Test Finanțele Întreprinderii (1)

The disadvantages of leasing are that it involves a higher cost of financing compared to borrowing. This means that the company will have to pay more in interest or fees when leasing assets instead of taking out a loan. This can potentially increase the financial burden on the company and reduce its profitability.

The statement is true because it accurately defines capital in a broad economic sense. It states that capital includes both monetary resources and material assets used by a business to produce goods and services for sale, which ultimately leads to profit. Additionally, the statement about capital permanent is also true as it describes the sources of borrowed funds that are available to the company for an extended period, along with its own sources.

The correct answer states that the financial leverage effect expresses the relationship between the ratio of equity capital to borrowed capital, as well as the difference between economic profitability and the interest rate. This means that the financial leverage effect is influenced by the proportion of funds that are provided by shareholders compared to borrowed funds, and how the economic profitability of the firm compares to the interest rate.

The weighted average cost of capital (WACC) is calculated by taking into account the proportion of debt and equity in the company's capital structure. In this case, the total liabilities are 180,000 RON and the equity is 90,000 RON. Since the debt cost is given as 20%, we can calculate the equity cost as follows:

Equity Cost = (Profit Net / Equity) * 100
= (20,000 / 90,000) * 100
= 22.22%

Therefore, the WACC is 22.22%.

The correct answer is "Rata cuponului și valoarea nominală a obligațiunii" (The coupon rate and the face value of the bond). This is because the interest paid by the enterprise for the classic bonds issued is calculated based on the coupon rate (the fixed percentage of the face value of the bond) and the face value of the bond itself. The coupon rate determines the annual interest payment, while the face value represents the principal amount of the bond.

Consolidarea datoriilor întreprinderii are ca efect creșterea fondului de rulment. This means that by consolidating the debts of the enterprise, the working capital of the company increases. This can be explained by the fact that when debts are consolidated, it allows for better management and control of the company's finances, leading to an increase in available funds for day-to-day operations. As a result, the company's ability to meet its short-term obligations and maintain a healthy cash flow improves, which ultimately leads to an increase in the working capital.

The correct answer is "Au o dobândă fixă, Sunt emise pe termen lung." This is because the given characteristics of "Obligațiunile clasice" are that they have a fixed interest rate and are issued for a long term.

Increasing permanent capital through long-term loans can be achieved through obtaining a bank loan or issuing shares. Both options provide a source of funds that can contribute to the increase in permanent capital. Issuing bonds and leasing are not mentioned as methods to increase permanent capital in the given question.

The correct answer is "Nu aduce resurse financiare suplimentare pentru întreprindere" which means "It does not bring additional financial resources for the enterprise." This is because the incorporation of reserves is a method of increasing the company's capital by using its own reserves, without bringing in any external financial resources. The other option, "Poate fi adusă în aplicare prin emisiunea de acțiuni care se împart gratuit acționarilor vechi" means "It can be implemented through the issuance of shares that are distributed free of charge to existing shareholders," which is not related to bringing in additional financial resources.

The correct answer is "O compoziție a diverselor surse de finanțe." This means that the financial structure of the enterprise aims to determine the composition of various sources of finance. It suggests that the company is interested in understanding where its funding comes from and how it is allocated among different sources such as equity, debt, or other forms of financing.

The correct answer is "Includerea fondului de rezervă în capitalul social". This means that incorporating reserves refers to including the reserve fund into the social capital. This suggests that when reserves are incorporated, they become part of the capital of the company, specifically the social capital.

The correct answer states that the leverage effect leads to a higher financial profitability rate than the profitability rate. This means that using leverage (borrowed funds) can increase the return on investment and generate higher profits compared to the profitability rate without leverage.

The correct answer is that financial analysis tools are divided into four categories: rate of profitability, rate of management, rate of structure, and rate of financial balance. These different rates help analyze various aspects of a company's financial performance. The rate of profitability measures the company's ability to generate profits. The rate of management evaluates the efficiency and effectiveness of the company's management. The rate of structure assesses the company's capital structure and financial leverage. Lastly, the rate of financial balance examines the company's ability to meet its financial obligations.

The coefficient of equity is appreciated by the ratio between equity and permanent capital, as well as equity and medium and long-term borrowed capital. This means that the coefficient of equity is influenced by both the permanent capital and the borrowed capital, in addition to equity itself. The total capital and total liabilities are not directly related to the coefficient of equity.

