59. Credit consulting and lending

Business lending, despite the unstable state of the economy, implies the possibility of making decisions by some banks in a short time (from 1 to 10-15 days), before opening an account, accounting for management (unofficial) reporting, a group of companies. Crises are not a hindrance if you use the advice of professionals.

Despite the crisis in the Russian economy, most business lending experts agree that this banking sector in Russia will develop.

Let us consider in detail the currently existing business financing opportunities.

For legal entities: All types of loans, including:

▪ overdraft (unsecured loan against turnover, up to 50% of average monthly receipts to the account from third-party counterparties, excluding payments to ourselves within a group of companies);

▪ loan to replenish working capital;

▪ business development loan; - loan for the purchase of a business; - loan for the purchase of real estate (including commercial mortgage);

▪ loan for the purchase of equipment;

▪ loan to cover cash gaps; - line of credit; - factoring; - leasing; - pawnshop business lending;

▪ bank guarantees;

▪ investments in Russian enterprises (including investments in new companies (up to a year) in Moscow). Contacting credit brokers who have experience working full-time in banks (preferably in senior positions in specialized departments) allows you to conduct an express analysis of financial statements and potential creditworthiness, increase maximum lending limits (amounts), optimize taxation, increase credit attractiveness and speed up consideration applications, get the opportunity to have priority preferential consideration of applications in banks (for more details, see the e-book Shevchuk D. A. Banking: lecture notes).

For individual entrepreneurs:

▪ loan;

▪ credit line.

Adjustment coefficients (discount) applied within the framework of business lending programs (According to the Deputy General Director of INTERFINANCE (LLC "INTERFINANCE MV") Denis Aleksandrovich Shevchuk): Real estate objects (buildings, structures, individual premises in a building, unfinished capital structure): no more than 0, 8. Equipment: no more than 0, 7. Office and computer equipment, as well as personal property of individuals can act as a pledge. Pledge valuation of office and computer equipment, personal property is carried out by a loan officer based on a visual inspection, study of documentation and information on the market value of similar objects and application of a correction factor of not more than 0 to the market value. In the case of a pledge of equipment along with technological, production, etc. Pavilions (registered as temporary structures) may be considered equipment. Their collateral value is assessed by applying a correction factor of no more than 6 to the market value.

Vehicles: not more than 0. Goods in circulation (goods, finished products, etc.): not more than 7. VAT (for purchased goods) / production cost of goods (for goods of own production). At the same time, the issue of the competitiveness of this price in the market must be studied by a loan officer. Prior to accepting property as a pledge, a loan officer, when visiting the place of business, conducts an inspection and verification of the actual availability of property, compliance with data on the quantity and assortment (by type and generic characteristics), checks for the availability of documents confirming ownership. When pledging goods in circulation, certificates of conformity must be checked (selectively, but not less than 0 positions). Loan Amount = Collateral Amount * Discount Collateral Amount - liquid market value (at which you can sell quickly, usually slightly below normal market value). MINIMUM TERMS FOR CONSIDERATION OF APPLICATIONS: from 6-10 days to a month.

FLEXIBLE APPROACH TO COLOR: up to 1000000 rubles without collateral, loans with partial collateral. Any liquid property (including purchased equipment and real estate) is accepted as collateral for other loans. BASIC REQUIREMENTS FOR THE BORROWER: The presence of a stable and profitable business with a period of actual existence of at least 6 months is mandatory. The term of official business registration is at least 6 months. No negative credit history. Absence of facts of non-fulfillment of obligations. BASIC REQUIREMENTS FOR BUSINESS OWNERS: Citizenship of the Russian Federation. Age - from 25 to 60 years old inclusive (for men under 28 years old, the issue is settled with the draft authorities). No criminal record. No negative credit history. Representatives of business today have a sufficient choice among banks that are ready to give "money in growth" and support various business projects. Entrepreneurs only need to have a good understanding of the conditions and interest rates in order to choose the most beneficial loan program for themselves.

Entrepreneurs are often interested in the question: does the possibility of obtaining a loan depend on the legal form under which a small business is registered. For example, many are sure that there is a prejudice in banks regarding "individual entrepreneurs", it is much more difficult to get a loan with this form of ownership than, say, for a limited liability company (LLC).

However, this setting is far from reality: for banks that are seriously engaged in lending to small and medium-sized businesses, the legal status of the organization does not affect either the number of documents for obtaining a loan, or interest rates, or lending conditions, that is, all representatives of this sector of the economy. equal requirements are imposed on activities (for more details, see Shevchuk D. A., Shevchuk V. A. Money. Credit. Banks. A course of lectures in a concise presentation: Textbook-method. allowance - M: Finance and Statistics, 2006).

Some banks have restrictions on other parameters, such as the share of foreign capital, but the form of ownership of the company does not matter. However, there is a limitation for legal entities: the share of the state or non-residents in the authorized capital should not exceed 49%.

The documents that are required for obtaining a loan for small and medium-sized enterprises mainly relate to both the legal status and financial statements. In a bank, for example, you will be required to: a certificate of state registration, a certificate of registration with the tax authority, copies of passports of an individual entrepreneur and guarantors, a copy of the income statement for the last two reporting dates, copies of the pages of the book of income and expenses for 6 months , certificates of the presence or absence of loans in servicing banks.

It is also necessary to provide an extract from the servicing banks on account turnover (debit turnover or credit turnover) for the previous 12 months, as well as information on monthly turnover. Additional documents that banks are often asked to provide are directly related to the company's activities: copies of lease agreements for premises, copies of contracts with buyers and suppliers, copies of documents confirming the ownership of property offered as collateral (contracts, invoices, acts, payment documents, certificates property) and so on.

An individual approach to each legal entity can be explained by a huge number of variations in the parameters of small and medium-sized businesses in modern Russia. Everything is subject to the attention of credit analysts: from organizational and legal documents of the enterprise itself to lease agreements for premises and utility bills. If you divide the documents into groups, then you can select constituent documents, financial documents, documents confirming the ownership of property provided as security, as well as additional documents confirming the conduct of business. Terms of crediting enterprises in each bank are different.

Consideration of an application in banks takes from three working days to several weeks, subject to the provision of a complete package of documents, so enterprises wishing to receive a loan must take this fact into account in advance. Often clients complain that banks consider their applications for a long time, but from practice I can say that usually such clients do not follow the instructions of the bank and do not fulfill everything that is asked of them on time, thereby delaying the decision-making process on the possibility of lending (for more details see D. A. Shevchuk, Banking Operations, Principles, Control, Profitability, Risks, Moscow: GrossMedia: ROSBUKH, 2007).

Due to the focus of most banks on the "individual approach" to each borrower-representative of small or medium-sized businesses, entrepreneurs have the opportunity to vary the interest rate. You should think about obtaining a loan for your company in advance and go for maximum cooperation with credit analysts on issues related to documents: in this case, you can choose the most favorable lending conditions for the company (for more details, see the e-book Shevchuk D. A. Banking Law: Lecture Notes ).

Before applying to banks, it is useful to prepare a feasibility study or a business plan (Shevchuk D.A. How to draw up a business plan: the first step to your business. - M .: AST: Astrel, 2008).

Significant savings in time, and often many other costs, can be obtained by timely contacting credit brokers, but only if all employees of such a company have previously worked in banks in management positions. The abundance of so-called “certified brokers” who have attended promotional lectures in ordinary companies seriously discredits the profession of a credit broker. Ideally, the more banks a credit broker has worked in, the better.

List of documents for the Borrower

1. Questionnaire - application in the form of the Bank.

2. Passport(1) for individuals who are:

▪ business owners;

▪ parties to the transaction (borrower, guarantors);

▪ managers (having the right of first signature) of legal entities included in the Client's group of companies.

For men under 28 years of age, an additional copy of the military ID.

