Podcast
Questions and Answers
What is the current role of financial management in a business enterprise?
What is the current role of financial management in a business enterprise?
- Securing funds from external sources
- Investing in diverse range of assets
- Providing resources for the business
- Operating within a competitive atmosphere (correct)
Which position is NOT mentioned as a major financial responsibility within a company?
Which position is NOT mentioned as a major financial responsibility within a company?
- Chief Financial Officer
- Controller
- Chairman of the Finance Committee
- Vice President of Marketing (correct)
How are members of the Financial Executives Institute viewed externally?
How are members of the Financial Executives Institute viewed externally?
- Only by the board of directors
- By the marketing department only
- By shareholders, independent auditors, vendors, customers, and tax collectors (correct)
- By competitors and regulators
What significant factor necessitated management to use its resources economically and efficiently?
What significant factor necessitated management to use its resources economically and efficiently?
What is one of the significant tasks and responsibilities of Financial Management mentioned in the text?
What is one of the significant tasks and responsibilities of Financial Management mentioned in the text?
Which function places many officers at the top and has a diverse range?
Which function places many officers at the top and has a diverse range?
Financial management's role in the past was solely to secure funds for business enterprises.
Financial management's role in the past was solely to secure funds for business enterprises.
Financial executives can hold positions such as Chairman of the Finance Committee, Vice President of Technology, Controller, and Chief Financial Officer.
Financial executives can hold positions such as Chairman of the Finance Committee, Vice President of Technology, Controller, and Chief Financial Officer.
Financial Management is not responsible for any important tasks within a business enterprise.
Financial Management is not responsible for any important tasks within a business enterprise.
The Financial Executives Institute members are not viewed differently by external stakeholders.
The Financial Executives Institute members are not viewed differently by external stakeholders.
There is no other function similar to Financial Management that places as many officers at the top.
There is no other function similar to Financial Management that places as many officers at the top.
Financial executives have no role in operating within a competitive atmosphere.
Financial executives have no role in operating within a competitive atmosphere.
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Study Notes
The Role of Financial Management
- The traditional role of financial management was to secure funds needed by the business enterprise.
- However, present developments have changed this, and now financial management is responsible for using resources economically and efficiently.
The Importance of Financial Management
- Financial management is charged with important and significant tasks and responsibilities.
- It plays a crucial role in helping businesses operate in a highly competitive atmosphere.
The Financial Executive
- Members of the Financial Executives Institute have major financial responsibilities in their companies.
- They can hold various roles, including:
- Chairman of the Finance Committee of the board of Directors
- Vice President of Finance
- Controller
- Chief Financial Officer
- Externally, the financial executive is viewed differently by various stakeholders, including:
- Shareholders
- Independent auditors
- Vendors
- Customers
- Tax collectors
- The financial executive is seen in many diversified roles, and this function places many officers at the top, with a diverse range of responsibilities.
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