ECONOMICS

Detailed explanation-1: -Finance is about planning for the uncertain future and deciding what kind of investments should the business make. Managing finances is crucial to the development of any successful business.

Detailed explanation-2: -Make responsible decisions It makes sense that with the future still so uncertain, now is not the time to make quick and impulsive decisions. You should think very carefully about decisions that will have an impact on your life. This is particularly true for financial decisions.

Detailed explanation-3: -Financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives. Usually, a company creates a Financial Plan immediately after the vision and objectives have been set.

Detailed explanation-4: -An investment plan is a tool in the process of financial planning designed to develop an investing strategy to achieve your financial goals. An investment plan helps you structure how much cash, stock, bonds, and real estate to invest in to maximize returns.

Detailed explanation-5: -Three main types of financial plans are cash flow plan, investment plan and insurance plan.