Through Careful Monitoring of the Financial Budgets of a Firm

question 13

Multiple Choice

Through careful monitoring of the financial budgets of a firm, managers can detect potential problems in reaching their financial goals and take actions to reverse the problem. This is an example of the management function of

• A) Planning.
• B) Controlling.
• C) Leading.
• D) Organizing.
• E) Budgeting.

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Definitions:

Under Seal

Indicates a document that has been formally executed with a wax or paper seal, signifying its authenticity and importance.

Contract

A legally binding agreement between two or more parties that outlines obligations and rights of those parties.

Recognizance

An obligation in which a party acknowledges in court that he or she will perform some specified act and/or pay a price on failure to do so.

Bail

A thing of value, such as a money bail bond or any other form of property, that is given to the court to allow a person’s temporary release from jail and to ensure his or her appearance in court.