BUSINESS FINANCE 
 
Module 1 - Quarter 1 
Introduction to Financial 
Management 

Department of Education • Republic of the Philippines 

Business Finance
Alternative Delivery Mode
Module 1 - Quarter 1: Introduction to Financial Management
First Edition, 2020

Republic Act 8293, section 176 ​states that: No copyright shall subsist in any work of the
Government of the Philippines. However, prior approval of the government agency or office
wherein the work is created shall be necessary for exploitation of such work for profit. Such
agency or office may, among other things, impose as a condition the payment of royalties.

Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand names, trademarks,
etc.) included in this book are owned by their respective copyright holders. Every effort has
been exerted to locate and seek permission to use these materials from their respective
copyright owners. The publisher and authors do not represent nor claim ownership over
them.

Published by the Department of Education

Secretary: Leonor Magtolis Briones, PhD
Undersecretary: ​Diosdado M. San Antonio, PhD
Assistant Secretary: ​Alma Ruby C. Torio, PhD 

   
Printed in the Philippines by
Department of Education - Alternative Delivery Mode (DepEd-ADM)
Office Address: Masterson Avenue, Upper Balulang, Zone 1, Cagayan de Oro City,
Cagayan de Oro, Lalawigan ng Misamis Oriental
Telefax: (02) 634 – 1054 or 634 – 1072
E-mail Address: ​blr.lrqad@deped.gov.ph ​/ blr.lrpd@deped.gov.ph 

 
1 
  
 
 
 
BUSINESS FINANCE 
Module 1 - Quarter 1
Introduction to Financial
Management
 
 
 
 
 

Department of Education ● Republic of the Philippines

2 
 TABLE OF CONTENTS

Page No.

Cover page II

Table of Contents IV

3 
Overview V

General Instructions V

Lesson 1: Introduction to Financial Management 1

What I Need to Know? 1

What I Know 1

What’s In 2

What’s New? 3

What is it? 3

What’s More? 9

What I Have Learned? 10

What Can I Do? 11

Assessment 12

Additional Activities 12

Answer Key 13

References 14 

 
 
 
 
 

OVERVIEW 
This  module  created  to  train  learners  to  familiarize  with  Business  Finance 
with  the  fundamental  principles,  tools,  and  techniques  of  the  financial  operation 
involved  in  the  management  of  business  enterprises.  In  answering  the  pre-test, 
self-check exercises and post-tests, remind students to use separate sheets.  

4 
 Business  Finance  is  a  specialized  subject  of  Accounting,  Business  and 
Management  strand,  which  introduces  the  basic  concepts  of  corporate finance and 
personal  finance.  The  lessons  have  been  designed  to  give  learners  the  opportunity 
to  explore  the  content  and  performance  standards  set  for  Business  Finance.  It will 
prepare learners in applying such learnings in real life situation.  
 
 

5 
 Lesson 
1  INTRODUCTION TO FINANCIAL MANAGEMENT 

What I Need to Know 

After going through this module, you are going to: 

1. Define Finance 
2. Describe who are responsible for financial management within an 
organization 
3. Describe the primary activities of the financial manager 
4. Describe how the financial manager helps in achieving the goal of the 
organization 
5. Describe the role of financial institutions and markets 
 

What I Know 
Let us determine how much you already know about the definition of finance, the 
activities of the financial manager, and financial institutions and markets. Take 
this test.   
Direction:​ Read each question carefully, choose the letter with the correct answer 
and write your answer on the space before each number. 
 
_____1. It is a financial intermediary handling individual savings. It receives 
premium payments placed in loans or investments to accumulate funds to cover 
future benefits.   
A. life insurance company C. savings bank   
B. commercial bank  D. credit union   
_____2. Which of the following is not a financial institution? 
A. A pension fund C. A commercial bank  
B. A newspaper publisher D. An insurance company 
_____3. It is a set up so that employees of corporations or governments can receive 
income after retirement.   
A. life insurance company C. Savings bank 
B. Pension fund D. credit union   