3. Certificate of state registration(3) (making an entry in the Unified State Register of Legal Entities / EGRIP).

4. Certificate of registration with the tax authority(3)

5. Licenses(3) and/or other documents giving the right to carry out activities.

6. Constituent documents(3) (Articles and Memorandum). Additionally, if applicable: Decisions on making changes and/or additions to the constituent documents, as well as certificates of state registration of such changes and/or additions.

7. Documents confirming ownership(3) the personal property of business owners.

Financial documents

1. Financial (tax) reporting(3) with a stamp, or a postal receipt and a description of the attachment, confirming the delivery to the IMTS, as of the last reporting date (for the last reporting period).

1. 1.

Balance sheet (Form No. 1) and Gains and losses report (Form No. 2), or

1. 2.

Single tax returnpaid in connection with the application of the simplified taxation system, as well as a receipt (payment order) confirming the payment of a single tax for the last period, or

1. 3.

Tax return for a single tax on imputed income for certain types of activities, as well as a receipt (payment order) confirming the payment of a single tax for the last period.

2. Income and expense ledger(3) organizations and / or individual entrepreneurs applying the simplified taxation system or being UTII payers for the last 3 months.

3. Accounting documents (statements) containing information on receipts to the cash desk and to settlement accounts broken down by banks for 6 months monthly.

4. Breakdown of receivables and payables(1) no later than the 1st day of the month in which the application was submitted.

6. Certificate of commitment(1) in the form of the Bank not later than on the 1st day of the month in which the application was submitted.

7. List of property used in business and inventory items(1) no later than the 1st day of the month in which the application was submitted.

Documents confirming economic activity

1. Contracts (agreements) with main suppliers and consumers(3). At least 6 (at least 3 with suppliers and at least 3 with consumers) with the largest counterparties in terms of settlements.

2. Documents confirming the right to use the premises(3) (warehouse, office, points of sale).

Forms of submission of documents:

(1) Original

(3) A copy certified by the organization / individual entrepreneur

The responsible officer of the Bank may additionally request other additional documents necessary for making a decision on granting a loan.

A business financing option is a loan secured by housing for any purpose, essentially a mortgage option. Quite often, business owners use this product. There are two options: mortgage of an apartment and mortgage of a house (cottage).

The residential building that is the subject of pledge must meet the following requirements:

1.1. be located in a settlement on the territory of which other residential buildings suitable for habitation are located;

1.2. have an access road that provides year-round access to the land plot on which the residential building is located, by motor transport;

1.3. be suitable for permanent habitation;

1.4. have a constant power supply from an external source through the connected network from the power supply organization;

1.5. be provided with a gas, steam or stove heating system, as well as cold water supply;

1.6. be in proper technical condition and not have significant defects in structural elements and engineering equipment, which can subsequently lead to an accident at home;

1.7. pass the cadastral registration, comply with the floor plan issued by the body carrying out the technical inventory of the property, which is determined on the basis of the data of the valuation report made by a professional appraiser;

The land plot that is the subject of pledge must meet the following requirements: - have a permitted use (intended purpose): for gardening, housing or summer cottage construction; - the requirements specified in paragraphs 1. 1., 1. 2. and 1. 9.

General requirements. The subject of collateral can be both the Residential Premises for the purchase of which the loan was granted, and the existing Residential Premises.

1. The Residential Premises should not be under arrest or prohibition, should not be encumbered with the right of third parties, with the exception of the right of residence, there should be no disputes regarding the Residential Premises. If a person who is not one of the owners (pledgers) of the mortgaged Residential Premises plans to be the sole borrower under the loan agreement, then it is necessary to demand that one of the owners (pledgers) of the Residential Premises be involved as the second borrower (co-borrower).

2. The dwelling is a separate apartment or a separate Residential building for permanent residence (cottage or semi-detached house (townhouse)). The rooms of a communal apartment can only be pledged if, to secure one loan, all rooms (premises) of the communal apartment are pledged, i.e., in aggregate, the pledged rooms (premises) will constitute a single Residential Premises.

3. The Residential Premises is connected to electric, steam or gas heating systems that provide heat to the entire area of ​​the Residential Premises, or has an autonomous life support system.

4. The dwelling has entrance doors, windows and a roof (for apartments on the upper floors).

5. When granting a loan secured by existing housing, Residential Premises shall not be accepted as collateral in the following cases:

▪ When the owners (one of the owners) of the Residential Premises are minor children;

▪ When persons who are not members of the mortgagor’s family are registered in the Residential Premises for a long period of time (1 year or more).

6. When one of the owners (pledgers) of the Residential Premises is a person over 65 years of age, the mortgage agreement is subject to mandatory notarization.

7. The building in which the subject of pledge is located must meet the following conditions and requirements:

a) is located in Moscow or the Moscow region;

b) is not in emergency condition; c) not be registered for major repairs (if information is available); d) is not in plans for reconstruction or demolition (if information is available); e) have a reinforced concrete, stone or brick foundation; f) the wear and tear of a building built before 1970 should not be more than 70%.

8. Ownership of the Residential Premises must be confirmed by the relevant title documents (certificate of ownership, registered contract of sale of the Residential Premises, barter agreement, etc.), drawn up in accordance with the requirements of the current legislation.

9. Technical documentation (explication, floor plan) must comply with the data specified in the USRR. If the Residential Premises is re-equipped without an appropriate permit, such Premises can be accepted as a pledge only on the condition that the Pledgor legalizes the redevelopment within 6 months from the date of the conclusion of the mortgage agreement (the emergence of a mortgage by virtue of law), and if it is impossible to legalize the redevelopment, the Pledgor is obliged, within 9 months from the date of conclusion of the mortgage agreement (the emergence of a mortgage by virtue of law), to bring the Residential Premises into a state corresponding to the data specified in the technical documentation.

10. When acquiring (mortgaging) a separate Residential House, the land plot located under such a house is simultaneously acquired, registered in a mortgage. Ownership of a land plot must be confirmed by the relevant title documents (certificate of ownership, registered land purchase and sale agreement, other agreement), drawn up in accordance with the requirements of the current legislation. The original cadastral plan of the land plot must be attached to the document for the land, which must be pledged together with the Residential Building.

10.1. If the land plot is provided on a leasehold basis, then simultaneously with the house, the leasehold rights to the land plot must also be pledged. The lease agreement for a land plot must be concluded for a period not less than the term of the loan agreement, or contain an indication of the extension of the agreement for a new term. If the lease agreement contains a condition on obtaining the consent of the lessor to pledge the rights to lease the land plot, then such consent must be obtained before the conclusion of the pledge agreement, if such a requirement to obtain the consent of the lessor does not contradict the current legislation.

10.2. If the mortgagor does not have the right of ownership or the right to lease the land plot located under the Residential Building, then when lending against the security of the existing housing, such property is not accepted as security.

When lending secured by purchased housing, the Residential House can be accepted as security, provided that the seller of the Residential House has the right to lease the land plot located under the Residential House.

The crisis in the American mortgage market provoked a global crisis in the money market. Many Russian banks found themselves in a difficult position. The lack of financial resources and their widespread rise in prices have led to insufficient funding. As a result, the financial resources of a number of banks allocated for the issuance of mortgage loans were exhausted.

Due to the inability to quickly replenish their potential, many banks hastily tightened lending conditions for mortgage transactions, and some even temporarily abandoned mortgages. A frequent occurrence in today's practice of banks is the delay in the consideration of an application for a loan without explaining the reasons. At the same time, many borrowers who had already received the bank's approval for issuing a loan were faced with the fact of raising the rate on a mortgage loan.

Problems were encountered not only by the banks themselves, but also by potential borrowers who were forced to refuse transactions for the purchase of real estate due to sudden refusals of banks and delays in issuing loans (for more details, see Shevchuk D. A. An apartment on credit without problems. - M .: AST: Astrel, 2008).

