Financial Planning for Architectural Practices

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Questions and Answers

Which of the following is NOT included in projected income for the design-construction industry?

  • Anticipated expenses (correct)
  • Anticipated professional income
  • Work-in-progress
  • Other anticipated income

What should be considered when adjusting projected income in the design-construction industry?

  • Previous year's records
  • Current and projected economy
  • Extraordinary conditions
  • All of the above (correct)

How are profits usually estimated in the design-construction industry?

  • As a percentage of projected expenses
  • As a percentage of projected income
  • As a fixed amount
  • As a percentage of projected revenues (correct)

Which of the following is NOT a component of a financial plan for an architectural practice?

<p>Number and type of staff (B)</p> Signup and view all the answers

Why is short-term financial planning usually called budgeting?

<p>Because it requires annual financial statements (A)</p> Signup and view all the answers

What is the purpose of a financial plan in an architectural practice?

<p>To serve as guidelines for strategic goals and objectives (C)</p> Signup and view all the answers

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