Unit 1 Financial Planning

Managers use financial information to create and adjust

budgets

For financial information to be comparable, it must also be

consistent

It's important to keep your schedule

in one place

To keep communication flowing with other departments, the finance function depends on

information systems

Finance is the business function that involves managing

money

Time management refers to how people

use the 24 hours in their day.

A company's current balance of assets and liabilities falls under the focus of

working capital management.

Which of the following is an example of business-related financial information:

Accounts receivable record

Useful financial information is understandable to

Anyone who needs to use it. Financial information is not useful unless it is understandable by anyone who needs to use it

Natalia is upset because she was supposed to work on a certain account today, but her boss switched her to another account at the last minute. Which time-management principle does she need to learn?

Be flexible

The finance function is usually responsible for which of the following processes:

Budgeting

An assessment of the creditworthiness of a borrower in general terms or with respect to a particular debt or financial obligation. A credit rating can be assigned to any entity that seeks to borrow money — an individual, corporation, state or provincial authority, or sovereign government

Credit Rating

A financial institution that accepts deposits, maintains the deposit accounts or the provision of services related to the acceptance of deposits or maintenance of deposit accounts.

Deposit-taking

Beau is really stressed out because he agreed to take on three new clients that he really didn't have room for. Which time-management principle does he need to learn?

Don't bite off more than you can chew

How does the finance function relate to company spending?

It plans and controls spending.

Brandon is a morning person, but he's trying to stay up late and finish some work for tomorrow, and he's not getting very far. Which time-management principle does he need to learn?

Know when and how you work best

Which of the following would NOT be considered a depository institution?

Mortgage Bank

Which of the following is an example of personal financial information:

Pay stub

An institution by the meaning of both public and private perspectives that combines the elements of government bureaucracy as well as a private company

Semi-government

Which of the following is an example of a semi-government entity?

Small Business Administration (SBA)

The process of determining the current worth of an asset or a company is called a:

Valuation