It is not uncommon for approved borrowers to wait for their money for two or three or more months. In the context of rising real estate prices, a delay of several months leads to a significant increase in the cost of an apartment (for more details, see the e-book Shevchuk D.A. Mortgage loan: how to get an apartment, http://www.litres.ru/pages/biblio_authors/? subject=61041).

Banks, which were less focused on foreign borrowing, relying on their own resources when issuing mortgage loans, continue the process of lending to mortgage borrowers. In general, a sufficient number of banks still offer very competitive conditions, but they raised mortgage rates, significantly increased the down payment and tightened lending conditions (for more details, see Shevchuk D.A. Buying a house and land: step by step. - M .: AST : Astrel, 2008).

A loan broker is essentially a financial lawyer. You can go to court yourself - or you can hire a lawyer, you can get a haircut at home at the mirror yourself - or you can go to a specialist’s hairdresser, someone repairs his Cossack himself - and someone gives his Mercedes to a car service. It is a mistake to think that a loan broker is a magician and distributes loans to everyone. If he is a specialist, has a specialized higher education (and not just courses) and experience of real full-time work in banks (preferably in different and relevant departments in senior positions, and not just internships), then he will significantly increase the likelihood of a positive loan decision (so how a competent lawyer will increase your chances in court and in the preparation of legal documents) and the speed of decision making.

I can add that during a crisis it is useful to spend your free time on self-education, studying economic and legal literature. Bank employees have a habit of getting angry if loan applicants are illiterate in economic and legal matters. A broad outlook allows you to find a common language with bankers faster, because banking has long been considered one of the most highly intelligent professions, some employees have 2-3 higher educations and constantly improve their knowledge.

There are many scammers, who, as a rule, do not have even a minimum experience in banks before, offering a guarantee of 100% obtaining a loan: this is a 100% fraud or an outright crime that will be XNUMX% revealed sooner or later (with corresponding consequences for both the client and the false assistant) . This is clear to any experienced banker. In any bank, business loans and mortgages (and often other types of loans) are issued after the decision of the credit committee, this is a collegiate body, while the client is previously checked by various bank services. One person, even a big boss (unless, of course, this is the owner of the bank) cannot, by definition, make such decisions alone, especially an intermediary. A competent intermediary with full-time experience in banks can significantly increase the likelihood of approval - this is already a reality, but will never guarantee a XNUMX% loan. Its role is educational and lobbying. Credit brokerage is useful to everyone. On the one hand, the broker simplifies the procedure for obtaining a loan for clients, on the other hand, it attracts new "quality" clients to banks (for more details, see www.deniscredit.ru).

The loan broker is your financial advocate. You can go to court yourself - or you can hire a lawyer, you can get a haircut at home at the mirror yourself - or you can go to a specialist’s hairdresser, someone repairs his Cossack himself - and someone gives his Mercedes to a car service. It is a mistake to think that a loan broker is a magician and distributes loans to everyone. If he is a specialist, has a specialized higher education (and not just courses) and experience of real full-time work in banks (preferably in different and relevant departments in managerial positions, and not just internships), then he will significantly increase the likelihood of a positive loan decision (so how a competent lawyer will increase your chances in court and in the preparation of legal documents) and the speed of decision making. It is worth adding that during a crisis it is useful to spend free time on self-education, studying economic and legal literature. Bank employees have a habit of being indignant if loan applicants are illiterate in economic and legal matters. A broad outlook allows you to find a common language with bankers faster, because banking has long been considered one of the most highly intellectual professions, some employees have 2-3 higher educations and constantly improve their knowledge.

An individual approach to each legal entity can be explained by a huge number of variations in the parameters of small and medium-sized businesses in modern Russia. Everything is subject to the attention of credit analysts: from organizational and legal documents of the enterprise itself to lease agreements for premises and utility bills. If you break down the documents into groups, then you can select constituent documents, financial documents, documents confirming the ownership of property provided as security, as well as additional documents confirming the conduct of business (for more details, see the e-book Shevchuk D. A. Business loan : production technologies). Terms of crediting enterprises in each bank are different. Consideration of an application in banks takes from three working days to several weeks, subject to the provision of a complete package of documents, so enterprises wishing to receive a loan must take this fact into account in advance. Often, clients complain that banks take a long time to consider their applications, but from practice I can say that usually such clients do not follow the instructions of the bank and do not fulfill everything that is asked of them on time, thereby themselves delaying the decision-making process on the possibility of lending. Our goal is to simplify the process of finding and obtaining a loan as much as possible.

Questions for the exam / test on the subject "Fundamentals of banking audit"

▪ Standards of auditing activities in the Russian Federation.

▪ Bank audit: essence, necessity, significance.

▪ Goals and objectives of banking audit.

▪ Classification of types of banking control.

▪ Peculiarities of the accounting policy of the credit institution.

▪ Organization of external banking audit. Technology of audit of a credit organization

▪ Peculiarities of certification and licensing for the right to carry out banking audits in Russia.

▪ Tasks and methods of banking supervision.

▪ Goals and objectives of internal control in credit institutions.

▪ Organization of an internal control system in the bank.

▪ The main areas of regulation and supervision of the activities of credit institutions in the Russian Federation.

▪ Registration and licensing of credit organizations.

▪ Checking credit institutions’ compliance with economic standards.

▪ Inspection of the activities of credit institutions.

▪ Checking the constituent documents of a credit institution.

▪ Audit of the bank’s authorized capital.

▪ Audit of the formation and use of bank funds.

▪ Checking the correctness of the calculation of the bank’s own funds.

▪ Rules for the operation of enterprises with cash in the territory of the Russian Federation.

▪ The procedure for conducting inspections of enterprises and banks regarding the organization of cash circulation.

▪ Cash collection.

▪ Audit of bank cash transactions.

▪ Audit of deposit operations of a credit institution.

▪ Deposit operations of legal entities: document flow, possible violations.

▪ Deposit operations of individuals: document flow, possible violations.

▪ Checking compliance with the correct opening of current accounts for bank clients.

▪ The procedure for conducting transactions on correspondent accounts of a credit institution.

▪ Audit of interbank settlements.

▪ The procedure for providing and repaying loans to bank clients.

▪ Credit lines: essence, audit.

▪ The procedure for granting and auditing overdraft loans.

▪ Bill of exchange loans: features of provision and audit.

▪ Audit of bank credit operations.

▪ Assessment of credit risks and audit of the procedure for creating a reserve for possible loan losses.

▪ Organization of accounting in banks.

▪ Bank balance sheet and principles of its construction.

▪ Analytical and synthetic accounting

▪ Documentation of bank operations.

▪ Organization of document flow.

▪ Internal bank control and audit.

▪ Document storage.

▪ The procedure for preparing settlement documents.

▪ Audit of the bank’s brokerage activities.

▪ Audit of the bank's dealer activities.

▪ Checking the procedure for creating and using the reserve for impairment of securities.

▪ Classification of income of a credit institution.

▪ Audit of income of a credit institution.

▪ Classification of expenses of a credit institution.

▪ Audit of expenses of a credit institution.

▪ Audit of the use of profits by a credit institution.

▪ Documents for opening a bank account

▪ Professional and ethical requirements for auditors

▪ Methods and techniques of auditing activities

▪ Types of audit reports

▪ Main areas of banking audit

▪ Audit of foreign exchange transactions of a commercial bank

▪ Tax audit

Terminological dictionary

Notification an instruction to credit or debit funds from bank accounts. A distinction is made between credit advice (money is credited) and debit advice (money is written off).

Holding (tax) a tax credit open to any taxpayer (company or individual) that receives dividends distributed by companies that pay corporate tax.

Letter of credit an instruction to the bank to pay a certain amount to an individual or legal entity upon fulfillment of the conditions specified in the letter of credit.

