Money for the classics have one role and it is to determine the general price level. David Rekardo is one of a klasichiskata school. It expresses two contradictory statements.
The first is associated with commodity money. Gold and sribroto were izpoldvani as cash. For Rinardo were ordinary stock, cheyata opredeya value of the amount of labor invested in their proizvodstvol where removal is the first principle, if necessary for the production of commodity money reduces the amount of labor, the proposed amount of money increases. Value of money is determined in the field of production and prices are those that determine the economic equilibrium of the corresponding quantity of commodity money.
When the state holds a monopoly on the issue of commodity money, regardless of whether they are of metal or paper, the value will be determined in their circulation.
D. S. Mill, a representative of the classical school tvyardi that cost money are equal in value to the goods that can bowl with them. But spending money and money is not one thing sashto. One sashta and currency can fund multiple transactions during a given period. It follows that the money but have outstanding speed. The rate is determined: V = PxT / M, nadeto P - price level, T - the volume of transactions and M-money in circulation. This equation is the basis of the quantity theory of money. According to the classical volume of transactions can be accepted as permanent.
For early classics money consists of metal and paper money. In the 19th century in England parazhda dispute. It consisted in opposing privyarzhenitsite strictly regulate the supply of paper money and those who preach the competitive supply of paper money. Rekardo recommended the issue of paper money is 100% covered with gold held in central bank.
In 1911 AA Fischer adds latest additions to the quantity theory, as it attempts to mathematical formalization. Not a bit away from the analysis of its predecessors, but he formulated uravnenieta exchange as follows:
MxV = PxT
To take account of different forms of money Fischer offers an expanded version of an exchange equation: MxV + M'xV '= PxT.
Where M - money and coins, M '- bank money, V and V'-speed two cash formi.Fisher believe that velocity depends on the density of tartovskite customs, the speed of transportation, but not by zavisyan amount of money in circulation and deposits nor the general price level.
Analysis of liquidity
Financial situation of each company can be assessed from the perspective of short and long term. In the first case as criteria for assessing its liquidity and use its current indebtedness. In the long run. perspective to analyze the financial sustainability of the enterprise's long-term solvency. In cases when considering the liquidity of an entity given presence in it of the resources in this size that are theoretically sufficient to repay the current debt. In this case must be considered the financial flexibility of the enterprise, ie whether it has the right amount of money you can obtain them in krakosr. plan, you react quickly to market situation and therefore the relationship with contractors.
Under the liquidity of an asset means otnosit. ability to transform it into cash, the degree of liquidity determines the length of time during which this transformation can be achieved. The shorter this period is, the higher liquidity of the asset.
In l-nd liquidity rightly called the "buffer effect" or "pillow effect" because it reflects permanent entity's ability to regulate its financial difficulties that arise during the current year
Liquidity can be measured by absolute and relative terms.
The most typical is an absolute indicator of net working capital (NOC) - functioning, circulating, working capital. This is a short-term financial hakarter zhisnesposobnost the enterprise. He is constantly variable, which is constantly changing as a result of daily stop. operations. Calculate:
NOC = Tech. Assets (TA) - Tech. Tasivi (TA)
TA: An asset is included. group of TA is expected to be used or sold in the normal cycle of enterprises.; is held primarily for trading purposes or for a short time and is expected to be realized within 12 months. after the balance sheet is in cash or cash equivalents, at / in which no arrests. Inform. TA to be taken by the resp. section of the balance, which reflects all the CA. Of them should be excluded certain assets that can be used to repay short-term. obligations, eg.: materials and products subject to recall, imposed distraint in / in cash. To this amount should be added to the principal of long-term. debts maturing in the period.
TP: A liability is included. in the TA group when it is expected to be repaid within the norm. cycle of enterprises. or should be settled within 12 months. after the balance sheet date. Not apply to those TA-bearing obligations, even where they are to be settled in the juice of 12 months. from the balance sheet date, provided that the initially. period of settlement was more than 12 months.
TA information contained in the Bank's liabilities, obligations section, showing the short-term obligations. They should add long-term liabilities maturing during the reporting period.:
NOC = (SC + DP) - YES
Available to enterprises. NOC sure enough, it needs to be positive. This means that the theoretical chapter. point entrepreneurship. able to meet short-term. obligations, but it depends on the structure of this index and how each element in it can be converted into cash within a specified period.
If negative, you must conclude that there is a danger ongoing obligations to be paid by the urgent transformation of some assets in cash. This is not always possible and leads to bankruptcy and, if possible, it is usually done with ce very unfavorable conditions.
Excessive amount of NOC should not be evaluated positively, since it means lower operating efficiency of the enterprise - collection of bad debts, higher amount of inventories weaknesses in the management of financial resources, adverse conditions in the relations with suppliers and customers.
NOC can be private and foreign.
Own working capital (SOC) is calculated in one of two ways:
JUICE = KS - YES or juice TA = - (DP + CP)
On the way down to see that a part of NCA is its own when the magnitude of CK> YES or when the amount of TP> P
Foreign working capital (Chalk) is determined as follows:
Chalk = NOC - juice.
On changes in net working capital during the current year compared to previous period affect various fiktori:
increase the scale of the place. activity - as a greater volume of artworks. and hence realization. Cont., the greater the p-nd the Ministry of Health;
cont. the manufacturer. cycle - influence on / in p-nd a work in progress. Production;
amendments to the conditions of supply and palsment - the composition and number of suppliers and customers; form of payment with them, the frequency of delivery and implementation;
x Dr. seasonal producer. and business - it is influenced by environmental conditions.
NOC is an absolute p-l and therefore can not be used for comparison in time and space.
Furthermore, no precise reference points on its optimal size or desired dynamics. The presentation of this capital as a "buffer" suggests that the TA will be repaid by all the TA, the latter can not be used for other purposes. However, it is practically impossible.
Defects of liquidity can be assessed using several indicators relative. The essence of such an assessment lies in comparing with the TA assets used for their repayment.
In terms of their mobility TA can be divided into three groups:
the least liquid assets - are treated MH-inputs, outputs, WIP, and other goods.;
more mobile assets - short-term receivables and investments in the reversal of that cash is needed in less time. Liquidity depends on - the rate of payment by bank transfer, the location of the counterparty and their creditworthiness;
Cash and current accounts. These are the most mobile assets, through which you can immediately proceed to implementation of current estimates, but must be deducted the amount of blocked funds as a temporary entity does not have them.
The proportions in which these groups are in different businesses. Are different and depend on harakterara of the business, the ratio between current and non-current assets, the amount and timing of claims and others. factors.
Based on this group of TA may be calculated several indicators of relative liquidity. The first is the ratio of total liquidity (Cole):
Call = Current Assets (TA) / Current Liabilities (TA)
In l-nd occurs as the coverage ratio. The numerical importance of this factor indicates how many times the value of TA score exceeds the magnitude of current at the time evaluation of short-term obligations. This polazatel is widely used in practice because it reflects the hypothetical possibility of the company that the sale of all or part of the TA will be able to pay all its current obligations. The higher the magnitude of current assets to Current liabilities as greater confidence that these obligations can be repaid at the expense of existing assets.
Widespread opinion that this factor can be estimated empirically. It is believed that if it is equal to 2, it is logically and all values lower than this rate is considered unacceptable, and as this matter exceed 2 so this is better. This view is particularly true for banks, when analyzed in relation to business is lending. But more than 2 can also mean significant, non-time IB debtors too much debt, poor control over cash transactions. Another company may have a ratio below 2, but thanks to good governance is in excellent financial condition.
When analyzing the odds. total liquidity at the end of the year should be careful because there may be so. "Decorate the window" - The company aggressively collect part of their claims, the volume of stocks is reduced below the norm. level, and the usual shopping activity be suspended. As a result of measures taken and received money saved be used to repay the tech. obligations
It is therefore appropriate in tech. years to calculate several intermediate pokazteli (3-6 months). for the study of such situations and to measure the impact of seasonal factors.
Another indicator is the relative odds. Quick liquidity. In l-nd call and coefficient of "Svraklikvidnost" or "litmus" coefficient because through it we obtain information about the state of tech. solvency of potential customers:
Kbl = TA-MH or Kbl = KV + KI + PS
TA TA
Since the proportion of MH in the amount of TA is the largest compared with others. ELEMENTS - eliminating it leads to a sharp decrease in the coefficient of immediate liquidity compared to the odds. total liquidity.
