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Financial Planning for Architectural Practices

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Financial Planning for Architectural Practices

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Questions and Answers

Which of the following is included in projected income?

Long-range financial plan

Staff pay raises

Actual expenses

Anticipated professional income (correct)

What should projected income be adjusted for?

Long-range planning targets

Previous year's records

Current and projected economy (correct)

Extraordinary conditions

What are projected expenses based on?

Long-range financial plan

Previous year's records (correct)

Changes in expenses

Staff requirements

What can cause changes in projected expenses?

Rent increases Signup and view all the answers

How are profits usually estimated?

As a percentage of projected revenues Signup and view all the answers

What can an architect use to help prepare an annual budget?

Table 7: Annual Budget Calculation Signup and view all the answers

What should budgeting and long-range financial planning include appropriate salaries for?

Principals, directors, and shareholders Signup and view all the answers

What should projected expenses be adjusted for?

Current and projected economy Signup and view all the answers

Which of the following is true about financial planning in architectural practice?

Financial planning should be part of the strategic plan Signup and view all the answers

What is the starting point for the financial plan in architectural practice?

Revenue projections Signup and view all the answers

What does short-term financial planning in architectural practice primarily cover?

A time period of 12 months Signup and view all the answers

What should be constantly monitored in the budgeting process in architectural practice?

All of the above Signup and view all the answers

What does the financial plan in architectural practice help resolve in case of downsizing?

Relief from a lease for office space Signup and view all the answers

What line items are based on the revenue forecast in the financial plan in architectural practice?