Enterprise assets property of the enterprise reflected in the asset balance sheet. There are mainly three types of assets:

1) current assets, consisting of monetary capital and funds that can be quickly transformed into cash;

2) fixed capital with a long service life, used by the enterprise in the production of goods and services;

3) other assets, which include intangible assets that do not have a physical form, but are valuable to the enterprise, investments in other companies, long-term securities, deferred expenses and various other assets.

Excise type of indirect tax levied on the price of goods. Excises were widespread already in the XNUMXth century. The development of excise taxation has led to the emergence of a universal excise tax in the form of turnover tax, sales tax, value added tax. There are individual excises (for certain types and groups of goods) and universal (for example, value added tax).

Joint-stock company a company that is a legal entity whose capital consists of contributions from shareholders and founders. A form of organization of production based on raising funds through the sale of shares. There are closed and open joint-stock companies.

Share capital share capital of a joint-stock company, the amount of which is determined by its charter. It is formed at the expense of borrowed funds and the issue (issue) of shares.

Promotion a security issued by a joint-stock company, giving the right to its owner, a member of the joint-stock company, to participate in its management and receive dividends from profits.

Share nominal share with the indication of its owner. Distributed by open subscription. It can be simple and privileged.

ordinary share a share with a non-fixed dividend, the amount of which is determined by the general meeting of shareholders after paying a fixed percentage to holders of preferred shares.

Bearer share a share containing the name of its holder. It can be simple and privileged.

Preferred share a share whose dividend is fixed in the form of a fixed percentage paid as a matter of priority, regardless of the size of the company's profit. This share does not give the right to vote, its owner does not participate in the management of the company.

Amnesty (tax) a set of measures to pay off debts on tax and other obligatory payments by taxpayers, as well as exemption from fines and penalties from the amounts of payments voluntarily paid by them to the budget and off-budget state funds.

Depreciation funds financial resources allocated by a special purpose for the preservation and renewal of the fixed assets of the enterprise.

Sinking fund funds intended for simple and extended reproduction of fixed assets.

Depreciation the gradual transfer of the value of fixed assets to the products or services produced with their help; targeted accumulation of funds and their subsequent use to compensate for depreciated fixed assets.

Rent property lease based on an agreement on the provision of property for temporary use for a certain fee.

Audit control is an independent non-departmental financial control carried out by an audit firm that has a license to carry out audit activities. The main task establishing the reliability, completeness and reality of accounting and financial reporting and compliance with financial legislation.

Balance the main comprehensive accounting document containing information on the composition and valuation of the enterprise's funds (assets) and the sources of their coverage (liability).

Balance sheet profit the total amount of profit of the enterprise for all types of activities, reflected in its balance sheet.

Bank loan a loan issued in the form of cash loans to business entities and other borrowers.

Bankruptcy a concept meaning ruin, the refusal of an enterprise to pay its debt obligations due to lack of funds. As a rule, it leads to the closure or forced liquidation of the enterprise, the sale of property to pay off all debts.

Non-cash money turnover part of the money turnover, in which the movement of money is carried out in the form of transfers to accounts in credit institutions and offsets of mutual claims.

Business plan the program of the enterprise, a plan of specific measures to achieve the specific goals of its activities, including an assessment of the expected costs and income. Developed on the basis of marketing research.

Exchange rate the selling price of a security on the stock exchange.

Budget a form of formation and spending of a fund of funds intended for financial support of the tasks and functions of the state and local self-government.

Budget classification of the Russian Federationgrouping of incomes and expenses of budgets of all levels with assignment to objects of classification of grouping codes.

The budget system of the Russian Federation based on economic relations and the state structure of the Russian Federation, regulated by the rules of law, the totality of the federal budget, the budgets of the constituent entities of the Russian Federation, local budgets and budgets of state off-budget funds.

budget loan budgetary funds allocated to another budget on a returnable, gratuitous or reimbursable basis for a period not exceeding six months within a financial year.

budget planning centralized distribution and redistribution of the value of the gross social product and national income between the links of the budget system on the basis of a national socio-economic program for the development of the country in the process of drawing up and executing budgets and extra-budgetary funds of various levels.

budget law a set of legal norms that determine the foundations of the country's budget structure and the procedure for drawing up, reviewing, approving and executing budgets included in the country's budget system.

Budget regulation redistribution of funds in order to provide the territorial budgets with the minimum required level of income directed to the economic and social development of the territories.

budget device organization and principles of building the budget system, its structure, the relationship between individual links. Determined by government. In unitary (single, merged) states, the budget system includes two links: the state budget and numerous local budgets, which, with their incomes and expenditures, are not included in the state budget. In federal states, the budget system includes three links: the state and federal budgets, and the budgets of the members of the federation.

Budget appropriations funds from budgets of different levels directed to the development of the economy, financing of social and cultural events, defense of the country, maintenance of public authorities and administration.

Budget Process activity of public authorities, local self-government bodies and participants in the budget process in the preparation and consideration of draft budgets, draft budgets of state extra-budgetary funds, approval and execution of budgets and budgets of state extra-budgetary funds, as well as control over their execution.

Gross revenue the full amount of cash receipts from the sale of marketable products, works, services and material assets.

Gross income characterizes the final result of the enterprise and is the difference between gross revenue and all costs of production and sales of products.

Gross profit the part of the gross income of the enterprise, which remains with him after the deduction of all obligatory expenses.

Gross domestic product (GDP) is a generalizing macroeconomic indicator that reflects the total market value of final products and services produced in the country, regardless of the nationality of legal entities and individuals operating in its national economy for a certain period of time. GDP - modification of another macroeconomic indicator gross national product (GNP), from which it differs by the value of the balance of settlements with foreign countries.

Gross income the difference between the company's revenue from the sale of products and the material costs of production. Includes wages and profits or wages and net income. In other words, gross income differs from net income by the amount of wages.

A bill of exchange is a type of security, a written promissory note of an established form, which gives its owner (the bill holder) the unconditional right to demand from the drawer the unconditional payment of a specified amount of money by a certain date. There are simple and transferable (draft) bills. A promissory note is issued by the debtor, and a transferable one, used in foreign trade lending, creditor.

venture firm a commercial scientific and technical firm engaged in the development and implementation of new technologies and products with an indefinite income in advance (risky capital investment).

Venture funding provision of financial resources for innovation activities; financing of scientific and technical research.

Extrabudgetary special funds - Funds that have a strictly designated purpose. Their goal is to expand social services to the population, stimulate the development of backward infrastructure sectors, and provide priority sectors of the economy with additional resources. The most important social funds: Pension Fund, Social Insurance Fund, Compulsory Medical Insurance Fund, State Employment Fund.

External debt liabilities arising in foreign currency.

Domestic debt liabilities arising in the currency of the Russian Federation.

A guarantee obligation, or an order, is a form of securing a bank loan. State regulation legally formalized system of external influence on the enterprise.

Government funding the method of irrevocable provision of financial resources to business entities at the expense of budgetary and non-budgetary funds. Through state financing, there is a purposeful redistribution of financial resources between business entities.

Government revenue monetary relations to mobilize financial resources at the disposal of state structures. Three main methods of mobilizing state revenues are used: taxes, state loans, issue (paper money and credit).

State loans - economic relations between the state, on the one hand, and legal entities and individuals on the other hand, in which the state acts as a borrower.

State minimum social standards the minimum necessary levels of guarantees of social protection established by the legislation of the Russian Federation, ensuring the satisfaction of the most important human needs.

Government spending monetary relations associated with the use of centralized and decentralized public funds for various needs of the state. Public expenditures are financed in three forms: self-financing, budget financing, credit security.

public finance the sphere of monetary relations regarding the distribution and redistribution of the value of the social product and part of the national wealth, associated with the formation of financial resources at the disposal of the state and its enterprises and the use of public funds for the costs of expanding production, meeting the growing socio-cultural needs of members of society, the needs of the country's defense and government controlled. Public finances operate at the federal, regional and local levels and include the budget, off-budget funds, state credit, finances of state and municipal enterprises.