Will be abnormally Kbl <1, since much of the tech. zaalzheniya arise in connection with the acquisition of part of IB.
It is possible to calculate two relative liquidity indicators: ratio of the absolute and immediate liquidity:
KNL TA = - (MH + HF) or Knl = CP + CI
TA TA
MUD TA = - (MH + HF + CI) = PS or mud
TA TA
They are less cyclical and more often as changing levels within a reporting period. It is believed that they were suitable for analysis which is carried out by financial and investment enterprises, which is more important immediate and absolute liquidity.
Analysis of these measurements may be performed in several ways:
1) to conduct static analysis - it includes several comparisons:
by a factor of - norm that the enterprise takes account of its activities with the industry to which it belongs;
with selected indicators of previous periods of the enterprise;
with the performance of companies with similar activities.
2) implementation of dynamic analysis - it examined changes in relative performance over different periods of the year or in successive periods. This is best achieved by using the indices of basic chain or base.
3) performing structural analysis - it can trace the influence of different groups and types of current assets and liabilities for the formation of a certain level of these indicators.
4) conducting factor analysis of indicators of changes in the current period compared to the previous method using the eliminating and its variants (chain substitutions, relative numbers)
Otnosit. Liquidity indicators give an overall picture of the ratio m / t different elements of the TA and TP.
Despite their importance to obtain a more complete picture of the level of liquidity in the analysis can be used, etc.. indicators:
Maneuverability ratio of NCA:
Kmnok = NOC
CK
By this indicator gets an idea, what part of SC is in the form of yes, but in a way that allows more freedom to maneuver with the remaining. with ca.
If protsea dynamic analysis in order there is an increasing trend can be inferred that there is a real financial stability and possible enterprises. to regroup their A and channeling them into more efficient operations.
The magnitude of this parameter varies depending on the sectoral affiliation of enterprises.
Coefficient of services provided by the NOC:
Konok = NOC
TA
The increase of this indicator in dynamic range, at sufficiently high rates of growth of operating at capital is a sign of successful business development. The low level of the coefficient indicates that there is a strong dependence of the company from creditors in the short term.
Modified version of the previous figure is that, in the denominator of the formula indicates the amount of real assets.
*
The coefficient of dynamic NOC:
SP KD = knock
NOC
He characterized the actual ability of the enterprise for quick financial maneuvers:
The higher the magnitude of this index, the higher level of liquidity in this group of TA. This means that the company can quickly regulate its obligations to suppliers, budget, personnel and others. The decrease of the coefficient indicates a possible slowdown in receipts from customers or any difficulties by the provision of trade credit by the supplier.
Under the liquidity of an asset means otnosit. ability to transform it into cash, the degree of liquidity determines the length of time during which this transformation can be achieved. The shorter this period is, the higher liquidity of the asset.
In l-nd liquidity rightly called the "buffer effect" or "pillow effect" because it reflects permanent entity's ability to regulate its financial difficulties that arise during the current year
Liquidity can be measured by absolute and relative terms.
The most typical is an absolute indicator of net working capital (NOC) - functioning, circulating, working capital. This is a short-term financial hakarter zhisnesposobnost the enterprise. He is constantly variable, which is constantly changing as a result of daily stop. operations. Calculate:
NOC = Tech. Assets (TA) - Tech. Tasivi (TA)
TA: An asset is included. group of TA is expected to be used or sold in the normal cycle of enterprises.; is held primarily for trading purposes or for a short time and is expected to be realized within 12 months. after the balance sheet is in cash or cash equivalents, at / in which no arrests. Inform. TA to be taken by the resp. section of the balance, which reflects all the CA. Of them should be excluded certain assets that can be used to repay short-term. obligations, eg.: materials and products subject to recall, imposed distraint in / in cash. To this amount should be added to the principal of long-term. debts maturing in the period.
TP: A liability is included. in the TA group when it is expected to be repaid within the norm. cycle of enterprises. or should be settled within 12 months. after the balance sheet date. Not apply to those TA-bearing obligations, even where they are to be settled in the juice of 12 months. from the balance sheet date, provided that the initially. period of settlement was more than 12 months.
TA information contained in the Bank's liabilities, obligations section, showing the short-term obligations. They should add long-term liabilities maturing during the reporting period.:
NOC = (SC + DP) - YES
Available to enterprises. NOC sure enough, it needs to be positive. This means that the theoretical chapter. point entrepreneurship. able to meet short-term. obligations, but it depends on the structure of this index and how each element in it can be converted into cash within a specified period.
If negative, you must conclude that there is a danger ongoing obligations to be paid by the urgent transformation of some assets in cash. This is not always possible and leads to bankruptcy and, if possible, it is usually done with ce very unfavorable conditions.
Excessive amount of NOC should not be evaluated positively, since it means lower operating efficiency of the enterprise - collection of bad debts, higher amount of inventories weaknesses in the management of financial resources, adverse conditions in the relations with suppliers and customers.
NOC can be private and foreign.
Own working capital (SOC) is calculated in one of two ways:
JUICE = KS - YES or juice TA = - (DP + CP)
On the way down to see that a part of NCA is its own when the magnitude of CK> YES or when the amount of TP> P
Foreign working capital (Chalk) is determined as follows:
Chalk = NOC - juice.
On changes in net working capital during the current year compared to previous period affect various fiktori:
increase the scale of the place. activity - as a greater volume of artworks. and hence realization. Cont., the greater the p-nd the Ministry of Health;
cont. the manufacturer. cycle - influence on / in p-nd a work in progress. Production;
amendments to the conditions of supply and palsment - the composition and number of suppliers and customers; form of payment with them, the frequency of delivery and implementation;
x Dr. seasonal producer. and business - it is influenced by environmental conditions.
NOC is an absolute p-l and therefore can not be used for comparison in time and space.
Furthermore, no precise reference points on its optimal size or desired dynamics. The presentation of this capital as a "buffer" suggests that the TA will be repaid by all the TA, the latter can not be used for other purposes. However, it is practically impossible.
Defects of liquidity can be assessed using several indicators relative. The essence of such an assessment lies in comparing with the TA assets used for their repayment.
In terms of their mobility TA can be divided into three groups:
the least liquid assets - are treated MH-inputs, outputs, WIP, and other goods.;
more mobile assets - short-term receivables and investments in the reversal of that cash is needed in less time. Liquidity depends on - the rate of payment by bank transfer, the location of the counterparty and their creditworthiness;
Cash and current accounts. These are the most mobile assets, through which you can immediately proceed to implementation of current estimates, but must be deducted the amount of blocked funds as a temporary entity does not have them.
The proportions in which these groups are in different businesses. Are different and depend on harakterara of the business, the ratio between current and non-current assets, the amount and timing of claims and others. factors.
Based on this group of TA may be calculated several indicators of relative liquidity. The first is the ratio of total liquidity (Cole):
Call = Current Assets (TA) / Current Liabilities (TA)
In l-nd occurs as the coverage ratio. The numerical importance of this factor indicates how many times the value of TA score exceeds the magnitude of current at the time evaluation of short-term obligations. This polazatel is widely used in practice because it reflects the hypothetical possibility of the company that the sale of all or part of the TA will be able to pay all its current obligations. The higher the magnitude of current assets to Current liabilities as greater confidence that these obligations can be repaid at the expense of existing assets.
Widespread opinion that this factor can be estimated empirically. It is believed that if it is equal to 2, it is logically and all values lower than this rate is considered unacceptable, and as this matter exceed 2 so this is better. This view is particularly true for banks, when analyzed in relation to business is lending. But more than 2 can also mean significant, non-time IB debtors too much debt, poor control over cash transactions. Another company may have a ratio below 2, but thanks to good governance is in excellent financial condition.
When analyzing the odds. total liquidity at the end of the year should be careful because there may be so. "Decorate the window" - The company aggressively collect part of their claims, the volume of stocks is reduced below the norm. level, and the usual shopping activity be suspended. As a result of measures taken and received money saved be used to repay the tech. obligations
It is therefore appropriate in tech. years to calculate several intermediate pokazteli (3-6 months). for the study of such situations and to measure the impact of seasonal factors.
