৪৯তম বিসিএস ⎯ ফিন্যান্স ও ব্যাংকিং [৭১১]

Corporate tax is an expense of a business (cash outflow) levied by the government that represents a country’s main source of income, whereas personal income tax is a type of tax governmentally imposed on an individual’s income, such as wages and salaries.

Corporate tax is a direct tax paid by businesses to the government on their earnings. The funds collected from the taxes serve as a country’s source of income and are directed to financing various projects for the benefit of its citizens.

The maximum corporate tax rate equal to 35%.

Personal income tax is a direct tax paid by individuals to the government on their personal income coming from monthly salaries and wages.

Source: Corporate Finance Institute (CFI)

Corporate taxes apply to the following institutions:

All corporations originated in the country (small, medium, and large)
Corporations running a business inside the country
Foreign enterprises with a permanent establishment in the country
Corporations that are residents for tax purposes inside the country


Source: Corporate Finance Institute (CFI)

Personal income tax applies to the following entities:

Self-employed individuals
Full-time employees


Source: Corporate Finance Institute (CFI)

Liquidity Ratio:
Current Ratio=Current  Assets/ Current Liabilities​

Quick ratio=Quick Assets*/Current Liabilities

Cash Ratio = (Cash+Cash Equivalent)/Current Liablities


Solvency Ratio
Debt-equity ratios = Long Term Debt/Equity

Debt-assets ratios= Debt/Asset

Interest coverage ratios= EBIT/Interest expense


Source: Investopedia

Liquidity Ratios – Ability to pay short term debt
Solvency Ratios – Ability to pay long term debt and sustain in the market indefinitely.
Profitability Ratios – Ability to earn profit.
Activity Ratios- How efficiently a company uses its assets to earn maximum profit.
Leverage Ratio = Debt-to-EBITDA (A company’s capital structure, financial obligations and its ability to clear those obligation)

P/E ratio = Price/Earnings

Earnings per share (EPS) = (Net profit-Preferred dividend)/Number of ordinary share.

Dividend payout ratio = Dividend/Net profit.

Retention Ratio = (Net profit – dividend)/net profit = 1-Dividend payout ratio.

Trend (T)
Long-term upward or downward movement.
Example: Steady increase in a stock price over several years.

Seasonality (S)
Repeating short-term patterns based on a fixed period, e.g., monthly, quarterly.
Example: Retail stocks often rise in Q4 due to holiday shopping.

Cyclicality (C)
Long-term fluctuations without a fixed period, often linked to economic cycles.
Example: Business cycles affecting corporate profits.

Irregular/Random Component (I)
Unpredictable, random variations caused by unexpected events.
Example: Stock crash due to geopolitical tensions.

সময় ক্রম বিশ্লেষণের (Time Series Analysis) মাধ্যমে কী তথ্য পাওয়া যায়? – প্রতিষ্ঠানের আর্থিক ক্ষমতার দীর্ঘমেয়াদী প্রবণতা
সময় ক্রম বিশ্লেষণের জন্য কী ধরণের ডেটা প্রয়োজন? - একাধিক অর্থবছরের একই ধরনের ডেটা।
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যদি একটি প্রতিষ্ঠানের চলতি অনুপাত (Current Ratio) গত তিন বছরে ধারাবাহিকভাবে বাড়ে তাহলে সময় ক্রম বিশ্লেষণ থেকে কী বোঝা যায়? – তারল্য (Liquidity) পরিস্থিতির উন্নতি।

অনুপাত বিশ্লেষণ (Ratio Analysis) ও সময় ক্রম বিশ্লেষণের পার্থক্য?- অনুপাত বিশ্লেষণ একই সময়ের এবং সময় ক্রম বিশ্লেষণ একাধিক সময়ের ডেটা ব্যবহার করে।
অনুপাত বিশ্লেষণ কিসের মধ্যে সম্পর্ক স্থাপন করে?- আর্থিক বিবরণীর (Financial Statements) বিভিন্ন ডেটা।
দ্রুত অনুপাত (Quick Ratio) কী ধরণের অনুপাত?- তারল্য

