Unit Financial management

Self Evaluation of Values and Experience gained from undertaking this assignment

Job Description for a Finance Director detailing responsibilities and duties for a typical FD role.

Working alongside a business’ MD or CEO, the Finance Director will not only be an exceptional

accountant and hands-on with company finances but will also be commercially aware, advising on the

best path of growth for the business.

The role of the Finance Director has overall control and responsibility for all financial aspects of

company strategy and is expected to analyse figures and implement recommendations based on

these findings, with the most profitable outcomes.

Often managing and leading a team through difficult periods including month end, year end and

annual budgeting, a Finance Director would have excellent communication skills with all levels of

staff, often having to work with various departments to help them plan and manage their own budgets.

In periods of change and growth an effective Finance Director is critical, coordinating corporate

finance and managing company policies regarding capital requirements, debt, taxation, equity and

acquisitions as appropriate.
FD duties and responsibilities

A Finance Director will be expected to perform any of the following tasks:

Form a close working relationship with the Managing Director, other Senior Executives and Non

Executives.

Provide leadership to the Board's Finance and Accounting strategy, to optimise the company’s

financial performance and strategic position.

Take overall control of the company’s accounting function

Contribute fully to the development of company strategy across all areas of the business, challenging

assumptions and decision-making as appropriate and providing financial analysis and guidance on all

activities, plans, targets and business drivers.

Ensure that company financial systems are robust, compliant and support current activities and future

growth.

Lead and develop finance teams.

Work with senior teams to grow the business, formulating strategies and plans.

Ensure corporate budgeting processes are carried out and reviewed.

Take ultimate responsibility for the company cash management policies.

Present annual accounts to investors.

Ensure that the regulatory requirements of all statutory bodies are met.

Corporate finance: manage company policies regarding capital requirements, debt, taxation, equity,

disposals and acquisitions, as appropriate.

Establish a high level of credibility and manage strong working relationships with external parties

including customers and advisors.

Person Specification

Typical qualities of a successful Finance Director include:

Qualified member of an accountancy body or holder of an equivalent qualification

Meet the requirement for a commercially astute, articulate, technically strong, dynamic, insightful and

influential leader with the ability to operate at both strategic and operational levels.

Exceptional communication skills at all levels

Strong IT skills, always being ahead of new technologies

Ability to handle high levels of pressure and critical decision-making.

High integrity and openness combined with commitment to good governance.

Energetic, highly motivated, with an enquiring mind and passion for excellence and innovation in

pursuit of business growth and success.

P1:

Why business needs finance:

Finance is very important for the business. In every step of our life we need finance whether we want

to start a new business or want to buy something. For business we need finance from the starting of

the business.

The main reasons a business needs finance are:

 1. Start-up capital: Business might need finance at the start as a capital. Finance needed in

the starting of the business to buy business assets, raw materials and to pay to the employee

for their contribution.

2. Expansion: To make a competitive business and to develop business into next level finance

is very important to buy technology and other stuffs. Also if business wants to take over some

other business than it needs finance as well to expand the business. Sometimes business

needs to enter in new market so that they can expand their business and for the business

needs finance.

3. Development: There are competitions in every business, so to compete with the competitor

business needs to spend money on developing and marketing new products. Big

organisations spend millions of dollars every year in Research and Development purposes.

(http://kabraacademy.weebly.com/uploads/1/0/3/0/10302616/business_finance.pdf)

4. Running of the business: Business need money constantly to run it. Without the finance it is

impossible to continue business.

5. During trouble time: Business always needs to keep money as a financial security so that in

future in time of emergency or recession, business can use that money.

Finance sources:

Internal sources:

1. Sales of assets

2. Retained profit

3. Reducing stocks

4. Trade credit

External sources:

1. Share capital

2. Bank lending

3. Venture capital

4. Leasing and hire purchase

5. Government finance
 6. Franchising

P2:

Implication of the different sources of finance:

1. Personal Savings: Personal savings are individual own money, which they earn from outside

source. When a business seeks to borrow the personal money of a shareholder, partner or

owner for a business’s financial needs the source of finance is known as personal savings.

2. Sales assets: By selling its assets such as property, fixtures, fittings, machinery, vehicles etc

business can generate finance. Normally those are short-term source of finance. Land &

property could be long time source of finance because those are very valuable.

