Finantele Intreprinderii

The traditional criteria used to assess the efficiency of investment projects are the profitability criterion, the payback period criterion, and the cost criterion. The profitability criterion measures the return on investment and evaluates whether the project will generate enough profit to make it worthwhile. The payback period criterion calculates the time it takes for the initial investment to be recovered through cash flows generated by the project. The cost criterion assesses the overall cost of the project and compares it to the expected benefits. These three criteria are commonly used to evaluate the feasibility and effectiveness of investment projects.

The composition of a company's capital is analyzed using structure ratios. These ratios provide insights into the different components of a company's capital, such as equity and debt. By examining the structure ratios, analysts can understand the proportion of each component and assess the financial health and stability of the company. This analysis helps in making informed decisions regarding the company's capital structure and financial strategy.

The statement "În cadrul circuitelor monetare fluxurile Bănești privesc realizare nevoilor de finanțare sau plasament pe termen scurt" is correct because it states that monetary flows in monetary circuits are related to meeting short-term financing or investment needs. Monetary circuits refer to the flow of money within an economic system, and these flows can involve financing or investing in short-term activities. This statement accurately describes one aspect of monetary circuits and their relationship to short-term financing and investment.

The correct answer is "prețul posibil de realizat la finalul duratei de viață a investiției" because the residual value of an investment refers to the potential price that can be obtained at the end of the investment's lifespan. It represents the remaining value that can be recovered after deducting the investment costs.

The correct answer is the order in which investments are structured in relation to the main object. The investments start with the basic investments, followed by collateral investments, and finally, the related investments.

Cash dividend payments represent cash flows from activities of equity remuneration.

The correct answer is "Din manifestare a procesului de dezinvestire" because it states that the cash receipts from the sale of fixed assets are a result of the process of divestment. This means that when a company sells its fixed assets, it is reducing its investment in those assets, resulting in cash inflows.

The correct answer is "riscului de dobândă, riscului de credit". The given statement mentions that "Multiplicarea riscurilor înseamnă apariția și dezvoltarea" which translates to "Multiplying risks means the occurrence and development". The risks mentioned in the answer choices, "riscului de dobândă" (interest rate risk) and "riscului de credit" (credit risk), align with the concept of multiplying risks as they can both occur and develop in various financial situations. The other two risks mentioned, "riscului financiar" (financial risk) and "riscului valutar" (foreign exchange risk), are not explicitly mentioned in the statement and therefore cannot be considered as part of the explanation.

The correct answer suggests that the treasury surplus can come from a lower working capital requirement than anticipated. This means that the company's need for funds to cover its day-to-day operations, such as inventory, accounts receivable, and accounts payable, is lower than initially expected. This can be due to efficient management of resources, effective inventory control, or improved collection of receivables, resulting in a surplus of cash in the treasury.

The correct answer is "Doar de sistemul de gresi varianta 2." This means that only the accelerated system takes into consideration the moral wear and tear. The other models of depreciation used by companies do not consider moral wear and tear.

The correct answer is "valoare inițială sau de origine". This means that the inventory value at which fixed assets are recorded can be the initial or original value. This refers to the value at which the fixed assets were initially acquired or recorded in the accounting books.

The correct answer is "randamentul capitalului". This term refers to the return on investment or the profitability of capital. It measures the efficiency of the capital employed in generating profits for the enterprise. It indicates how effectively the company is utilizing its capital to generate returns.

The correct answer is "proiectul care ofera un termen de recuperare a investitiilor cat mai mic" because the liquidity criterion in investment selection focuses on the ability to recover the invested capital as quickly as possible. Therefore, the project that offers the shortest payback period is preferred as it allows the enterprise to have access to its funds sooner and reduces the risk of tying up capital for a long period of time. This helps maintain financial flexibility and liquidity in the business.

The explanation for the correct answer is that the internal rate of return (IRR) is a measure used to evaluate the profitability of an investment. It represents the discount rate at which the present value of the investment's cash inflows equals the present value of its cash outflows. Therefore, choosing the option with the highest IRR means selecting the investment that is expected to generate the highest return relative to its cost. This makes it the most efficient investment among the given alternatives.

