Own funds. Debt fund formation process Loan funds include

An important side financial activities firm is the formation and use of various monetary funds in the process of carrying out production and economic activities. With their help, economic activity is provided with the necessary funds, as well as expanded reproduction; financing of scientific and technological progress; development and implementation new technology; economic, incentive; settlements with the budget, banks.
Monetary funds formed at enterprises can be divided into three groups:

Funds own funds;

· Funds of attracted funds;

Funds borrowed money.

When organizing, an enterprise must have an authorized capital, at the expense of which fixed assets and working capital are formed.

1. Authorized capital- the main source of the company's own funds. Sum authorized capital a joint-stock company reflects the amount of shares issued by it, and a state and municipal enterprise - the size of the authorized capital. The authorized capital of an enterprise determines the minimum size of its property, which guarantees the interests of its creditors. Its minimum amount is determined in accordance with the statutory minimum wage in the country.

2. Extra capital accumulates funds from the revaluation of fixed assets, share premium, budget appropriations, etc.

3. Reserve capital formed by deductions from profits in the amount determined by the charter.

4. Investment fund intended for the development of production. 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.

5.Monetary fund formed at enterprises that receive foreign exchange earnings from export operations and buy foreign exchange for import operations.

Funds of attracted funds include: consumption fund, dividend calculations, deferred income, reserves for future expenses and payments. These are funds for other funds. On the one hand, these funds are in the company's turnover, and on the other, they belong to its employees (dividends and consumption fund). The consumption fund is a monetary fund formed from the net profit of a firm. It is intended mainly to meet the material needs of the company's employees, to pay dividends (in joint-stock companies), to pay in some cases fines, penalties for violations caused by the company.

Loan funds are bank loans, commercial loans, factoring, leasing and other borrowed funds. In conditions market economy no enterprise can do without borrowed funds. The variety of funds makes it possible to use them in different situations.

Management of financial flows of the enterprise

Cash flow- this is the receipt (positive cash flow) and expenditure (negative cash flow) of cash in the course of the economic activities of the enterprise.

Rationally organized cash flow is a sign of the financial health of an enterprise. Effective management flows provide financial balance, rhythm of production, reduction of the need for borrowed capital, acceleration of turnover, normal solvency and additional profit.

Cash flow classification

The cash flow of the enterprise consists of the movement of funds as a result of performing various business operations that make up the current(operating room), investment and financial activity.

Current activity associated with the production and sale of products and provides the main cash flow.

Investment activities includes receipts and use of funds associated with the purchase and sale of long-term assets, capital investments and investment income.

Financial activities- these are operations on short-term financing, loans and borrowings, sale and redemption of shares, bond loans and their repayment, foreign exchange obligations, payment of bills, etc. Cash flows generated by current activities can be partially channeled into investment or finance. It also happens the other way around, when current activities are supported by financial and investment.

The purpose of cash flow analysis is:

the first is to identify the reasons for the shortage (excess) of funds and

the second is to determine the sources of their receipt and directions of use.

The main document for studying cash flows is the "statement of cash flows".

A shortage of funds indicates a decrease in liquidity and a loss of the organization's solvency, an excess - about irrational spending of funds and a loss of profit due to a slowdown in their turnover.

Purpose of cash flow optimization is to ensure the financial balance of the enterprise and maintain its solvency both in the short term and in the long term.

Optimization of cash flows involves:

Ensuring the balance of flows of payments and receipts in terms of volume;

Ensuring the balance of cash flows over time;

Ensuring growth in net cash flow.

Balancing the flows of payments and receipts by volume with a deficit cash flow (when payments exceed receipts) is achieved through the use of the "System of acceleration - deceleration of payment turnover". The essence of this system is to develop organizational measures to accelerate the attraction of funds and slow down payments.

Imbalance cash flow in time can create a serious threat of bankruptcy for an enterprise even with a high level of NPP. Therefore, when optimizing cash flows over time, 2 main methods are used:

Alignment of their volumes at certain intervals of time;

Synchronization of positive and negative streams.

The growth of net cash flow can be ensured through the implementation of the following measures:

Reducing costs;

Effective pricing policy;

Accelerated depreciation method;

Sales of unused equipment and excess inventory;

Timely collection of debts, fines.