3. Retained profit: If business make profit from the business, in the end of the financial

calendar year business can keep those profit and use it in business as a new source of

finance.

4. Reducing stock: Stock includes raw materials, finished or semi-finish products and also all

the unsold products. Most of the time business always holds their stocks because of the

unexpected increase of demand from the customers. So in the time, when business needs

money they can sell their stocks and gives business short-term finance.

5. Trade credit: Trade credit is very important and useful short term finance. Most of the time

business doesn’t have to pay the bill when they receive the goods, sometimes they can pay

bit later. Trade credit is a free source of finance

6. Share capital: limited companies can issues new shares and from those shares they can

manage finance for the business.

7. Bank lending: For business finance Business also play a very important role. Bank provides

short-term or long-term loans to the business. Short-term loan is like overdraft, where bank

agrees to provide some limited amount of money for few days or months and bank charge a

variable fee for that. Long term long are like business needs money for the business and they
 can take loan from the bank for 3, 5 or maybe for 10 years. Sometimes for those kinds of loan

bank charge a fixed rate and also sometimes they ask for guarantee.

8. Venture capital: Lots of individual investor gathered together and they invest their money in

different project, in the hope of making profit from the investment.

9. Leasing and hire purchase: Sometimes business to save their finance they lease the

equipment from different company or place for certain period of time. So, instead of paying for

the new product they just pay much lesser amount.

Hire purchase means business pay for the product or equipment by instalment. In hire

purchase company usually pay more money for the product.

10. Government finance: Government provides finance to different kind of company to improve

economy.

11. Franchising: Franchising method is franchisor give the right to franchisee to use their name

for the business with their own terms and conditions.

P3

Pros and cons of different source of finances:

Retained profit:

Advantages;

 Organisation do not have to pay back those money because that’s business own money

which they earn from their profit.

 Organisations also do not have to any kind of interest for the usage of retained profit.

 It does not increase company debt capital

Disadvantages;
  Retained profit is not available for new business or the businesses that are making losses.

Sale of assets:

Advantages;

 Businesses do not have to pay back the money because funds are raised by the business.

 Business do not have to pay any interest as well

 Business can raise huge amount of finance depending on assets

Disadvantages;

 Business might lose opportunity to generate income from out of it

 Asset maybe generate more income by producing different products

Capital:

Advantages;

 It is internal source of finance so no cost involved

 No repayment is needed

 External people cannot influence business decisions

Disadvantages;

 Opportunity cost involved

 It is suitable for long term investment

 Total ratio is undertaken by the company

Share capital:
Advantages;

 It’s a permanent source of income

 Company will able to raise more money by issuing more share

 If company make profit that’s the only time company have to pay dividends

Disadvantages;

 Issuing share cost lots of time

 There are lots of legal issues involved with it

 There are possible chance of takeover if investor buy more than 50% of share

 Once issued the share it cannot be brought back

Bank overdraft:

Advantages;

 No security is needed for the bank overdraft

 It’s easy and quick to arrange

 Interest only have to pay so business excess the agreed overdraft limit

Disadvantages;

 There is a overdraft limit

 Overdraft only cover short term finances not long-term

 Bank can cancel overdraft any time if it is not in a agreement

 Sometimes bank charge monthly overdraft fee

Bank loan:

Advantages;

 Business can borrow large amount

 Suitable for the long term investment

 Only have to pay back in fixed time period and bank can not cancel the loan amount

 Interest rate is lower

Disadvantages;

 Loan amount has to be paid within the agreed time period

 Interest rate charge by the bank for the loan

 It affect company’s gearing ratio (http://www.scribd.com/doc/27126810/Sources-of-Finance)

Personal Savings:

Advantages;

 No paperwork required

 Easy and quick to get the money

 No or less interest fee because business owner using his own saving money for the business

Disadvantages;

 When very large amount of money required personal saving is not an option

Debentures:

Advantages;

 Debentures holders do not have the right to vote in company general meetings

 Tax benefits

Disadvantages;

 Interest have to pay whether company are in profit or loss

 The money borrowed has to pay back on the agreed time or date

Hire purchase:

Advantages;
  Company does not have to pay full amount at a time

 Company pay the amount in instalment

 At the end of the payment company fully own the asset

Disadvantages;

 In instalment company pay more money for the product than original value

 Company does not own the asset until last payment has been made

 If company do not pay the instalment on time, lender has the right to repossess the asset

P4

Costs of different sources of finance:

1. Sale of assets: If business sales their fixed assets and still sometime they need to use that

asset for business production purpose, than this will stop their production or business need to

stop that particular production. On other if that asset is abandon or business does not need to

use that asset anymore than it won’t affect business in future.