The correct answer is that the capital social al intreprinderii (social capital of the enterprise) is included in both capitalul permanent (permanent capital) and capitalul propriu (equity capital). This means that the social capital of the enterprise is considered a part of both the long-term capital structure of the company and the equity or ownership capital of the company.

In the context of indirect financing processes, the correct answer is "băncile și societățile financiare" (banks and financial institutions). These entities play a crucial role in providing liquidity to the financial system. They receive funds from various sources, such as deposits or borrowing, and then lend or invest those funds to individuals, businesses, and other entities in need of financing. Banks and financial institutions facilitate the flow of funds in the economy, supporting economic activities and promoting growth.

Assets that constitute the goodwill of the company and land are not amortized.

The correct answer includes the items that are considered as current assets in the agricultural industry. These include seeds, planting materials, animal feed, fertilizers, unfinished production, spare parts, and inventory items. These assets are necessary for the day-to-day operations of agricultural firms and are expected to be converted into cash within a year.

The correct answer includes "valori de exploatare" (operating values), "Valori realizabile pe termen scurt" (short-term realizable values), "mijloace bănești în casierie" (cash on hand), and "Mijloace bănești în cont" (cash in account). These items are all part of the current assets or activele circulante, which are the assets that can be easily converted into cash or used up within a year.

The correct answer is "decizii financiare adaptative" and "decizii financiare inovative". This is because the question states that decisions are classified based on the combination of nature of the problems to be solved and the chosen solution. "Decizii financiare adaptative" refers to adaptive financial decisions, which suggests that these decisions are flexible and can be adjusted based on changing circumstances. "Decizii financiare inovative" refers to innovative financial decisions, indicating that these decisions involve new and creative approaches to problem-solving in the financial context.

Firmele din domeniul comerțului au activele circulante în structura lor, care includ marfuri și ambalaje. Acestea reprezintă bunurile pe care le vând și le livrează clienților. De asemenea, mijloacele de transport la mărfuri sunt și ele active circulante, deoarece sunt folosite în procesul de livrare a mărfurilor către clienți. Alte active pot include diverse bunuri și echipamente necesare desfășurării activității comerciale, cum ar fi mobilierul de birou sau echipamentele IT.

The correct answer is that the functions of profit are an indicator of the firm's ability to pay, a source of self-financing, an instrument of control, and a resource for the state budget. Profit serves as an indicator of a company's financial health and its ability to meet its financial obligations. It also provides funds that can be reinvested in the business, reducing the need for external financing. Profit is also used as a tool for monitoring and evaluating the performance of the company and can be used by the government as a source of tax revenue.

The correct answer is "Parteneriat, Corporatii." This suggests that the given business can be organized either as a partnership or as a corporation. Both options have their own advantages and disadvantages. A partnership is a business structure where two or more individuals share ownership and responsibilities. On the other hand, a corporation is a legal entity separate from its owners, providing limited liability protection. The choice between these two options would depend on the specific goals, resources, and preferences of the individuals involved in the business.

The correct answer is both fluxul de lichidități către instituții financiare și investitori and fluxul de lichidități de la deponenți către instituțiile financiare. This is because indirect financing refers to the flow of liquidity from financial institutions and investors, as well as the flow of liquidity from depositors to financial institutions. Both of these flows are interconnected and represent forms of indirect financing.

The correct answer states that the net present value is determined as the difference between the sum of the discounted future cash flows and the present value of the investment. It also states that the net present value reflects the most profitable project at equal discount rates. This means that the net present value helps in assessing the profitability of an investment by considering the time value of money and comparing it to the initial investment. The higher the net present value, the more profitable the project is considered to be.

The correct answer is "Se numește fond de rulment propriu" and "Poate fi utilizată pentru Finanțarea nevoilor pe termen scurt ale firmei". These statements explain that the remaining part of the equity after the formation of fixed assets is called "fond de rulment propriu" and it can be used to finance the short-term needs of the company.

The correct answer is that the "valoarea de amortizat" can be the "valoare inițială," "valoare de înlocuire," "valoare de reproducție," or "valoarea actualizată." This means that the "valoarea de amortizat" can refer to the initial value of an asset, the value used to replace an asset, the reproduction value of an asset, or the updated value of an asset.