The state budget - the main financial plan of the state, having the force of law; approved by the legislative authorities - parliaments. In Russia, it is approved by the State Duma and the Federation Council and signed by the President of the Russian Federation. Expresses economic monetary relations that mediate the process of formation and use of a centralized fund of state funds. The state budget is the main tool for the redistribution of national income.

State off-budget fund the form of formation and spending of funds generated outside the federal budget and the budgets of the constituent entities of the Russian Federation.

State loan monetary relations arising from the state with legal entities and individuals in connection with the mobilization of temporarily free funds at the disposal of public authorities and their use to finance public expenditures. The main forms of public credit are loans and treasury loans.

State or municipal loan transfer to the ownership of the Russian Federation, a constituent entity of the Russian Federation or a municipal formation of funds that the Russian Federation, a constituent entity of the Russian Federation or a municipal formation undertakes to return in the same amount with the payment of interest (fee) on the loan amount.

State or municipal debt obligations arising from state or municipal loans assumed by the Russian Federation, a constituent entity of the Russian Federation or a municipality, guarantees for obligations of third parties, other obligations, as well as obligations of third parties assumed by the Russian Federation, a constituent entity of the Russian Federation or a municipality.

State financial control control by the authorities and administration of the Russian Federation and constituent entities of the Russian Federation, as well as specially created control bodies (the Accounts Chamber of the Russian Federation, the Ministry of the Russian Federation for Taxes and Duties, etc.) over compliance with legislation in the field of state budgets and extra-budgetary funds, taxes, financial activities of state institutions and enterprises, organization of cash settlements, accounting and reporting.

Debtor a person who has received a product or service but has not yet paid for it.

Receivables accounts receivable of the amount due to the enterprise from buyers for goods and services sold on credit. In the balance sheet of the enterprise are recorded as current assets.

Devaluation official depreciation of the national currency against foreign currencies.

Monetary unit a legally established banknote that serves to measure and express the prices of all goods and services, which is an element of the monetary system.

Money supply a set of purchasing, payment and accumulated funds serving economic relations and owned by individuals and legal entities, as well as the state. The change in the money supply is measured by monetary aggregates.

Dumping a practice used in international trade whereby a product in an export market is sold at a price lower than the domestic price of that market in order to suppress competitors.

Infrastructure a complex of branches of the economy serving industrial (or any other) production, as well as the population. Includes transport, communications, trade, logistics, science, education, health care.

Mortgage leasing real estate, land as collateral for obtaining a mortgage loan.

Capital value put into circulation for profit.

working capital part of the capital directed to the formation of working capital and returned within one production cycle.

fixed capital part of the capital aimed at the formation of fixed production assets and participating in production for a long time.

capital construction the process of creating and improving fixed assets through the construction of new ones, reconstruction, expansion, technical re-equipment and modernization of existing ones.

Capital investment costs of material, labor and financial resources aimed at the restoration and growth of fixed assets.

Clearing system of non-cash payments for goods, securities and services. Based on the offset of mutual requirements and obligations.

Commercial Bank a credit institution licensed to carry out banking operations for the purpose of making a profit.

commercial loan a commodity form of credit arising from a deferred payment, a debt obligation issued by a bill of exchange.

Commercial calculation the method of managing the economy, which consists in comparing the costs and results of activities in monetary form; Its goal is to maximize profits at the lowest cost. Commercial calculation implies the obligatory receipt of profit and a level of profitability sufficient to continue managing.

Conversion reorientation of the enterprise to the production of products of a fundamentally different type.

Currency convertibility is the ability of one currency to be exchanged for another currency. Competitiveness the ability to carry out their activities in a market economy and at the same time receive a profit sufficient for the scientific and technical improvement of production, stimulating employees and maintaining products at a high quality level.

Consolidated budget a set of budgets for all levels of the budgetary system of the Russian Federation in the relevant territory.

Controlling stake share of the total value (number) of shares, allowing their owners to control the activities of the entire joint stock company.

Concernassociation of independent enterprises of various industries related to joint developments through a system of participation, patent and license agreements, financing, and close industrial cooperation.

Concession permission by one state to other states, their firms and individuals to conduct production and operational activities in accordance with the concession agreement. The concession agreement may provide for the commissioning by the state for a fee not only of enterprises, but mainly of land with the right to extract minerals.

Indirect taxes taxes levied as a surcharge on the price of goods.

Current assets cash and assets that can be converted into cash in the near future or will be used in the near future, usually within a year.

Short-term liabilities liabilities that mature within a short period of time, usually within one year.

Short-term financial investments financial investments calculated for a short period, highly liquid securities, including short-term government treasury bills, bonds, shares, temporary financial assistance to other enterprises, certificates of deposit, received short-term bills.

Credit the movement of loan capital, carried out on the basis of security, urgency, repayment and payment. Performs the functions of redistribution of funds between economic entities; contributes to saving distribution costs; accelerates the concentration and centralization of capital and stimulates scientific and technological progress.

Credit card a nominal monetary document issued by a credit institution, which certifies the presence of a client account in this institution and gives the right to purchase goods and services in a retail trade network without paying in cash.

loan money money generated by the development of credit relations and expressing the relationship between creditors and borrowers. These include bills, banknotes, checks, bank credit cards.

loans one of the forms of financial support for reproduction costs, in which the expenses of a business entity are covered by bank loans provided on the basis of payment, urgency and repayment.

Accounts payable debt arising from settlements with suppliers; temporary use of the creditor's funds in the enterprise's cash flow.

Solvency crisis mutual non-payments of enterprises caused by a shortage of cash or non-cash money supply.

Coupon a cut-off coupon of a security (shares, bonds), giving its owner the right to receive at a specified time a certain income in the form of interest and dividends.

The price of shares, bonds and other securities the price of a share, other securities on the stock exchange. The rate is directly proportional to the size of the dividend, interest and is inversely related to the size of the loan interest.

Liquidity of assets the reciprocal of the time required to convert them into money. The less time it takes to turn assets into money, the more liquid they are.

Liquidity of the company's balance sheet the degree of coverage of the obligations of the enterprise by its assets, the period of transformation of which into money corresponds to the maturity of the obligations.

Enterprise liquidity the ability of a business entity to make the necessary expenses at any time.

Capital investment limit the maximum amount of capital investments for the planned commissioning of capacities or for the creation of regulatory reserves for capital construction.

Lending limit the maximum amount of a loan or debt balance in the planning period.

License special permission for a legal entity of authorized state bodies to carry out specific business transactions specified by law, including foreign trade (export and import).

Health insurance form of social protection of the interests of the population in health protection; related to the compensation of citizens' expenses for medical care and other expenses for maintaining health.

Medical insurance is a form of social protection of the population's interests in health protection. Guarantees citizens to receive medical care in the event of an insured event. Comes in two forms mandatory and voluntary.

Local taxes and fees taxes and fees established by the representative bodies of local self-government independently in accordance with federal laws.

local finance a set of funds generated and used to resolve issues of local importance.

Local budget the budget of the municipality, the formation, approval and execution of which is carried out by local governments.

Overheads the costs of economic maintenance of production and enterprise management, which are additional to the main costs and, along with them, are included in production costs.

Cash circulation - the movement of cash in the sphere of circulation and the performance of two functions by them: means of circulation and means of payment. Tax the obligatory contribution of the payer to the budget and extra-budgetary funds in the amounts determined by law and within the established time limits. It expresses the monetary relations that have developed between the state and legal entities and individuals in connection with the redistribution of national income and the mobilization of financial resources to the budgetary and non-budgetary funds of the state.