2. Retained profit: In retained profit, if business didn’t keep that money for any other purposes

than there are no cost for this source of finance.

3. Working capital: There are no cost involve except opportunity cost

4. Trade credit: they also do not any other cost unless creditor ask for the money or charge extra

money for late payment.

5. Share capital: Business need to pay dividend to the shareholder from the profit as return of

their investment. There are administrative costs occurring from issuing shares like stock

exchange listing fee, printing and distribution fee and advertising fee.

(http://www.scribd.com/doc/27126810/Sources-of-Finance)

6. Bank Landing: For bank short term overdrafts and loans bank charge fixed interest rate and

for long term sometimes it’s variable.

7. Hire purchase: In hire purchase business pay more money than normal purchase because

they pay it monthly and it cost them more.

8. Franchising: Franchising is very safe because business always do have a agreement with

franchiser that they need to follow all rules and regulations and also need to maintain quality.

Otherwise business can cancel the agreement.

9. Government finance: In government finance most of the time government give finance to the

business and it’s free.

P5.

Importance of financial planning:

Financial planning is very important for any small or big business. It is one of the important business

elements for success. It is believed that financial planning is the backbone of a successful business

since if a company runs without it the company will lose its financial grip. Financial Planning is

process of framing objectives, policies, procedures, programmes and budgets regarding the financial

activities of a concern. The importance of financial planning are;

1. Income: It is possible to manage income effectively through planning. The amount of income

earned part of income goes for tax payment, expenditure and the left amount is savings.

2. Cash flow: Financial planning helps to increase in cash flow as well as helps to monitoring the

spending pattern.

3. Capital: Strong capital helps business to invest more money in business portfolio and

improve financial position.

4. Investment: Financial planning can help to evaluate best investment opportunities. A good

investment planning can turn dreams goals into realities. Good financial planning can help to

invest money into different type of ventures.

5. Family security: Financial planning is very important from the point of view of family security.

Those days are gone now when worker used to retired with good pension. Now everyone

needs to think about their family and need to plan their finance according to that.

6. Standard of living: A very good financial planning is very important, so that in hard or bad

times family can survive.

7. Savings: Financial planning is very important on savings. Savings account is very helpful in

case of emergency and also it is very important for future needs.

8. Assets: Financial planning helps to find out the real value of the asset. Some asset comes

with liabilities. The overall process helps to build assets that don't become a burden in the

future. (http://www.buzzle.com/articles/importance-of-financial-planning.html)
P6:

Importance of information in decision making:

Decision making is very important in our day to day personal and business life. Good decision plays

an important role in business and personal success. Decision making is the selection of a course of

action from different scenario. To make any decision information is very important. If business do not

have any information about particular product or their competitor than it will be quite impossible for

them to make any decision on those particular sectors. In every sector or every decision making

information plays most important like;

1. Leadership: In leadership information is very important on decision making. Lack of

information in decision making can create bad decision in leadership. In leadership all the

leaders make their decision on the base of the information they do have.

2. Management: Management plays a very important role in organisation or business decision

making. Managers are the responsible for making plan into action and they are also

responsible for production and staff. For all those managers need lots of information, because

without information it is impossible for them to succeed.

 3. Importance in business: In business decision making information is very important. Without

information business cannot make any plan or any decision. Any organisation or business

always needs the information about their competitor, their products and also about their

customers. That information helps the organisation or business to make better decisions. In

business information is needed for all kind o decision making. In business organisation try to

find information about the products, their employees, their competitor and they also try to find

the information about their supplier. Those information is needed so that organisation can

make a decision about what kind of product they should introduce, who to target for their

product, also to find more about their competitor so that they can make some decision about

how they can compete with them. Information also about their supplier helps them to make a

decision about how both groups can help each other.

P7:

Financial statement: Financial statements are basically the formal records of financial activities of a

business. Basically there are two main types of financial statement.

