📚 Worksheet – Chapter 24: Cash Flow and Working Capital | 第24章 练习题：现金流与营运资金
This worksheet covers Chapter 24 of the Cambridge International AS & A Level Business syllabus. It focuses on cash flow, cash flow forecasts, the difference between cash and profit, and working capital management. Use the notes, worked example, and practice questions to check your understanding of liquidity and financial planning.
本练习涵盖剑桥国际 AS/A Level 商务第24章。内容重点为现金流、现金流量预测、现金与利润的区别，以及营运资金管理。请使用要点、示例和练习题检测你对流动性和财务规划的理解。
1. Cash Flow vs Profit | 现金流与利润的区别
Cash flow is the movement of cash into and out of a business over a period. Profit is the difference between total revenue and total costs over the same period. They are different because profit includes non-cash items such as depreciation, provision for doubtful debts, and credit sales that have not yet been collected. Cash flow records only actual cash received and actual cash paid.
现金流是企业在一段时间内现金的流入和流出。利润是同期总收入与总成本之间的差额。两者不同，因为利润包含折旧、坏账准备和尚未收回的赊销等非现金项目，而现金流只记录实际收到和实际支付的现金。
A business can be profitable but short of cash if customers buy on credit, or if it has spent heavily on fixed assets. Exam questions often ask you to explain why ‘profit does not equal cash’.
如果客户赊购，或企业大量购买固定资产，企业也可能盈利但缺少现金。考试题常要求解释’利润不等于现金’的原因。
2. Why Cash is King | 为什么现金为王
Cash is essential for day-to-day survival. Businesses need cash to pay wages, rent, utilities, and suppliers. If a business runs out of cash, it may become insolvent even when its income statement shows a profit. This is why managers monitor cash flow carefully and prepare forecasts.
现金对日常生存至关重要。企业需要用现金支付工资、租金、水电费和供应商货款。如果企业现金耗尽，即使利润表显示盈利，也可能破产。因此管理者必须认真监控现金流并编制预测。
Liquidity is the ability of a business to pay its short-term debts as they fall due. Cash flow management is therefore a central part of financial control, especially for new and growing firms.
流动性是企业按时偿还短期债务的能力。因此，现金流管理是财务控制的核心，对新建和成长型企业尤其重要。
3. Cash Flow Forecast Structure | 现金流量预测的结构
A cash flow forecast is a statement of estimated future cash receipts and payments over a period. It usually has three sections: cash inflows, cash outflows, and net cash flow. It also shows opening and closing balances for each month or time period.
现金流量预测是对未来一段时期内预计现金收入和支出的列示。它通常包括三个部分：现金流入、现金流出和净现金流。同时还要显示每个月或每个期间的期初和期末余额。
Common cash inflows include cash sales, receipts from trade receivables, sale of assets, and bank loans. Common cash outflows include cash purchases, payments to suppliers, wages, rent, interest, tax, and equipment purchases.
常见的现金流入包括现金销售、收回应收账款、出售资产和银行贷款。常见的现金流出包括现金采购、向供应商付款、工资、租金、利息、税和设备购置。
Net cash flow = Total cash inflows − Total cash outflows
Closing balance = Opening balance + Net cash flow
4. Worked Example of a Cash Flow Forecast | 现金流量预测示例
The table below shows a simple three-month cash flow forecast for a small retailer. Calculate the missing closing balances and interpret the pattern.
下表为一家小型零售商三个月的简单现金流量预测。请计算期末余额并解释变化趋势。
| Item | Month 1 | Month 2 | Month 3 |
|---|---|---|---|
| Opening balance | $5,000 | $4,000 | $2,000 |
| Total cash inflows | $12,000 | $10,000 | $11,000 |
| Total cash outflows | $13,000 | $12,000 | $9,500 |
| Net cash flow | −$1,000 | −$2,000 | +$1,500 |
| Closing balance | $4,000 | $2,000 | $3,500 |
The business has negative net cash flow in Months 1 and 2, so the closing balance falls from $5,000 to $2,000. In Month 3, inflows exceed outflows, so the closing balance recovers to $3,500. A manager should investigate why outflows were high in the first two months and whether the low closing balance creates a liquidity risk.
该企业第1和第2个月净现金流为负，期末余额从5,000美元降至2,000美元。第3个月流入大于流出，期末余额恢复至3,500美元。管理者应调查前两个月流出较高的原因，以及较低的期末余额是否造成流动性风险。
5. Causes of Cash Flow Problems | 现金流问题的原因
Typical causes of cash flow problems include seasonal demand, overtrading, high inventory levels, long credit periods allowed to customers, unexpected expenses, and poor credit control. Overtrading occurs when a business expands too quickly without sufficient cash to support higher output and sales.