Tax system a set of different types of taxes, in the construction and calculation methods of which certain principles are implemented. Consists of direct and indirect taxes; the direct ones are set directly on the income or property of the taxpayer, the latter are included in the form of a surcharge in the price of the goods (tariff for the service) and are paid by the consumer. As part of indirect taxes, there are: excises, fiscal monopolies, customs duties.

Tax holidays a certain period of time during which the payer is granted a benefit in the form of exemption from paying tax.

Tax breaks full or partial exemption of taxpayers from paying taxes in accordance with applicable law.

tax control specialized control by state bodies over compliance with tax laws, the correctness of calculations, the completeness and timeliness of paying taxes and other obligatory payments by legal entities and individuals.

Tax credit one of the tax benefits, consisting in the deferral of tax collection.

Nominal the face or principal value (as opposed to market value) indicated on a stock, bond, bill, coupon, banknote, or other instrument.

Par value of a share share in the share capital of the company, indicated on the front side of the share.

Depreciation rate percentage of the cost of fixed capital, which is annually included in the cost of manufactured products (services).

Security of credit types and forms of guaranteed obligations of the borrower to the creditor (bank) to reimburse the amount of borrowed funds (credit) in cases of their possible non-repayment by the borrower.

Bonds interest-bearing securities. They are issued by state bodies to cover the budget deficit and by joint-stock companies in order to raise capital. Unlike stocks, bonds have a maturity date.

Government bonds short- and long-term securities issued by the Ministry of Finance of the Russian Federation to raise funds from investors and to fulfill the functions of the state.

Savings bonds government securities issued to raise funds from investors, but intended primarily for placement among the public.

Current assets - funds advanced to working capital and circulation funds. Working capital assets are represented by such assets as raw materials, materials, fuel, containers, work in progress, deferred expenses, etc.; circulation funds in goods (in the warehouse and in shipment) and in cash (at the cash desk of the enterprise, on its current account and other accounts, in settlements).

Working capital the share of the company's capital invested in current assets, in fact, all current assets. Net working capital is the difference between current assets and current (short-term) liabilities.

debt service payment of interest and repayment of the principal amount of the debt for a certain reporting period.

Return on capital investment an indicator of the effectiveness of capital investments, defined as the ratio of capital investments to the economic effect obtained from their use in the production process.

Operational management management of the property of an enterprise financed by the owner.

Salary form of monetary or in-kind remuneration of employees.

Wholesale (selling) price the wholesale price of an enterprise or the price of a manufacturer of products at which goods are sold to other enterprises and organizations.

Option the right to buy or sell shares at a fixed price within a specified period.

Fixed non-productive assets Durable items that serve non-productive consumption in society. These include residential buildings, clinics, clubs, sanatoriums, stadiums, etc., which are on the balance sheet of the enterprise.

Basic production assets means of labor (buildings, structures, machinery and equipment, vehicles, etc.), with the help of which products are manufactured. They serve a long time, retain their natural form during the production process and transfer their value to the finished product in parts, as they wear out. Replenished through capital investments.

Fixed assets cash invested in fixed assets for production and non-production purposes.

Residual value the difference between the initial cost of fixed assets and the amount of the contribution, the amount that the company expects to receive from the sale of assets (fixed capital) at the end of their useful life.

Deferred payment the portion of the agreed price that will be paid at a predetermined time in the future.

Offshore limited territories in which there are especially preferential economic conditions. Just like "tax havens", they are a kind of free economic zones.

Fund valuation value expression of funds used in financial statements.

Order of payments the established sequence of debiting funds from the company's account in the presence of several urgent and overdue payments and insufficiency of funds for their full repayment.

Pension guaranteed monthly payment of sums of money for the material security of citizens in connection with old age, disability, length of service and death of the breadwinner.

Bill of exchange (draft) a written order of one person (the drawer) to another person (payer) on the payment, on demand or on a certain date, of the amount of money indicated in the bill to a third party (beneficiary) or the bearer of this bill.

Capital switching termination of funding in one area of ​​activity and the opening of funding for new areas of activity.

Revaluation of funds change in the valuation of funds under the influence of price and other factors that determine the conditions for reproduction.

Reinsurance a special form of insurance that allows you to distribute large risks among many insurance organizations.

payback the time required for the amount invested in a particular project to be fully returned from the funds received as a result of the main activities of this project.

Planning a process that ensures a balanced interaction of individual types of resources within the selected management object, establishing proportions and growth rates.

Payment order a settlement document issued by the payer containing an instruction to the bank to transfer a certain amount of money from the payer's account to the recipient's account; used in settlements for commodity and non-commodity transactions, advance payments.

Payment request settlement document issued by the supplier, containing an instruction to the bank to receive the amount of money due to it from the payer on the basis of relevant documents evidencing the transactions performed.

Payment request-order a settlement document issued by a supplier containing a requirement for the buyer to pay, on the basis of settlement and shipping documents sent to the payer's servicing bank, the cost of products delivered under the contract, work performed, services rendered.

Payment balance the ratio of payments made by the country abroad, and the receipts received by it from abroad for a certain period of time (month, quarter, half year, year). It includes the balance of trade, which reflects the ratio of the value of exports and imports of goods of the country for the corresponding period, the balance of services and non-commercial payments. Together they form the balance of payments for current operations. The country's general balance of payments forms the balance of payments for current operations and the balance of movement of capital and creditors, as well as the movement of gold and foreign exchange reserves. The overall balance of payments in Russia in recent years is negative, which is explained by the negative balance in the balance of capital and credit flows between countries.

Payment turnover the totality of all monetary payments in the country's economy.

Contract a contract under which one party (contractor) undertakes, at its own risk, to perform specific work on behalf of the other party (customer).

Portfolio the totality of securities owned by the enterprise at a specific date; result of financial investments.

Securities portfolio investments in securities of various types, duration and liquidity, managed as a whole.

Allowance regular or lump-sum cash payment provided to citizens of the country in connection with temporary disability, pregnancy and childbirth, at the birth of a child, for child care, etc.

Duty one of the types of indirect taxes.

Preference a privilege or provision of a special tax regime for a group of economic entities, allowing them not to bear part of their tax obligations for a specified period of time.

Profit the final financial result of the enterprise; defined as the difference between revenue and costs.

Privatization the process of changing property relations when transferring a state enterprise to other forms of ownership, including collective, joint-stock and private.

preferred share a share that gives the holder priority rights over the holder of common stock to receive dividends immediately after the payment of interest on bonds and loans. It usually has a limited fixed dividend and no voting rights.

Lending principles urgency, payment, repayment and material security of the loan.

Production capacity the maximum possible output of products with the most complete and rational use of fixed production and circulating assets, as well as financial resources.

Promissory note an unconditional monetary obligation of the form established by law, issued by a bank (drawer) to an individual or legal entity (bill holder), giving the latter the right to require the borrower to pay by a certain date the amount of money specified in the bill.

Prospectus a document containing the necessary information on the issue of securities subject to registration in the prescribed manner.

Budget surplus excess of budget revenues over its expenditures.

Denationalization - transfer of state property to its other forms. If denationalization is expressed in the acquisition by citizens of state and municipal enterprises as private property, as well as in the creation of a joint-stock company, then this is privatization.

Budget expenditures economic relations related to the distribution of the state's fund of funds and its use for sectoral, departmental, targeted and territorial purposes. The costs of financing the national economy, social and cultural activities (education, health care, social security), national defense, the maintenance of government and law enforcement agencies, the cost of public domestic debt, the cost of providing financial support to the territories, etc. are included.

Checking account an account opened by banks for legal entities to store funds and make settlements.

Economic regulation purposeful change in the pace of development of the national economy and its individual structural units on the basis of the redistribution of financial resources.

Regulatory income federal and regional taxes and other payments for which the federal laws and laws of the constituent entities of the Russian Federation establish the rates of deductions (as a percentage) to local budgets for the coming financial year.

Reserve fund target source created by regular deductions from the profits of the enterprise. These funds should be in highly liquid assets.

