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1.)Determine your current financial situation.
2.)Develop your financial goals.
3.)Identify your options.
4.)Evaluate your alternatives.
5.)Create and use your financial plan of action.
6.)Review and revise your plan.
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∙ 11y ago
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What is the difference between business plan and budget?
The purpose of a budget is to create a list of all your planned revenue and revenues, a budget is created to plan spending or saving to reach a certain goal. A personal budget is a financial plan that is used to allocate future income towards debt repayments, savings and expense. All past spending and expenses and personal debt are all taken into consideration when doing a personal budget. In business a budget is used to calculate the cost of a business, a business budget is a spending and saving plan used to allocate resources to reach a business goal. This management tool is used to coordinate and predict expenses in a effort to minimize their business resources, a budget is a time-specific and it must be flexible when it come to financial changes. from Tiffany bates
Factors influencing financial planning?
1.Simplicity:The financial plan should be simple.It should contain simple financial structure that can be implemented & managed simply.2.Long-term view:The financial plan should be formulated,keeping in view the long-term requirements.This is because generally financial a plans would continue to operate for a long time after the formation of the concern.3.Flexibility:The financial plan should have flexibility.It means it can be changed according to the changing needs of the business with minimum possible delay.4.Foresight:The financial plan must be visualized with much foresight and it should meet the present as well as future requirements of funds.5.Optimum use:Financial plan should provide for the optimum use of funds.Funds should be used in proper balance is maximized the wealth of the organisation.Again they should see that the proper balance is maintained between long term & short-term funds.6.Contingences:The financial plan should make adequate provision for funds for meeting the contingencies likely to arise in the future.7.Liquidity:There should be adequate liquidity in the financial plan.The adequate liquidity wii act as a shock absorber in the event of business operations deviation from the normal course.8.Economy:The financial should ensure economy.It should determine optimum and proper debt-equity mix in the capital structure in order to have minimum cost of capital.9.It should facilitate for comparison.10.The financial plan should be conservative.11.It should be practically implemented.12.It should facilitate for control of outflow of funds.13.It should facilitate for cost reduction.14.It should consider the risk factor involved in each financial alternative.15.The other principles of financial plan are:a)It should be uniformb)It should be profitablec)It should be practicald)It should be suitablee)It should consider the risk factor.
How is financial information system used?
The evaluation of financial data may be performed through ratio analysis, trend evaluation, and financial planning modeling. Financial planning and forecasting are facilitated if used in conjunction with a Decision Support System (DSS).
What is the meaning of Financial Prowess and what context it is used?
Very knowledgeable, financially, as in a Financial Advisor has much.
How is mathematics used in financial accounting?
In financial accounting, mathematics is used in calculating changes to the capital, assets and liabilities of a company. Most transactions are recorded in mathematical figures.
The success of a financial plan will be determined by?
How resources are used
Five steps of the logical plan used in solving word problems?
logical plan
Techniques use to create the risk management plan?
The technique used to create the risk management plan is called "Planning Meeting & Analysis"
Why an action plan is needed?
An action plan is generally used in small steps to assure you get whatever it is you need completed done! :]
What does devised mean?
Devise means to construct, create, or elaborate on something. When used in the context of a plan, as in "devise a plan", it means "create a plan".
Software packages used to create financial statements using mathematical calculations are?
Spreadsheet
What is a tactical plan?
A tactical plan is the steps that are needed to achieve goals that are defined in a strategic plan. It puts forth the short-term tactics that are to be used in implementing and achieving marketing objectives.
What plan was used to split the confederacy?
The Union planned to capture Mississippi. This would break the South in half and create more problems.
What is the difference between business plan and budget?
The purpose of a budget is to create a list of all your planned revenue and revenues, a budget is created to plan spending or saving to reach a certain goal. A personal budget is a financial plan that is used to allocate future income towards debt repayments, savings and expense. All past spending and expenses and personal debt are all taken into consideration when doing a personal budget. In business a budget is used to calculate the cost of a business, a business budget is a spending and saving plan used to allocate resources to reach a business goal. This management tool is used to coordinate and predict expenses in a effort to minimize their business resources, a budget is a time-specific and it must be flexible when it come to financial changes. from Tiffany bates
The step of making it to the plan andrew And procedures used to have six steps with a step 6?
Please correct your question and have it posted again.
Which air force risk management process involves the 5 steps and is used when there is sufficient time to plan an event or activity?
Which air force risk management process involves the 5-step process and is used when there is sufficient time to plan an event or activity.?
Why do you use scientific method while doing an experiment?
The Scientific Method is used to give you a plan, or steps on how to correctly proceed through your scientific problem.