1 
 
_____4. It is a type of financial intermediary that pools savings of individuals and 
makes them available to business and government users. Funds obtained through 
the sale of shares.  
A. Mutual Funds C. Savings and loans  
B. Commercial banks D. Credit Union 
_____5. Most businesses raise money by selling their securities in a. 
A. direct placement C. public offering    
B. stock exchange D. private placement 
_____​ ​6. Which of the following is not a service provided by financial institutions.   
A. Buying the businesses of customers   
B. Investing customers’ savings in stocks and bonds  
C. Paying savers’ interest on deposit 
D. Lending money to customers   
_____7. By definition, the money market involves the buying and selling of. 
A. funds that mature in more than one year.   
B. flows of funds.   
C. stocks and bonds.   
D. short-term funds.   
_____8. It creates financial relationship between suppliers and users of short-term 
funds.   
A. financial market  C. stock market   
B. money market  D. capital market   
_____9. Firms that require funds from external sources can obtain them from   
A. financial markets.  C. financial institutions.   
B. private placement.  D. All the above.   
_____10. The science and art of managing money.  
A. Financial Management C. Management  
B. Finance D. Personal Finance 

 
What’s In 
 
As  a  senior  high  student  taking  this  subject  and  read  this  module,  you  will 
learn  to  become  financial  literate  in  all  aspect  in  life.  If  you  are  thinking  that  only 
working  individuals,  entrepreneurs,  businesses  make  financial  decisions,  then you 
will  be  benefiting  more  from  this  subject than the rest. Perhaps, your first lesson is 
to know that you do make financial decisions on a daily basis. Finance is every day; 
I  want  to  challenge  you  to  get  your  notebook  and  answer  these  questions  and  give 
your  honest  answer.  How  much  is  your  monthly  allowance  or  everyday  allowance? 
List  all  your  expenses  when  you  come  in  school.  How  much  is  your  expense?  How 
much  is  your  extra  money?  On the other hand, do you experience short of cash? In 
addition, why? All of these questions will teach you how to manage your finances. 

2 
 
 What’s New 
Activity 1.1  
Direction:  Write  the  hierarchy  of  positions  according  to  common  organizational 
structure of a company.  
 
 
 
 
 
 
 
 
 
 
 
 
What is it? 
 
Read and understand the information very well then find out how much you 
can remember and how much you learned by doing the activity and assessment.  
What is Finance and Financial Management? 
Finance​ is  always  of  great importance,  be  it  in  a  business  or  in  one's 
everyday life.  It  is  important  to  manage  risks  in business, it is equally important to 
manage  risks  in  life  as  well.  Risk  is  nothing  but  an  uncertain  event  that  might 
damage  your  assets  and  when  it  is  financial  risks,  it  creates  loss of Finance. Some 
books  define  ​Finance  as  the  science  and  art  of  managing  money.​   (Gitman  & 
Zutter, 2012) 
Financial  Management  deals  with  that  decisions  that  are  supposed  to 
maximize  the  value  of  shareholder’s  wealth  (Cayanan).  These  decisions  will 
ultimately  affect  the  markets  perception  of  the  company  and  influence  the  share 
price.  The  goal  of  Financial  Management  is  to  maximize  the  value  of  shares  of 
stocks.  Managers  of  a  corporation  are  responsible  for  making  the  decisions  for  the 
company that would lead towards shareholder’s wealth maximization. 

3 
 
 Organizational  structure  of  the  company  is  important  especially  in  the 
financial  aspect  of  the  business  and  the particular set of people, each play a role in 
the decision making of the company. See diagram below. 
 
 
 
 
 
 
 
 
 
 
 
From  the  diagram  presented,  emphasized  that  each  line  is  working  for  the 
interest  of  the  person  on  the  line  above  them.  Since  the  managers  of  the  company 
are  making  decisions  for  the  interest  of  the  board  of  directors  and  the  board  of 
directors  do  the  same  for  the  interest  of  the  ​shareholders​,  it  follows  the  goal  of 
each  individual  in  a  corporate  organization  should  have  an  objective  of 
shareholders wealth maximization.​  
 