The correct answer states that in financial optics, the investments of a company represent the concrete decision to incur expenses in fixed assets in order to generate cash flows through operations. This explanation highlights the concept of investing in long-term assets that will generate future income for the company.

If the internal rate of return of a project is lower than the market interest rate, it implies that the financial profitability of the project is lower than the economic profitability of the enterprise. Additionally, the net present value of the project becomes negative, indicating that the project is not generating enough returns to cover the cost of capital.

The correct answer is the elements of financial investment are investment expenses, its lifespan, profit, and residual value of the investment.

The main advantages of leasing are that the rent is often progressive, allowing the user to achieve comprehensive profitability, and the rent is deductible through taxable profit, with the enterprise only bearing the difference from the tax rate.

The correct answer is "Exprima o stare de echilibru între venituri și cheltuieli." The term "pragul de rentabilitate" refers to the point at which a business reaches a balance between its revenues and expenses, indicating a state of equilibrium. It is used as a method to predict the profitability of a company. It is not synonymous with "punctul critic" or "punctul mort."

The correct answer is the payments related to the remuneration of labor obligations and the insurance premiums paid to insurance companies. These payments are generated by the operating activities of a company. They represent the expenses incurred by the company for employee salaries and benefits, as well as the premiums paid for insurance coverage.

The correct answer is "Cheltuieli efectuate cu achiziția de active imobilizate, Evidențiate în activul bilanțului." This answer is correct because it states that investments are expenses made for the acquisition of fixed assets, which are recorded in the asset section of the balance sheet. This aligns with the given information that investments are "evidențiate în activul bilanțului" (recorded in the asset section of the balance sheet).

The correct answer states that the most efficient investment among multiple options is the one that has the highest discount rate when the net present values are equal. This means that if the present values of the cash flows from different investment options are the same, the one with the highest discount rate will yield the highest net present value.

The given answer is correct. It states that capitalization is the technique used to calculate the future level, at a certain date, of a sum invested at the current moment. It also states that updating is the technique used to determine the present value, at time zero, of the sums capitalized at time "n".

The correct answer states that the profitability criterion is applied by determining a rate between net profit and net investment and comparing it with the cost of equity and borrowed capital. Additionally, it mentions calculating a rate between average annual profit and net investment and comparing it with the cost of equity and borrowed capital. This explanation suggests that the profitability criterion involves comparing the returns generated from investments with the costs of financing those investments, both in terms of equity and borrowed capital.

The correct answer is "capitalul social si rezervele firmei, imprumuturile de orice fel pe termen lung." This is because capitalul social si rezervele firmei refers to the equity capital and reserves of the company, which are considered as permanent capital. Imprumuturile de orice fel pe termen lung refers to long-term loans of any kind, which are also considered as permanent capital. Therefore, these two categories make up the permanent capital.

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

The correct answer states that a firm will choose an investment project if the internal rate of return is higher than the cost of capital and if the ratio between the sum of future cash flows discounted at the rate of return offered by a comparative alternative and the invested capital is supraunitary. In other words, the firm will choose the project if it offers a higher return than the cost of capital and if the future cash flows are greater than the initial investment.

The correct answer is a list of different types of investments based on their internal structure. These include "lucrări de construcții montaj" (construction and assembly works), "Lucrări și exploatări geologice" (geological works and operations), and "Achiziții de utilaje care necesită montaj" (acquisition of equipment requiring assembly). This suggests that investments can be categorized into these different types based on their internal structure.

The increase in permanent capital through long-term loans can be achieved by obtaining a bank loan, issuing bonds, or through leasing. These options provide a means for the company to secure funds for its long-term capital needs. Obtaining a credit bancar refers to borrowing money from a bank, while emisiunea de obligatiuni refers to issuing bonds, which are debt securities that can be sold to investors. Leasing involves entering into a contract to use an asset in exchange for regular payments. These options allow the company to access funds that can contribute to the increase in its permanent capital.

Investițiile se grupează în funcție de natura lor în investiții materiale, investiții imateriale și investiții financiare. Investițiile materiale se referă la achiziționarea de active fizice, cum ar fi terenuri, clădiri, utilaje etc. Investițiile imateriale se referă la achiziționarea de active intangibile, cum ar fi brevetele, mărcile înregistrate, drepturile de autor etc. Investițiile financiare se referă la achiziționarea de active financiare, cum ar fi acțiuni, obligațiuni, certificate de depozit etc.

