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If Debt and equity is used 3n the other hand if company use debt financing then,Interest on
load amount 1 +------ ( / 1 +----%a#able income is 1 +----- 2 +---- 1
+0----%a# payable 1 +0---- ( .0 1 ---- $fter ta# income is 1 +----- 2 ---- 1
+04---!rom the e#ample it is clear that because of debt financing ()* Company is paying
lessamount of ta# which increases the net income after ta#. 5ormally company making
profit of +0---- but because of using Debt Company is making profit of 04---. %hat"s
why companyprefers debt financing.&et us consider other e#ample6 ()* company take loan
at the rate of 7/ and corporate ta#rate is 0-/.8ere cost of debt capital is 7/ but because of
using debt capital company"s cost of capital for debut is 7 ( 9 2 0-/: 1 4.;-/. Cost of
capital is reduced because of ta# deductibility featureof debt financing.'o we can say that
debt can be cheapest source of financing for the company. + .Di2erenciate "etween
0nancial and "#siness risks1Answer 3inancial Risk 3inancial risk re!ers to te cance a
"#siness4s cas 5ows are not eno#& to /a% creditors and !#l0ll oter 0nancial
res/onsi"ilities. Te level o! 0nancial risk6 tere!ore6 relates less to te "#siness4s
o/erations temselves and more to te amo#nt o! de"t a "#siness inc#rs to 0nance
tose o/erations. Te more de"t a "#siness owes6 te more likel% it is to de!a#lt on its
0nancial o"li&ations. Takin& on i&er levels o! de"t or 0nancial lia"ilit% tere!ore
increases a "#siness4s level o! 0nancial risk. 7#siness Risk 7#siness risk re!ers to te
cance a "#siness4s cas 5ows are not eno#& to cover its o/eratin& e/enses like
cost o! &oods sold6 rent and wa&es. 8nlike 0nancial risk6 "#siness risk is inde/endent o!
te amo#nt o! de"t a "#siness owes. Tere are two t%/es o! "#siness risk$ s%stematic
risk and #ns%stematic risk. 7#siness risk is te /ossi"ilit% tat an or&ani9ation4s
o/erations or com/etitive environment will ca#se it to &enerate 0nancial res#lts tat are
worse tan e/ected. 3inancial risk is te /ossi"ilit% tat te #se o! de"t to 0nancial
o/erations will ave a ne&ative im/act on earnin&s. Business isk s !inancial isk = %he
running of businesses inoles a considerable amount of risk. It is important for
 business owners and entrepreneurs to identify and understand the arious risks
inoled in running a business so that they can adapt their business strategies to deal
with such risks in a better manner.= !inancial risk is the risk that a business will not be able
to generate enough cash flow and income to pay their debts and meet their other financial
obligations.= Business risk is the risk that a business faces in not being able to generate
adequate income to coer operating e#penses.= !inancial risk can arise from olatile
interest rates, e#change rate risk, and company"s debt to equity ratio, etc.= Business risk
can arise from a number of factors such as fluctuations in demand, market competition,
costs of raw materials, etc.= Business risk is independent of the portion of the debt that a
business holds, as opposed to financial risk that is ery much influenced by the leel of
debt. , .Disc#ss te di2erent a//roaces o! 0nancin& o! workin& ca/ital
re:#irements1Answer Working capital is a measure of the company"s efficiency and short
term financial health. It refers to that part of the company"s capital, which is required for
financing short>term or current assets such a cash marketable securities, debtors and
inentories. It is a company"s surplus of current assets oer current liabilities, which
measures the e#tent to which it can finance any increase in turnoer from other
fundsources. !unds thus, inested in current assets keep reoling and are constantly
conerted into cash and this cash flow is again used in e#change for other current assets.
That is why working capital is also known as revolving or circulating capital or short-term
capital