The results of cash flow optimization are reflected in the system financial planning and forecasting.

Profitability indicators and the procedure for their determination: product profitability, return on sales, return on assets, return on current assets, return on equity.

Profitability Is a relative indicator that determines the level of profitability of a business. Profitability indicators characterize the efficiency of the enterprise as a whole, profitability different directions activities (industrial, entrepreneurial, investment), cost recovery, etc. They more fully than profit, reflect the final results of the management, because their value shows the ratio of the effect to the available or used resources. They are used to assess the performance of an enterprise and as a tool in investment policy and pricing.

1. Return on assets- the ratio of net profit to assets:

Net profit / Amount of assets.

The coefficient shows how many rubles of net profit were received per ruble of assets. If the return on assets is less than the interest rate for long-term loans, then the company cannot be considered successful.

2. Return on current assets- the ratio of net profit to the value of current assets:

Net Income / Current Assets.

The coefficient shows how many rubles of net profit were received per ruble of current assets - working capital.

3. Return on long-term assets- the ratio of net profit to long-term assets: Net profit / Long-term assets.

The coefficient shows how many rubles of net profit were received per ruble of long-term - non-current assets.

The third group of coefficients characterizes the degree of profitability of funds invested in the enterprise.

1. Return on total investment- the ratio of profit before taxes and the amount of interest paid on long-term liabilities to total investments - long-term liabilities and equity:

(Profit before taxes + Interest paid): (Long-term liabilities + Equity).

This coefficient shows how effectively the invested funds were used, what income the company receives per ruble of the invested funds.

2. Return on equity- the ratio of net profit to equity:

Net profit / Equity.

This ratio shows how efficiently equity capital was used. It is especially important for shareholders, as it can influence the price of shares on the stock exchange.

Return on sales

Return on sales is a profitability ratio that shows the share of profit in each ruble earned. It is usually calculated as the ratio of net profit (profit after tax) for a given period to cash sales for the same period.

Return on Sales = (net income / sales volume)

Monetary funds enterprises are reflected in its financial statements, first of all, in the assets and liabilities of the balance sheet

An enterprise is an independent economic entity with the rights of a legal entity that manufactures products, goods, services, performs work, is engaged in various types of economic activity, the purpose of which is to meet social needs, profit and capital gain.
An enterprise can carry out any of the types of activities or all types at the same time.
In the process entrepreneurial activity enterprises and organizations have economic ties with their counterparties: suppliers and buyers, partners in joint activities, unions and associations, financial and credit systems, as a result of which financial relations arise related to the organization of production and sale of products, performance of work, provision of services, formation financial resources, carrying out investment activities.
Financial relations enterprises can be grouped into 4 groups:

· Relations with other enterprises and organizations;
· Relationships within the enterprise;
· Within the associations of the enterprise (with a superior organization, within the holding);
· With the financial and credit system (budgets and extra-budgetary funds, bank, stock exchange).

An important aspect of the company's financial activities is the formation and use of various monetary funds in the process of carrying out production and economic activities. With their help, economic activity is provided with the necessary funds, as well as expanded reproduction; financing of scientific and technological progress; mastering and introducing new technology; economic, incentive; settlements with the budget, banks.
Monetary funds formed at enterprises can be divided into five groups:

1. Funds of own funds:
· authorized capital;
· Extra capital;
· Reserve capital;
· Accumulation fund;
· Others.
2. Funds of borrowed funds:
· Bank loans;
· Loans to legal entities and individuals;
· Commercial loan (with a deferred payment);
· Factoring;
· Leasing;
· accounts payable;
· Others.
3. Funds of raised funds:
· Consumption funds;
· Settlements for dividends and other debts to participants (founders) for the payment of income;
· revenue of the future periods;
· Reserves for future expenses and payments;
· Others.
4. Operational funds:
· For the payment of wages;
· For the payment of dividends;
· For payments to the budget and off-budget funds;
· To repay loans and borrowings;
· Others.
5. Funds generated from different sources:
· Working capital;
· Investment;
· Currency;
· Others.
Own funds play a decisive role in the activities of the enterprise, since the requirements for their volume and organization are quite unambiguous.