The correct answer is "Proiectul care oferă un termen de Recuperare a investiției cât mai mic" and "Proiectul care oferă recuperare cât mai rapid a investiției inițiale". These options suggest that the enterprise will choose the project with the shortest payback period, which means the project that can recover the initial investment in the shortest amount of time. This criterion of liquidity focuses on the time it takes to recoup the investment and prioritize projects that can generate cash flows quickly.

The correct answer is Plata obligațiunilor referitoare la remunerarea Forței de Muncă, Plățile de asigurare plătite către societățile de asigurări. These payments are generated by the operating activities of a company. Plata obligațiunilor referitoare la remunerarea Forței de Muncă refers to the payments made to employees for their work, such as salaries and wages. Plățile de asigurare plătite către societățile de asigurări refers to the payments made to insurance companies for insurance coverage. Both of these payments are considered operating expenses and are part of the company's regular business operations.

Investitiile sunt caracterizate de faptul că în timpul desfășurării lor se produce o transformare a valorii din forma bănească în forme materiale diverse. De asemenea, operațiunile de constituire a activelor imobilizate, dar mai ales cele de valorificare, implică numeroase riscuri. Pe durata investiției, are loc o imobilizare a mijloacelor financiare, iar costurile acestora trebuie acoperite în viitor de rezultatele nete sperate. Aceste caracteristici sunt specifice investițiilor.

The correct answer is that financial analysis ratios are divided into four categories: profitability ratios, management ratios, structure ratios, and financial equilibrium ratios. These categories help in evaluating different aspects of a company's financial performance. Profitability ratios measure the company's ability to generate profits, management ratios assess the efficiency of management in utilizing resources, structure ratios analyze the composition of the company's capital structure, and financial equilibrium ratios evaluate the company's financial stability and ability to meet its financial obligations.

The correct answer is "expresie baneasca a activelor investite de o firma in activitatile desfasurate de aceasta,suma dintre capitalul fix si capitalul circulant al unei firme". This answer explains that the capital of a company is defined as the monetary expression of the assets invested by the company in its activities. It also mentions that it is the sum of both fixed capital and working capital of a company.

Incorporarea de rezerve este o metoda de sporire a capitalului social care nu aduce resurse financiare suplimentare pentru intreprindere. Aceasta se realizeaza prin emisiunea de actiuni care se impart gratuit actionarilor vechi.

The correct answer is "Investițiile brute sunt finantate numai din profitul net al firmei". This statement is not characteristic of investments because investments can be financed through various sources such as loans, equity financing, or government grants, not just from the net profit of the company.

The determination of the working capital requirement for unfinished production is based on several factors, including the average daily expenses at the factory cost level, the duration of the production cycle, and the nature of the production process. These factors are important in assessing the financial needs for maintaining the production process and ensuring sufficient funds are available to cover daily expenses and support the uninterrupted operation of the production cycle.

The correct answer is "Avansurilor Bănești acordate furnizorilor în vederea unor livrări ce se vor face în viitor" and "Sumele reprezentând plata obligațiunilor referitoare la remunerarea Forței de Muncă". These payments are generated by operating activities because they involve the advance payment to suppliers for future deliveries and the payment of obligations related to labor remuneration. Both of these activities are directly related to the core operations of the business and are considered part of the normal course of business operations.

The criterion of profitability has the disadvantage of not calculating the effects of inherent risks in any investment project. It also lacks clarity in choosing the comparison base for the gain brought by a project per invested unit. Additionally, it is unable to sample the cash inflows and outflows over time and does not consider the consequences of the time factor.

The given correct answer states that "Reprezintă fluxuri financiare în cadrul întreprinderii" (Represents financial flows within the company) and "Reprezintă ciclul financiar al întreprinderii" (Represents the financial cycle of the company). This means that the total operations and procedures that occur between the moment money is transformed into goods and until they return in monetary form are the financial flows within the company. These financial flows represent the financial cycle of the company, which includes all the activities related to the transformation of money into goods and back into money. This explanation highlights the importance of financial flows in the functioning of the company and their role in evaluating the efficiency of capital employed in the company's activities.