Another indicator is the relative odds. Quick liquidity. In l-nd call and coefficient of "Svraklikvidnost" or "litmus" coefficient because through it we obtain information about the state of tech. solvency of potential customers:
Kbl = TA-MH or Kbl = KV + KI + PS
TA TA
Since the proportion of MH in the amount of TA is the largest compared with others. ELEMENTS - eliminating it leads to a sharp decrease in the coefficient of immediate liquidity compared to the odds. total liquidity.
Will be abnormally Kbl <1, since much of the tech. zaalzheniya arise in connection with the acquisition of part of IB.
It is possible to calculate two relative liquidity indicators: ratio of the absolute and immediate liquidity:
KNL TA = - (MH + HF) or Knl = CP + CI
TA TA
MUD TA = - (MH + HF + CI) = PS or mud
TA TA
They are less cyclical and more often as changing levels within a reporting period. It is believed that they were suitable for analysis which is carried out by financial and investment enterprises, which is more important immediate and absolute liquidity.
Analysis of these measurements may be performed in several ways:
1) to conduct static analysis - it includes several comparisons:
by a factor of - norm that the enterprise takes account of its activities with the industry to which it belongs;
with selected indicators of previous periods of the enterprise;
with the performance of companies with similar activities.
2) implementation of dynamic analysis - it examined changes in relative performance over different periods of the year or in successive periods. This is best achieved by using the indices of basic chain or base.
3) performing structural analysis - it can trace the influence of different groups and types of current assets and liabilities for the formation of a certain level of these indicators.
4) conducting factor analysis of indicators of changes in the current period compared to the previous method using the eliminating and its variants (chain substitutions, relative numbers)
Otnosit. Liquidity indicators give an overall picture of the ratio m / t different elements of the TA and TP.
Despite their importance to obtain a more complete picture of the level of liquidity in the analysis can be used, etc.. indicators:
Maneuverability ratio of NCA:
Kmnok = NOC
CK
By this indicator gets an idea, what part of SC is in the form of yes, but in a way that allows more freedom to maneuver with the remaining. with ca.
If protsea dynamic analysis in order there is an increasing trend can be inferred that there is a real financial stability and possible enterprises. to regroup their A and channeling them into more efficient operations.
The magnitude of this parameter varies depending on the sectoral affiliation of enterprises.
Coefficient of services provided by the NOC:
Konok = NOC
TA
The increase of this indicator in dynamic range, at sufficiently high rates of growth of operating at capital is a sign of successful business development. The low level of the coefficient indicates that there is a strong dependence of the company from creditors in the short term.
Modified version of the previous figure is that, in the denominator of the formula indicates the amount of real assets.
*
The coefficient of dynamic NOC:
SP KD = knock
NOC
He characterized the actual ability of the enterprise for quick financial maneuvers:
The higher the magnitude of this index, the higher level of liquidity in this group of TA. This means that the company can quickly regulate its obligations to suppliers, budget, personnel and others. The decrease of the coefficient indicates a possible slowdown in receipts from customers or any difficulties by the provision of trade credit by the supplier.
Finance and financial system
The term finance arises only in the Middle vekove.Parvonachalno it has been associated with usury, fraud or just scams. Only in the 17th century with finances assigned revenue and expenditure of the state .. Finance is an independent scientific discipline whose object is the state financial sector.
Finance set of techniques by which to manage money in the national economy. Finance cash flows (revenues and costs) of the state and individuals and entities.
Finance is subject to the movement of money associated with the formation and use of budgets and liquidity investments in real assets to state and others. Finance in terms of a developed commodity proizvodstvovo have monetary relations. Money along with the implementation of purely monetary function, are manifestation of Finance.
Finance can be defined as a tool for cash management and financial relations are separated into two large groups:
In fiscal nature - expressing the cash flows of the State and are reflected in the state budget and extrabudgetary accounts
With non-fiscal nature - express cash flows of all non-fiscal enterprises, institutions, those of the individual families and individuals and their balancing.
Priemaiki Finance as such property for cash management should be noted that cash, respectively fininansovi relations are separated into two large groups:
Money (financial) relationship of a fiscal nature - cash Ar. revenues and expenditures of state and their balanced and which are otrazh.v DB
Money (financial) relations with non-fiscal nature - express cash receipts and expenditure of everything that we nefisksirani or other Non-governmental enterprises, organizations, institutes and others. Finance functions are internal and external.
In economic terms, the financial system is relatively independent set of cash flows or financial relations and the institutional - a set of institutions that regulate, implement, monitor and manage financial affairs. Financial system can be viewed in 2 dimensions - economic and institsionalen.
In economic terms, the financial system is relatively independent set of cash flows or financial relations and the institutional - a set of institutions that regulate, implement, manage and monitor financial otnosheniya.Ot economic perspective the financial system, can be distinguished into two main structural units:
1) The fiscal financial relationships that comprise and express revenue and expenditure of state
2) No fiscal financial relationships that comprise and express receipts and expenditures of legal and natural persons. In expanded form the units of the financial system are the following:
Fiscal-financial government revenues, expenditures, budget and extrabudgetary funds, which can be centralized and decentralized konsolidarni
No fiscal finances - finances entities, banking, insurance, social security semezhni finance and international finance.
The central authorities of the financial system are: Ministry of Finance and Bulgarian National Bank, which supervise banks and non banking financial institutsii.Samostoyatelni units are organizations and insurance funds and social security, which are typically autonomous, but under state supervision . The mission of financial intermediation is expressed in the mobilization of available funds or capital from one country and targeting them for placement in their use of them in need of economic subekti.V close relationship and interdependence with the financial system and money are treated, and days, they are an important part in a market economy in general and the financial system in particular. The modern concept of finances and financial systems cover only or not primarily fiscal finances. Are subject to fiscal discipline "Public Finance".
Financial markets are two types: short-and long-term or money, or capital stock exchange.
Finance set of techniques by which to manage money in the national economy. Finance cash flows (revenues and costs) of the state and individuals and entities.
Finance is subject to the movement of money associated with the formation and use of budgets and liquidity investments in real assets to state and others. Finance in terms of a developed commodity proizvodstvovo have monetary relations. Money along with the implementation of purely monetary function, are manifestation of Finance.
Finance can be defined as a tool for cash management and financial relations are separated into two large groups:
In fiscal nature - expressing the cash flows of the State and are reflected in the state budget and extrabudgetary accounts
With non-fiscal nature - express cash flows of all non-fiscal enterprises, institutions, those of the individual families and individuals and their balancing.
Priemaiki Finance as such property for cash management should be noted that cash, respectively fininansovi relations are separated into two large groups:
Money (financial) relationship of a fiscal nature - cash Ar. revenues and expenditures of state and their balanced and which are otrazh.v DB
Money (financial) relations with non-fiscal nature - express cash receipts and expenditure of everything that we nefisksirani or other Non-governmental enterprises, organizations, institutes and others. Finance functions are internal and external.
In economic terms, the financial system is relatively independent set of cash flows or financial relations and the institutional - a set of institutions that regulate, implement, monitor and manage financial affairs. Financial system can be viewed in 2 dimensions - economic and institsionalen.
In economic terms, the financial system is relatively independent set of cash flows or financial relations and the institutional - a set of institutions that regulate, implement, manage and monitor financial otnosheniya.Ot economic perspective the financial system, can be distinguished into two main structural units:
1) The fiscal financial relationships that comprise and express revenue and expenditure of state
2) No fiscal financial relationships that comprise and express receipts and expenditures of legal and natural persons. In expanded form the units of the financial system are the following:
Fiscal-financial government revenues, expenditures, budget and extrabudgetary funds, which can be centralized and decentralized konsolidarni
No fiscal finances - finances entities, banking, insurance, social security semezhni finance and international finance.
The central authorities of the financial system are: Ministry of Finance and Bulgarian National Bank, which supervise banks and non banking financial institutsii.Samostoyatelni units are organizations and insurance funds and social security, which are typically autonomous, but under state supervision . The mission of financial intermediation is expressed in the mobilization of available funds or capital from one country and targeting them for placement in their use of them in need of economic subekti.V close relationship and interdependence with the financial system and money are treated, and days, they are an important part in a market economy in general and the financial system in particular. The modern concept of finances and financial systems cover only or not primarily fiscal finances. Are subject to fiscal discipline "Public Finance".
