MIE 201 Final Exam Questions & Answers 100% Verified!

Financial Management - ANSWERSPlanning for a firm's money needs and managing the allocation and spending of funds Risk/Return Trade Off - ANSWERSThe balance of potential risks against potential rewards Financial Plan - ANSWERSA document that outlines the funds needed for a certain period of time, along with the sources and intended uses of those funds Accounts Receivable - ANSWERSAmounts that are currently owed to a firm Accounts Payable - ANSWERSAmounts that a firm currently owes to other parties Budget - ANSWERSA planning and control tool that reflects expected revenues, operating expenses, and cash receipts and outlays Financial Control - ANSWERSThe process of analyzing and adjusting that basic financial plan to correct for deviations from forecasted events Hedging - ANSWERSProtecting against cost increases with contracts that allow a company to buy supplies in the future at designated prices