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The correct answer is "Împrumuturi bancare, Încasările din emisiunea de acțiuni și obligațiuni, Resurse de la buget". This is because external financing refers to obtaining funds from sources outside the organization. In this case, the mentioned resources - bank loans, proceeds from the issuance of stocks and bonds, and resources from the budget - are all examples of external financing options. These sources provide additional capital that can be used to finance various activities and investments of the organization.

Increasing permanent capital can be achieved through borrowing medium and long-term bank loans and issuing shares. These two methods provide a company with additional funds that can be used for long-term investments and operations. Bank loans can be obtained from financial institutions for a specific period of time, while issuing shares allows the company to raise funds by selling ownership stakes to investors. Both methods contribute to increasing the permanent capital of a company.

Permanent capital includes the capital contributed by shareholders (capitalul social) and the reserves of the company (rezervele firmei). These are funds that are not expected to be repaid and represent the long-term financial stability of the company. The other options mentioned, such as treasury credits (creditele de trezorerie) and long-term loans (împrumuturile de orice fel de termen lung), may be sources of financing for the company but do not fall under the category of permanent capital. Therefore, the correct answer is capitalul social și rezervele firmei.

The correct answer states that autofinanțarea de menținere implică participarea, la procesul de finanțare, numai a amortizării mijloacelor fixe. This means that only the depreciation of fixed assets is involved in the financing process. The other options mentioned in the question, such as using a portion of profit for maintaining fixed assets or mobilizing the entire net profit for development, are not applicable to autofinanțarea de menținere.

When the cost of borrowed capital decreases, it can lead to a decrease in leverage. Additionally, when the size of long-term borrowed capital decreases with a low cost, it can also contribute to a decrease in leverage.

The correct answer is "Politicii dividendelor practicată de firmă" because the cost of equity is the return that shareholders require in order to invest in a company's stock. Dividend policy is one of the factors that affect the cost of equity as it determines the amount and timing of dividends paid to shareholders. A company that has a consistent and high dividend payout is generally considered less risky and therefore may have a lower cost of equity. On the other hand, a company that does not pay dividends or has an inconsistent dividend policy may be perceived as riskier and have a higher cost of equity.

The correct answer is "Include capitalurile proprii, rezervele și provizioanele". This answer states that the social capital of the enterprise includes its own capital, reserves, and provisions. It implies that these elements contribute to the overall capital of the enterprise and are considered part of its permanent capital.

The correct answer states that both the working capital and the fixed assets increase in equal proportions as a result of applying the method of natural contribution. This means that the company's current assets and long-term assets both increase by the same amount, which leads to a balanced increase in the working capital. This option suggests that there is a direct relationship between the increase in fixed assets and the increase in working capital, indicating that the company's financial position is improving.

External financing refers to the process of establishing and subsequently increasing the company's capital through contributions in cash or in kind from future owners and by contracting bank loans. This means that external financing can be obtained by either receiving contributions from future owners in the form of cash or assets, or by borrowing money from banks. These two methods allow the company to secure additional funds to support its operations and growth.

Autofinanțarea presupune investirea amortizării și a profitului rămas după plata dividendelor. Aceasta înseamnă că o companie utilizează banii obținuți din amortizare (reducerea valorii unui bun în timp) și profitul net rămas după plata dividendelor pentru a finanța activitățile sale de dezvoltare și creștere. Această metodă de finanțare este considerată mai sigură și mai stabilă decât emiterea de acțiuni sau atragerea de capital de la terți.

The correct answer is "Suma dintre rentabilitatea financiară și rentabilitatea economică ale unei întreprinderi" (The sum of financial profitability and economic profitability of a company). This answer suggests that the leverage effect represents the combination of both financial and economic profitability, indicating that the company is able to generate profits from both its financial and operational activities.

The coefficient of equity is determined as the ratio between the equity and the permanent capital, as well as the equity and the medium and long-term borrowed capital.

Dreptul de subscripție reprezintă pierderea de valoare a cursului acțiunilor ca rezultat al emisiunii de noi acțiuni. Acesta se referă la diferența dintre prețul de emisiune a noilor acțiuni și prețul bursier al acțiunilor vechi. De asemenea, dreptul de subscripție este sinonim cu dreptul de atribuire.