Complaint a claim made by the buyer to the seller in connection with the non-compliance of the quality and / or quantity of the delivered goods with the terms of the contract.

Profitability one of the main cost indicators of production efficiency. It characterizes the level of return on costs invested in the production process and sales of products, work and services.

External debt restructuring extension of the maturity of the debt and the payment of interest on it.

Fiscal debt restructuring determination of the total debt to the budget, determination of the terms of its repayment, control and observance during this period of mandatory terms for the payment of current payments to the budgets and extra-budgetary funds.

Budget painting the main operational plan for the distribution of income-expenditures by subdivisions of the budget classification, in which the deadlines for the receipt of taxes and other payments and the expenditure of budgetary funds during the year are indicated.

Market value the amount that can be obtained by selling assets (property) on the market.

self-insurance a set of measures aimed at preventing risks, creating reserve funds of material and financial resources, etc.

Self-financing one of the methods of financial support for reproduction costs, based on the use of economic entities' own financial resources. In case of insufficiency of own funds, enterprises use financial resources attracted on the basis of issuing securities.

Reorganization of the enterprise a set of measures to improve the financial condition of the enterprise and prevent bankruptcy.

Savings bank a credit and financial institution designed to accumulate the savings of the population and the funds of enterprises and their effective placement for profit.

Free market economy such an economic system in which the distribution of resources is determined not by the state, but by decisions made at the level of individual entrepreneurs or enterprises.

Free market a market in which government regulation has no effect on the balance of supply and demand.

Production cost total costs for the production and sale of products.

Sequestration a proportional reduction in public spending on all budget items (except for protected ones) during the time remaining until the end of the year.

Price system a set of different types of prices (wholesale, purchase, retail, etc.) that are closely interconnected and interdependent.

Estimate a financial document containing information on the formation and expenditure of funds in accordance with their intended purpose.

Estimated expenses and income financial plan of the institution (organization) carrying out non-commercial activities.

Estimated funding method of covering the costs of institutions and organizations in accordance with the approved estimate.

Mixed (limited) partnership organizational and legal form of a commercial organization based on an agreement between participants who are general partners and limited partners.

Property legal relations arising from the possession, use and disposal of property.

Own revenues of territorial budgets regional and local taxes and fees, deductions from taxes of higher budgets transferred to regional and local budgets on a permanent basis in a firmly fixed share.

Social Security a system of distribution relations, in the process of which public funds of funds are formed and used at the expense of a part of the national income for the material provision of citizens in old age, due to disability, in the event of loss of a breadwinner and in other cases established by law.

Social insurance a system of economic relations through which funds are formed and spent, intended for the material support of the disabled.

Funds for mutual settlements amounts received by local budgets or transferred from local budgets to the budgets of constituent entities of the Russian Federation in connection with changes in revenues and expenditures of local budgets arising as a result of decisions taken by state authorities and not taken into account when approving the relevant budgets;

Subvention budgetary funds provided to the budget of another level of the budgetary system of the Russian Federation or to a legal entity on a gratuitous and irrevocable basis for the implementation of certain targeted expenditures;

Subsidy budgetary funds provided to the budget of another level of the budgetary system of the Russian Federation, to an individual or legal entity on the terms of shared financing of targeted expenses;

Loan interest - the price of credit funds in the loan capital market for their consumer properties bring income (profit) to the user of the loan (borrower).

Stagnation the state of the economy, characterized by the stagnation of economic activity for a sufficiently long period of time.

Stagflation the state of the national economy of the country, characterized by the simultaneous interweaving of a protracted weakening of economic activity (stagnation) with inflation.

Insurance a system of special, redistributive relations that arise between the participants of the insurance fund in connection with its formation at the expense of earmarked cash contributions and the use of a business entity to compensate for damages and provide assistance to citizens (or their families) in the event of insured events in their lives (reaching a certain age, loss disability, death, etc.). There are: property insurance, the object of which are various material values; personal insurance, which is based on events in the life of individuals; liability insurance, the subject of which is the possible obligations of the insured to compensate for damage (harm) to third parties; business risk insurance, where the object is the risk of non-profit or loss.

Sum insured the amount of money for which the property, life and health of citizens are actually insured.

Insurance compensation the amount paid by the insurer for property insurance and liability insurance to cover damage in the event of an insured event.

Insurance tariff the rate of insurance payments expressed in rubles and kopecks per unit of the sum insured for a certain period.

Customs - taxes levied on the import, export and transportation of goods through the territory of a given state. The following rates of customs duties are used: ad valorem - determined as a percentage of the customs value of goods; specific - established in a fixed amount per unit of goods; combined combining elements of ad valorem and specific customs duties.

Rate a kind of price, a fee charged by an organization from enterprises, organizations and the population for services (household, utilities, transport, etc.).

Current expenses costs incurred in the process of producing products and providing services for profit and attributed to this reporting year.

Current financial management a field of activity aimed at the current financial support of entrepreneurship; a form of managing the process of formation and use of cash funds, making current payments and settlements.

Territorial budgets the totality of the budgets of the republics that are part of the Russian Federation, territories, regions, national districts, districts, cities, towns, rural settlements.

Territorial off-budget funds a set of funds mobilized by regional and local authorities to finance measures for the economic and social development of territories.

Territorial finance a system of economic relations through which the national income is distributed and redistributed for the economic and social development of the territories. This is a set of funds at the disposal of regional government bodies and local governments.

Territorial consolidated financial balance a system of financial indicators characterizing the creation and use of financial resources in the territory for a certain period.

Commodity exchange a specially organized market where mass goods are bought and sold. On the commodity exchange, both spot transactions (delivery of cash goods immediately or in a very short time), and transactions for delivery at a certain place and by a certain date in the future (forward contracts), as well as futures contracts can be concluded.

Trade margin part of the retail price of a product that provides reimbursement for current costs and profits for retailers.

Transfer price wholesale price serving the turnover of goods and services within a given enterprise or firm; at this price, payments are made for raw materials, semi-finished products and services.

Transfer payments transfer payments, one of the forms of redistribution of state budget funds.

Trust (trust) operations associated with relationships by proxy: inheritance management, performance of operations by proxy and in connection with guardianship, agency services.

Charter an official document confirming the legality of the creation of a company, containing the nature and rules of its activities, the basics of relationships between members, etc.

Discount rate the rate of interest charged by the Central Bank when lending to commercial banks.

Constituent documents documents that serve as the basis for the establishment of a newly created enterprise, company, joint-stock company and their registration in the prescribed manner.

Factoring a kind of trading and commission operations, combined with lending to the client's working capital.

Federalism (budgetary) a legislatively adopted norm of equal (partnership) relations between the federal center and the constituent entities of the Russian Federation in the formation of budget revenues at all levels due to the optimal combination of their tax potential, financial, economic, social functions performed and existing socially necessary needs.

Financial Information - a system of financial indicators intended for decision-making and designed for specific users. Financial statements are a set of documents containing information about financial performance.

Financial Policy the activities of the state, the enterprise for the purposeful use of finance. The content of the financial policy includes: the development of concepts for the development of finance, the definition of the main directions of their use and the development of measures aimed at achieving the goals set.

Financial system a term used to denote essentially different concepts:

a) a set of spheres and links of financial relations interconnected. In this meaning, the country’s financial system includes three large areas: finance of enterprises, institutions, organizations; insurance; public finances. Each of them consists of links;

b) the totality of the country’s financial institutions, which include financial authorities and all structural divisions of the State Tax Service.

Financial strategy a set of measures aimed at achieving long-term financial goals.

Financial and industrial group a group of enterprises, institutions, credit organizations (including banks) and investment institutions that pooled their capital on a voluntary basis or consolidated their stakes.

Financial support of the reproductive process covering costs at the expense of financial resources accumulated by business entities and the state. It is carried out in three forms: self-financing, lending and public funding.

