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The Financial Planning Process

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Financial planning can best be defined as a process for making sure that _____.

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1. Tom works in accounting, and he has to prepare a budget that will take into account all of the activities of the company. There will be a strong investment from the acquisitions department that will impact their budget but is worth less than 2% of the company's value. Should Tom wait for a new report from the acquisition's department?

2. Why is financial feasibility an important step in financial planning?

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About This Quiz & Worksheet

This quiz and corresponding worksheet will gauge your understanding of what the financial planning process is and the elements that constitute this process. Some key topics you'll be tested on include financial controls and budget types.

Quiz & Worksheet Goals

This quiz will test your knowledge of:

  • Steps of the financial planning process
  • The definition of financial planning
  • The term for determining if a project's potential revenue exceeds its expected costs
  • Financial controls
  • Types of budgets

Skills Practiced

  • Critical thinking - apply relevant concepts to examine information about the financial planning process in a different light
  • Defining key concepts - ensure that you can accurately define main phrases, such as financial controls and financial planning
  • Distinguishing differences - compare and contrast topics from the lesson, such as the types of budgets

Additional Learning

Study the lesson called The FInancial Planning Process to boost your knowledge of this topic. The lesson provides an overview of the following:

  • Steps of the financial planning process
  • Financial controls
  • Types of budgets
  • Examples of the financial planning process in action
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