The Five Steps in the Planning Process Are: Determining the Vision,mission

question 51

True/False

The five steps in the planning process are: determining the vision,mission and major goals of the organization; analyzing the forces in the environment; formulating strategies to accomplish goals; implementing those strategies; and evaluating the success of the strategy in achieving the mission and goals.

---

Definitions:

Depreciation Deduction

A tax deduction that allows a taxpayer to recover the cost of property or assets that have a useful life beyond the tax year, through annual allowances.

Income Tax Expense

The accounting term for the income taxes payable within a given period, reflecting the cost of the taxes a company must pay based on its earnings.

Present Value

Present value is a financial concept that calculates the current worth of a future sum of money or stream of cash flows, given a specified rate of return.

Annuity

A financial product that pays out a fixed stream of payments to an individual, often used as an investment for retirement.