Financial markets are two types: short-and long-term or money, or capital stock exchange.
Cashless payments and accounts
Direct Transfer - initiator of the payment is the client, complete transfer order to transfer credit, which ranks the servicing bank to pay that amount to the provider.
Contractor shall pay the customer a product with an invoice
Completed transfer order
Reduces Σ-s current account customer
Reported transfer
Increases Σ-s current account provider
BB to increase the current account
BB to reduce the current account.
This form does not guarantee the interests of the supplier. Debit, the initiator of the payment provider, completed payment document - Payment direct debit, which asks its bank to be platenaizvarshenata its delivery to the client. The customer's bank has to pay only at the express consent of the client.
Supplier sends goods to the customer with invoice
Transfer completed direct debit
Transmits orders
Agreement for direct debit
Reduce PC
Advice
Increase PC
BB to increase
BB reduction
This form does not sufficiently guarantee the interests of the supplier
Forms of cashless payments - credit, corporate credit and other forms - payment by credit opened in favor of specific suppliers. in a specific purchase. Usually the supplier and customer agree on the terms of delivery, the initiator is the client. It fills an order for opening letters of credit.
Nature and types of shares, accounting - the share is an ownership document. It entitles the holder to receive dividends, right out loud and liquidation share upon termination of business activity. Types - cash - sold for cash; name - the name of the shareholder shall be recorded in front of the stock, property - sold for property contributions made by shareholders, shares of the carrier - the name of the holder is not an element of the shape of the action; privileged shares - except dividend these shares provide some benefits-eligible for more than 1 vote, claimed to have a dividend, workers' shares - sold Staff of Pr. Entitle to dividend and aloud in the General Assembly. Accounting applies in which the market price of shares purchased is the cost and selling price when selling. Account 511 (Financial assets held for trading) and 512 Own shares active.
Example: eg "X" bought five BG shares with par value of BGN 100 to BGN 120 per share. Are paid PC sagl.b.b. 4-shares are sold on the exchange of BGN 130 each, and others - 110 EUR The amount of the sale is credited to the PC with the BB Reported differences.
Accounting for bonds - the credit document, entitle the holder to a fixed monetary income. Bondholders are creditors of enterprises. Right to issue bonds have state authorities and enterprises. Use account 513 (Financial assets pledged as collateral) expense 514 (Treasury bonds). Other accounts and cash funds. Account 505. Letters to BGN 506. Letters of credit in foreign currency - used in akredetivna form of payment. Deposits - where an entity has a deposit account; Current checks - if the enterprise check-administered form of payment to contractors. Government securities - when the company buys securities such as short-term assets.
Contractor shall pay the customer a product with an invoice
Completed transfer order
Reduces Σ-s current account customer
Reported transfer
Increases Σ-s current account provider
BB to increase the current account
BB to reduce the current account.
This form does not guarantee the interests of the supplier. Debit, the initiator of the payment provider, completed payment document - Payment direct debit, which asks its bank to be platenaizvarshenata its delivery to the client. The customer's bank has to pay only at the express consent of the client.
Supplier sends goods to the customer with invoice
Transfer completed direct debit
Transmits orders
Agreement for direct debit
Reduce PC
Advice
Increase PC
BB to increase
BB reduction
This form does not sufficiently guarantee the interests of the supplier
Forms of cashless payments - credit, corporate credit and other forms - payment by credit opened in favor of specific suppliers. in a specific purchase. Usually the supplier and customer agree on the terms of delivery, the initiator is the client. It fills an order for opening letters of credit.
Nature and types of shares, accounting - the share is an ownership document. It entitles the holder to receive dividends, right out loud and liquidation share upon termination of business activity. Types - cash - sold for cash; name - the name of the shareholder shall be recorded in front of the stock, property - sold for property contributions made by shareholders, shares of the carrier - the name of the holder is not an element of the shape of the action; privileged shares - except dividend these shares provide some benefits-eligible for more than 1 vote, claimed to have a dividend, workers' shares - sold Staff of Pr. Entitle to dividend and aloud in the General Assembly. Accounting applies in which the market price of shares purchased is the cost and selling price when selling. Account 511 (Financial assets held for trading) and 512 Own shares active.
Example: eg "X" bought five BG shares with par value of BGN 100 to BGN 120 per share. Are paid PC sagl.b.b. 4-shares are sold on the exchange of BGN 130 each, and others - 110 EUR The amount of the sale is credited to the PC with the BB Reported differences.
Accounting for bonds - the credit document, entitle the holder to a fixed monetary income. Bondholders are creditors of enterprises. Right to issue bonds have state authorities and enterprises. Use account 513 (Financial assets pledged as collateral) expense 514 (Treasury bonds). Other accounts and cash funds. Account 505. Letters to BGN 506. Letters of credit in foreign currency - used in akredetivna form of payment. Deposits - where an entity has a deposit account; Current checks - if the enterprise check-administered form of payment to contractors. Government securities - when the company buys securities such as short-term assets.
Banks and Banking
Paper money, unlike commodity money and metal coins from precious metals are symbolic. The essence of money is most fully manifested by their functions:
means of circulation - involves implementation of monetary exchange at the time of transaction.
tender - ie that the purchase will be paid later
measure of value - ie a means to calculate
accumulation or storage of value
world's money - their ability to be used in international payments
The most common definition of money - money is the universal commodity exchange for each marketable product and service and suitable for calculations and payments.
Stands behind the word money many of their variety, these are: coin money and paper money, they make the money available.
The main mass of cash, however, is non-cash money, ie money in bank accounts. Significant place in the money circulation borrow cash checks. The future of money in their most modern form - electronic money, credit and debit cards etc.
Money supply - combination of purchasing and payment tools serving the economic turnover form of money. The structure of money laundering distinguish active, serving existing and non-cash turnover and passive money that could potentially be used for payments.
Roger is money to be structured by dividing the parts depending on their degree of likvisnost. Under Liquidity means the ability to quickly, easily and with minimal conversion losses of financial assets in cash as payment.
Monetary system - a form of organization of the circulation in the country secured by law.
Each country has its own monetary system and currency, which is a symbol of the state. Because that gives the sovereign right to print their own currency, this does not preclude the use of foreign currencies.
The issue of cash sredsva is determined by two interrelated indicators - money supply and money demand.
Key factors determining the demand for money:
price level
interest rates
real income
Putting into circulation of cash money features - kredistnata state policy under inflation placing additional money is objectively determined by the price increase.
If emissions exceed the scale of the needs of the economy of the currency leads to "overheating" economy and "excitation" of inflation, but it also can stimulate economic activity.
Inflation is the devaluation of the currency ie reducing its power.
When prices rise slowly creeping inflation have
over 10% galloping inflation
over 1000% hyper inflation
Inflationary situation is formed when government debt is offset by the central bank by issuing notes and commercial banks by increasing loans.
Inflation affects all strata of society, but mostly the interests of those who receive their income in a relatively constant size and creditors.
The level of inflation is determined by the prices of so-called consumer basket, which includes the group of the used goods.
Stagflation - State of the economy in which inflation is accompanied by a decline in production and increasing unemployment is determined stagflation.
Finance is a generalized concept of an economic category, which characterizes the nature of monetary processes and monetary relations in society.
Finance occur in three different planes:
As cash and cash equivalents used as a type of economic resources necessary for production and consumption. There are three main sources, which can lead to financial resources
newly disposable income
use of part of the national wealth
loan - ie attracting funds from external sources
Finance and related financing concept, understood as a process to provide the necessary funds. Finance occur and distribution relationships. Finance function through financial institutions, these are companies whose main business is buying, selling or holding financial assets.
Active - active in the market economy is a resource that provides the owner expected future profits.
Major financial institutions are:
First group - deposit institutions - are commercial banks, savings and loan banks and others.
Second group - contractual intermediaries - are insurance companies and pension funds
Third group - investment firms - these are mutual funds and financial companies
Fourth group - financial intermediaries, investment banks and brokerage houses
Financial markets are divided into two categories: money markets and capital markets
The money markets offered financial assets with maturity less than one year and the capital markets, greater than 1 year.
