business finance

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問題一覧

is a financial plan, which shows how the resources should be allocated to achieve forecasted sales.

Sales Budget or Forecasting Revenue

The main purpose of ______ is to plan for maximum utilization of resources and forecast sales.

Sales Budget or Forecasting Revenue

any way to grow your money (simplest definition)

INVESTMENT

is an asset or item acquired with the goal of generating income or appreciation

INVESTMENT

involves putting capital to use today in order to increase its value over time.

INVESTMENT

requires putting capital to work, in the form of time, money, effort, etc., in hopes of a greater payoff in the future than what was originally put in.

INVESTMENT

Different Types of Investments will be grouped into three

(1) fixed income and equities (2) alternatives to fixed income and equities (3) other investment assets

1. Fixed Income and Equities

Stocks (Equity) Bank Deposits (Fixed Income) Bonds (Fixed Income)

“Type of security that signifies ownership in a corporation and represents a claim on part of the corporation’s assets and earning”

Stocks (Equity)

“Money placed into a banking institution for safekeeping”

Bank Deposits (Fixed Income)

common type of investment - the availability of funds also depends on the investment opened.

Bank Deposits (Fixed Income)

Types of Bank Deposit

Current account/ Checking account Savings account Time deposit account

do not earn interest.

Current account/ Checking account

earns interest but not that significant, but the most common among individuals.

Savings account

earn the highest interest rate. It is not always available for withdrawal.

Time deposit account

It is evidenced by a certificate of deposit which can be bought or sold by the depositor themselves.

Time deposit account

“Debt investments where an investor loans money to an entity which borrows the funds for a defined period of time at a variable or commonly, fixed interest rate”

Bonds (Fixed Income)

Known periodic payments for a certain period

Bonds (Fixed Income)

Cannot lose money if bond investment is held until maturity

Bonds (Fixed Income)

· If not held until maturity and pre- terminated, investor can gain or lose depending on the prevailing interest rates at the time of pretermination. If interest rates are higher, investor in bonds can lose in the pretermination

Bonds (Fixed Income)

Unlimited Upside

Stocks (Equity)

No guaranteed returns

Stocks (Equity)

Riskiest of all assets (can lose even more than 50% of their money in one day)

Stocks (Equity)

Known income based on outstanding principal and current interest rate

Bank Deposits (Fixed Income)

Shorter, if any, holding period vs. bonds

Bank Deposits (Fixed Income)

Lower interest income vs. Bonds

Bank Deposits (Fixed Income)

Settlement risk if the bank closes.

Bank Deposits (Fixed Income)

2. Alternatives to fixed income and equities

Mutual funds Unit Investment Trust Fund (UITF)

“An investment that is made up of a pool of funds collected from many investors for the purposes of investing in stocks, bonds, and similar assets”

Mutual funds

can be short or long term

Mutual funds

“Similar to a mutual fund but is managed by banks

Unit Investment Trust Fund (UITF)

“Give small investors access to professionally managed, diversified portfolios of equities, bonds and other securities, which would be quite difficult (if not impossible) to create with small amount of capital”

Mutual funds

Pay management fees

Mutual funds

Values can also fluctuate just like the stock market

Mutual funds

the amount clients pay to the professionals who manage their mutual funds, normally a certain percentage of portfolio value.

Management Fee

distribution of the company‟s income to its shareholders.

Dividends

distribution of the company‟s income to its shareholders.

Dividends

right to be heard on certain policies that the company wants to implement.

Voting Rights

3. Other investment assets

Currencies Commodities Real Estate Insurance

“Generally accepted form of money, including coins and paper notes, which is issued by government and circulated within an economy” (i.e. USD, EUR, JPY)

Currencies

“A basic good used in commerce that is interchangeable with other commodities of the same type” (i.e. Gold, nickel, oil)

Commodities

“Land and any improvements on it” (i.e. land, house and lot, condominiums)

Real Estate

“A contract (policy) in which an individual or entity receives financial protection or reimbursement against losses from an insurance company (i.e. Life insurance, educational plan, VUL)

Insurance

Largest market in the world in terms of trading volume, so much liquidity

Currencies

·Unlike stocks, commodities, etc., currency itself is a medium of exchange which people can use to transact

Currencies

Volatile and trades 24- hours a day (must be closely monitored)

Currencies

Generally, uses margin trading which allows clients to be more than their capital (may also be an advantage)

Currencies

Negatively correlated with equities and bonds (may be used for diversification)

Commodities

Natural hedge against inflation

Commodities

Hedge against geopolitical risks

Commodities

Impractical to invest directly considering storage, transportation and insurance costs involved

commodities

Same as currencies

commodities

··Generally, appreciates overtime because land get scarce

Real Estate

Have relatively low correlations with other asset classes (may be used for diversification)

Real Estate

Can be a source of recurring rental income

Real Estate

May also be a hedge against inflation-linked rent escalation clauses

Real Estate

·Huge capital needed, financing can be difficult

Real Estate

Maintenance of the property needed to preserve its value

Real Estate

·Illiquid or difficult to sell

Real Estate

·Give the insured individual/entity the cash/capital to deal with unforeseen adverse financial consequences

insurance

May provide certain tax benefits (i.e. tax deductibility, tax-free provisions)

insurance

Insurance premiums may be costly

insurance

On some of traditional insurance plans, no sickness/death until a certain age may mean not getting any benefits at all (that‟s why VUL‟s are now very prevalent)

insurance

Some insurance companies can go bankrupt (i.e. College Assurance Plan) if companies fail to factor significantly adverse unforeseen circumstances

insurance

ability to be converted into cash, the higher the liquidity the better.

Liquidity

allows clients to trade more than their capital. It can magnify both earnings and losses.

Margin Trading

general increase in prices.

Inflation

general increase in prices.

Inflation

investment that reduces the risk of adverse price movement in an asset.

Hedge

process of investing in different kinds of assets to lessen exposure in market/price volatility.

Diversification

risks of one country‟s foreign policy influencing or upsetting domestic, political and social policy in another country or region” (source: Columbia Threadneedle Blog. (2016)

Geopolitical risks

risks of one country‟s foreign policy influencing or upsetting domestic, political and social policy in another country or region” (source: Columbia Threadneedle Blog. (___!)

2016 geopolitical risks

how price of an asset moves with respect to another asset (i.e. positive correlation if both assets move in the same direction, negative correlation if both assets move in opposite direction)

Correlation

agreement to raise prices in the future depending on certain circumstances (i.e. increase in inflation leading to higher rental rates).

Escalation Clause

agreement to raise prices in the future depending on certain circumstances (i.e. increase in inflation leading to higher rental rates).

Escalation Clause

the amount paid on a regular basis to the insurance company in return for the insurance/protection provided.

Insurance Premium

a life insurance that offers both death benefit and investment features.

Variable Universal Life Insurance

VUL

Variable Universal Life Insurance

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