BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Financial management does not need regular review.
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Review effects of financial management on regular basis.
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Ask older people.
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Budget made must be followed despite the changing in income and needs.
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Detailed explanation-1: -Modifying the plan involves: Deleting goals that you have already achieved or do not wish to achieve anymore from your plan. It also involves adding fresh goals to it. Changing the time frames that you set for the goals, if necessary.
Detailed explanation-2: -1) Identify your Financial Situation The first stage of the financial planning process constitutes assessment on what is happening in your life right now and how you can change your financial situation.
Detailed explanation-3: -Financial Management refers to the application of general management principles to the various financial resources which are projecting. This encompasses planning, organizing, directing and controlling of the financial activities.
Detailed explanation-4: -Once you have evaluated your current financial situation, you are ready to move forward in the financial planning process. The second step is developing your financial goals. Setting goals will give you a direction for your plan and a destination toward which you want to head.