Authorized capital- is the amount of funds initially invested by the owners to ensure the statutory activities of the organization; the authorized capital determines the minimum size of the property of a legal entity that guarantees the interests of its creditors.
To calculate the minimum authorized capital, the minimum wage is applied. The minimum share capital can also be specified in firm monetary terms.

The minimum size of the authorized capital (fund) is:
· For a limited liability company - 10,000 rubles.
For a closed joint stock company - 100 minimum wages
For an open joint stock company - 1000 minimum wages
For a state enterprise - 5000 minimum wages
For a municipal unitary enterprise - 1000 minimum wages

A contribution to the authorized capital can be cash, securities, various material values or property rights that have a monetary value. For state registration, at least half of the authorized capital must be paid. For a joint-stock company, state registration is allowed without payment of the authorized capital, and at least 50% of the authorized capital must be paid within three months from the date of state registration, and full payment must take place within one year from the date of state registration.

If the size of the property contribution is more than 20,000 rubles, then an opinion of an independent appraiser on the value of the transferred property is required. In other cases, the property is valued at the contractual value.

The founders do not have the right to change the type of transferred property, its value or the procedure for transfer without changing constituent documents... Upon leaving the company, the participant (founder) is compensated for his share in authorized capital, no later than 6 months after the end of the financial year. The right of participants in a limited liability company to exit must be enshrined in the charter, otherwise exit is not allowed.

Extra capital - item of the liability balance, consisting of the following elements:

· Results of revaluation of fixed assets;
· Share premium of the enterprise (income from the sale of shares in excess of their par value less expenses for their sale);
· Gratuitously received monetary and material values for production purposes;
· Appropriations from the budget to finance capital investments.

It can be used to pay off the amount of property value decrease that emerged as a result of its revaluation, to pay off losses resulting from the gratuitous transfer of property to other enterprises and persons, to increase the authorized capital, to pay off losses revealed as a result of the enterprise's work for the reporting period.

Reserve capital- the size of the property of the enterprise, which is intended for placement of retained profits in it, for covering losses, redemption of bonds and redemption of shares of the enterprise, as well as for other purposes. The source of its formation are deductions from profits that remain at the disposal of the enterprise. The amount of the reserve capital must be at least 15%, but not more than 25% of the authorized capital, while the amount of deductions must not exceed 50% of taxable profit.

The presence of a reserve fund is the most important condition for ensuring a stable financial condition of the enterprise. Cash reserve funds also include reserves for securing investments in securities, redemption fund, deferred fund and others created in joint-stock companies for the redemption of bonds and redemption of shares.
Accumulation fund, part of the national income used to expand the reproduction process: an increase in fixed assets, material circulating assets and reserves. The source of the accumulation fund is the surplus product. The material accumulation fund is realized in increments national wealth... In terms of the natural-material content, the accumulation fund is: means of production (buildings, structures, machines, equipment, materials, raw materials, fuel) used for production accumulation; consumer goods, providing an increase in fixed assets in the non-production sphere (housing, schools, hospitals, stadiums) and the accumulation of stocks of livelihoods necessary to ensure the consumption of workers newly involved in production; an increase in reserve and insurance funds, consisting of means of production and consumer goods, designed to prevent interruptions in the reproduction process.
2. Loan funds
In a market economy, no enterprise can do without borrowed funds. The variety of funds makes it possible to use them in various situations:
· In order to increase the profitability of own funds;
· In case of insufficient own funds;
· In the formation of the variable part of current assets;
· When covering individual costs that are uneven in certain periods of time;
· As a source of investment;
· In some other cases.

Borrowed funds in normal economic conditions contribute to an increase in production efficiency.