The cost of equity is calculated using the beta coefficient of risk, the rate of return on investments considered "risk-free," and the average rate of return on securities issued by firms from the same reserve and listed on the stock exchange. These factors help determine the required rate of return for investors and the cost of equity for the firm.

The correct answer is "acumulare, plata a profitului, finanțare a investițiilor, stimulare a viitorilor acționari." This is because dividends refer to the decision of accumulating profits, paying out profits to shareholders, financing investments, and stimulating future shareholders.

The fundamental objective of financial management is to maximize the market value of the firm. This means that the financial decisions and actions taken by the firm should aim to increase the overall value of the company in the eyes of investors and the market. By maximizing the market value, the firm can attract more investors, increase its stock price, and ultimately generate higher returns for its shareholders. This objective takes into consideration not only the profitability of the firm but also its long-term sustainability and growth potential.

The technique used to calculate the most important indicators for evaluating investment efficiency is called "actualizare" (discounting) and "rentabilizare" (profitability). These techniques involve adjusting future cash flows to their present value and analyzing the profitability of the investment.

The correct answer is "finanțează exploatarea" because the term "fondul de rulment" refers to the working capital, which is the amount of money available to finance the day-to-day operations of a business. It is calculated as the difference between the permanent capital and the value of fixed assets. This working capital is used to fund the ongoing expenses and activities of the business, such as purchasing inventory, paying salaries, and covering other operational costs. Therefore, the correct answer is that the working capital "finanțează exploatarea" or finances the operations of the business.

The correct answer includes two types of revenue:
1. Sumele obținute în urma comercializării bunurilor lucrărilor și serviciilor care dau conținut obiectului de activitate al firmei (revenue obtained from the sale of goods, works, and services that are part of the company's main activities).
2. Avansuri obținute de la clienți în contul unor livrări viitoare (advances received from customers for future deliveries). These advances are considered as revenue because they represent prepayments for goods or services that will be provided in the future.

The correct answer states that the criterion for Net Present Value (VAN) involves updating future cash flows to the present moment and comparing different investment options. It also states that a investment project is more efficient if the updated future cash flows are greater than the planned investment expenses. This explanation provides a clear understanding of the concept of VAN and how it is used to evaluate investment projects.

Permanent capital growth can be achieved through the following methods: borrowing from banks for medium and long-term periods, issuing bonds, and using credit bail/leasing. These strategies allow the company to secure funds for investment and expansion, thereby increasing its capital base over time. By utilizing loans, bonds, and credit bail/leasing, the company can access external sources of funding and leverage them to support its growth objectives.

The correct answer refers to the transfer of goods and services between firms, as well as the flow of real and monetary transactions. This means that it includes both the movement of physical goods and the exchange of money between economic agents.

Autofinantarea neta formeaza, impreuna cu autofinantarea de mentinere, marja bruta de autofinantare si cuprinde partea din profit nedistribuita sub forma dividendelor. Aceasta inseamna ca autofinantarea neta reprezinta totalitatea resurselor financiare generate intern de o companie, care includ amortizarea mijloacelor fixe si profitul retinut sub forma dividendelor. Prin urmare, aceasta este sinonima cu notiunea de capacitate de autofinantare.

The correct answer states that the disadvantages of the liquidity criterion are: it does not consider the timing of cash inflows and outflows, it eliminates investment projects with good profitability, it neglects the effects that occur after the recovery of investments, and it favors projects that allow for rapid accumulation of capital compared to those that take place over long periods of time.

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The correct answer is "Care apare în cazul activelor imobilizate, Concretizat în scăderea treptată a unității activelor imobilizate ca urmare a folosirii lor, care constă în reducerea treptată a unității activelor imobilizate."

The explanation is that uzura (wear and tear) is a complex process that occurs in the case of fixed assets. It is manifested by the gradual decrease in the value of fixed assets due to their use. This process involves the gradual reduction of the unit value of fixed assets.

