Finance and Accounts
ICSE · Class 9 · Commercial Studies
Flashcards for Finance and Accounts — ICSE Class 9 Commercial Studies. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is finance?
Answer
Finance refers to all activities related to obtaining money and effective use.
Why is finance called the life blood of business?
Answer
Finance is called the life blood of business because every business requires funds for its activities, and sound management of funds is essential for success.
What is business finance?
Answer
Business finance is the activity concerned with planning, raising, controlling, and administering the funds used in business. It also involves estimating, acquiring, and managing funds to meet the nee…
What does business finance include beyond raising money?
Answer
Business finance includes planning funds, raising funds, controlling funds, and administering funds. It is not only about getting money, but also about using it properly for business needs.
Who defined finance as all activities related to obtaining money and effective use?
Answer
O. Ferrel C. and Geoffrey Hirt defined finance as: "Finance refers to all activities related to obtaining money and effective use."…
Who defined business finance as the activity concerned with acquisition and conservation of capital funds?
Answer
B.O. Wheeler defined business finance as the activity concerned with the acquisition and conservation of capital funds in meeting the financial need and overall objective of business enterprise.
Who gave the broader definition of business finance as planning, raising, controlling, and administrating funds?
Answer
Guthmann and Dougall defined business finance broadly as the activity with planning, raising, controlling, and administrating of funds used in the business.
What are funds used in companies called?
Answer
Funds used in companies are called corporate finance.
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