1. Income statement
 2. Balance sheet

Income statement: It is also known as profit and loss account. It is a financial statement that

evaluates the company’s performance over an accounting period of time. The income statement

shows the net results of business operations. Various source of finance appears in income statement

are;

 Net sales: The first item appears in income statement is nest or total sales of the business. In

net sales business includes all of its sales. Like for the whole year business made a total sale

of 5million and each of item sales prices is £2.50, so total sale is £12.5 million. If business has

any refund or return for the product than they need to minus it from total sales and the

remaining amount is the net sale.

 Cost of goods sold: Cost of goods sold is the total cost of the product production. Like

company produce total of 6million product and each product cost them £1 to produce so total

cost of the goods are £6million. Costs of goods made by the business include material,

labour, and allocated overhead.

 Gross margins: Gross margin is the differences between the net sales and cost of goods sold.

Like business net sale is £12.5 million – cost of goods sold £6million so gross margins is

£6.5million.

 Service and other income: Service incomes are income from delivery of the product or income

from product repairs.

 Operating expenses: Operating expenses includes bad debts, interests, depreciations and

labour costs.

 Employee expenses: Employee expenses included salaries, wages, and benefits such as

payroll taxes, employee insurance and pension expense.

 Administrative expenses: Those are professional services, donations, dues and

subscriptions, directors’ fees and expenses, annual meetings, meetings and travel, office

supplies, and telephone and market information.

 General expenses: General expenses includes advertising and promotion, property, business

and other taxes and licenses, rent , plant supplies and repairs, repairs and maintenance,and

other.
  Income taxes: Business has to pay income taxes from their income.

Balance sheet: Balance sheet shows organisation or business assets and liabilities.

 Current assets: Current assets are all the assets that businesses do have currently now.

Current assets are like cash, account receivables, prepaid expenses etc.

 Fixed assets: Fixed assets are like property, plant, equipment etc.

 Current liabilities: Current liabilities are like long or short term debt, bank loans, accurate

expenses, accurate taxes etc.

 Long term debt: Long term debt is long time loans.

P8:

Budgeting:

Capital budgeting or investment appraisal is the planning process used to determine whether an

organization's long term investments are worth pursuing. It is budget for major capital, or investment,

expenditures.

Many formal methods are used in capital budgeting, including the techniques such as

 Accounting rate of return

 Payback period

 Net present value

 Profitability index

 Internal rate of return

  Modified internal rate of return

 Equivalent annuity

These methods use the incremental cash flows from each potential investment, or project. Budget

helps to aid the planning of actual operations by forcing managers to consider how the conditions

might change and what steps should be taken now and by encouraging managers to consider

problems before they arise.

Budgeting is very important for the business because it helps organisation to make a very important

decision about the investment. Budgeting helps the organisation to know how much they will make

profit and also about other factors. Budgeting help organisation to make better future investment

decision because through budgeting business will be able to identify the entire project and also it will

help business to know the investment will be profitable or not and also will help them to find out how

long it will take to make the decisions. Financial decisions are based on budgeting because;

 Provide a forecast of revenues and expenditures, that is, construct a model of how business

might perform financially if certain strategies, events and plans are carried out.

 Enable the actual financial operation of the business to be measured against the forecast.

 Establish the cost constraint for a project, program, or operation

(http://en.wikipedia.org/wiki/Budget)

P9:
Unit cost: In business environment unit cost is very important. Unit cost helps the business to know

about the total cost of the production of the particular product or item. To calculate the cost per unit

first business need to find out it fixed cost which is like property, rent, labour cost etc. Fixed costs are

the cost which is fixed and in no matter business produce more products or less but those cost will be

fixed. Than business needs to find out its variable cost like deprecation etc and variable cost always

varies according to the production. So, unit cost is fixed cost + variable cost, divided by the number of

unit business produce. Example, business produce 100 units of product and its fixed cost is £1000

and variable cost is £1200, so total cost is £2200. The business unit cost is £2200/100 =£22 per unit.

So, business unit cost is £22 and unit cost is very important because it helps the business or

organisation to make a decision about their profit or loss for that particular product. Unit cost also

plays a major role to business survival as well.

In pricing decision making unit cost is very important as well. Pricing is very important for organisation

or business. Pricing is how much organisation or business wants to charge a particular product or

service. To make a pricing decision unit cost is very important because it tells the organisation or

business that what price they should charge for that particular product or service. Unit price helps the

organisation or business to make a particular decision of whether they want to make profit or loss. If

one particular product price is more than its unit cost than business makes profit, on the other hand if

it is less than the unit cost than business make loss. So, unit cost is very important for business profit

and loss.