Bank Settlements
Payments are brokering deals between banks and customers and transactions between the banks themselves, related to transfer money to bank accounts and cash between retailers.
Payment transactions obusobyavat into two groups:
The first group comprises menitelnite transactions, promissory notes, endorsements, etc..
The abstract nature of their character stems from the fact that they do not require justification and content of transactions. they have established strict form that includes an exhaustive list details of the law.
The second group includes non-cash payments are virment or bank transfer, bank debit, debit, payment and credit checks. The abstract nature of these transactions obusnovyava the rule that the bank refuses payment You can not for reasons other than failure to comply with conditions vklshtcheni the contents of the letter of credit, bank guarantees or naretsdaneto.
When the debtor and creditor are two banks, payment shall be deemed completed at the time of certification of the current account of the bank lender, and the obligation of the account debtor to the bank with the central bank.
IN CASE of the interbank payment of two clients from the same bank, the payment process is completed with the credit lender the client. Payments between customers of two different banks ends the moment the credit at the creditor's bank. Completion of payment means that the amount of payment has become part of the account of the payee.
There are two main types of payment: cash and money in bank accounts ie.
The basic rule of non-cash payments is that they can be made only nrarezhdane holder or with his consent to the size and conditions set by it. The Bank is not interested in the basic agreement between the parties, it is required only to verify the formal part of the regularity of the payment documents.
Second rule - any payment can be made only to the amount of funds in the account. Exceptions are made only in CASE an agreed overdraft. Bank has established and regulated so-called (BISERA) all banks must participate in it. Documents for payments must be processed within the working day in which they are received at the bank, the payments are made through BISERA spot in peryod (3 days) after receipt of the payment document. In late delay bank pays interest during the delay.
Bank Transfer - virment
Wire transfer is a transaction in which the principal provides the bank with a sum of money to pay nareydaneto of that person. Originator has the right to refuse payment ie it reversed and download an order only to the point that his account was debited.
The originator's bank and the originator may agree to a transfer order is revoked or neotmenyano, but it has no power to the beneficiary's bank, unless it has undertaken a similar obligation to the bank of the originator.
Reversal differs from revocation action as follows:
Reverse action on the bank, and the repeal of the originator. Reversal is strictly identified from premises and will be determined by the bank. Reversal is carried out after completion of the action, while the translation can only be repealed until it is executed.
The Bank may reverse the payment in three instances: when false entries in the overcharged amounts and illegality.
Funds provided by the originator may be of different origin - own credit, budget and TNT. The main requirement for them to be liquid and amounts they are available in the current account of the originator.
Bank debit is the payment transaction between the payer and the recipient, in which the payer agrees the bank, which leads to his account, for which the recipient is notified.
Payment request may be withdrawn only until the debit.
Fulfillment of the obligation under the payment request should be made within the same day, while only payment within the prescribed spot peryod.
If the payer does not have the requested amount payment request relates in arrears and is paid in full when the bill to raise the necessary funds.
There is a difference between the bank and cash collection contract for the documentary collection, documentary collections in the bank undertakes on behalf of the payer reward to forward documents to another person, giving the right to dispose of a claim.
Clearing bank
Clearing as a concept and operation means for mutual netting of claims and liabilities of banks. The term means clearing nasreshnite equalize obligations between two or more parties.
Clearing bank is only possible for participants BISERA.
Payment by credit
Letter of credit is one of the main forms of cashless payment through bank.
Seller may satisfy its rights to receive the agreed amount, if present at the bank said in akrditiva documents.
For its part, ie the ordering is also guaranteed buyer because the bank is required to accurately establish the correlation between the condition of credit and the documents without any concern for the concrete implementation of the commercial contract.
In the letter of credit shall include the type of product, time for payment, the amount of money and other payment documents.
In the letter of credit method of payment travel documents are the most important conditions for such payment. Because they verify the existence of the goods and it is transmitted to the carrier for transportation to the buyer.
Payment by check
Cheque unlike bills of exchange and promissory notes shall not give rise to short-term lending between each issuer and creditor. As it is not expected outstanding claims and the immediate and unconditional payment. It is a document that ranks the bank to pay for bringing a certain amount of time saved in check.
means of circulation - involves implementation of monetary exchange at the time of transaction.
tender - ie that the purchase will be paid later
measure of value - ie a means to calculate
accumulation or storage of value
world's money - their ability to be used in international payments
The most common definition of money - money is the universal commodity exchange for each marketable product and service and suitable for calculations and payments.
Stands behind the word money many of their variety, these are: coin money and paper money, they make the money available.
The main mass of cash, however, is non-cash money, ie money in bank accounts. Significant place in the money circulation borrow cash checks. The future of money in their most modern form - electronic money, credit and debit cards etc.
Money supply - combination of purchasing and payment tools serving the economic turnover form of money. The structure of money laundering distinguish active, serving existing and non-cash turnover and passive money that could potentially be used for payments.
Roger is money to be structured by dividing the parts depending on their degree of likvisnost. Under Liquidity means the ability to quickly, easily and with minimal conversion losses of financial assets in cash as payment.
Monetary system - a form of organization of the circulation in the country secured by law.
Each country has its own monetary system and currency, which is a symbol of the state. Because that gives the sovereign right to print their own currency, this does not preclude the use of foreign currencies.
The issue of cash sredsva is determined by two interrelated indicators - money supply and money demand.
Key factors determining the demand for money:
price level
interest rates
real income
Putting into circulation of cash money features - kredistnata state policy under inflation placing additional money is objectively determined by the price increase.
If emissions exceed the scale of the needs of the economy of the currency leads to "overheating" economy and "excitation" of inflation, but it also can stimulate economic activity.
Inflation is the devaluation of the currency ie reducing its power.
When prices rise slowly creeping inflation have
over 10% galloping inflation
over 1000% hyper inflation
Inflationary situation is formed when government debt is offset by the central bank by issuing notes and commercial banks by increasing loans.
Inflation affects all strata of society, but mostly the interests of those who receive their income in a relatively constant size and creditors.
The level of inflation is determined by the prices of so-called consumer basket, which includes the group of the used goods.
Stagflation - State of the economy in which inflation is accompanied by a decline in production and increasing unemployment is determined stagflation.
Finance is a generalized concept of an economic category, which characterizes the nature of monetary processes and monetary relations in society.
Finance occur in three different planes:
As cash and cash equivalents used as a type of economic resources necessary for production and consumption. There are three main sources, which can lead to financial resources
newly disposable income
use of part of the national wealth
loan - ie attracting funds from external sources
Finance and related financing concept, understood as a process to provide the necessary funds. Finance occur and distribution relationships. Finance function through financial institutions, these are companies whose main business is buying, selling or holding financial assets.
Active - active in the market economy is a resource that provides the owner expected future profits.
Major financial institutions are:
First group - deposit institutions - are commercial banks, savings and loan banks and others.
Second group - contractual intermediaries - are insurance companies and pension funds
Third group - investment firms - these are mutual funds and financial companies
Fourth group - financial intermediaries, investment banks and brokerage houses
Financial markets are divided into two categories: money markets and capital markets
The money markets offered financial assets with maturity less than one year and the capital markets, greater than 1 year.
Bank Settlements
Payments are brokering deals between banks and customers and transactions between the banks themselves, related to transfer money to bank accounts and cash between retailers.
Payment transactions obusobyavat into two groups:
The first group comprises menitelnite transactions, promissory notes, endorsements, etc..
The abstract nature of their character stems from the fact that they do not require justification and content of transactions. they have established strict form that includes an exhaustive list details of the law.
The second group includes non-cash payments are virment or bank transfer, bank debit, debit, payment and credit checks. The abstract nature of these transactions obusnovyava the rule that the bank refuses payment You can not for reasons other than failure to comply with conditions vklshtcheni the contents of the letter of credit, bank guarantees or naretsdaneto.
When the debtor and creditor are two banks, payment shall be deemed completed at the time of certification of the current account of the bank lender, and the obligation of the account debtor to the bank with the central bank.
IN CASE of the interbank payment of two clients from the same bank, the payment process is completed with the credit lender the client. Payments between customers of two different banks ends the moment the credit at the creditor's bank. Completion of payment means that the amount of payment has become part of the account of the payee.
There are two main types of payment: cash and money in bank accounts ie.