Consolidarea datoriilor întreprinderii are ca efect creșterea capitalului permanent. Aceasta înseamnă că prin consolidarea datoriilor, întreprinderea obține resurse financiare suplimentare pe termen lung, care pot fi utilizate pentru investiții sau pentru finanțarea activităților curente. Prin consolidarea datoriilor, întreprinderea poate crește fondul de rulment, adică diferența dintre activele circulante și datoriile pe termen scurt, ceea ce îi permite să facă față mai bine nevoilor de finanțare pe termen scurt. Consolidarea datoriilor poate presupune și emiterea de obligațiuni, ceea ce duce la o creștere a datoriilor totale ale întreprinderii. Metoda finanțării directe poate fi utilizată pentru atragerea de fonduri în cadrul consolidării datoriilor.

The main advantages of leasing are that the rent is deductible through taxable profit, with the enterprise only bearing the difference from the tax rate, and the equipment received does not belong to the user enterprise until it is purchased. Leasing allows the user to achieve comprehensive profitability, as the rent is usually progressive. Additionally, leasing is a financing resource that increases the company's liabilities and indebtedness level.

Autofinancing net refers to the portion of profit that is not distributed in the form of dividends. It is one of the components of autofinancing, along with maintenance autofinancing and gross autofinancing margin. It is also synonymous with the concept of self-financing capacity.

The correct answer states that the effect of capital increase through the incorporation of reserves is the increase in the market capitalization of the company and the reduction of reserves by the same amount. Additionally, it mentions that the stock price may decrease due to the distribution of the same wealth among more shares. This implies that the company's value is increasing, but the value per share may decrease.

The correct answer is "Expresia bănească a activelor investite de o firmă în activitățile desfășurate de aceasta" and "Totalitatea activelor utilizate de o firmă în procesele economice aducătoare de profit". These options accurately define capital as the monetary expression or total assets invested by a firm in its activities. It includes all the assets used by a firm in profit-generating economic processes.

The correct answer implies that the capacity for self-financing refers to the internal funding that a company can generate on its own. This means that the company is able to finance its operations and investments using its own resources, such as retained earnings and depreciation. It does not rely on external sources of funding, such as loans or equity financing.

Internal financing is primarily based on the net profit remaining after the payment of dividends and the depreciation of fixed assets. It also takes into account the amounts obtained from the disposal of retired fixed assets. This means that the company uses its own funds, generated through its operations, to finance its activities and investments, rather than relying on external sources such as loans or equity financing. By utilizing internal financing, the company can retain control over its operations and avoid incurring additional costs or obligations associated with external financing.

The correct answer includes the long-term bank deposits made by the company, the long-term liabilities contracted by the company, and the fixed assets used by the enterprise for a long period of time. These items are considered permanent capital because they represent long-term investments and obligations of the company that are expected to remain in the business for an extended period. Additionally, the fixed assets are essential for the company's operations and are not intended for immediate sale or conversion into cash.

The correct answer is "Mijloace materiale și bănești deținute de o firmă" which translates to "Material and financial resources owned by a company." This answer accurately describes capital as the physical and financial assets that a company possesses. It encompasses both tangible assets like machinery and equipment, as well as intangible assets like cash and investments.

The correct answer is a combination of two options: profitul net sau profitul rămas după plata dividendelor (net profit or profit remaining after dividend payment) and emisiunea și vânzarea de noi acțiuni (issuing and selling new shares). These options represent internal sources of funding for a company. Profitul net refers to the amount of money left after deducting all expenses and taxes from the company's revenue. Emisiunea și vânzarea de noi acțiuni refers to the process of issuing and selling new shares to raise capital. Both options indicate ways in which a company can generate funds internally without relying on external sources.

The correct answer is "Modificarea structurii financiare" and "Creșterea lichidităților firmei." This is because both the method of cash contribution and the issuance of new shares have an impact on the financial structure of the company. They can lead to changes in the composition of the company's balance sheet, such as increasing its equity or debt levels. Additionally, these actions can also increase the liquidity of the firm by providing it with additional cash or assets that can be easily converted into cash.

The criteria for optimizing the financial structure refer to minimizing financial risk, ensuring equality between the size of financial resources and investments to be made, and increasing self-financing capacity. These criteria aim to establish a balanced and efficient financial structure that minimizes the risk of financial instability, maximizes the ability to fund investments internally, and ensures that financial resources are effectively allocated to investments.