business finance (financial planning)

Question 1

It is very important because it provides directions to achieve the organization’s objectives. It is useless without a strategy.

Answer 1

Planning

Question 2

five types of planning

Answer 2

strategic, tactical, operational, financial, contingency planning

Question 3

What is the third step in financial planning process?

Answer 3

Identify a goal that is related to the tasks.

Question 4

First step in financial planning process

Answer 4

set goals or objectives

Question 5

how many year/s in short-term goals?

Answer 5

1 year

Question 6

how many year/s in mid-term goals?

Answer 6

3-5 years

Question 7

how many year/s in long-term goals?

Answer 7

5-10 years or even longer

Question 8

step 2 in financial planning process

Answer 8

identify the resources need

Question 9

step 4 in financial planning process

Answer 9

assign the task to an accountable and responsible individual or team and have a timeline

Question 10

fifth step in financial planning process

Answer 10

establish an evaluation system for monitoring and controlling

Question 11

last step in financial planning process

Answer 11

determine contingency plans

Question 12

it helps managers assess the impact of the strategy or actions on their company’s financial position, cash flows, and earnings and if there is a need for additional financing.

Answer 12

financial planning

Question 13

these are calculated and alternatives can be done through financial plans.

Answer 13

risks

Question 14

true or false
financial planning gives direction to the organization. since plans are made, the firm can make necessary actions.

Answer 14

true

Question 15

true or false
financial planning helps the company in the survival when uncertainties come along

Answer 15

true

Question 16

true or false
financial planning helps managers assess the impact of the strategy or actions on their company’s financial position, cash flows, and earnings.

Answer 16

TRUE

Question 17

true or false
identifying the resources need is the second step in the financial planning process

Answer 17

true

Question 18

true or false
setting goals or objectives is the first step in financial planning process

Answer 18

true

Question 19

true or false
identifying a goal that is related to the tasks is the third step in financial planning process

Answer 19

true

Question 20

true or false
assigning task to an accountable and responsible individual or team and have a timeline is the fourth step in the financial planning process

Answer 20

true

Question 21

true or false
establishing an evaluation system for monitoring and controlling is the fifth step in financial planning process

Answer 21

true

Question 22

true or false
determining contingency plans is the last step in financial planning process

Answer 22

true