The basic rule of non-cash payments is that they can be made only nrarezhdane holder or with his consent to the size and conditions set by it. The Bank is not interested in the basic agreement between the parties, it is required only to verify the formal part of the regularity of the payment documents.
Second rule - any payment can be made only to the amount of funds in the account. Exceptions are made only in CASE an agreed overdraft. Bank has established and regulated so-called (BISERA) all banks must participate in it. Documents for payments must be processed within the working day in which they are received at the bank, the payments are made through BISERA spot in peryod (3 days) after receipt of the payment document. In late delay bank pays interest during the delay.
Bank Transfer - virment
Wire transfer is a transaction in which the principal provides the bank with a sum of money to pay nareydaneto of that person. Originator has the right to refuse payment ie it reversed and download an order only to the point that his account was debited.
The originator's bank and the originator may agree to a transfer order is revoked or neotmenyano, but it has no power to the beneficiary's bank, unless it has undertaken a similar obligation to the bank of the originator.
Reversal differs from revocation action as follows:
Reverse action on the bank, and the repeal of the originator. Reversal is strictly identified from premises and will be determined by the bank. Reversal is carried out after completion of the action, while the translation can only be repealed until it is executed.
The Bank may reverse the payment in three instances: when false entries in the overcharged amounts and illegality.
Funds provided by the originator may be of different origin - own credit, budget and TNT. The main requirement for them to be liquid and amounts they are available in the current account of the originator.
Bank debit is the payment transaction between the payer and the recipient, in which the payer agrees the bank, which leads to his account, for which the recipient is notified.
Payment request may be withdrawn only until the debit.
Fulfillment of the obligation under the payment request should be made within the same day, while only payment within the prescribed spot peryod.
If the payer does not have the requested amount payment request relates in arrears and is paid in full when the bill to raise the necessary funds.
There is a difference between the bank and cash collection contract for the documentary collection, documentary collections in the bank undertakes on behalf of the payer reward to forward documents to another person, giving the right to dispose of a claim.
Clearing bank
Clearing as a concept and operation means for mutual netting of claims and liabilities of banks. The term means clearing nasreshnite equalize obligations between two or more parties.
Clearing bank is only possible for participants BISERA.
Payment by credit
Letter of credit is one of the main forms of cashless payment through bank.
Seller may satisfy its rights to receive the agreed amount, if present at the bank said in akrditiva documents.
For its part, ie the ordering is also guaranteed buyer because the bank is required to accurately establish the correlation between the condition of credit and the documents without any concern for the concrete implementation of the commercial contract.
In the letter of credit shall include the type of product, time for payment, the amount of money and other payment documents.
In the letter of credit method of payment travel documents are the most important conditions for such payment. Because they verify the existence of the goods and it is transmitted to the carrier for transportation to the buyer.
Payment by check
Cheque unlike bills of exchange and promissory notes shall not give rise to short-term lending between each issuer and creditor. As it is not expected outstanding claims and the immediate and unconditional payment. It is a document that ranks the bank to pay for bringing a certain amount of time saved in check.
Organization of Social Security
Social security system is built on the principle of organization of a stock insurance fund. Social security is built on the following main pillars, which explains its meaning.
Zero pillar - social support and care for the most vulnerable layers of population - disabled, extremely poor people, unemployed, disadvantaged children.
Pillar - aims to ensure benefits and services to workers incapacitated during their period. To use these services and additional criteria are related to the mandatory continuous involvement of the insured in this system. Payments are the principle of solidarity. All involved, and receive only those for which the risk has occurred.
The second pillar - mandatory capital form of social security. Provides benefits and services again during incapacity. The size of the amount received depends on the individual account accumulations. Source of funding capital insurance funds.
Third pillar - voluntary capital form of social security is financed by voluntary contributions and their capitalization.
The fourth pillar - charity organizations, families and assistance from others.
Nature of social security
Social security is a mechanism which generates and distributes a special fund in the implementation of security risks.
The importance of the system consists in insurance funds to ensure the physical security of citizens in society on the occurrence of specified and covered by public funds risks. Instrument to settle the Social Security Social Security Code. This Code regulates public relations connected with:
1. state social insurance sickness, accident, occupational disease, maternity, unemployment, old age and death;
2. additional social security, which includes:
a) supplementary mandatory pension insurance for old age and death;
b) the additional voluntary pension insurance fund for additional voluntary pension insurance for old age, disability and death or the fund for additional voluntary pension insurance under professional schemes for old age;
c) additional voluntary insurance for unemployment and / or professional qualification.
Covered risks
Temporary disability and temporary reduced working - failing to pursue the work due to illness
Disease that sometimes leads to permanent disability
Maternity - a risk covered under 2 years old child
Age - a contingency that occurred irreversible biological processes
Disability - permanent disability.
Death
Unemployment - an economic risk
Employment accident and occupational disease - associated with the impossibility of obtaining employment income for objective health status. In both cases there are special programs designed to support and rehabilitation.
The collection of contributions and their redistribution is definitely the Institute. He is responsible for the allocation and spending of various types of payments occurred obey different risks. There is a system of control for this purpose are established rules, methods and indicators, which determine the degree of risk. NII with the Social Assistance Agency, Ministry of Labour and Social Policy implemented various programs \ time employment, retirement support, integration of people with disabilities. \ Occurred in certain social risks, which aims to better cover people who need them supporting defined activities.
Principles of social security
1. mandatory and universal provision;
2. solidarity of the insured;
3. equality and equivalence of the insured;
4. Social dialogue in managing the social security system;
5. Stock organization of insurance agents.
Financial models of insurance funds
Insurance funds are organized on the basis of capital cost roof and roof systems.
Characteristics of the roof system cost
Solidarity - to finance the current revenue generation not working
Predefined payments - everyone knows in advance how much you pay. Management state is completely absent or limited
Cost advantages of roof system - adaptable to the demands, easily administered, easily overcoming inflation shocks more independent and less influenced by the capital markets.
Disadvantages - weak self-interest and limited personal choice, strong dependence on the political situation.
Characterization of capital funded system
Investment and capitalization of contributions individualization of fund assets \ individual accounts \ pre-defined contribution and defined in advance payments, asset management market.
Benefits of capital funded system - clearly a personal choice and interest, right of inheritance funds in individual accounts, development of economy and capital markets, weak depending on the political situation.
Disadvantages - depending on inflation shocks and crises of capital markets, high administrative costs, high individual risk, risk of major fraud, requiring high investment culture of the insured.
Combining the two systems lead to the creation of two major systems of insurance:
System of compulsory state social insurance
System of supplementary mandatory pension insurance.
Of course, there are insurance funds for additional voluntary pension insurance, unemployment and / or professional qualifications, whose activity is regulated by law and the relevant access control, which the legislature has created to protect the insured and their families.
Functioning of the systems are regulated by the Social Insurance Code.
Actors of Social Security
Insured persons are divided into several groups according to Article 4 of the CSR:
Paragraph 1 - Insured persons for all contingencies
2 - Insured persons of disability, old age and death and accident
Paragraph 3 - Insured persons of disability due to sickness, old age and death
Social Security Code is defined subjects-assurance and self-insurers. The Code and accompanying regulations are spelled out clearly the rights and obligations and the subsequent liability insurers.
Insurer means any natural person, legal person or unincorporated, and other organizations have an obligation under law to make contributions to other individuals. Insurers have the following responsibilities: to each newly registered person to work as the post, salary, length of working day to submit contributions on time and in the correct amounts, to notify the NRA exactly which persons are covered and what risks covered, What% of the contribution / working in different categories of percentage is different for the employer for employees of the MoI and MoD are contributions to the state budget, but at the expense of additional insurance worker is /.
Self is a natural person who is obliged to make contributions entirely at their own expense. Contributions to the self employed are entirely at their expense, they make the annual adjustment.
Zero pillar - social support and care for the most vulnerable layers of population - disabled, extremely poor people, unemployed, disadvantaged children.
Pillar - aims to ensure benefits and services to workers incapacitated during their period. To use these services and additional criteria are related to the mandatory continuous involvement of the insured in this system. Payments are the principle of solidarity. All involved, and receive only those for which the risk has occurred.
The second pillar - mandatory capital form of social security. Provides benefits and services again during incapacity. The size of the amount received depends on the individual account accumulations. Source of funding capital insurance funds.
