The Last Step in the Financial Planning Process Is To

question 85

Multiple Choice

The last step in the financial planning process is to:

• A) develop financial plans and strategies to achieve goals.
• B) use financial statements to evaluate results of plans and budgets, taking corrective action as required.
• C) implement financial plans and strategies.
• D) redefine goals and revise plans and strategies as personal circumstances change.
• E) periodically develop and implement budgets to monitor and control progress toward goals.

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Definitions:

Master Budget

A comprehensive financial planning document that includes all of a company’s budgets and financial plans, consolidating them into an overall budget.

Raw Materials

Raw materials are the basic, unprocessed inputs used in the manufacture of products.

Finished Goods Inventory

The stock of completed products that are ready to be sold but have not yet been sold.

Finished Goods Inventory

Inventory of finished goods available for sale but not yet purchased.