The correct answer includes three main aspects of treasury management: ensuring liquidity for the smooth operation of all company transactions, making timely payments in accordance with assumed obligations, and selecting short-term investment opportunities for any surplus funds. These activities are crucial for the financial stability and success of the enterprise.

The activities of the enterprise can be financed from its own working capital, which refers to the funds available for day-to-day operations. Additionally, the enterprise can use the amounts allocated from its profits to pay dividends during the period from their establishment until their payment. Short-term bank loans and cash advances received from clients can also be sources of funding for the enterprise's operations.

The factors that influence the size of profit are the cost of production, the product mix, and the daily production volume. The cost of production has an inverse proportional relationship with profit, meaning that as the cost of production increases, the profit decreases. The product mix also affects profit, as an increase in the proportion of high-profit products leads to a growth in profit, while a decrease in this proportion results in a decrease in profit. Lastly, the daily production volume has a direct proportional relationship with profit, meaning that as the volume of production increases, the profit also increases.

The answer is correct because it lists the sectors of activity in which economic agents are grouped according to institutional criteria. These sectors include non-financial companies, financial institutions, public administrations, and non-profit institutions.

The correct answer explains that amortization of fixed assets serves the purpose of highlighting the value depreciation of these assets and allows for the allocation of this depreciation to costs. It also states that amortization is a resource of self-financing.

The given answer includes three autonomous cash flows. "Sporirea capitalurilor întreprinderii prin emisiunea de acțiuni" refers to increasing the company's capital by issuing shares, which does not involve borrowing or relying on external sources of funding. "Sumele obținute în urma contractării de credite bancare pe termen scurt" means obtaining funds through short-term bank loans, which are also independent of the company's operations. "Achiziția de materii prime și materiale cu plata amânată" indicates purchasing raw materials and materials with deferred payment, which is a self-financing activity as it does not involve borrowing. However, "Achiziționarea unui mijloc fix fără a apelat la surse împrumutate" refers to acquiring a fixed asset without resorting to borrowed sources, but it does not necessarily imply that it is an autonomous cash flow.

The given answer states that it is more common to update future revenues at the present moment rather than capitalizing present revenues at a future moment in order to evaluate investment projects. This approach is commonly used in the traditional profitability criterion and is necessary for calculating the net present value. Additionally, it serves the purpose of determining the internal rate of return.

An increase in the rotation speed of circulating capital leads to a relative release of capital, an absolute release of capital, and an increase in the profit of the enterprise. This means that when the circulating capital is used more efficiently and quickly, it results in a release of tied-up capital, allowing it to be used for other purposes. This leads to an overall increase in profit for the enterprise.

The correct answer is "când firma este îndatorată" and "Când dobânzile sunt mai mari decât rezultatele financiare ale firmei". These two options explain the manifestation of financial risk. When a company has a high level of debt, it is more vulnerable to financial difficulties and potential bankruptcy. Additionally, if the interest payments on the debt exceed the company's financial results, it indicates a potential inability to meet its financial obligations, leading to financial risk.

The net profit is distributed for the development and modernization of production capacities, which means it is reinvested back into the company. It is also used for paying dividends to the owners, shareholders, or associates. Additionally, the net profit can be utilized for conducting social or sports activities.

Internal funding refers to the utilization of various resources such as net profit or profit remaining after dividend payments, depreciation of fixed assets, including the sale of assets that are no longer in use or surplus, and contributions from the government, public collectives, and specialized organizations. These sources allow a company to generate funds from within its own operations and assets, without the need for external borrowing or financing.

The correct answer is a combination of three options. External financing involves the establishment and subsequent increase of a company's capital through contributions in nature or in cash from future owners, the issuance and sale of new shares, and the contracting of bank loans. These three methods allow the company to raise funds from external sources to support its operations and growth.

The correct answer is that the enterprise can be considered an economic organization because each person has a limited role in achieving the objectives of the enterprise, it is a limited ensemble of people, including owners, employees, and collaborators, it has defined legal and useful goals and objectives, and it interacts with and influences the environment. This explanation highlights the key characteristics of an economic organization, such as the division of labor, the involvement of different stakeholders, the presence of goals and objectives, and the impact on the external environment.

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 fixed assets that are no longer in use. This means that internal financing relies on the retained earnings of the company, as well as the ability to generate funds from the sale of fixed assets.

