GUÍA EXAMEN FINAL FUENTES DE FINANCIAMIENTO

CHAPTER #2

REVIEW OF ACCOUNTING

Cuentas de balance general: Activos: Activos corrientes (Saldo en el banco, dinero

en caja, inversiones, inventario, cuentas por cobrar), Activos fijos (Maquinaria y
equipo, vehículos empresariales, mobiliario, equipo de oficina, equipo de cómputo,
edificios o inmuebles, terrenos , Otros activos. Pasivos: Pasivos circulantes: Pagos a
proveedores, impuestos, anticipos de clientes, cuentas por pagar a acreedores,
intereses bancarios. Pasivos fijos: Documentos por pagar, ingresos recibidos con
anticipación, reembolsos de ingresos anticipados, créditos bancarios.
Patrimonio o capital: Activos – Pasivos = Patrimonio

Balance sheet: A financial statement that indicates what assets the firm owns and
how those assets are financed in the form of liabilities or ownership interest.

Cuentas de Income Statement (de resultados): ventas, gastos de operación, gastos

administrativos, servicios, costos de ventas, utilidad bruta, gastos administrativos,
utilidad operacional, gastos financieros, utilidad antes de impuestos, impuesto,
utilidad del ejercicio.

Income statement: Measures the probability of the firm over a time period. All
expenses are subtracted from sales to arrive at net income.

Is the major device for measuring the profitability of a firm over a period of time.

Cuentas de Cash Flow: Actividades de Operación: Clientes, costo de Ventas,

almacén o Inventarios, depreciaciones.
Actividades de Inversión: Equipo de oficina, equipo de Transporte, equipo de,
cómputo, terrenos, edificios.
Actividades de Financiamiento: Acreedores diversos, deudores Diversos, capital
Social.

Current assets: (Bank balance, cash on hand, investments, inventory, accounts

receivable)

Current liabilities: Payments to suppliers, taxes, customer advances, accounts

payable to creditors, bank interest.

Formula del Gross Profit: Sales - COGS: Gross Profit

Book value ratio: is the ratio of the market value of a company's shares (share price)
over its book value of equity. The book value of equity, in turn, is the value of a
company's assets expressed on the balance sheet.
FORMULA:

Indirect method: is a way to calculate cash flow using transactions to determine

payments and expenses rather than cash on hand. The indirect method measures
how much a company made or spent through various sources over a given period.

Free Cash flow (FCF): Cash flow from operating activities, minus expenditures
required to maintain the productive capacity of the firm, minus dividend payouts.

CHAPTER #16
LONG-TERM DEBT AND LEASE FINANCING

The corporate bond represents the basic long-term debt instrument for most large
U.S. corporations. The bond agreement specifies such basic items as the par value,
the coupon rate, and the maturity date.

Indenture: A legal contract between the borrower and the lender that covers every
detail regarding a bond issue.

Covenant (tipo de deuda): (a promise) is an agreement stipulating the terms and

conditions of loan policies between a borrower and a lender.

Unsecured debt refers to debt created without any collateral promised to the creditor.
In many loans, like mortgages and car loans, the creditor has a right to take the
property if payments are not made.

The methods of repayment for bond issues may not always call for one lumpsum
disbursement at the maturity date.

Serial Payment: Bonds with serial payment provisions are paid off in installments
over the life of the issue. Each bond has its own predetermined date of maturity and
receives interest only to that point.

Conversion rates are a percentage typically used in digital marketing to evaluate

performance of website traffic, marketing campaigns and conversions.

Call provision: Used for bonds and some preferred stock. A call allows the
corporation to retire securities before maturity by forcing the bondholders to sell
bonds back to it at a set price. The call provisions are included in the bond indenture.
Bond ratings: Are rated according to risk by Standard and Poor´s and Moody´s
Investor Service. A bond that is rated Aaa by Moody´s has the lowest risk, while a
bond with a C rating has the highest risk. Coupon rates are greatly influenced by a
corporation´s bond rating.

Zero-coupon rate bond: A bond that is initially sold at a deep discount from face
value. The return to the investor is the difference between the investor´s cost and the
face value received at the end of the life of the bond.

Floating rate bond: A bond in which the interest payment changes with market
conditions.