কর্পোরেট করের কারণে ঋণের খরচ হ্রাস পায় কর ছাড়ের (Tax Shield) কারণে।

কর্পোরেট করের উদ্দেশ্য হল কর্পোরেশনগুলির অর্জিত মুনাফার উপর কর আরোপের মাধ্যমে সরকারের জন্য রাজস্ব আয় করা। করের হার দেশভেদে পরিবর্তিত হয় এবং সাধারণত কর্পোরেশনের নিট আয় বা মূলধনের শতাংশ হিসাবে গণনা করা হয়। দেশী এবং বিদেশী কর্পোরেশনগুলির জন্য কর্পোরেট করের হারও ভিন্ন হতে পারে।

প্রতিষ্ঠানের বাইরে থেকে অর্থ ধার বা ঋণ করে এনে ব্যবসায় পরিচালনার কাজে বিনিয়োগ করাকে ফাইন্যান্সিয়াল লেভারেজ বলা হয়। ব্যবসায়ের পারফরম্যান্স যখন ভালো থাকে এবং ব্যবস্থাপকগণ মনে করেন যে আরো বিনিয়োগ করলে বেশি রিটার্ন জেনারেট করা সম্ভব, তখন এই পন্থা অবলম্বন করা হয়। অর্থাৎ, বিনিয়োগকারীদের থেকে অতিরিক্ত বিনিয়োগ সংগ্রহ না করেই এখানে অতিরিক্ত লাভ প্রদান করা হচ্ছে।

External Financing Needed (EFN) refers to the amount of additional funding a company requires from external sources, such as banks or investors, to support its growth or operations. It's the gap between the funds needed for projected asset growth and the funds available from internal sources like retained earnings. Essentially, EFN indicates how much a company needs to borrow or raise through equity to meet its financial obligations and achieve its goals. 

Pro-forma Statements are financial statements prepared in advance, usually based on projections or assumptions, to estimate the future financial performance or position of a business. They are not actual historical figures but “what-if” scenarios that help management plan and make decisions.

Pro forma statements help companies create financial forecasts.

Pro forma statements may omit certain costs and make adjustments to reflect a company's core business performance or future scenarios.

The current ratio, also known as the working capital ratio, measures the capability of a business to meet its short-term obligations that are due within a year.
​A 2:1 ratio means the company has twice as many current assets as current liabilities, indicating good short-term financial health.

Acid test ratio = (Current assets-Stock)/Current Liablities

Acid test ratio = (60,000-10,000)/20,000 
​= 2.5 : 1

An Initial Public Offering (IPO) is the first sale of stocks issued by a company to the public. Before an IPO, a company is considered a private company, usually with a small number of investors (founders, friends, family, and business investors such as venture capitalists or angel investors).

The metric used to determine a company's ability to sell assets within 90 days to meet immediate expenses is called the quick ratio, also known as the acid-test ratio. It measures a company's ability to pay its short-term liabilities using its most liquid assets. 

The total debt-to-total assets ratio is calculated by dividing a company's total debt by its total assets.
This ratio shows the degree to which a company has used debt to finance its assets.
The calculation considers all of the company's debt, not just loans and bonds payable, and all assets, including intangibles.
If a company has a total debt-to-total assets ratio of 0.4, 40% of its assets are financed by creditors, and 60% are financed by owners' (shareholders') equity.
The ratio does not inform users of the composition of assets nor how a single company's ratio may compare to others in the same industry.

Source: Investopedia.

