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Finance is one of the most important economic categories, reflecting economic relations in the process of creating and using money. Finance is more than one thousand years. In fact, money began its development with the emergence of commodity-money relations, the formation of states, and to the present time it penetrates the actions of people in all spheres of their activity. Financial relations cover that part of the relationship that is associated with the formation and use of funds. Finance does not include money that provides personal consumption and exchange. Thus, it can be said that finances are economic relations, carried out mainly in monetary form between the main economic entities-enterprises, households and the state.
Finances that ensure the functioning of the state are called state finances. As a result of the redistribution of the company’s income in favor of households and producers, the finances of households and commercial organizations, respectively, arise.
- The distributive nature of relations, which is based on legal norms or the ethics of doing business, is connected with the movement real money regardless of the movement of value in commodity form.
- Unilateral nature of cash flows.
- Creation of centralized and decentralized funds of money.
Finances are of a monetary nature, but they differ from money in their functions.
If you in your finance homework you need to consider theoretical views on the essence of finance, the mechanism for the formation of financial resources, their sources and main directions of use, you can get finance homework help from professional writers.
Essence of finance
The term finance comes from the Latin word finansia – a cash payment. Thus, finance is directly related to money. Without money there can be no finance. However, finance differs from money, both in content and in the functions performed.
- An economic category closely connected with the production process
- They are tied to commodity-money relations
- They are a monetary category
- They distribute and redistribute GDP (gross domestic product) and ND (national income)
- They are embodied in real money funds, the aggregate of which constitutes financial resources
Money is a strictly defined economic category with a pronounced essence and functions that appears before finance. Money is the universal equivalent. Finance is the designated economic relationship arising at the time of the movement of money when its transfer is made in cash or by a non-cash way. Consequently, financial relations are, first of all, monetary relations. But not all monetary relations can be regarded as financial.
The sphere of money relations is wider than financial relations. Finance expresses only those monetary relations that are associated with the formation and use of funds of economic entities and the state.
Finances are the monetary relations of economic entities, including the state, as a result of which the income of a society changes its structure by increasing it in the hands of one entity by withdrawing (nonequivalent) this part from another.
Any financial transaction means the transfer of funds between business entities, users of money or the movement of money in certain monetary funds. In the process of this transfer, economic relations arise (for example, when paying pensions or taxes). Thus, finance is an economic category, it expresses part of economic relations.
- In the beginning, conditions for the emergence of finance are prepared, gross domestic product (GDP) and national income (ND) are created.
- The second stage is distribution. Finance has the form of distributive monetary relations, resulting in the formation of targeted cash funds. Finances, participating in the distribution of the gross domestic product and national income, become part of the production process, i.e. specific form of production relations, the economic essence of finance is manifested here. In the third and fourth stages of the process of GDP and ND production, their exchange and consumption take place, respectively.
Place of finance in the system of monetary relations
When getting finance homework help, it is important to define the place of finance in the system of monetary relations. Participating in economic relations, finances interact with different economic categories, therefore on the surface they distinguish the boundaries of financial relations, i.e. what operation, the tool of economy concerns to financial sphere. To determine the boundaries of financial relations, financial science needed to find the distinctive features of finance inherent in financial relations and reflecting their specifics.
The monetary nature of financial relations – the basis of financial relations is the movement of real money in cash and non-cash forms.
Distributive nature of financial relations. Finance is not associated with any form of cash flow. There are two main forms – exchange and distribution. Exchange is when there is a replacement of the monetary form for the commodity, or the cash equivalent is moving towards the commodity equivalent. In the process of distribution, only the cash equivalent is moved, and only unilaterally, although it is allowed to return the money after a certain time. This is finance.
Financial relations characterize the unilateral movement of value, as a result of which economic entities form monetary accumulations in the form of monetary funds.
Finance covers only those monetary relations that are associated with the formation and distribution of funds.
Finance is an integral part of monetary relations. Finance is in the form of money, but not all monetary relations are financial. Finance differs from money, both in content and in the functions performed by them. Let’s compare financial and monetary relations on points.
- The universal equivalent, by means of which the costs of associated producers are measured
- Perform five functions: a measure of value, a means of accumulation and saving, a means of payment, world money
- Originate before finance
- A more general economic category
- They embrace broad economic relations
- The economic instrument for the distribution and redistribution of GDP and ND, an instrument for monitoring the formation and use of funds
- Perform 3 functions of finance
- Occur later money
- Secondary category derived from money
- Covering the narrower relations associated with the formation of monetary funds
Functions of finance
If you can’t describe the functions of finance, get finance homework help and professional writers will help you with this section. Finance has functions that reveal the social purpose of this economic category.
The essence of finance as a special sphere of distributive relations manifests itself primarily through the distribution function. It is through this function that the public purpose of finance is realized: providing each business entity with the financial resources necessary for it, used in the form of special purpose funds.
Distribution function is carried out in all spheres of public life: in material production, in the non-material sphere, and in the sphere of circulation.
The subjects of distribution at the micro level are legal entities and individuals, at the macro level - the state. Distribution objects are GDP and ND in monetary form.
With the help of the distributive function, a new value is distributed (at the micro level) and a redistribution of this value (at the macro level).
Finance associated with the movement of the monetary form of the value of GDP have the property of quantitatively through financial resources to display the reproduction process. The essence of financial control is to inform society about all the problems in economic and monetary relations. The control function, which clearly represents the reproduction process, signals the resulting deviations in the proportions of the distribution of GDP and ND, in the timely and complete formation of the target cash funds, in the provision with the necessary resources of the production process.
- Prior to the onset of the distribution process, when programs, forecasts, budgets are compiled
- In the process of using funds of funds, in the execution of the planned programs, plans, estimates
- In the process of summarizing the results, drawing up assessments of the execution of plans.
- At all levels of management of the economic system (federal, territorial, local)
- In all spheres of social life (material production, sphere of circulation, consumption sphere)
- At all levels of the economic system (on-farm – enterprise finance, intra-sectoral – complex finance, interbranch and interterritorial – state budget and extra-budgetary funds)
Concept and composition of financial resources
Financial resources are a complex economic category that cannot be fully identified with money. At the same time, it is difficult to single out a clear criterion on the basis of which it is possible to establish quantitative limits of financial resources and characterize their specificity in contrast to the category of cash.
If you get finance homework help, describing financial resources can be beneficial for getting a higher grade.
Financial resources are an objective macroeconomic category, the content of which is determined by the conditions of the material and financial balance of the economy. The equality in the receipt and use of financial resources indicates that the solvent demand of enterprises, formed as a result of financing the costs of the development of the national economy and the functioning of state institutions, has material coverage, since it corresponds to the created financial resources. Therefore, the condition of material and financial balance can be represented both in the form of a correspondence between the amount of financial resources and the volume of material goods, and in the form of the balance equality of their receipt and expenditure.
The macroeconomic category of financial resources becomes meaningful when society passes to the regulation of economic development and there is a need to ensure a balance of material and financial flows.
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