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Financial Audit Categories Quiz

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Questions and Answers

What is the purpose of solid financial information (financial statements) in a cooperative or company?

To attract investors, financiers, donors
To guide the organization towards achieving realistic objectives (correct)
To develop products or services
To focus on marketing, HR, communication

Why is strategic planning considered important for an organization?

To focus only on financial statements
To merge with business plans
To guide the organization towards achieving realistic objectives (correct)
To attract investors, financiers, donors

What type of planning focuses more on marketing, HR, communication, finance, and operations divisions?

Operational Planning
Business Planning
Strategic Planning (correct)
Financial Planning

When is business planning usually completed before starting created and running activities?

Before obtaining start-up funding (D) Signup and view all the answers

Who is strategic planning usually disclosed to?

All stakeholders, internal and external (B) Signup and view all the answers

What does the text suggest is more tactical and operative, at a programmatic/strategic level?

Business Planning (B) Signup and view all the answers

How long is the typical duration for strategic planning in large organizations?

3-5 years (D) Signup and view all the answers

What distinguishes large organizations from smaller ones regarding strategic and business planning?

Large organizations merge their strategic planning with business plans (C) Signup and view all the answers

What is the focus of business planning?

To be feasible and obtain start-up funding (B) Signup and view all the answers

What does the text suggest is crucial for becoming 'bankable'?

Solid financial information (C) Signup and view all the answers