Third pillar - voluntary capital form of social security is financed by voluntary contributions and their capitalization.
The fourth pillar - charity organizations, families and assistance from others.
Nature of social security
Social security is a mechanism which generates and distributes a special fund in the implementation of security risks.
The importance of the system consists in insurance funds to ensure the physical security of citizens in society on the occurrence of specified and covered by public funds risks. Instrument to settle the Social Security Social Security Code. This Code regulates public relations connected with:
1. state social insurance sickness, accident, occupational disease, maternity, unemployment, old age and death;
2. additional social security, which includes:
a) supplementary mandatory pension insurance for old age and death;
b) the additional voluntary pension insurance fund for additional voluntary pension insurance for old age, disability and death or the fund for additional voluntary pension insurance under professional schemes for old age;
c) additional voluntary insurance for unemployment and / or professional qualification.
Covered risks
Temporary disability and temporary reduced working - failing to pursue the work due to illness
Disease that sometimes leads to permanent disability
Maternity - a risk covered under 2 years old child
Age - a contingency that occurred irreversible biological processes
Disability - permanent disability.
Death
Unemployment - an economic risk
Employment accident and occupational disease - associated with the impossibility of obtaining employment income for objective health status. In both cases there are special programs designed to support and rehabilitation.
The collection of contributions and their redistribution is definitely the Institute. He is responsible for the allocation and spending of various types of payments occurred obey different risks. There is a system of control for this purpose are established rules, methods and indicators, which determine the degree of risk. NII with the Social Assistance Agency, Ministry of Labour and Social Policy implemented various programs \ time employment, retirement support, integration of people with disabilities. \ Occurred in certain social risks, which aims to better cover people who need them supporting defined activities.
Principles of social security
1. mandatory and universal provision;
2. solidarity of the insured;
3. equality and equivalence of the insured;
4. Social dialogue in managing the social security system;
5. Stock organization of insurance agents.
Financial models of insurance funds
Insurance funds are organized on the basis of capital cost roof and roof systems.
Characteristics of the roof system cost
Solidarity - to finance the current revenue generation not working
Predefined payments - everyone knows in advance how much you pay. Management state is completely absent or limited
Cost advantages of roof system - adaptable to the demands, easily administered, easily overcoming inflation shocks more independent and less influenced by the capital markets.
Disadvantages - weak self-interest and limited personal choice, strong dependence on the political situation.
Characterization of capital funded system
Investment and capitalization of contributions individualization of fund assets \ individual accounts \ pre-defined contribution and defined in advance payments, asset management market.
Benefits of capital funded system - clearly a personal choice and interest, right of inheritance funds in individual accounts, development of economy and capital markets, weak depending on the political situation.
Disadvantages - depending on inflation shocks and crises of capital markets, high administrative costs, high individual risk, risk of major fraud, requiring high investment culture of the insured.
Combining the two systems lead to the creation of two major systems of insurance:
System of compulsory state social insurance
System of supplementary mandatory pension insurance.
Of course, there are insurance funds for additional voluntary pension insurance, unemployment and / or professional qualifications, whose activity is regulated by law and the relevant access control, which the legislature has created to protect the insured and their families.
Functioning of the systems are regulated by the Social Insurance Code.
Actors of Social Security
Insured persons are divided into several groups according to Article 4 of the CSR:
Paragraph 1 - Insured persons for all contingencies
2 - Insured persons of disability, old age and death and accident
Paragraph 3 - Insured persons of disability due to sickness, old age and death
Social Security Code is defined subjects-assurance and self-insurers. The Code and accompanying regulations are spelled out clearly the rights and obligations and the subsequent liability insurers.
Insurer means any natural person, legal person or unincorporated, and other organizations have an obligation under law to make contributions to other individuals. Insurers have the following responsibilities: to each newly registered person to work as the post, salary, length of working day to submit contributions on time and in the correct amounts, to notify the NRA exactly which persons are covered and what risks covered, What% of the contribution / working in different categories of percentage is different for the employer for employees of the MoI and MoD are contributions to the state budget, but at the expense of additional insurance worker is /.
Self is a natural person who is obliged to make contributions entirely at their own expense. Contributions to the self employed are entirely at their expense, they make the annual adjustment.
Features prices
The function and role of prices are concepts which differ among themselves, although the terminology to be identical. Functions related to prednaznachenietto price and its role in the importance of price. In literature there ikononomicheskata discussions on the functions of tsanata. A group of economists believes that it performs a communicative, motivating and coordinating functions (Prof. Elena Miteva). Other economists consider cost as a criterion for business guide to action and means of economic impact. The main part of economists believe that price performs four functions:
Measurement;
Stimulating, respectively. restrictive;
Balancing (coordinated) - regulation;
Distribution, respectively. redistribution.
Differences between authors were separated by mixing concepts and the role and functions of giving different names for the same function of price.
Measuring function - its impact is determined by the nature of price and its ability to measure and expressed in money value of the goods whether it is seen from the perspective of the manufacturer or user. Predetermined and the ability to provide price equivalence in the exchange, its ability to measure and covers the cost of production and marketing as well as participation in the measurement of key economic parameters of the national and company level. At the national level through the prices are set and measured GDP, real income, brutoravnishteto and firm-level revenues, expenses, profit.
In a market economy, producers of commodities are forced to comply with the price level of its competitors, and within them reflect its costs and its output desired profits, and this means that by measuring its cost function not only help to measure economic results, but also forces manufacturers to fit into the recognized criteria of market returns and costs.
Balancing / regulating function - it relates to the ability of the price in a market economy to provide links between balance supply and demand of goods and services. Is manifested most strongly in terms of freely negotiated price. It is transmitted through market price important signals to producers and encourage practical solutions that lead to balance supply and demand. Regulatory function of price is essential and it is incorporated and other functions. In expanded form it is considered by some authors such as alignment, signaling function for surplus or deficit on the market, guiding the reallocation of investments to those that are effective.
Stimulating, respectively. restrictive - it is also embedded in the economic substance of the price, because through it restrict or encourage certain economic processes and phenomena. Occurs mainly through its influence on the process of exchange in the production and consumption. In the course of its exchange participants aim to achieve optimal results for yourself. For example, a seller can get maximum profit or maximum prodazhdbi provide for the buyer to minimize the amount of economic sacrifice, respectively, the acquisition of a product at the quality. Prices and motivating influence on production and on consumption. Impact on production resulting from participation in the profit structure of the price. Increase or decrease it, arising from the dynamics of price leads to promotion or restriction of production and supply of a product. Stimulating function of the price makes it one of the main elements of the marketing mix, which achieves marketing objectives to increase sales of market share. This stimulating effect is manifested particularly by implementing the system of discounts, price accents used selectively by large retail chains.
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Spreading function - it is the ability of prices to allocate and redistribute income between producers (by considering the prices of competitors), between producers and merchants (through the information contained in commercial price spread) between users and the state (through indirect taxes as part of the price ). A striking example of the redistributive function of the price is so. Differential pricing (based on different grounds).
Measurement;
Stimulating, respectively. restrictive;
Balancing (coordinated) - regulation;
Distribution, respectively. redistribution.
Differences between authors were separated by mixing concepts and the role and functions of giving different names for the same function of price.
Measuring function - its impact is determined by the nature of price and its ability to measure and expressed in money value of the goods whether it is seen from the perspective of the manufacturer or user. Predetermined and the ability to provide price equivalence in the exchange, its ability to measure and covers the cost of production and marketing as well as participation in the measurement of key economic parameters of the national and company level. At the national level through the prices are set and measured GDP, real income, brutoravnishteto and firm-level revenues, expenses, profit.
In a market economy, producers of commodities are forced to comply with the price level of its competitors, and within them reflect its costs and its output desired profits, and this means that by measuring its cost function not only help to measure economic results, but also forces manufacturers to fit into the recognized criteria of market returns and costs.
Balancing / regulating function - it relates to the ability of the price in a market economy to provide links between balance supply and demand of goods and services. Is manifested most strongly in terms of freely negotiated price. It is transmitted through market price important signals to producers and encourage practical solutions that lead to balance supply and demand. Regulatory function of price is essential and it is incorporated and other functions. In expanded form it is considered by some authors such as alignment, signaling function for surplus or deficit on the market, guiding the reallocation of investments to those that are effective.