现金流问题的常见原因包括季节性需求、过度扩张、库存水平过高、给予客户的信用期过长、意外支出和信用控制不善。过度扩张指企业扩展过快，却没有足够现金支持更高的产出和销售。
A business may also face cash shortages if it purchases expensive fixed assets outright, pays suppliers before receiving payment from customers, or suffers from a fall in demand. Identifying the specific cause is essential before choosing a remedy.
如果企业直接购买昂贵的固定资产、先向供应商付款而后才收到客户款项，或需求下降，也可能出现现金短缺。在选择对策前，必须找出具体原因。
6. Working Capital Definition | 营运资金的定义
Working capital is the capital available for the day-to-day running of a business. It is calculated as current assets minus current liabilities. Current assets include cash, inventory, and trade receivables. Current liabilities include trade payables, bank overdrafts, and short-term loans.
营运资金是企业日常运营可用的资本。它等于流动资产减流动负债。流动资产包括现金、存货和应收账款。流动负债包括应付账款、银行透支和短期贷款。
Working capital = Current assets − Current liabilities
Positive working capital means current assets exceed current liabilities, suggesting the business has enough liquid resources to meet short-term obligations. Negative working capital can signal liquidity problems.
营运资金为正意味着流动资产大于流动负债，说明企业有足够的流动资源偿还短期债务。营运资金为负则可能预示流动性问题。
7. The Working Capital Cycle | 营运资金循环
The working capital cycle shows how cash moves through a business. Cash is used to buy inventory; inventory is sold on credit, creating trade receivables; when customers pay, receivables are converted back into cash. The shorter the cycle, the less time cash is tied up and the better the liquidity.
营运资金循环显示现金如何在企业中流动。现金用于购买存货；存货赊销后形成应收账款；客户付款后，应收账款又变回现金。循环越短，现金被占用的时间就越少，流动性越好。
Managers try to shorten the cycle by reducing inventory holding periods, collecting receivables faster, and taking longer to pay suppliers without damaging relationships. These actions release cash for other uses.
管理者努力通过缩短存货持有期、加快收回应收账款，以及在不损害关系的前提下延缓支付供应商来缩短循环。这些措施可释放现金用于其他用途。
8. Managing Cash Flow: Improving Inflows | 管理现金流：加快流入
Businesses can improve cash inflows by reducing credit terms offered to customers, offering discounts for early payment, using debt factoring, selling unused assets, and encouraging more cash sales. A shorter credit period means customers pay sooner, reducing the risk of late payment.
企业可以通过缩短给予客户的信用期、提供提前付款折扣、使用应收账款保理、出售闲置资产和鼓励更多现金销售来改善现金流入。信用期越短，客户付款越早，延迟付款的风险越小。
Debt factoring involves selling trade receivables to a specialist company at a discount. The business receives immediate cash, but loses a percentage of the invoice value. This improves short-term liquidity but reduces profit margin.
应收账款保理是指将应收账款折价出售给专业公司。企业可立即获得现金，但会损失发票金额的一定比例。这改善了短期流动性，但降低了利润率。
9. Managing Cash Flow: Controlling Outflows | 管理现金流：控制流出
To control cash outflows, a business can negotiate longer credit terms with suppliers, lease equipment instead of buying it, use just-in-time inventory management, delay non-essential purchases, and spread tax payments over time. Leasing reduces the initial cash outflow and keeps cash in the business.
为控制现金流出，企业可与供应商协商更长的付款期、以租代购设备、采用准时制库存管理、推迟非必要采购、分期缴税。租赁可减少初始现金流出，让现金留在企业内。
Just-in-time inventory control means ordering raw materials and components only when they are needed for production. This lowers inventory holding costs and reduces the amount of cash tied up in stock.
准时制库存控制指仅在需要生产时才订购原材料和零部件。这降低了库存持有成本，并减少了占用在存货上的现金。
10. Limitations of Cash Flow Forecasts | 现金流量预测的局限性
Cash flow forecasts are based on estimates and assumptions, so they can be inaccurate. Unexpected events such as a fall in demand, a rise in material costs, or late payment by a major customer can make the forecast misleading. A forecast also does not create cash by itself; it is only a planning tool.
现金流量预测基于估计和假设，因此可能不准确。需求下降、材料成本上升或大客户延迟付款等意外事件可能使预测产生误导。预测本身也不会创造现金，它只是规划工具。
In addition, forecasts often focus on internal figures and may ignore external changes such as competitor actions or economic conditions. Managers should update forecasts regularly and use them alongside other financial information.
此外，预测通常只关注内部数据，可能忽略竞争对手行动或经济状况等外部变化。管理者应定期更新预测，并结合其他财务信息使用。
11. Exam Application for Cambridge A Level Business | 剑桥A Level商务考试应用
In Cambridge Business exams, questions often provide a cash flow forecast table and ask you to calculate missing figures. You may then be asked to explain why a business has cash problems and to recommend strategies to improve its cash position. Always apply your answer to the case study rather than writing generic points.
在剑桥商务考试中，题目常给出现金流量
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