Borrowed funds - part of the working capital received by the company in the form of a short-term bank loan. Their presence is due to the fact that own funds cover only the minimum needs of the enterprise necessary for the normal implementation of its activities. Additional need arising due to overfulfillment of the production plan, delay in dispatch finished products, the unevenness of the course of production or the supply of raw materials, is temporary in nature and can be covered by short-term bank loans. Credit - a loan in cash or in kind, provided by one legal entity or individual - the lender, another person - the borrower.
In addition to loans, borrowed funds include leasing. Leasing - the use by a legal or natural person of means of labor that do not belong to him instead of acquiring them into his own property; one of the forms of lending for durable goods.
Factoring is a variety mediation, in which the intermediary firm (factoring company), for a certain fee, receives from the enterprise the right to collect and credit to its account the sums of money due to it from the buyers (the right to collect receivables). At the same time, the intermediary credits the client's working capital and assumes his credit and currency risks.
3. Funds of raised funds

Includes: consumption fund, dividend calculations, deferred income, reserves for future expenses and payments. These are funds for other funds. They are twofold. On the one hand, these funds are in the company's turnover, and on the other, they belong to its employees (dividends and consumption fund). Confirmation of their duality are the facts that, firstly, in the balance sheet of the enterprise they are in section V of the liability, i.e. among short-term liabilities, and secondly, in some calculations they are excluded from the company's liabilities.

Consumption fund - This is a monetary fund formed from the net profit of the company. It is intended mainly to meet the material needs of the company's employees, to pay dividends (in joint-stock companies), to pay, in some cases, fines, penalties for violations caused by the fault of the company.
4. Operational funds

Operational monetary funds of the firm, which form the fourth group of monetary funds, are created periodically. This group includes the following funds: for the payment of wages, for the payment of dividends, for payments to the budget, etc. Twice or once a month a fund is formed for the payment of wages. Usually, once a year (at least once a quarter), a fund must be formed to pay dividends on shares to shareholders. Periodically, the company organizes a fund for payments to the budget of various deductions. 5. Funds generated from different sources.
Revolving production assets serve the sphere of production. They constitute the material basis of production and are necessary to ensure the production process of products, the formation of value.
The foreign exchange fund is formed at enterprises that receive foreign exchange earnings from export operations or buy foreign exchange for import operations. For these purposes, enterprises open a foreign currency account with the institutions of authorized banks.

The funds of attracted funds include: consumption funds - a monetary fund formed from net profit and used to meet the material and social needs of employees of the enterprise; dividend calculations; 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. organizing stock exchange meetings for holding open public trades, including: organizing stock trades; development of exchange trading rules; material and technical support of the auction; attracting qualified personnel;

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

3. resolution of disputes on exchange transactions;

4. identification and regulation of exchange prices;

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

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

7. information support exchange activity;

8. control and regulation of securities turnover;

9. registration of 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 of 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 licensing both exchanges and organizations that are part of its infrastructure, and professional intermediaries of the exchange market.

Exchanges account for about 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 = 136,600 * 0.2 = 27320.

4) The non-oil and gas federal budget deficit 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) A state loan is a set of monetary relations between the state and individuals and legal entities associated with the mobilization of temporarily free funds by the state and their use for the performance of state functions. The money borrowed by the state goes into the disposal of the state and does not have a designated purpose. Most often, they cover budget deficits or are used for large capital investments. Interest and repayment of government loans occurs at the expense of budget funds. State credit is inherent in: repayment, urgency and payment (maybe interest-free). Credit functions: Fiscal. She participates in the formation of a centralized monetary fund; Regulatory. The state influences the economy as a whole (money circulation, the level of interest rates, employment, etc.).

7) Calculation methods:

1. Direct account method: with a small assortment: P = ∑ (C * VC * V) = ∑ (V`-V``), where C is the price, C is the prime cost, V` is the volume at the price, V`` -volume at cost. Amount by different types products.

With a large assortment: P = (O n + B-O k) `- (O n + B-O k)` `. With one touch, it means the price. With two at cost. O n - remains in the warehouse at the beginning of the year, O k - remains in the warehouse at the end of the year. In-released products.

2. Method for basic profitability: P base = 100 * P of the current year (actual + planned) / C full of the current period

R-profitability. P future (planned) = P base * C full. future. * k1 * k2 ...,

where k2 and k2 are correction coefficients.

9) In liability insurance, the object of insurance is the property interests associated with the reimbursement by the insured of the harm caused to him by the person or property natural person, as well as harm caused to a legal entity.

10) Currency circulation is the process of continuous movement of money in cash. Only cash can be used.

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

· Setting the required bank reserve ratio (what part of their funds commercial banks should keep in the Central Bank to ensure the reserve);

· Regulation of the official discount rate (at what interest the Central Bank gives loans to other banks);

· Operations on the open market (buying and selling government securities: bonds, treasury bonds ...)

