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Basics of financial management summary chapter 1-4
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Summary for the basics of financial management Chapter 1-4 exam. MAN4
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MAN4 basics of financial management summaryExam chapter 1 – 4.
Written by Julia Fokker.
chapter 1
Economics – Studies the relationship between consumers and businesses and the
mutual interactions between businesses.
Microeconomics – comprises the theory behind markets: how does price
mechanism work in a market?
- Determining factors: number of suppliers and customers.
Macroeconomics – studies economic problems that affect society as a whole.
Business economics – focuses on economic behavior in a production organization.
- Concerns: production, trade, services.
Production process – resources are combined and transformed into products.
- Operating between 2 markets: supplier market and the retail market.
Fixed assets – remain in service for the company for a longer time
Capital – Raw material and fixed assets used by a company
Profit – Difference between sales revenue and turnover/costs.
Public sector – Compromises the state, provinces, municipaties and regular water
authorities.
Market mechanism – a mechanism by which the use of money exchanged by
buyers and sellers with an open and understood system of value and time trade-offs
in a market tends to optimize distribution of goods and services in at least some
ways.
Budget mechanism – government > tax + providing budget for production of public goods.
Privatizing – activities are separate from government and must prove themselves to
be a viable part of market (public transport, mail delivery, telecommunications).
Private non-profit businesses – fundraising institution to achieve worthy social objective.
Non-profit businesses – providing important facilities, not economically
independent (gifts, subsidies etc).
Agriculture and mining companies – small raw materials – large end products
- Farmer: seeds are cheap > lots of vegetables to sell for more money.
Industry companies – create products that did not exist before production
- Job production (made to order) & mass products (made to stock)
Batch-job production – saving costs by producing in larger quantities on order
Batch-mass production – standard models are made and often adjusted to produce
different types.
Trade companies – exist out of imbalance between production and consumption.
Retail trade – retail trade supplies directly to the end user.
Wholesale trade – both suppliers and customers are businesses.
Service companies – banks, hospitals, transport (no/ hardly any raw materials).
Legal entity – independed party made in legal agreements made during business
transactions (BV)
Sole propriety ship – company is not a legal entity and is the property of one
individual. The entrepreneur/starter is the management and put in equity/loan.
1
, (with equity and liabilities). (nv, bv, cooperative).
- Retaining profit as investment in private assets > cannot take out money.
- Pay tax on the profits made > entitles to reduction (check income tax system).
- Not obligated to disclose any financial information.
Partnership – several owners and not a legal entity.
- Pay tax on the profits made > entitles to reduction (check income tax system).
- Not obligated to disclose any financial information.
Limited partnership – (silent partners) invested in business but cannot control.
- No fiscal advantages like the sole propriety ship.
Joint share/joint stock – legal entity with limited liabilities. (LLC, INC. BV NV).
- Separation between ownership and control.
- Equity is divided into shares.
- Decisions made in AGM (annual general meeting of shareholders)
- LLC’S: one/more major shareholders are in board of directors.
Corporation – created with purpose of gathering large capital.
- Many stockholders, but not involved in day to day business.
- Profit and income tax (corporation and LLC’s).
Corporate governance code – companies should be run properly and demonstrate it.
LLC’s hold a major advantage over Sole propriety ships: owners of SPS are responsible for
company’s debt, shareholders of an LLC are not.
Taxation – corporate tax on profits and income tax on shareholders.
- Value added tax (VAT) is not a cost for the company but for its customers.
- The tax rate is taken from the country of destination.
Profit – LLC’s and corporations.
Classical system – tax on profit > profit after tax paid > tax on income (NL).
Imputation system – tax on profit > profit after tax paid > tax on income – the tax
that was already paid.
LLC = BV
Corporation = NV.
Corporative = acts on behalf of its members.
- Production corporative, purchasing cooperative, cooperative bank.
- No shared capital cannot leave out of sudden, limited liability for debts.
3 legal forms of corporatives:
1. Legal liability: liable for debts
2. Excluded liability: cannot be obligated to pay the debts.
3. Limited liability: responsible for debts up to a max. amount.
VAT – value added tax > implemented in product price. (21%, 6%).
- if buyer is a company, they can reclaim the tax.
- Tax of country of destination is taken (cross border with zero rate).
Takeovers - one company buys the shares of another company.
Merger – if two companies join together (equal parts)
Supply chain – total chain of companies involved in the production of a
product/service.
Vertical integration – when a company owns/controls its suppliers
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