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5.1
Why businesses need finance · เหตุผลที่ธุรกิจต้องการเงินทุน
Syllabus · หลักสูตร
English
explain why businesses need finance (start-up capital, expansion, working capital, cash-flow problems)
distinguish short-term and long-term finance and internal and external sources of finance
describe sources of finance (retained profit, sale of assets, owners' savings, bank loan/overdraft, share issue, debentures, leasing, hire purchase, trade credit, microfinance, crowdfunding, government grants)
explain the factors that influence the choice of source of finance
Source: Cambridge International syllabus · แหล่งที่มา: หลักสูตร Cambridge International
English
Finance 资金 means the money a business needs. A business needs finance to:
start up — start-up capital 启动资金 to buy equipment and stock before it earns anything,
grow — money for expansion 扩张, such as new shops or machines,
run day to day — working capital 营运资金 to pay wages and suppliers while waiting for customers to pay,
survive a cash-flow 现金流 problem, when more money is going out than is coming in.
Sources of finance
Finance can be short-term 短期 (paid back within a year) or long-term 长期 (over several years). It can come from inside the business (internal) or from outside (external).
Source
Internal / external
Notes
retained profit 留存利润
internal
profit kept in the business, not paid out
sale of assets 资产
internal
selling things the business no longer needs
owners' savings
internal
the owners' own money
bank loan 贷款
external
borrowed money, repaid with interest 利息 over time
bank overdraft 透支
external
the bank lets the account go below zero, for short-term needs
issuing new shares 股份
external
only for limited companies; raises money but shares out control
debentures 债券
external
long-term loans to a company that pay interest
leasing 租赁
external
renting equipment instead of buying it
hire purchase 分期付款
external
buy now and pay in monthly parts
trade credit 贸易信贷
external
pay suppliers later, for example after 30 days
microfinance 小额信贷
external
small loans for tiny businesses in poorer areas
crowdfunding 众筹
external
many people each give a small amount, often online
government grants 补助金
external
money from the government that need not be repaid
Choosing a source
The best source depends on how much money is needed and for how long, the cost (interest and fees), the size and legal type of the business (only companies can sell shares), and how much risk and control the owners will accept.
Source: Cambridge International syllabus · แหล่งที่มา: หลักสูตร Cambridge International
English
Cash-flow forecast
Cash is not the same as profit
Cash 现金 is the money a business can use right now. Profit 利润 is revenue 收入 minus costs over a period. A business can be making a profit yet still run out of cash — for example, if customers have not paid yet. Running out of cash can force even a profitable business to close.
The cash-flow forecast
A cash-flow forecast 现金流预测 predicts the money coming in and going out each month. It uses:
inflows 流入 — money coming in (sales, loans),
outflows 流出 — money going out (wages, rent, materials),
net cash flow 净现金流 — inflows minus outflows,
opening balance 期初余额 — the cash held at the start of the month,
closing balance 期末余额 — the cash held at the end of the month.
Worked example. A shop expects inflows of £12,000 and outflows of £9,000 next month, and starts the month with £2,000 in the bank. Find the net cash flow and the closing balance.
Working capital is the money available for day-to-day running. It is the current assets 流动资产 (cash and things soon turned into cash) minus the current liabilities 流动负债 (debts due within a year).
To overcome cash-flow problems, a business can arrange an overdraft, delay paying suppliers, ask customers to pay sooner, sell spare assets, or cut spending.
A forecast of cash in and out each month warns a business of a cash shortage before it strikes. · การคาดการณ์กระแสเงินสดเข้าและออกแต่ละเดือนช่วยเตือนกิจการถึงภาวะขาดแคลนเงินสดก่อนจะเกิดขึ้นจริง
Drag the monthly cash in, cash out and the one-off oven purchase — does the bakery stay out of the red all six months? · ลากกระแสเงินสดเข้า-ออกรายเดือน และการซื้อเตาอบครั้งหนึ่ง — ร้านขนมปังจะพ้นจากสถานะขาดทุนตลอดทั้งหกเดือนหรือไม่?
identify the main features of an income statement: revenue, cost of sales, gross profit, expenses and profit for the year
explain how income statements are used by stakeholders
ไทย
ระบุองค์ประกอบหลักของงบกำไรขาดทุน: รายได้, ต้นทุนขาย, กำไร Xbox, expenses and profit for the year
อธิบายการใช้งบกำไรขาดทุนโดยผู้มีส่วนได้ส่วนเสีย
Source: Cambridge International syllabus · แหล่งที่มา: หลักสูตร Cambridge International
English
An income statement 损益表 shows how much profit a business made over a period, usually a year.
Line
Meaning
revenue
money from sales
cost of sales 销售成本
the cost of making or buying the goods that were sold
gross profit 毛利润
revenue minus cost of sales
expenses 费用
other running costs: rent, wages, advertising
profit for the year 年度利润
gross profit minus expenses
$$\text{gross profit} = \text{revenue} - \text{cost of sales}$$
$$\text{profit for the year} = \text{gross profit} - \text{expenses}$$
Worked example. A business has revenue of £200,000, cost of sales of £120,000 and expenses of £50,000. Find its gross profit and its profit for the year.
identify the main classifications in a statement of financial position: non-current and current assets, current and non-current liabilities, and owners' equity/capital
explain how the statement of financial position is used
gross profit margin 毛利率 — gross profit as a percentage of revenue.
profit margin 利润率 — profit for the year as a percentage of revenue.
return on capital employed 资本回报率 (ROCE) — profit as a percentage of the capital employed 所用资本 (money invested). It shows how well the investment is used.
A higher percentage is better for all three.
Worked example. The same business (revenue £200,000, gross profit £80,000, profit for the year £30,000) has capital employed of £150,000. Find its three profitability ratios.
$$\text{acid test ratio} = \frac{\text{current assets} - \text{inventory}}{\text{current liabilities}}$$
the current ratio 流动比率 compares current assets with current liabilities. Around 1.5 to 2 is healthy.
the acid test ratio 速动比率 is stricter: it leaves out inventory, because inventory is not yet sold.
Worked example. A business has current assets of £40,000 (including £10,000 of inventory) and current liabilities of £20,000. Find its current ratio and acid test ratio.
Cash is not profit: a profitable business can still run out of cash if customers pay late. Watch the closing balance on a cash-flow forecast.
Separate internal sources (retained profit, sale of assets, owners' savings) from external ones (bank loan, overdraft, shares, leasing, trade credit).
Key formulas: net cash flow = inflows − outflows; closing balance = opening balance + net cash flow; working capital = current assets − current liabilities.
Profitability ratios (gross margin, profit margin, ROCE) — higher is better. Liquidity: the current ratio (healthy ≈ 1.5–2) and the stricter acid test (which leaves out inventory).
Only limited companies can raise money by issuing shares; a sole trader or partnership cannot.
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