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Finan 450 - 1

Exam 1 concepts

QuestionAnswer
Competitive Advantage Metaphor your CA is a moat around your business
What is a Competitive Advantage What does your company do that others can't
Why is a Competitive Advantage important surviving in the long-run
What does our financing buy us Use money to buy stuff which generates sale
If it takes a lot of stuff to generate a little bit of money... not a great return unless we use someone else’s money
If it doesn’t take a lot of stuff to generate a lot of money... we have a great business that needs a moat to protect it
Goal of all business forms is to maximize value
Corporations maximize value for shareholders
Sole Prop. and Partnerships maximize value for involved individuals
Net Working Capital is liquidity
NWC is positive or negative in a healthy firm positive
Where does cash flow to? creditors (interest) and stockholders (dividends)
Income Statement Sales - COGS - Dep = EBIT - I = EBT - T = NI
No Debt means... higher PM, ROA, and ROA=ROE
With Debt means... higher ROE, OCF (tax shield of debt)
We refer to the total liabilities and equity of a company as the company's: capital
Created by: lexi.welte
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