 
The roles of each position identified. 
1. Shareholders​: ​The shareholders elect the Board of Directors (BOD). Each 
share  held  is  equal  to  one  voting  right.  Since  the shareholders elect the 
BOD,  their  responsibility  is  to  carry  out  the  objectives  of  the 
shareholders.  Otherwise,  they  would not be elected in that position. Ask 
the learners again, what objective of the shareholders is, just to refresh. 
2. Board  of Directors​: ​The board of directors is the highest policy making body in a 
corporation.  The  board’s  primary  responsibility  is  to  ensure  that the corporation 
is  operating  to  serve  the  best  interest  of  the  stockholders.  The  following  are 
among the responsibilities of the board of directors: 
a. Setting policies on investments, capital structure and dividend policies.  
b. Approving company’s strategies, goals and budgets. 
c. Appointing  and  removing  members  of  the  top  management  including  the 
president.  
d. Determining top management’s compensation.  
e. Approving  the  information  and  other  disclosures  reported  in  the  financial 
statements (Cayanan, 2015) 
3. President  (Chief  Executive  Officer)​:  The  roles  of  a  president  in  a 
corporation  may  vary  from  one  company  to  another.  Among  the 
responsibilities of a president are the following: 

4 
 
 a.  ​Approving  the  information  and  other  disclosures  reported  in  the  financial 
statements.  Overseeing  the  operations  of  a  company  and  ensuring  that  the 
strategies as approved by the board are implemented as planned.  
b.  ​Performing all areas of management: planning, organizing, staffing, directing 
and controlling. 
c. ​Representing the company in professional, social, and civic activities. 
4. VP for Marketing​:​ ​The following are among the responsibilities: 
a. Formulating marketing strategies and plans. Directing and coordinating 
company sales. 
b. Performing market and competitor analysis. 
c. Analyzing and evaluating the effectiveness and cost of marketing methods 
applied.  
d. Conducting or directing research that will allow the company identify new 
marketing opportunities, e.g. variants of the existing products/services 
already offered in the market. 
e. Promoting good relationships with customers and distributors. (Cayanan, 
2015) 
5. VP for Production:​ ​The following are among the responsibilities​: 
a. Ensuring production meets customer demands. 
b. Identifying production technology/process that minimizes production cost 
and make the company cost competitive. 
c. Coming up with a production plan that maximizes the utilization of the 
company’s production facilities. 
d. Identifying adequate and cheap raw material suppliers. (Cayanan, 2015) 
6. VP for Administration:​ ​The following are among the responsibilities: 
a. Coordinating the functions of administration, finance, and marketing 
departments.  
b. Assisting other departments in hiring employees. 
c. Providing assistance in payroll preparation, payment of vendors, and 
collection of receivables.  
d. Determining the location and the maximum amount of office space needed 
by the company. Identifying means, processes, or systems that will minimize 
the operating costs of the company. (Cayanan, 2015) 
 
The  role  of  the  ​VP  for  Finance/Financial  Manager  is  to  determine  the 
appropriate  capital  structure  of  the  company.  ​Capital  structure  refers  to  how 
much of your total assets financed by debt and how much is financed by equity. 
To  be  able  to  acquire  assets, our funds must have come somewhere. If it has 
bought  using  cash  from  our  pockets, it has financed by ​equity.​  On the other hand, 
if we used money from our borrowings, the asset bought has financed by ​debt. 
What are the functions of Financial Managers​? 
1.  Financing  decisions-  ​include  making  decisions  as  to  how  to  finance  long-term 
investments  and  working  capital-which  deals  with  the  day-to-day  operations of the 
company. 
2.  ​Investing  Decisions-​   To  minimize  the  probability  of  failure,  long-term 
investments have supported by a capital budgeting analysis. 
5 
 
3.  Operating  Decisions  –  ​deal  with  the  daily  operations of the company especially 
on  how  to  finance  working  capital  accounts  such  as  accounts  receivable  and 
inventories. 
4​.  ​Dividend  Policies  –  Dividend  is  a  part  of  profits  that  are  available  for 
distribution,  to equity shareholders. The Finance manager must decide whether the 
firm  should  distribute  all  the  profits  or  retain  them  or  distribute  a  portion  and 
retain the balance. 
OVERVIEW OF THE FINANCIAL SYSTEM 
 
 
 
 
 
   
 
