The First Step in Planning for an Organization Is

question 55

Multiple Choice

The first step in planning for an organization is

• A)procuring raw materials and human resources.
• B)analyzing situations and formulating strategies.
• C)expanding the organization's business globally.
• D)determining the organization's missions and goals.
• E)allocating resources and responsibilities to achieve strategies.

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Definitions:

Short-Term Financial Plan

A financial strategy or planning document that outlines the revenue, expenses, and cash flow for a business over a short period, typically less than one year.

Letter of Credit

A financial document issued by a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount.

Bank Loan

A bank loan is a sum of money borrowed from a bank that must be repaid with interest over a predetermined period.

Receivables Balance

The complete amount of financial liabilities customers hold towards a company for supplied goods or services awaiting payment.