Stimulating, respectively. restrictive - it is also embedded in the economic substance of the price, because through it restrict or encourage certain economic processes and phenomena. Occurs mainly through its influence on the process of exchange in the production and consumption. In the course of its exchange participants aim to achieve optimal results for yourself. For example, a seller can get maximum profit or maximum prodazhdbi provide for the buyer to minimize the amount of economic sacrifice, respectively, the acquisition of a product at the quality. Prices and motivating influence on production and on consumption. Impact on production resulting from participation in the profit structure of the price. Increase or decrease it, arising from the dynamics of price leads to promotion or restriction of production and supply of a product. Stimulating function of the price makes it one of the main elements of the marketing mix, which achieves marketing objectives to increase sales of market share. This stimulating effect is manifested particularly by implementing the system of discounts, price accents used selectively by large retail chains.
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Spreading function - it is the ability of prices to allocate and redistribute income between producers (by considering the prices of competitors), between producers and merchants (through the information contained in commercial price spread) between users and the state (through indirect taxes as part of the price ). A striking example of the redistributive function of the price is so. Differential pricing (based on different grounds).
Influence of international prices on domestic pricing
Domestic markets and prices are closely linked to international prices. Under the international market means that part of the stock exchange on which the transactions. International markets have no territorial boundaries. The goods offered to them have requirements:
- Have a standardized quality indicators meet the requirements of international markets;
- To meet the needs of large user groups;
- Have a great value - goods with greater weight and value and vice versa can not be subject to international trade.
Bulgaria's market and domestic prices are closely linked to international. This correlation is in several directions:
1. By foreign prices of imports and investment goods;
The structure of investment goods have the largest share material forms of material goods (raw materials, fuels). The prices of these resources is reflected in production costs, and hence in the domestic prices of finished products. Although kosvenno, this influence is strong, as resources are imported stretegichesko importance for the development of national production.
2. By trade prices of finished consumer goods;
Unlike manufacturing, these prices have a direct impact on domestic prices, because their determination into account:
1) The customs value of imported goods, which includes the actual purchase price of the deal, paid dues, fees and other associated with the movement of goods in our free boundary.
2) Domestic prices include taxes and fees paid to the Bulgarian border.
3) Sales allowances and transportation costs incurred by traders in the implementation of the imported goods.
Principal place in the structure of the internal environment of the goods have international prices.
3. By foreign export prices of investment and consumer goods;
The level of these prices are negotiated between participants in the process of concluding a commercial transaction in the international market. Export prices are criteria to which market to target supply. They are international monetary evaluation of the national labor materialized in exported goods. In this regard, export prices affect domestic prices through economic coercion of Bulgarian entrepreneurs to fit in these dimensions, which is higher quality and lower costs for manufacturers of competing products.
4. By continually increase the participation of foreign capital in domestic production and trade;
For the past five years foreign investment has increased more than 3 times. International companies are directed to increase the effective production, complying with international standards. Keep your image and prevent sales below a certain price that is higher than the level of international production.
5. Through the process of accession of Bulgaria to the European Union.
Since 2007 the national domestic market is an integral part of Europe. As a result of objective economic conditions have emerged to increase prices in Bulgaria and their convergence with other parties.
1) Increasing the cost of local predpiemachi with the performance of The European regulations / requirements for quality and production of manufactured goods. Furthermore, quality certificate, the EU introduced standards for good manufacturing practice.
2) Introduction of euromark - origin, industrial designs and copyrights. Their introduction creates economies of scale, new technologies in production and distribution. Registration of European brands of domestic production enables them to seek products in EU countries. To achieve a European investment deal marks associated with initial registration and annual fees, promotion of Bulgarian goods in Europe.
3) Compliance with safety standards and environmental protection.
4) Requirements for gradually bringing the amount of excise duty and excise goods to the EU.
Analyses show that the price at home is about 45% - 47% of EU average. Regardless of the process of bringing our domestic prices with those of the EU there are factors that determine the difference in our prices with those in other parties. More important factors are:
1) The different purchasing power in different countries - and now there are different products in different price categories and countries.
2) National identity of users and their psychological price behavior. Notwithstanding the requirements for quality, safety technology, continuously increasing customers who are cost-oriented, ie keep prices low. Extensive development have price promotions in major retail chains. This process will intensify and the increasing shortage of food by an increase in energy prices.
3) Different distribution policy in each country in terms of trade allowance and conditions of the participants in the marketing channels. In essence, the international price is the international monetary expression of value of goods and services. There are differences between international and world price. International price is that which dealt the international market and the world price is the biggest producer and user of the type of output, transactions are not bound by state and export and import transactions and payments in convertible currency. International prices are great multitude, it is caused by heterogeneous structures in the international market, including various transactions and the differences in conditions under which foreign trade deals are concluded.
- Have a standardized quality indicators meet the requirements of international markets;
- To meet the needs of large user groups;
- Have a great value - goods with greater weight and value and vice versa can not be subject to international trade.
Bulgaria's market and domestic prices are closely linked to international. This correlation is in several directions:
1. By foreign prices of imports and investment goods;
The structure of investment goods have the largest share material forms of material goods (raw materials, fuels). The prices of these resources is reflected in production costs, and hence in the domestic prices of finished products. Although kosvenno, this influence is strong, as resources are imported stretegichesko importance for the development of national production.
2. By trade prices of finished consumer goods;
Unlike manufacturing, these prices have a direct impact on domestic prices, because their determination into account:
1) The customs value of imported goods, which includes the actual purchase price of the deal, paid dues, fees and other associated with the movement of goods in our free boundary.
2) Domestic prices include taxes and fees paid to the Bulgarian border.
3) Sales allowances and transportation costs incurred by traders in the implementation of the imported goods.
Principal place in the structure of the internal environment of the goods have international prices.
3. By foreign export prices of investment and consumer goods;
The level of these prices are negotiated between participants in the process of concluding a commercial transaction in the international market. Export prices are criteria to which market to target supply. They are international monetary evaluation of the national labor materialized in exported goods. In this regard, export prices affect domestic prices through economic coercion of Bulgarian entrepreneurs to fit in these dimensions, which is higher quality and lower costs for manufacturers of competing products.
4. By continually increase the participation of foreign capital in domestic production and trade;
For the past five years foreign investment has increased more than 3 times. International companies are directed to increase the effective production, complying with international standards. Keep your image and prevent sales below a certain price that is higher than the level of international production.
5. Through the process of accession of Bulgaria to the European Union.
Since 2007 the national domestic market is an integral part of Europe. As a result of objective economic conditions have emerged to increase prices in Bulgaria and their convergence with other parties.
1) Increasing the cost of local predpiemachi with the performance of The European regulations / requirements for quality and production of manufactured goods. Furthermore, quality certificate, the EU introduced standards for good manufacturing practice.
2) Introduction of euromark - origin, industrial designs and copyrights. Their introduction creates economies of scale, new technologies in production and distribution. Registration of European brands of domestic production enables them to seek products in EU countries. To achieve a European investment deal marks associated with initial registration and annual fees, promotion of Bulgarian goods in Europe.
3) Compliance with safety standards and environmental protection.
4) Requirements for gradually bringing the amount of excise duty and excise goods to the EU.
Analyses show that the price at home is about 45% - 47% of EU average. Regardless of the process of bringing our domestic prices with those of the EU there are factors that determine the difference in our prices with those in other parties. More important factors are:
1) The different purchasing power in different countries - and now there are different products in different price categories and countries.
2) National identity of users and their psychological price behavior. Notwithstanding the requirements for quality, safety technology, continuously increasing customers who are cost-oriented, ie keep prices low. Extensive development have price promotions in major retail chains. This process will intensify and the increasing shortage of food by an increase in energy prices.
3) Different distribution policy in each country in terms of trade allowance and conditions of the participants in the marketing channels. In essence, the international price is the international monetary expression of value of goods and services. There are differences between international and world price. International price is that which dealt the international market and the world price is the biggest producer and user of the type of output, transactions are not bound by state and export and import transactions and payments in convertible currency. International prices are great multitude, it is caused by heterogeneous structures in the international market, including various transactions and the differences in conditions under which foreign trade deals are concluded.