The  financial  system  links  the  savers  and  the  users  of  funds.  Savings  can 
come  from  households,  individuals,  companies,  government  agencies,  or  any  other 
entity  whose  cash  inflows  are  greater  than  their  cash  outflows.  The  financial 
system  through  financial  intermediaries  provides  a  mechanism  by  which  these 
savings can be channeled to users of funds, borrowers, and investors. 
Some  of  the  financial  instruments  issued  by  users  of  funds  such  as  the 
shares  of  stocks  and  corporate  bonds  of  publicly  listed  companies  and  the  debt 
securities issued by the National Government has traded. 
Differentiate  the  Financial  instruments,  financial  institutions  and 
financial markets 
1. ​Financial institutions​ are companies in the financial sector that provide a 
broad range of business and services including banking, insurance, and investment 
management​.
Identify examples of financial institutions/Intermediaries: 
  a.  ​Commercial  Banks  -  Individuals  deposit  funds  at  commercial  banks, 
which  use  the  deposited  funds  to  provide  commercial  loans  to  firms  and  personal 
loans  to  individuals,  and  purchase  debt  securities  issued  by  firms  or  government 
agencies.  
  b.  ​Insurance  Companies  -  Individuals  purchase  insurance  (life,  property 
and  casualty,  and  health)  protection  with  insurance  premiums.  The  insurance 
companies  pool  these  payments  and  invest  the  proceeds  in  various  securities until 
the  funds  needed  to  pay  off  claims  by  policyholders.  Because  they  often  own  large 
blocks  of  a  firm’s  stocks  or  bonds,  they  frequently  attempt  to  influence  the 
management  of  the  firm  to  improve  the  firm’s  performance,  and  ultimately,  the 
performance of the securities they own.  
6 
 
 c.  ​Mutual  Funds  ​-  Mutual  funds  owned  by  investment  companies  that 
enable  small  investors  to  enjoy  the  benefits  of  investing  in  a  diversified  portfolio  of 
securities  purchased  on  their  behalf  by  professional  investment  managers.  When 
mutual  funds  use  money  from  investors  to  invest  in  newly  issued  debt  or  equity 
securities,  they  finance  new  investment  by  firms.  Conversely,  when  they  invest  in 
debt  or  equity  securities  already  held  by  investors,  they  are transferring ownership 
of the securities among investors.  
d.  ​Pension  Funds  -  Financial  institutions  that  receive  payments  from 
employees and invest the proceeds on their behalf.  
Other  nancial  institutions  include  pension  funds  like  Government  Service 
Insurance  System  (GSIS)  and  Social  Security  System  (SSS),  unit  investment  trust 
fund (UITF), investment banks, and credit unions, among others.  
2.  Financial  Instruments-​ is  a  real  or  a  virtual  document  representing  a  legal 
agreement  involving  some  sort  of  monetary  value.  These  can be debt securities like 
corporate  bonds  or  equity  like shares of stock. When a financial instrument issued, 
it  gives  rise  to  a  ​financial  asset  on  one  hand  and  a  financial  liability  or  equity 
instrument on the other. 
a. A Financial Asset is any asset that is:  
• Cash 
• An equity instrument of another entity  
•  A  contractual  right  to  receive  cash  or  another  financial  asset from another 
entity. 
  •  A  contractual  right  to  exchange  instruments  with  another  entity  under 
conditions that are potentially favorable. (IAS 32.11)  
•  Examples:  Notes  Receivable,  Loans  Receivable,  Investment  in  Stocks, 
Investment in Bonds  
b. A Financial Liability is any liability that is a contractual obligation: 
• To deliver cash or other financial instrument to another entity.  
•  To  exchange  financial  instruments  with  another  entity  under  conditions 
that are potentially unfavorable. (IAS 32)  
• Examples: Notes Payable, Loans Payable, Bonds Payable  
c.  An  ​Equity  Instrument  is  any  contract  that  evidences  a  residual  interest  in  the 
assets of an entity after deducting all liabilities. (IAS 32)  
• Examples: Ordinary Share Capital, Preference Share Capital 
• Identify common examples of Debt and Equity Instruments. 
d.  ​Debt  Instruments  generally  have  fixed  returns  due  to  fixed  interest  rates. 
Examples of debt instruments are as follows:  
• ​Treasury Bonds and Treasury Bills issued by the Philippine government. 
These  bonds  and  bills  have  usually  low  interest  rates  and  have  very  low  risk  of 
default since the government assures that these has been paid.  
7 
 
