The First Step in the Planning Process Involves

question 8

Multiple Choice

The first step in the planning process involves:

• A) getting the mundane, trivial things planned first.
• B) focusing on easy goals to build momentum.
• C) keeping your eye on the past in order to know what you have accomplished.
• D) defining your objectives and knowing where you want to go.

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Definitions:

Inventory Supplies

Items or materials kept on hand by a business for the production process or for sale.

Unearned Revenue

Money received by a business for goods or services yet to be provided, recorded as a liability until earned.

Liability Account

An accounting record that shows the current and future financial obligations a company owes to others.

Asset Account

An account on a company's balance sheet that represents a resource controlled by the company from which future economic benefits are expected.