MGM101H5 Lecture Notes - Lecture 10: Payment
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MGM101H5 Full Course Notes
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Document Summary
Finance: the function in a business that acquires funds fort he firm and manages those funds within the firm. Financial management: job of the managing a firm"s resources so it can meet its goals and objectives. Financial managers: managers who make recommendations to top executives regarding strategies for improving the financial strength of a firm. Vital to stay alongside of changes and opportunities in finance and adjust to them. Carefully analyze tax implications of various managerial decisions in attempt to minimize taxes paid by business: forecasting both short-term and long-term financial needs. Short-term forecast: predicts revenues, costs, and expenses for a period of one year: cash flow forecast: predicts cash inflows and outflows in future periods, usually months or quarters. Long-term forecast: predicts revenues, costs, and expenses for a period longer than one year, sometimes as far as five or ten years into the future: developing budgets to meet those needs.
