About This Chapter
Financial Planning & Implementation - Chapter Summary
This chapter can help you gain confidence as you study the basics of financial planning and implementation. Review bite-sized lessons to improve your knowledge of the financial planning process, ethics in managerial accounting, budget controls and more. When finished, you will be ready to do the following:
- Define the financial plan for a business
- Detail the financial planning process
- Share the purpose of financial controls in organizations
- Discuss budget controls and top-down, bottom-up, zero-based and flexible budgeting
- Differentiate between insurable and uninsurable risk and discuss ways to manage risk
- Exhibit knowledge of ethics in managerial accounting
Study financial planning and implementation your way by reviewing the lessons in any order and as often as you'd like. Take short quizzes before, during or after exploring the lessons to assess your comprehension of their contents. A practice exam is available to check your understanding of the entire chapter. These resources are available 24/7 and are easily accessible using any computer, smartphone or tablet.
1. What Is a Financial Plan for a Business? - Definition & Example
A financial plan for a business can help managers determine if they can achieve the organization's goals. The financial plan is one of the first things created to help managers make decisions that are in the best interest of the organization.
2. The Financial Planning Process
Financial planning is essential for the success of any business. In this lesson, you'll learn about the financial planning process that businesses perform, including preparation of a master budget, capital budget and cash budget.
3. Financial Controls in Organizations
Organizations have to deal with a lot of money. How do they keep it all straight? In this lesson, we're going to explore the concept of financial controls and see how these can be used to help organizations manage their resources.
4. Budget Controls: Top-Down, Bottom-Up, Zero-Based & Flexible Budgeting
In this lesson, we will explain the purpose of budget controls and explore several key related concepts including top-down budgeting, bottom-up budgeting, zero-based budgeting and flexible budgeting.
5. Ways to Manage Risk: Insurable and Uninsurable Risk
Risks abound in life and in business. However, most risks can be managed. In this lesson, you'll learn about ways to manage risks. You'll also learn the difference between insurable and uninsurable risks. A short quiz follows.
6. Ethics in Managerial Accounting
The function of managerial accounting is to provide information to key decision-makers within the organization. A high standard of ethical behavior is expected from those who develop this information.
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Other chapters within the HSC Business Studies: Exam Prep & Syllabus course
- Nature of Business
- Types of Business
- Business Industries in Australia
- Influences on Businesses in Australia
- Stakeholders in Business
- Business Cycle
- Global Markets in Business
- Management Skills
- Management Approaches
- Management Processes
- Business Planning & Strategy
- Business Forecasting
- Business Strategies & Values
- Operations Management & Inventory Management
- Scheduling in Operations Management Overview
- Supply Chain Management in Business
- Marketing Roles & Objectives
- Types of Markets
- Influences of Marketing in Australia
- Marketing Information & Research
- Marketing Strategy in Business
- Pricing Strategy in Business
- Promotion in Marketing
- Place & Distribution in Business
- International Marketing Basics
- Business Financing in Australia
- Financial Monitoring & Control
- Financial Ratios
- Financial Management Overview
- Global Financial Management
- HRM: Human Resources Management
- Employee Acquisition & Development
- Human Resource Metrics & Measurement
- Employee Separation
- Legal Considerations in Australian HR
- HSC Business Studies Flashcards