The correct answer states that the cycle of exploitation involves the acquisition of raw materials and materials, their processing, sale, and collection of finished products. It also includes the conversion of capital from cash form into current assets and then returning to the initial form. This explanation suggests that the cycle of exploitation encompasses the entire process of acquiring, processing, and selling goods, as well as managing and converting capital.

The correct answer is the acquisition of shares, the acquisition of bonds, and the establishment of term deposits. These are all examples of treasury placements, which refer to investments made by individuals or organizations in various financial instruments offered by the government or other entities. These placements are considered safe and low-risk investments, providing a steady income or return on investment.

The correct answer is that normele regresive de amortizare, also known as norme accelerate, ensure faster procurement of financial resources, establish a good relationship with the performance of fixed assets, and reduce losses due to moral wear and tear.

The correct answer is "diferenta dintre rentabilitatea economica si rentabilitatea financiara ale unei intreprinderi, produsul dintre diferenta dintre rentabilitatea economica si rata dobanzii si raportul dintre capitalul imprumutat si cap propriu." This answer suggests that the leverage effect represents the difference between the economic profitability and financial profitability of a company, as well as the product of the difference between economic profitability and the interest rate, and the ratio between borrowed capital and equity.

Investitiile sunt consecinta deciziei de finantare a intreprinderii si reprezinta cheltuieli ce se efectueaza pentru obtinerea de active imobilizate. Acestea reflecta plasamentul de capitaluri lichide in imobilizari de natura corporala, necorporala si participatiuni. Prin investitii, soldurile de imobilizari se diminueaza, iar soldurile conturilor de lichiditati se sporesc.

The correct answer is the sum of the operating result, financial result, and exceptional result. This is because the question asks for the calculation of the gross margin within the treasury activity budget, and this calculation includes the sum of these three results. The other options mentioned in the question, such as the difference between operating income and variable expenses or the sum of variable and fixed expenses, are not relevant to the calculation of the gross margin in this context.

The size of profit is directly proportional to the selling price of production and the size of production. This means that as the selling price of production increases, the profit also increases. Similarly, as the size of production increases, the profit also increases. Therefore, both the selling price of production and the size of production have a direct impact on the size of profit.

The correct answer for this question is that the company has a large number of varieties, the assortment structure in the planning period is comparable to the base period, the prices and costs are compatible in both planning periods compared to the base period, and the direct method is proven to be laborious. These factors indicate that the company should apply the base period reporting method.

External financing involves the use of various resources such as bank loans, proceeds from the issuance of stocks and bonds, as well as resources from the budget. These sources allow businesses to obtain the necessary funds from external parties to support their operations, investments, and growth. Bank loans provide access to capital that needs to be repaid with interest, while the issuance of stocks and bonds allows companies to raise funds by selling ownership stakes or debt securities to investors. Additionally, resources from the budget can be obtained through government grants or subsidies to support specific projects or initiatives.

The correct answer is "de înlocuire, care vizează modernizarea" because the criterion of cost is particularly applicable when selecting investments for replacement that aim to modernize. This means that when considering investments that involve replacing assets, the cost factor becomes crucial, especially when the purpose is to upgrade or improve the existing assets.

The determination of working capital needs is based on the size of the firm's inventory, stable liabilities, and trade credits from customers. These factors are important because the size of the inventory reflects the amount of cash tied up in the firm's operations, stable liabilities represent long-term obligations that need to be considered in managing working capital, and trade credits from customers affect the firm's cash flow and ability to meet its short-term obligations. Therefore, considering the size of the firm's inventory, stable liabilities, and trade credits from customers is essential in determining the working capital needs of the firm.

The correct answer is a combination of three options. The notion of treasury in a business refers to the cash, liquid assets, and available funds that the enterprise has at a given moment or the funds it has in its cash register or in sight deposits. Additionally, it also includes the difference between working capital funds and working capital requirement, as well as the difference between cash receipts and short-term credits during a period of the company.

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The correct answer includes "Constructii, Instalații tehnice, mijloacele de transport, animale și plantații". This means that the second group of fixed assets includes constructions, technical installations, means of transport, animals, and plantations. It does not include furniture, office equipment, or land.