402

Select each of the terms with the best description of its purpose.            Definitions Terms 1. Planning future business actions and expressing them as formal plans.   2. A comprehensive business plan that includes operating, investing, and financing budgets.   3. Employees who will be evaluated by a budget help prepare it.   4. Shows expected cash inflows and outflows and helps determine financing needs.   5. An approach that requires all expenses to be justified for each new budget.   6. A formal statement of future plans, usually expressed in monetary terms.   7. Approach in which top management passes down a budget without employee input.   8. Management's use of budgets to see that planned objectives are met.

As a financial manager,;one's goalsfor the client is to help them dothe following EXCEPT: A. Build credit by encouraging them to acquire as many loan as possible so that the firm value or the total asset of the firm will increase.B. Identify investment opportunities and determine whether these are acceptable to their risk preference.C. Determine ways to reduce non-value adding costsD. Create budgets that would enable them to determine excess or inadequacy of cash.

The last step in the financial planning process is to Group of answer choices use financial statements to evaluate results of plans and budgets, taking corrective action as required implement financial plans and strategies. periodically develop and implement budgets to monitor and control progress toward goals redefine goals and revise plans and strategies as personal circumstances change develop financial plans and strategies to achieve goals

Select all of the benefits of budgeting. Facilitates the coordination of activities within the business O Requires management to plan ahead and formalize goals O Motivates personal throughout the organization to meet planned objectives ns O Results in greater management awareness of the business's overall operations O Provides definite objectives for evaluating performance

how can I apply MIS ( management information system ) successfully in this topic: A PERSONAL BUDGETING/EXPENDITURE SYSTEM (TRACKING OF EXPENSES AND INCOME, REPORTING DEFICITS)

A SMART goal is specific, making, actionable, relative, timely. significant, making, actionable, relative, timely. specific, measurable, attainable, realistic, time frame–specific. A budget is a way of tracking expenditures and making sure you spend it on what is important to you. making sure that most of your income is spent on rent, food, and other necessities. tracking expenditures and limiting them as much as possible.   What should you do first if you realize your expenses exceed your income? Have a weekly game night with friends. Identify ways to make cuts. Start saving. All of the following choices are good ways to avoid credit card debt EXCEPT paying off your entire credit card balance each month. making minimum monthly payments within the grace period. using your credit card only when necessary. If you have credit card debt, what is your BEST plan of action? Stop using your credit cards and start paying off the debt. Wait…

you as the business manager need to be able to determine larger sources of funding by creating a financial plan to help reduce duplication of resources, identify requirements and risks, and determine various financing options, completing this planning is an important step for all businesses to take if they want to succeed. Larger companies may delegate this process to financial managers, finacial analysts or operations managers.

In pursuing its goals, an organization does all of the following except: Multiple Choice Engage in an organized set of activities. Acquire resources. Engage in management team activities to make the best use of resources and people. Hire personnel. Focus on reducing the budget.

Indicate whether the items below are used as key performance indicators for the areas  Average time from when clients enter and leave the bank *(A) Financial(B) Customer(C) Internal Process(D) Learning and Growth performance.

What is a good response to: "What do you think are the key components of a successful budgeting process within an organization? Are there any specific challenges that organizations may commonly face when implementing a budget?" The budget should align with the organization's strategic goals and objectives. Understanding what the organization aims to achieve in the short and long term is crucial for creating a budget that supports these goals. Objectives should be Specific, Measurable, Achievable, Relevant, and Time-bound to ensure clarity and focus. Reviewing past financial performance helps in understanding trends, cost drivers, and revenue patterns. This historical data is crucial for making informed assumptions. Also, Establishing realistic assumptions about revenues, costs, market conditions, and economic factors is essential. Accurate forecasting techniques help predict future financial performance .A successful budgeting process requires a balanced approach that combines…

Describe the business and its core operations. Explain what data you would use to inform the budget and why this data would be relevant. Who else would you involve in developing the budget? Draw up the budget to cover the next financial year. Explain how the budget would be used to monitor the financial performance of the organisation. List and explain the application of statutory and legislative requirements as they apply to financial management within a business organisation. Write a report explaining how the budget that you have developed contributes to financial management. Present this report verbally in order to demonstrate your communication skills as well as the ability to explain budgets and deal with questions. Analyse the existing financial management approaches of the organisation. Are there any recommendations you should make and what are they? What software packages/ programs have you used when developing the budget and how did these assist?

This week we have covered the topic of budgeting. Effective budgeting and responsibility accounting are crucial for organizations to achieve financial stability and success in today's dynamic business environment. Considering this, respond to ONE of the following four questions for your initial response. How does the concept of responsibility accounting contribute to organizational accountability? If you have experiences from previous jobs, you can share those. Otherwise, find examples from companies through internet research, or share your insight on why you think this may matter. What do you think are the key components of a successful budgeting process within an organization? Are there any specific challenges that organizations may commonly face when implementing a budget? How can organizations strike the right balance between budgetary control and flexibility to adapt to changing market conditions? What are some best practices for adjusting budgets when necessary while still…

Having to decide on the purchase of a piece of machinery to improve productivity is part of the finance manager’s responsibility in ____________.     Question 11 options:   1)  short-term financial management   2)  capital raising   3)  capital budgeting   4)  preparing the accounts

Management accountants help the management of an organization in their planning function through ________.A. monitoring anti-theft systemsB. strategic planningC. evaluating costsD. analyzing profits

A company can expect to receive which of the following benefits when it starts its budgeting process? a. The budget provides managers with a benchmark against which to compare actual results for performance evaluation. b. The planning required to develop the budget helps managers foresee and avoid potential problems before they occur. c. The budget helps motivate employees to achieve sales growth and cost-reduction goals. d. All of the above