Question

Planning, directing, and making choices about an organization's financial resources in order to accomplish its objectives are all part of financial management. What are the duties of financial management?

1) Risk management, decision-making, control, and financial planning
2) Human resource management, marketing, sales, and production
3) Legal compliance, customer service, and quality control
4) Research and development, innovation, and strategic planning

Answer 1

The duties of financial management include risk management, decision-making, control, and financial planning, which are essential for steering an organization toward achieving its financial objectives. The correct option is 1) Risk management, decision-making, control, and financial planning

Step-by-step explanation:

The duties of financial management include a broad range of responsibilities that are necessary to manage an organization's financial resources effectively. Notably, these duties encompass:

• Risk management: Identifying, assessing, and prioritizing risks followed by coordinated application of resources to minimize, control, and monitor the probability and/or impact of unfortunate events.
• Decision-making: Making strategic financial decisions regarding investment, financing, and dividends to influence the company's performance positively.
• Control: Monitoring and regulating financial activities to ensure that they align with the company's plans and budgets.
• Financial planning: Creating financial policies regarding procurement, investment, and administration of funds of an enterprise, as well as establishing the financial objectives of the organization.

These tasks enable an organization to achieve its financial objectives, which are vital for its growth and stability. The correct option is 1) Risk management, decision-making, control, and financial planning