Benefits of debt: Ownership Stays With You. Current Management Retains Full
Control. Interest Payments Are Tax Deductible. Taxes Lower Interest Rate.
Accessible To Businesses Of Any (And Every) Size. Builds (Or Improves) Business
Credit Score.

Disadvantages of debt: Loan repayment. High rates. Restrictions. Collateral.

Stringent requirements. Cash flow issues. Credit rating issues.

Eurobond: Bonds payable or denominated in the borrower´s currency but sold

outside the country of the borrower, usually by an international syndicate.

Finance lease vs Operating lease.

Finance lease: A long-term, noncancelable lease. The finance lease has all the
characteristics of long-term debt. Under a finance lease, no lease expense is
recorded on the income statement. Instead, amortization expense and interest
expense are recorded.
Operating lease: A short-term, nonbinding obligation that is easily cancelable.

Advantages of leasing:
Lower monthly payments.
Little or no down payment.
More expensive car for less money.
More cash available for other purchases.
Sales taxes paid over term of lease.

Income Statement effect: An income statement helps business owners decide

whether they can generate profit by increasing revenues, by decreasing costs, or
both.
 CHAPTER #20
EXTERNAL GROWTH THROUGH MERGERS

Merger: Is defined as a combination of 2 or more companies in which the resulting

firm maintains the identity of the acquiring company.

Se juntan A + B: C
Una fusión de 2 o más compañias da como resultado una nueva compañia, sobre
todo cuando se da la adquisición de la otra.
Beneficios potenciales, estructura financiera, crecimiento de marcas y portafolio,
bajan los impuestos.

Consolidation: 2 o more companies are combined to form a new entity. Consolidation

might be utilized when the firms are of equal size and market power.

Synergy: The recognition that the whole may be equal to more than the sum of the
parts. The 2+2=5 effect.
Ya cuentas con la matriz y una compañia y compras otra compañia y ahora tienes 3.
1 + 1: 3 (Microsoft tiene a xbox y compra otra compañia)

¿Como determinamos el precio para comprar a la otra empresa?

el valor del mercado + un extra (por lo general de entre 40 - 60% su valor, a esto se
le llama merger premium.)
Merger premium: The part of a buyout or exchange offer that represents a value over
and above the market value of the acquired firm.

Goodwill: An intangible asset that reflects the value above that is generally
recognized in the tangible assets of the firm.

Two-step buyout: An acquisition plan in which the acquiring company attempts to

gain control by offering a very high cash price for 51% of the shares of the target
company. At the same time, the acquiring company announces a second lower price
that will be paid, either in cash, stocks, or bonds, at a subsequent point in time.

CHAPTER #21
INTERNATIONAL FINANCIAL MANAGEMENT

Multinational corporation: A firm doing business across its national borders is

considered a multinational enterprise. Some definitions require a minimum
percentage (often 30% or more) of a firm´s business activities to be carried on
outside its national borders.

Exporter: is someone who sends goods out of a country to be sold.

Licensing Agreement: is a legal contract between two parties, known as the licensor
and the licensee. In a typical licensing agreement, the licensor grants the licensee
the right to produce and sell goods, apply a brand name or trademark, or use
patented technology owned by the licensor.
Ej: cuando venden camisetas originales en los conciertos, asi no pagas importacion.

Joint venture: is a business arrangement in which two or more parties agree to pool
their resources for the purpose of accomplishing a specific task. This task can be a
new project or any other business activity. Each of the participants in a JV is
responsible for profits, losses, and costs associated with it.

Factores que influencian las tasas de intercambio:

*Inflation
*Interest rates
*Payment balances
*Government policies

Balance of payments: Refers to a system of government accounts that catalogs the

flow of economic transactions btw countries.

Exchange rate: The relationship between the value of 2 or more currencies. For
example, the exchange rate between U.S. dollars and British pounds is stated as
dollars per British pound or British pounds per dollar.

Spot rate: Tipo de cambio de forma preferencial para cuando se necesita hacer
inmediato.

A spot rate or spot price is the real-time price quoted for the instant settlement of a
contract.

Forward rate: A rate that reflects the future value of a currency based on
expectations. Forward rates may be greater than the current spot rate (premium) or
less than the current spot rate (discount).

Una corporación multinacional puede tener diferentes formas pero si somos

exportadores podemos describirla como la que produce un producto en su propia
frontera pero lo vende al mercado extranjero.