MIE 201 Final Exam question n answers rated A+ 2023/2024

MIE 201 Final Exam Financial Management - correct answer Planning for a firm's money needs and managing the allocation and spending of funds Risk/Return Trade Off - correct answer The balance of potential risks against potential rewards Financial Plan - correct answer A document that outlines the funds needed for a certain period of time, along with the sources and intended uses of those funds Accounts Receivable - correct answer Amounts that are currently owed to a firm Accounts Payable - correct answer Amounts that a firm currently owes to other parties Budget - correct answer A planning and control tool that reflects expected revenues, operating expenses, and cash receipts and outlays Financial Control - correct answer The process of analyzing and adjusting that basic financial plan to correct for deviations from forecasted events Hedging - correct answer Protecting against cost increases with contracts that allow a company to buy supplies in the future at designated prices Zero-based Budgeting - correct answer A budgeting approach in which each department starts from zero every year and must justify every item in the budget, rather than simply adjusting the previous year's budget amounts Start-up Budget - correct answer A budget that identifies the money a new company will need to spend to launch operations