 •  ​Corporate  Bonds  issued  by  publicly  listed  companies.  These  bonds 
usually  have  higher  interest  rates  than  Treasury  bonds.  However,  these  bonds  are 
not  risk  free.  If  the  company  issued  the  bonds  goes  bankrupt,  the  holder  of  the 
bonds  will  no  longer  receive  any  return  from  their  investment  and  even  their 
principal investment has wiped out.  
e. Equity  Instruments  generally  have  varied  returns  based  on  the 
performance  of  the  issuing  company.  Returns  from  equity  instruments 
come from either dividends or stock price appreciation.  
The following are types of equity instruments:  
•​Preferred  Stock  h​ as  priority  over  a  common  stock  in  terms  of  claims  over 
the  assets  of  a  company.  This  means  that  if  a  company  has  liquidated  and  its 
assets  have  to  be  distributed,  no  asset  be  distributed  to  common  stockholders 
unless  all  the  claims  of  the  preferred  stockholders  has  given.  Moreover,  preferred 
stockholders  have  also  priority  over  common  stockholders  in  cash  dividend 
declaration.  Dividends  to preferred stockholders are usually in a fixed rate. No cash 
dividends  given  to  common  stockholders  unless  all  the  dividends  due  to  preferred 
stockholders paid first. (Cayanan, 2015)  
•  Holders  of  ​Common  Stock  on  the  other  hand  are  the  real  owners  of  the 
company.  If  the  company’s  growth  is  encouraging,  the  common  stockholders  will 
benefit  on  the  growth.  Moreover,  during  a  profitable  period  for  which  a  company 
may  decide  to  declare  higher  dividends, preferred stock will receive a fixed dividend 
rate while common stockholders receive all the excess. 
3. ​Financial Market ​-​ refers to a marketplace, where c​ reation and trading of 
financial assets,​ such as shares, debentures, bonds, derivatives, currencies, etc. 
take place.
Classify Financial Markets into comparative groups: 
- P​ rimary  vs. Secondary Markets   • To raise money, users of funds will go to 
a primary market to issue new securities (either debt or equity) through a 
public offering or a private placement.  
• The sale of new securities to the public referred to as a public offering and 
the first offering of stock named an i​ nitial  public  offering​. The sale of new 
securities to one investor or a group of investors (institutional investors) is 
referred to as a p​ rivate placement.  
• However, suppliers of funds or the holders of the securities may decide to 
sell  the  securities  that  have  purchased.  The  sale  of  previously  owned 
securities takes place in ​secondary markets.  
• The Philippine Stock Exchange (PSE) is both a primary and secondary 
market.​

8 
 
 Money  Markets  vs.  Capital  Markets  •Money  markets  are  a  venue  wherein 
securities  with  short-term  maturities  (1  year  or  less)  are  sold.  They  have  created 
because  some  individuals,  businesses,  governments,  and  financial  institutions 
have  temporarily  idle  funds  that  they  wish  to  invest  in  a  relatively  safe, 
interest-bearing  asset.  At  the  same  time,  other  individuals,  businesses, 
governments,  and  financial  institutions  find  themselves  in  need  of  seasonal  or 
temporary financing.  
•  On  the  other  hand,  securities  with  longer-term  maturities  sold  in  Capital 
markets.  The  key  capital  market  securities  are  bonds  (long-term  debt)  and  both 
common stock and preferred stock (equity, or ownership). 
The  role  of  Financial  Managers:  make  financing  decisions  that  require 
funding from investors in the financial markets. 
 
 
What’s more? 
 
How do we measure wealth maximization?  
For  example,  Assume  that  Mr.  Y  bought  10  shares  of  Globe  Telecom  at  PHP2,  510 
each  on  September  9,  2010.  This  brings  his  investments  to  PHP25,  100.  What 
happens  to  the  value  of  his  investment  if  the  price  goes  up to PHP2, 600 per share 
or it goes down to PHP2, 300 per share?   
 
