4b) Financial Considerations

Question 1

What is a bank account?

Answer 1

A bank account is an arrangement
made with a bank where a
business or individual can deposit
or withdraw money

Question 2

What are financial control systems?

Answer 2

Financial control systems are
processes and procedures
used to direct and monitor a
business’s finances.

Question 3

What are record keeping strategies?

Answer 3

Record-keeping strategies are
methods used to keep track of the
financial transactions of a business
over a period of time.