A solvency ratio examines a firm's ability to meet its long-term debts and obligations.
The main solvency ratios include the debt-to-assets ratio, the interest coverage ratio, the equity ratio, and the debt-to-equity (D/E) ratio.
Solvency ratios are often used by prospective lenders when evaluating a company's creditworthiness, as well as by potential bond investors.
Solvency ratios and liquidity ratios both measure a company's financial health, but solvency ratios have a longer-term outlook than liquidity ratios.
Like other financial ratios, solvency ratios often hold the most value when compared over time or against other companies.

Source: Investopedia

সঠিক উত্তর: অপশন 'ক' এবং 'ঘ' (Both a and d.)
প্রশ্নে দ্বৈত উত্তর বিদ্যমান থাকায় প্রশ্নটি বাতিল করা হলো।
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To improve the Current Ratio, we need to increase current assets or decrease current liabilities. 
a. Payment to Trade Payables: This transaction reduces current liabilities, which will improve the Current Ratio.
b. Purchase of Goods for Cash: This transaction does not directly impact the Current Ratio because it affects both current assets (cash) and current liabilities (trade payables) equally.
c. Credit purchase of Goods: This transaction increases both current assets (inventory) and current liabilities (trade payables) equally, so it does not directly impact the Current Ratio.
d. Cash collected from Trade Receivables: This transaction increases current assets (cash) without affecting current liabilities, which will improve the Current Ratio.

Current ratio = (15000 + 35000 + 40000)/(24000 + 6000)
​= 3 : 1

Current and quick assets are two categories from the balance sheet that analysts use to examine a company’s liquidity.
Quick assets are equal to the summation of a company’s cash and equivalents, marketable securities, and accounts receivable which are all assets that represent or can be easily converted to cash.
Quick assets are considered to be a more conservative measure of a company's liquidity than current assets since it excludes inventories.
The quick ratio is used to analyze a company's immediate ability to pay its current liabilities without the need to sell its inventory or use financing.


Source: Investopedia

The price-to-earnings (P/E) ratio is the proportion of a company's share price to its earnings per share (EPS).
A high P/E ratio could mean that a company's stock is overvalued or that investors expect high growth rates.
Companies with no earnings or are losing money don't have a P/E ratio because there's nothing to put in the denominator.
The two most used P/E ratios are forward and trailing P/E.
P/E ratios are most valuable when comparing similar companies in the same industry or for a single company over time.


Source: Investopedia

Net profit margin is a true measure of a business’s profit represented as a percentage of its revenue.
Net profit margin is a crucial metric in determining the overall financial standing of a business.
Investors often rely on net profit margin as a key indicator of a company’s financial health and potential for growth.

Source: Investopedia

Loan-to-value (LTV) is an often used ratio in mortgage lending to determine the amount necessary to put in a down payment and whether a lender will extend credit to a borrower.
Lower LTVs are better in the eyes of lenders, but they require borrowers to come up with larger down payments.
Most lenders offer mortgage and home-equity applicants the lowest possible interest rate when the LTV ratio is at or below 80%.
Mortgages become more expensive for borrowers with higher LTVs.

Liquidity ratios can determine a debtor's ability to pay off current debt.
Common liquidity ratios include the quick ratio, current ratio, and days sales outstanding.
Liquidity ratios determine a company's ability to cover short-term obligations and cash flows, while solvency ratios are concerned with a longer-term ability to pay ongoing debts.

A leverage ratio is a type of financial measurement used in finance, business, and economics to evaluate the level of debt relative to another financial metric.
A leverage ratio may also be used to measure a company’s mix of operating expenses to get an idea of how changes in output will affect operating income.
Common leverage ratios include the debt-equity ratio, equity multiplier, degree of financial leverage, and consumer leverage ratio.

$429 billion ÷ [($56.5 billion + $44.9 billion)/2], or about 8.5

The interest coverage ratio measures how well a company can pay the interest due on outstanding debt.
The ratio is found by dividing a company’s earnings before interest and taxes (EBIT) by its interest expense during a given period.
The interest coverage ratio helps lenders, investors, and creditors determine a company’s riskiness for future borrowing.

Source: Investopedia.