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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1TheoperatingandcashcyclesandwhytheyareSHORT-TERMimportant.LO2Thedifferenttypesofshort-termfinancialpolicy.FINANCEANDLO3Theessentialsofshort-18termfinancialplanning.LO4ThesourcesandusesofPLANNINGcashonthebalancesheet.WITHGASOLINEPASSING
2、$4PERGALLONinWhileHondadoesnotreleaseprecisedata,thecom-mid-2008,salesofhybridautomobilesreallybegantopanyreportedthattheinventoryperiodfortheHondapickup.Forexample,during2007,thehybridversionCivichybridwasa“fewdays.”Moreimpressively,theoftheSaturnVuesatondealerlotsfor63days,onaverageToyotaPriusrol
3、ledoffthelotinonly17hours.average,beforeselling.Bythesummerof2008,thisAsthischapterexplores,thelengthoftimegoodsareperiodhadfallento17days.Overall,hybridssatforcarriedininventoryuntiltheyaresoldisanimportant23daysduringAprilandMay2008,whichisconsider-elementofshort-termfinancialmanagement,andablyles
4、sthantheautoindustry’saverageof60days.industriessuchastheautomobileindustrypaycloseAndtheSaturnVuewasn’tthefastest-movingcar:attentiontoit.Mastertheabilitytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Tothispoint,wehavedescribedmanyofthedecisio
5、nsoflong-termfinance,suchasthoseofcapitalbudgeting,divi-dendpolicy,andfinancialstructure.Inthischapter,webegintodiscussshort-termfinance.Short-termfinanceisprimarilyconcernedwiththeanalysisofdecisionsthataffectcurrentassetsandcurrentliabilities.Frequently,thetermnetworkingcapitalisassociatedwithshort-t
6、ermfinancialdecisionmaking.AswedescribeinChapter2andelsewhere,networkingcapitalisthedifferencebetweencurrentassetsandcurrentliabilities.Often,short-termfinancialmanagementiscalledworkingcapitalmanagement.Thesetermsmeanthesamething.Thereisnouniversallyaccepteddefinitionofshort-termfinance.Themostimporta
7、ntdifferencebetweenshort-termandlong-termfinanceisinthetimingofcashflows.Short-termfinancialdecisionstypicallyinvolvecashinflowsandoutflowsthatoccurwithinayearorless.Forexample,short-termfinancialdecisionsareinvo