To make a pricing decision business always need to follow unit cost because it is give them the idea

of where they want to go and what they want to achieve. Unit cost helps business to know the exact

cost for the product and they also can compare the product with their competitor product and then

according to unit cost business decide what amount of money they will charge for that particular

product or services.

From example, we can see that the unit cost for the product is £22, so if organisation decides they

want to make profit and also can give very good competition to their competitor than they are going to

charge the price for the product more than £22. That will give them profit for that product and also if

business charges less than that they will make a loss. So, to make a proper pricing decision which

can help business to make profit than unit cost is very important for the business to know.
P10.

Payback period:

Year 0 1 2 3 4 5 6

Cash flow -$1000 $200 $200 $200 $200 $200 $200

Year cash flow net cash flow

0 -$1000 -$1000

1 $200 -$800

2 $200 -$600

3 $200 -$400

4 $200 -$200

5 $200 $0

6 $200 $200

So, we can see that the payback period is year 5, because that is the breakeven point. Before year 5

cash flow was negative in every year.

ADVANTAGES

 Calculation is very easy

 Easy to understand

 Emphasises speed of return – good in rapidly changing markets

DISADVANTAGES

 Ignores money received after payback

 Can be difficult to establish a target payback period

 Doesn’t consider the future value of money

 Short term approach

Rate of return:

Rate of return = $200/$1000 * 100% = 20%

ADVANTAGES

 Percentage provides easy comparisons across projects

 Shows the profitability of a project

DISADVANTAGES

 Harder and more time consuming

 Ignores time value of money

Net present value:

So from the example we assume that the cost of capital is 5% so,

NPV is;

Year cash flow Discount factors (5%) net cash flow

0 -$1000 1.00 $-1000

1 $200 0.9524 $191

2 $200 0.9070 $181

3 $200 0.8638 $173

4 $200 0.8227 $165

5 $200 0.7835 $157

6 $200 0.7462 $149

NPV _____________________________

$16

IRR:

NPV at 6%
$200* 0.9434 =$189

$200* 0.8900 =$178

$200* 0.8396 =$168

$200* 0.7921 =$158

$200* 0.7473 =$150

$200* 0.7050 =$141

Total $984 – (-1000) = -16

So we can say that IRR rate is less than 6%, guess it is 5.5%

From all above calculation we can see that all the result are positive, that means it is a profitable

investment for the investor and investment should go ahead.

P11

Review of financial statement: Financial statement review means obtains limited assurance that no

material modification that need to be made after review or check the balance sheet and income

statement. In financial statement review the main thing that need to check are all the entry of balance

sheet and income statement. In a financial statement review, the accountant performs those

procedures necessary to provide a reasonable basis for obtaining limited assurance that no material

changes are needed to bring the financial statements into compliance with the applicable financial

reporting framework.

Balance sheet: In financial statement balance sheet equation is Asset=liabilities + equity. To review

balance sheet first need to review the asset and liabilities and also equity.

Asset: Review asset by checking the financial value allocated to cash, receivables, short-term and

long-term investments, inventory, fixed assets, furniture and fixtures, land and building.

Liability: Review of liability means checking balances of the accounts payables, bills payables, notes

payables and all other payables and make sure all amount are placed correctly with proof.

Equity: In balance sheet review in equity means checking equity account, number of stocks, common

and preferred, those were issued.

In balance sheet also check are there any unusual balances, such as:

 Negative amounts

 Inventory – amount should vary from month-to-month according to actual inventory levels

 Accounts receivable – should have a balance

 Accounts payable – should have a positive balance

 (http://biznik.com/articles/how-to-review-financial-statements-like-a-finance-knowitall-even-if-

youre-a-finance-notatall)

Income statement:

 Sales and cost of goods sold detailed for each category

 Sales should be greater than cost of goods sold for each category

 Cost of goods should vary every month to reflect actual expense

 Estimated depreciation should be entered monthly

(http://biznik.com/articles/how-to-review-financial-statements-like-a-finance-knowitall-even-if-

youre-a-finance-notatall)

P12

Compare financial statement between different businesses:

One of the most effective ways to compare two businesses is to perform a ratio analysis on each

company’s financial statements. The main steps of comparing financial statement are;

Step 1: Ensure that both financial statements have been audited or at the very least prepared by a

neutral, third-party accounting firm, to help ensure the integrity and accuracy of the reported numbers.

