1. Financial managers examine the financial data prepared by __________ and make recommendations to top executives about strategies for improving the financial strength of a firm. a. AccountantsCorrect 2. What is a major reason why businesses fail financially? a. undercapitalization 3. Taxes represent __________ of the business. a. a cash outflow 4. Internal audits are important because a. they help to make accounting statements more reliable. 5. Geralyn is a finance manager for a popular salon and day spa in the city. As finance manager, what would be one of Geralyn’s responsibilities? a. analyzing the tax implications of managerial decisions 6. Short-term forecasts predict a. revenues, costs, and expenses for the coming year. 7. Financial controls are designed to help managers to a. identify variances from the financial plan and take corrective action. 8. Shanice works in finance for a small manufacturing company and is working on next year’s budget. She has been doing research to compare the cost of outsourcing some upcoming jobs versus the cost of purchasing the equipment to keep the jobs in-house. In what step in financial planning is Shanice involved? a. forecasting long-term financial needs 9. Henry is currently in the process of projecting how much his firm will have to spend on supplies, travel, rent, advertising, and salaries for the coming financial year. Henry is working on the __________ budget. a. operating (master) 10. If your job is to compare actual expenses incurred by your company with its budget, you are performing the task of a. financial control.

Financial Controls are Designed to Help Managers

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