State any three points of importance of Financial Planning.
Solution and Explanation
1. Ensures Optimal Utilization of Resources: Financial planning helps to allocate resources efficiently, ensuring that funds are used optimally across the business operations.
2. Provides a Framework for Decision Making: It provides a systematic approach to planning for future financial needs, making it easier for managers to make informed decisions.
3. Helps in Managing Risks: Financial planning helps anticipate potential financial challenges and take proactive measures to mitigate risks, ensuring smooth operations even in uncertain situations
Top Questions on Financial Planning
A housing property of INR 50 lakh is on sale either through a Full Down Payment (FDP) scheme with an 8% rebate OR a Deferred Payment Plan (DPP) as shown in the table. A customer after converting all the future payments in DPP using 10% annual discount rate, found the DPP scheme to be financially gainful. The customer would be able to save in INR _________ lakh, if DPP is chosen over FDP. (rounded off to two decimal places)
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