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1.1 INTRODUCTION TO FINANCEFinance is not a foreign language, understood only by those who have stud- ied it for years. Everyone who functions in todays society has a basic under- standing of the principles of finance. The daily transactions of comparing prices, writing checks to pay for purchases, using credit cards, and maintain- ing a bank account are all financial management activities. Understanding and managing the financial activities of a business are a logical extension of understanding and managing your personal financial activities. Financial management comprises the tools and capabilities used to pro- duce monetary resources and the management of those monetary resources. The language of finance allows different businesses to compare monetary results. Whether the business makes cars or sells hamburgers, people can describe the results in monetary terms. In order to take part in this discus- sion, its important to understand the words and concepts that people use. Throughout this course we employ the vocabulary of finance. New terms are highlighted and defined. Youll find all of the definitions in the Glossary at the back of this text. In its simplest definition, finance is managing money. What else can we say about the tasks and the focus of finance and financial management? 1. Finance, whether personal or business, is managing money on behalf of owners and creditors. 2. Managing money includes attracting it and spending it or investing it accordi

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