Foreign exchange intervention (purchase and sale by the Bank of Russia of foreign currency in 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 areas. All areas of the financial system are involved in regulation. The methods include: self-regulation and state. regulation. In self-regulation, the financial base is formed independently and is used at its own discretion. State regulation is used when solving the problems of a society, a large capital construction, in a crisis. When the market mechanism is impractical to use.

2. All changes in the economy occur due to changes in the mass of money. Taxes should not be considered a regulatory instrument.

3. The rate is 26%. Tax base = 15000. Then the tax itself = 15,000 * 0.26 = 3900 rubles.

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

2. Costs

3. Sources of financing budget deficits.

5.C) no more than 10%

Government debt refinancing - 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 one (both pay-as-you-go and funded). In this regard, personalized accounting was introduced. Personalized accounting involves the creation of a database, an individual personal account with an individual insurance number is opened for each working person.

Principles of personalized accounting:

Unity of state pension insurance

· Universality and obligation to pay insurance premiums.

· Implementation of accounting in the process of the entire labor activity insured person

· Correspondence of information on assessed contributions to actually transferred amounts.

8. Methods of non-linear depreciation:

1. Method of diminishing balance - depreciation is carried out based on the residual value of fixed assets at the beginning of the depreciation period and the depreciation rate.

2.According to the sum of the numbers of years of useful life - the amount of depreciation deductions 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 useful years.

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

10. Reinsurance is the insurance of an insurer where the 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 when paying taxes, debts, loans. It can be executed both in national and foreign currency. Calculation form: cash and non-cash money.

Test number 27

1) Ministry of Finance of the Russian Federation, Federal Treasury of the Russian Federation (a subdivision of the Ministry of Finance of the Russian Federation), federal Service insurance supervision (also the Ministry of Finance), Federal customs Service, Extra-budgetary funds, Federal Tax Service (MinFin), Tax Revenue Department (a 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 State Management. property (Ministry of Economic Development), Federal Tariff Service, Federal Service for Financial Markets, Federal Agency for State. reserves (a subdivision of the Ministry of Economic Development).

2) Unified social tax - unified social tax. This is the abolished federal tax in Russian Federation, credited to the Federal budget and state extra-budgetary funds (the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation and the compulsory medical insurance funds of the Russian Federation) and was intended to collect funds for the implementation of the right of citizens to state pension and social Security and medical assistance... Since January 1, 2010, the unified social tax has been abolished; instead, former taxpayers pay insurance premiums to the Pension Fund of the Russian Federation, FSS, 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 value of taxable property for the 1st quarter: (A1 + A2 + A3 + A4) / 4 = A1 = 450 thousand rubles. Then the advance tax payment = ¼ * 450 * 0.022 = 2.475 thousand rubles. Answer: b

4) Tasks before the budgetary process: identification of all reserves; distribution of income and expenses; harmonization of the budget with the program of stabilization of the economy and finance; deficit management; control over financial activities; automation of the budget process.

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

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

7) Non-profit activities - organizations that do not have the main goal - to make a profit and do not distribute the profit received between the participants. Sources of financing - paid and free services - nationwide resources, proceeds from core activities, subsidies, proceeds from renting out premises, bank loans, voluntary contributions. Financing options: 1. Estimated - ie. basic services are free, funds are provided by the estimate (income and expenses / expenses) 2. Self-financing and self-sufficiency - ie. costs are fully covered by the sale of services. 3. A combination of the first two.

8) answer: but

9) Risk of loss or loss of 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 a product, determination of prices, exchange for goods and which contribute to the conservation of value and are a universal equivalent.

11) answer: but... Yes, they were.

12) I would answer: but- administrative. But I'm not sure.

Test number 28

1) Financial policy - the activity 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, the 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 value of rates.

4) the government reserve fund and higher bodies executive branch - no more than 3% of expenses.

Reserve fund of the President - no more than 1% of approved expenses.

5) Treasury - a family of bodies included in the federal treasury of the Ministry of Finance and territorial bodies... Tasks: work on execution and control over budget execution, 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 off-budget classification. The budget list provides the dates of receipt and the direction of funds. It is envisaged that all incoming funds will be credited to a single account - the budget (the principle of the unity of the cash desk).

