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Questions and Answers
What is the current role of financial management in a business enterprise?
Which position is NOT mentioned as a major financial responsibility within a company?
How are members of the Financial Executives Institute viewed externally?
What significant factor necessitated management to use its resources economically and efficiently?
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What is one of the significant tasks and responsibilities of Financial Management mentioned in the text?
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Which function places many officers at the top and has a diverse range?
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Financial management's role in the past was solely to secure funds for business enterprises.
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Financial executives can hold positions such as Chairman of the Finance Committee, Vice President of Technology, Controller, and Chief Financial Officer.
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Financial Management is not responsible for any important tasks within a business enterprise.
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The Financial Executives Institute members are not viewed differently by external stakeholders.
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There is no other function similar to Financial Management that places as many officers at the top.
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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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Description
Explore the role of financial management in acquiring and utilizing funds for business enterprises. Learn about the significant tasks and responsibilities involved in financial management.