Step 2: Compare the statements such as the profit and loss to see if the results are reported in a

similar fashion. For example, net sales are usually reported as gross sales, less customer discounts,

whereas some companies report net sales as gross sales, less discounts, and cost of goods sold. If

this is the case, need to adjust one statement so that it matches the reporting method of the other

statement.
Step 3: Perform a ratio analysis on some of the key components of the statements. There are many

types of ratios but compare the most important one like net profit ratio by taking net, pre-tax profit

shown near the bottom of the profit and loss and dividing it by the nets sales. The other important ratio

is the return on assets ratio by dividing the net, pre-tax profit by the total assets shown on the balance

sheet. This ratio helps determine how profitable a company’s operation is based on its own assets,

such as cash, machinery and real estate.

Step 4: Compare the various ratios of each company to see which is more or less profitable or

efficient in its operation. If the businesses are dependent on large machinery in their operations, than

need to look closely at ratios that focus on assets. On the other hand if the business relates more on

commission- sales based on service, than look closer at payroll to sales-related ratios.

(http://smallbusiness.chron.com/compare-financial-statements-between-businesses-24903.html)

P13

Ratio for profitability: Profitability ratios are not same as profit. It shows how profitable is the

business. It measures the business overall performance.

Gross profit margin: Gross profit*100/net sales = 2000*100/7000 = 28.57%

The higher gross profit margin is the better. If it is raising the business will be receiving more gross

profit for every dollar of sales.

Mark up ratio: Gross profit*100/Cost of goods sold = 2000*100/5000 = 40%

Net profit margin: net income*100/sales revenue = 28.57%

Net profit margin 28.57% means for every $1 business invest it makes a profit of 28p.

Return on equity: net income*100/equity = 2000*100/12000 = 16.67%

Liquidity ratios: Liquidity ratios measure how easily business can pay off its debts. Liquidity assets

are those that are held in cash form or can be turn is cash very quickly whenever business needs.

Current ration: current assets*100/current liabilities = 13000*100/6000 =216.67%

It means for every $100 debt business have $216 assets to pay off the debt, which shows very strong

ration for business.

Acid test ratios: cash + debtor/current liabilities = 7000 + 3000 /6000 = 1.67

Efficiency ratio: Those ration look at the enternal workings of the firm.

Fixed assets turnover ratio: sales revenue/fixed assets = 7000/5000 = 1.4

This means that each $1 fixed asset generate sales revenue of $1.4

Asset turnover: Sales revenue/total assets = 7000/18000 = 0.39, that means business generate 39p

of sales for each £1 assets employed within the business.

Debtor days: debtor*365/credit sales = 3000*365/3000 = 365 days

Stock turnover: stock*365/cost of sales = 10000*365/5000 = 730, that means 730days the average

item being held before it sold.

Investment ratio:
Current ration: current assets*100/current liabilities = 13000*100/6000 =216.67%

Return on equity: net income*100/equity = 2000*100/12000 = 16.67%

Return on assets: net income/total assets = 2000/18000 = 0.11

Bibliography

1. http://www.kewdstockanalytics.com/knowledge-center/investment-ratios.html

2. http://smallbusiness.chron.com/compare-financial-statements-between-businesses-

24903.html

3. http://biznik.com/articles/how-to-review-financial-statements-like-a-finance-knowitall-even-if-

youre-a-finance-notatall

4. http://en.wikipedia.org/wiki/Budget

5. http://www.rurdev.usda.gov/rbs/pub/rr154.pdf

6. http://www.buzzle.com/articles/importance-of-financial-planning.html

7. http://www.pppnetwork.com/?

view=The_Importance_Of_Financial_Planning&mid=1563&mid=1563

8. http://www.scribd.com/doc/27126810/Sources-of-Finance)

9. http://www.fao.org/docrep/W4343E/w4343e08.htm

10. http://tutor2u.net/business/gcse/finance_why_needed.htm

11. http://kabraacademy.weebly.com/uploads/1/0/3/0/10302616/business_finance.pdf

12. Lecture notes