6) Domestic public debt - debentures states in national currency.

7) insurance and savings. (from 1.01.2010)

8) Methods for calculating profit:

Direct account (for small and large assortments)

Based on basic profitability

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

Test number 29

1) FinSist
FinPredpr / GosFin/ Fear
FinKomPr, FinNekomPr, FinObschestvOrg / State budget, GosCred, Off-budget Funds / Personal Str, Property Str, Social Str, StrProfResponsibility, StrPredprinstr

2) Tax - a mandatory individual gratuitous payment, levied from organizations and individuals in the form of alienation of their property, on the basis of the right of economic management, ownership or operational management of funds for the purpose of financial security activities of the state or municipalities.

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

8) Working capital makes a circuit between its two stages: working capital and financial circulation.

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

10) money accumulates.

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

Test number 30

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

4) Fixed incomes of the budgetary system are incomes that, in accordance with the legislation, in full or in a fixed proportion (in percentage), on a permanent or long-term basis (at least five years), enter the corresponding budget. Fixed income: taxes paid to 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 inter-budgetary transfers. The consolidated budget combines federal and territorial budgets (subjects of the Russian Federation). It is not subject to approval (does not have the force of law), it is used for calculations and analysis.

6) The main public debt is the amount of debt, the maturity of which has not come.

8) The authorized capital is included in the equity fund - organizationally legal form... If the organization is a joint-stock company, then the MC reflects the amount of issued shares. The Criminal Code may change based on the results of the year after amendments to the constituent documents are made.

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

JSC - 1000 * minimum wages; CJSC - 100 * minimum wages; state enterprise - 1000 * minimum wages; prepr. with the participation of foreign. invest. - 1000 * minimum wages; the rest - 100 * minimum wages.

The size of the charter capital reflects the minimum size of the property that guarantees the interests of creditors.

Increasing the charter capital by issuing new shares (for JSCs) or increasing the par value of already issued shares. Reduction of the authorized capital by means of redemption of shares or reduction of par.

9) Composition of negotiable production assets: objects of labor, part of the means of labor.

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

Insurance compensation- the amount at which the damage is estimated and which is due to be paid.

11) SDR is an artificial collective currency, 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 Sterling. - 11.3%.

Own funds enterprises are: authorized capital, additional capital, reserve capital, investment fund, foreign exchange fund and others.

Own funds play a decisive role in its activities, since the requirements for their volume and organization are quite unambiguous.

Authorized capital the enterprise determines the minimum size of its property, guaranteeing the interests of its creditors. Thus, the authorized capital is the main source of own funds. Its minimum amount is determined by the statutory minimum wage in the country. The minimum size of the authorized capital of an open joint-stock company is one thousandfold minimum size wages, and closed - a hundredfold amount.

The size of the authorized capital of a joint-stock company is determined by the par value of shares acquired by shareholders and issued by the company.
The capital is called authorized because its size is fixed in the charter of the company, which is subject to registration in the prescribed manner.

The joint-stock company has the right to issue ordinary shares of a single par value and one or several types of preferred shares. At the same time, the par value of preferred shares cannot exceed 25% of the authorized capital. All shares of the company are registered. Shares issued by JSCs and acquired by shareholders are called outstanding shares. Their number and nominal value must be determined by the charter of the company.

The shares that the company has the right to place in addition to the outstanding shares, the number and par value of which are determined by the charter, are called declared shares. The joint stock company is not obliged to define the declared shares in the articles of association. A prerequisite placement of additional shares of each category (type) is the definition in the charter of the rights provided by the placed shares of the company of each category (type). If the charter of the company provides for declared shares, in this case additional shares may be placed only within the limits of the number of authorized shares. When placing additional shares, the joint-stock company determines the number of additional ordinary shares and each type of preferred shares, the terms and conditions of their placement.

The authorized capital of a joint stock company can be increased or decreased based on the results of work for the year. This is possible on the basis of a decision of the meeting of shareholders or the board of directors (as defined in the charter) and only after the appropriate re-registration of the enterprise. There are three options for increasing or decreasing the authorized capital of a joint stock company:

increase (decrease) in the par value of one share;
increase (decrease) in the number of issued shares;
the exchange of bonds issued by the joint-stock company for shares - with an increase in the authorized capital and, accordingly, the exchange of shares for bonds - with a decrease.

