FINANCE BASICS AND INTERVIEW QUESTIONS ANSWERS
- Definition of Finance
Finance is defined in
numerous ways by different groups of people. Though it is difficult to give a
perfect definition of Finance following selected statements will help you
deduce its broad meaning.
1. According
to Academician
"Finance is the procurement (to get, obtain) of funds and effective (properly planned) utilization of funds. It also deals with profits that adequately compensate for the cost and risks borne by the business."
2. In
General sense.
3.According
to Experts
"Finance is a simple task of providing the
necessary funds (money) required by the business of entities like companies,
firms, individuals and others on the terms that are most favorable to achieve
their economic objectives."
4.According
to Entrepreneurs"Finance is concerned with cash. It is so, since, every business transaction involves cash directly or indirectly."
Financial Planning
A financial plan is also called capital plan.
A financial plan is an estimate of the total capital requirements of the company. It selects the most economical sources of finance. It also tells us how to use this finance profitably. Financial plan gives a total picture of the future financial activities of the company.
Types of Financial Plans
-
· Financial Management Definition1. "The planning, directing, monitoring, organizing, and controlling of the monetary resources of an organization".2. According to Khan and Jain, “Finance is the art and science of managing money”.3. According to Dr. S. N. Maheshwari,"Financial management is concerned with raising financial resources and their effective utilisation towards achieving the organisational goals."
-
· Objectives of Financial Management
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