining optimum stock levels

Maximum stock level refers to the maximum stock level that may be maintainedto ensure cost effectiveness.

Minimum stock level refers to the point below which the stock level may not go. Standard order refers to the amount of stock generally ordered. Order level refers to the stock level which calls for an order to be made.

[edit ] Cash

[edit ] Reasons for keeping cash

The transaction motive refers to the money kept available to pay expenses. The precautionary motive refers to the money kept aside for unforeseenexpenses.

The speculative motive refers the money kept aside to take advantage of suddenly arising opportunities.

[edit ] Advantages of sufficient cash

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Current liabilities may be catered for. Cash discounts are given for cash payments. Production is kept moving. Surplus cash may be invested on a short-term basis. The business is able to pay its accounts timeously, allowing for easily-obtained

credit.

[edit ] Management of fixed assets

[edit ] Depreciation

Depreciation is the decrease in the value of an asset due to wear and tear or obsolescence.It is calculated yearly to ensure realistic book values for assets.

[edit ] Insurance

Insurance is the undertaking of one party to indemnify another, in exchange for apremium, against a certain eventuality.

[edit ] Uninsurable risks

Bad debt Changes in fashion Time lapses between ordering and delivery New machinery or technology Different prices at different places

[edit ] Requirements of an insurance contract

Insurable interesto The insured must derive a real financial gain from that which he is

insuring, or stand to lose if it is destroyed or lost.o The item must belong to the insured.o One person may take out insurance on the life of another if the second

party owes the first money.o Must be some person or item which can, legally, be insured.o The insured must have a legal claim to that which he is insuring.

Good faitho Uberrimae fidei

refers to absolute honesty and must characterise thedealings of both the insurer and the insured.

[edit ] Shared Services

There is currently a move towards converging and consolidating Finance provisions intoshared services within an organization. Rather than an organization having a number of

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separate Finance departments performing the same tasks from different locations a morecentralized version can be created.

[edit ] Finance of states

Main article: Public finance

Country, state, county, city or municipality finance is called public finance. It isconcerned with

Identification of required expenditure of a public sector entity Source(s) of that entity's revenue The budgeting process Debt issuance (municipal bonds) for public works projects

[edit ] Financial economicsMain article: Financial economics

Financial economics is the branch of economics studying the interrelation of financialvariables, such as prices, interest rates and shares, as opposed to those concerning the realeconomy. Financial economics concentrates on influences of real economic variables onfinancial ones, in contrast to pure finance.

It studies:

Valuation - Determination of the fair value of an asseto How risky is the asset? (identification of the asset appropriate discountrate)

o What cash flows will it produce? (discounting of relevant cash flows)o How does the market price compare to similar assets? (relative valuation)o Are the cash flows dependent on some other asset or event? (derivatives,

contingent claim valuation)

Financial markets and instruments o Commodities - topics o Stocks - topics o Bonds - topics o Money market instruments- topics o Derivatives - topics

Financial institutions and regulation

[edit ] Financial mathematics

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Main article: Financial mathematics

Financial mathematics is the main branch of applied mathematics concerned with thefinancial markets. Financial mathematics is the study of financial data with the tools of mathematics, mainly statistics. Such data can be movements of securities stocks and

bonds etc. and their relations. Another large subfield is insurance mathematics.

[edit ] Experimental finance

Main article: Experimental finance

Experimental finance aims to establish different market settings and environments toobserve experimentally and analyze agents' behavior and the resulting characteristics of trading flows, information diffusion and aggregation, price setting mechanisms, andreturns processes. Researchers in experimental finance can study to what extent existingfinancial economics theory makes valid predictions, and attempt to discover newprinciples on which such theory can be extended. Research may proceed by conductingtrading simulations or by establishing and studying the behaviour of people in artificialcompetitive market-like settings.

[edit ] Related Professional Qualifications

There are several related professional qualifications in finance, that can lead to the field:

Qualified accountant qualifications: Chartered Certified Accountant (ACCA,UK certification), Chartered Accountant (CA, certification in Commonwealth

countries), Certified Public Accountant (CPA, US certification) Non-statutory accountancy qualifications: Chartered Cost Accountant CCADesignation from AAFM

Business qualifications: Master of Business Administration (MBA), Doctor of Business Administration (DBA)

Finance qualifications: Chartered Financial Analyst (CFA),CertifiedInternational Investment Analyst (CIIA), Association of Corporate Treasurers (ACT), Masters degree in Finance, Certified Market Analyst (CMA/FAD) DualDesignation, Master Financial Manager (MFM), Corporate Finance Qualification (CF) Register Financial Planner (RFP), Certified Financial Consultants (CFC)

Quantitative Finance qualifications: Master of Quantitative Finance (MQF),

Master of Computational Finance (MCF), Master of Financial Mathematics (MFM)

[edit ] See also

Main lists: List of basic finance topics and List of finance topics

Funding , a synonym of financing

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_of_Computational_Financehttp://en.wikipedia.org/w/index.php?title=Master_of_Financial_Mathematics&action=edithttp://en.wikipedia.org/w/index.php?title=Finance&action=edit&section=50http://en.wikipedia.org/wiki/List_of_basic_finance_topicshttp://en.wikipedia.org/wiki/List_of_finance_topicshttp://en.wikipedia.org/wiki/Funding

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There are also over 250 other finance articles in Wikipedia. See list of financetopics.

Important publications in finance Forex Financial plan

Economic Calendar Financial planning Payday loan Right-financing Settlement (finance) Behavioral finance

[edit ] External links

Look up Finance inWiktionary, the free dictionary.

Wharton Finance Knowledge Project - aimed to offer free access to financeknowledge for students, teachers, and self-learners.

For material covering three areas in finance - corporate finance, valuation andinvestment management, see Prof. Aswath Damodaran

For links to finance web sites, grouped by topic see Web Sites for DiscerningFinance Students, Prof. John M. Wachowicz -

For the introductory finance web site at the University of Arizona, studyfinance.com

For introductory articles, a full glossary and links to resources on behavioralfinance see the BF gallery

For the law of the financial markets see SECLaw.com For stock market related financial definitions see TheStreet.com Glossary The Finance Director provides access to essential suppliers of financial services

and solutions Middle East Banking & Finance News ArabianBusiness.com

Retrieved from "http://en.wikipedia.org/wiki/Finance"

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