D076 Finance Skills Review/Study Guide
Finance - the study of managing and allocating funds at the personal or business level; forward looking What are the subspecialties of finance? - business finance, investments, and financial institutions Corporate finance - an area of finance that involves activities used to increase shareholder wealth Investments - an area of finance that deals with investment allocation and asset pricing financial institutions - an area of finance that involves organizations that accept deposits, offer investment products, loan money, or broker financial transactions accounting - the system of recording, reporting, and summarizing past financial information and transactions; backward looking What is the goal of business finance? - to maximize owner wealth for a privately held company and to maximize shareholder wealth for a publicly held company What are the goals of personal finance? - maximize an individual's utility What main tasks does a financial manager complete? - making investment decisions, making financing decisions, and managing working capital Investment decisions are made based on what? - costs and benefits of potential projects in achieving the goal of a firm
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