Financial planning planning of financial resources and cash funds.

Financial condition of the enterprise security or insecurity of the enterprise with funds to ensure its economic activity.

Financial ratios relative indicators of the financial condition of the enterprise, which express the relationship of some absolute financial indicators to others.

Financial results the process of obtaining financial resources associated with the production and sale of goods, operations in the capital market.

Financial resources cash income, savings and receipts, formed in the hands of economic entities and the state and intended for the purpose of expanded reproduction, material incentives for workers, satisfaction of social needs, defense and public administration needs. They are material carriers of financial relations. Used in stock and non-stock forms.

financial funds monetary funds formed at the expense of financial resources. The purpose of financial funds is to prepare conditions that ensure the satisfaction of constantly changing social needs.

financial apparatus - bodies responsible for financial management. These include the highest legislative bodies - the Federal Assembly and its two chambers.

The State Duma and the Federation Council, the Ministry of Finance of the Russian Federation and its local bodies, the Ministry of the Russian Federation for Taxes and Dues, the Federal Tax Police Service, the State Customs Committee of the Russian Federation, financial departments and departments at enterprises of various forms of ownership that perform the functions of operational financial management.

Financial control an element of the financial management system, a special sphere of cost control over the financial activities of all economic entities (the state, territorial administrative entities, enterprises and organizations), compliance with financial and economic legislation, the expediency of production costs, and the economic efficiency of financial and economic operations.

financial leasing characterized by a long contract period (from 5 to 10 years) and depreciation of all or most of the cost of equipment. In fact, financial leasing is a form of long-term lending.

Financial management - the process of managing cash flow, the formation and use of financial resources of enterprises. It is also a system of forms, methods and techniques, with the help of which the management of money circulation and financial resources is carried out.

financial mechanism - a set of forms of organization of financial relations, methods (ways) of formation and use of financial resources used by society in order to create favorable conditions for the economic and social development of society. In accordance with the structure of the financial system, the financial mechanism is divided into the financial mechanism of enterprises (organizations, institutions), the insurance mechanism, the budgetary mechanism, etc. In each of them, according to the functional purpose, the following links can be distinguished: mobilization of financial resources, financing, stimulation, etc. .

Financial report a report that provides information on the financial position of the enterprise, its income, costs and net profit, the use of financial resources for a certain period of time.

Financial market the market in which capitals and credits circulate. The financial market is divided into the market of short-term capital and the market of long-term loan capital.

Finance a system of economic relations in the process of which the formation, distribution and use of centralized and decentralized funds of funds take place in order to fulfill the functions and tasks of the state and provide conditions for expanding reproduction, meeting the social needs of society.

Compensation Fund target source of financing for simple reproduction.

accumulation fund target source of financing for expanded reproduction, the use of which increases the assets of the enterprise.

payroll fund target source of financing for labor costs, payment of bonuses, remunerations attributable to cost.

Capital-labor ratio the indicator of the equipping of fixed production assets (the size of fixed production assets per one employee or worker of the enterprise).

capital intensity return on capital ratio. It is calculated as the ratio of the value of fixed production assets to the volume of production.

futures urgent contact, urgent deal.

holding company a joint-stock company that uses its capital to acquire controlling interests in other companies for the purpose of managing, managing and receiving dividends.

Securities monetary documents evidencing the provision of a loan (bonds) or the acquisition by the owner of the security of the right to a part of the property (share). In terms of economic content, securities represent long-term obligations of the issuer to pay income to the owner of the security in the form of a dividend or fixed interest. There are two types: equity (stocks) and debt (bonds).

Check a type of security, a monetary document of a strictly established form, containing an order from the account holder (drawer) to pay a certain person or the bearer of a check (check holder) the amount specified in it.

Economic instrument economic category, deliberately, purposefully used in the interests of business entities and the state. It can have a quantitative and qualitative impact on social production.

Economic stimulus an economic lever, with the help of which it is possible to influence the material interests of business entities. The influence on material interests occurs through the forms of organization of financial relations.

Entity an enterprise acting as a subject of citizenship, including economic rights and obligations, having an independent balance sheet, a stamp seal and a bank account, acting on the basis of a charter or regulation and liable in case of bankruptcy with its property.

Author: Shevchuk D.A.

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Latest news of science and technology, new electronics:

The existence of an entropy rule for quantum entanglement has been proven 09.05.2024

Quantum mechanics continues to amaze us with its mysterious phenomena and unexpected discoveries. Recently, Bartosz Regula from the RIKEN Center for Quantum Computing and Ludovico Lamy from the University of Amsterdam presented a new discovery that concerns quantum entanglement and its relation to entropy. Quantum entanglement plays an important role in modern quantum information science and technology. However, the complexity of its structure makes understanding and managing it challenging. Regulus and Lamy's discovery shows that quantum entanglement follows an entropy rule similar to that for classical systems. This discovery opens new perspectives in the field of quantum information science and technology, deepening our understanding of quantum entanglement and its connection to thermodynamics. The results of the study indicate the possibility of reversibility of entanglement transformations, which could greatly simplify their use in various quantum technologies. Opening a new rule ... >>

Mini air conditioner Sony Reon Pocket 5 09.05.2024

Summer is a time for relaxation and travel, but often the heat can turn this time into an unbearable torment. Meet a new product from Sony - the Reon Pocket 5 mini-air conditioner, which promises to make summer more comfortable for its users. Sony has introduced a unique device - the Reon Pocket 5 mini-conditioner, which provides body cooling on hot days. With it, users can enjoy coolness anytime, anywhere by simply wearing it around their neck. This mini air conditioner is equipped with automatic adjustment of operating modes, as well as temperature and humidity sensors. Thanks to innovative technologies, Reon Pocket 5 adjusts its operation depending on the user's activity and environmental conditions. Users can easily adjust the temperature using a dedicated mobile app connected via Bluetooth. Additionally, specially designed T-shirts and shorts are available for convenience, to which a mini air conditioner can be attached. The device can oh ... >>

Energy from space for Starship 08.05.2024

Producing solar energy in space is becoming more feasible with the advent of new technologies and the development of space programs. The head of the startup Virtus Solis shared his vision of using SpaceX's Starship to create orbital power plants capable of powering the Earth. Startup Virtus Solis has unveiled an ambitious project to create orbital power plants using SpaceX's Starship. This idea could significantly change the field of solar energy production, making it more accessible and cheaper. The core of the startup's plan is to reduce the cost of launching satellites into space using Starship. This technological breakthrough is expected to make solar energy production in space more competitive with traditional energy sources. Virtual Solis plans to build large photovoltaic panels in orbit, using Starship to deliver the necessary equipment. However, one of the key challenges ... >>

Random news from the Archive Quiet aircraft landing gear 30.09.2020 The French company Safran, together with the American aircraft manufacturer Boeing, has tested a "quiet" landing gear, which creates less aerodynamic noise than the conventional landing gear of modern aircraft. The tests were carried out on an Etihad Airways Boeing 787-10 and were considered successful. International aviation authorities periodically update the requirements for aircraft in terms of noise level. In order to reduce the noise of aircraft, and hence airports, developers around the world are creating new technologies that would make aircraft quieter. Quiet landing gear tests were carried out at Glasgow Airport in Montana, USA. To carry out the tests, Safran equipped the main landing gear and nose landing gear with pads designed to reduce the occurrence of turbulent flows. The devices tested are linings on the landing gear and flap edges. On the landing gear legs, such pads close the gaps between the structural elements and improve the air flow around. The pads on the bottom of the flaps are made in such a way as to reduce the likelihood of turbulent flow. The lining on the edges of the flaps in the upper part have vortex generators. They disrupt the laminar flow of air and prevent the formation of a slow flow boundary layer. In addition, the lining on the flaps slightly reduce the gap between the ends of these elements and the wing.

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