why financial management is called life blood of business ? (10 Marks)
Answers
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Financial Management Introduction:Finance is regarded as the lifeblood of abusiness enterprise. ... Finance is the master key that provides access to all the sources for being employed in manufacturing and merchandising activities. The success of an organization largely depends on efficient managementof its finances.
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Answer:
Explanation:
Finance is regarded as the lifeblood of a business enterprise. It is the basic foundation of all kinds of economic activities. Finance is the master key that provides access to all the sources for being employed in manufacturing and merchandising activities. The success of an organization largely depends on efficient management of its finances. It flows in mostly from sale of goods and services. It flows out for meeting various types of expenditure. The activating element in any business which may be an industrial or commercial undertaking is the finance. Finance plays a very important role in the day-to-day lives of each individual or corporation. It is a very wide term and it can be said to be the study of the science of managing funds. Usually finance includes the areas of public, personal and business finance. It includes things related to lending, spending and saving money. An important aspect of finance is that individuals and corporations deposit money in a financial institution, especially banks, which in turn lend out money and charge an interest for their services.