Explanation: ​An  increase  of  the  share  price  to  PHP2,  600  per  share  means  that 
people  are  willing  to  buy  the  shares  for  that  amount.  If  the  learners  were  to  sell 
their  shares  at  this  point,  it  will  result to a profit of PHP90 per share or PHP900 on 
their  whole investment. Hence, the value of their investment increased from PHP25, 
100 to PHP26, 000. Therefore, there is an increase in ​shareholder’s wealth​. 
 
On  the  other  hand,  a  decrease  in  the  share  price  to  PHP2,  300  per  share 
means  that  people are only willing to buy shares for PHP2, 300. If the learners were 
to  sell  their  investment  at  this  point,  they  will  receive  PHP23,  000  which  would 
result  to  a  loss  of  PHP2,  100.  The  decrease  in  value  of  their  investment  leads  to  a 
decrease in shareholder’s wealth.  
 
Activity 1.2 
Direction:  Read the problem and answer it correctly. Follow the format above when 
you answer. 
1.  ABC  Company  bought  10  shares  of  Jollibee  Corporation  at  PHP2,  000  each  on 
January  9,  2012.  This  brings  his  investments  to PHP20, 000. What happens to the 

9 
 
value  of  his  investment  if  the  price  goes  up  to  PHP2, 520 per share or it goes down 
to PHP1, 500 per share?   

What I Have Learned 

 
Activity 1.3 
Instruction: ​ Think and create your own bank company name and describe the 
function of Finance Manager or describe the Financial Management of your bank. 
___________________________________________________________________________ 
(Bank name) 
 
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________ 
 
 
 
 
 
 

10 
 
 What I Can Do 
 
Activity 1.4  
Direction:​ Write three examples of each circle and describe it briefly.  
For  example:  Financial  Instruments:  My  answer  is  ​cash​-It  is used for 
exchange of something you want to buy ​(describe your answer on each circle) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11 
 
 Assessment 
 
Directions:  ​Write  T  if  the  statement  is  True  and  F  if  the  statement  is  False. 
Write your answer on the space provided  
______1.  High  cash  flow  is  generally  associated  with  a  higher  share  price  whereas 
higher risk tends to result in a lower share price. 
______2.  The  wealth  of  corporate  owners  has  measured  by  the  share  price  of  the 
stock.  
______3.  When  considering  each  financial  decision  alternative  or  possible  action  in 
terms  of  its  impact  on  the  share  price  of  the  firm's  stock,  financial 
managers  should  accept  only  those  actions  that  expected  to  maximize 
shareholder value.  
______4.  Stockholders  expect  to  earn  higher  rates of return on investments of lower 
risk and lower rates of return on investments of higher risk.  
______5.  Financial  markets  are  intermediaries  that  channel  the  savings  of 
individuals, businesses, and government into loans or investments.  
______6.  Commercial  banks  obtain  most  of  their  funds  from  borrowing  in  the 
capital markets.  
______7.  The  money  market  involves  trading  of  securities  with  maturities  of  one 
year  or  less  while  the  capital  market  involves  the  buying  and  selling  of 
securities with maturities for more than one year. 
______8.  Primary  and  secondary  markets  are  markets  for short-term and long-term 
securities, respectively. 
______9.  A  mutual  fund  is  a  type  of  financial  intermediary  that  obtains  funds 
through  the  sale  of  shares  and  uses  the  proceeds  to  acquire  bonds  and 
stocks issued by various business and governmental units.  
______10.  Credit  unions  are  the  largest  type  of  financial  intermediary  handling 
individual savings. 
 

Additional Activities 
 
Direction:​ Summarize the roles of individual/position ​(Organizational structure​) 
involve in the decision making of the company. 
 
___________________________________________________________________________ 
__________________________________________________________________________________
__________________________________________________________________________________ 
__________________________________________________________________________________ 
__________________________________________________________________________________ 
__________________________________________________________________________________ 
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________

12 
 
__________________________________________________________________________________
__________________________________________________________________________________ 

Answer Key 

 
 
 
 
 
 
 
 
 
    

13 
 
References 
 
https://businessjargons.com/financial-market.html 
https://www.wallstreetmojo.com/financial-institutions/
Arthur S. Cayanan and Daniel Vincent H. Borja, 2017 Business Finance First Edition, Manila
Philippines
The Commission on Higher Education in collaboration with the Philippine Normal University:
Teaching guide for Senior High School, 

14