Chapter 17

Question 1

What is Financial planning?

Answer 1

Is the process of setting financial goals and developing plans to reach them
*SMART goals
*Long-term and short-term

Question 2

What is Revenue?

Answer 2

Is the earnings that a business receives for the goods and services it sell

Question 3

What is Financial Management?

Answer 3

Is a process used to manage the financial resources of a business

Question 4

What is Generally accepted accounting principles (GAAP)

Answer 4

Are the rules, standards, and practices businesses follow to record and report financial information.