The next after the authorized capital is monetary own funds enterprises is Extra capital which includes the following:

the results of the revaluation of fixed assets, that is, their revaluation;
share premium of a joint-stock company (income from the sale of shares in excess of their par value less expenses for their sale);
monetary and material values received free of charge for production purposes;
appropriations from the budget to finance capital investments;
receipts for replenishment of working capital.

Extra capital accumulates funds received by the enterprise during the year through the above channels. The main channel here is the results of the revaluation of fixed assets. The annual increase in the authorized capital at the expense of additional capital is quite natural. But, as noted, many enterprises do not do this and, as a result, incur certain losses that arise from the conditions for the formation of the following monetary fund - reserve capital.

Reserve capital formed by deductions from profits in the amount determined by the charter, but not less than 15% of its authorized capital. Annually, at least 5% of net profit must be deducted to the reserve fund until the reserve capital reaches the amount established by the charter. The reserve capital of an enterprise in the narrow sense of the word is intended to cover its losses, and in joint-stock companies also to redeem the company's bonds and redeem their shares in the absence of other funds. If the reserve fund is used for the specified purposes, then deductions to it are made from the profit before its taxation. This means that the company has an exemption, and deductions to the reserve fund are not subject to income tax. Many enterprises did not use this privilege, since they had a small authorized capital, not increasing it annually based on the results of the revaluation of fixed assets.

In the broad sense of the word, the reserve fund of an enterprise should be used, in accordance with world practice, in two directions:

with a lack of working capital, it is directed to the formation of inventories, work in progress and finished products;
if the working capital is sufficient, it is directed to short-term financial investments.

Currently, enterprises can use the reserve capital in a broad sense, but in this case, deductions to it should be made from net profit, that is, without tax benefits. In particular, joint stock companies can form a special fund for corporatisation of the company's employees out of net profit. It is intended for the purchase of shares in the company, sold by shareholders, for their subsequent placement to employees. In the context of the development of production, when highly qualified specialists will be invited, this may be one of the incentives. Shares of a joint-stock company can be one of the options for rewarding employees. In addition, the concentration of most of the shares issued by the joint-stock company among the employees of the company is a powerful incentive and condition for increasing production efficiency.

Investment fund intended for the development of production. It concentrates:

depreciation fund intended for simple reproduction of fixed assets,
accumulation fund, formed from deductions from profits, and intended for the development of production,
borrowed and attracted sources.

The role of this foundation is clear. The truth in this case is as follows: the enterprise should be able and obliged to provide an increase in working capital and financing of capital investments at the expense of its own profits and other sources. This should always be taken into account by the enterprise when distributing net profit and deciding how much of it should be directed to the payment of dividends and to the development of production.

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. Consequently, the net assets and the book value of the shares of the joint-stock company increase, and with an increase in the authorized capital, their par value also increases. Thus, if the joint-stock company chooses to direct most of its profits to development instead of paying dividends, the shareholders will not lose anything. For example, with an authorized capital of 500 million rubles, a par of shares of 1,000 rubles. and their number is 500 thousand pieces, the joint-stock company will allocate 100 million rubles for the development of production. Consequently, in a year the authorized capital will amount to 600 million rubles. and with the same number of shares, the par value of each of them will increase to 1.2 thousand rubles. (600 million rubles: 500 thousand pieces).

It should also be borne in mind that an increase in funds for development contributes to an increase in the volume of sales of an enterprise and an increase in its profits. That is why, in world practice, about half of joint-stock companies do not pay dividends, but rather attract shareholders by constantly increasing the value of shares. In addition, newly created joint stock companies, as a rule, do not pay dividends for the first 5 years.

Monetary fund formed at enterprises that receive foreign exchange earnings from export operations and buy foreign exchange for import operations. This fund does not have an independent target value. It stands out insofar as currency transactions have their own characteristics. For this purpose, foreign currency accounts are opened for enterprises in commercial banks licensed by the Central Bank to carry out foreign exchange transactions.