Question

1.What are the elements of financial management?

2.  List and explain the organization types described in this chapter?

You must respond with complete sentences and in paragraph form.....You must respond to two other post to receive full credit !!!

This post is worth 14 points...

Answer 1

Elements of Financial Management:

1.Financial Funding

The business needs to ensure that it has the funds to run the business.

2.Financial reporting

Ensure reporting to the board of directors and other stakeholders of the company.

3.Financial Control

Financial control should be there to help the company achieve its objectives and minimize the risks arising from error and theft.

4.Record Keeping

The firm must ensure that it maintains accurate record keeping so that investors and stakeholders can make correct decisions.

Types of organization:

1.Line Organization

In a line organization, employees at the same level do not give and receive orders from each other. They receive orders from their bosses and give orders to their subordinates.

2.Functional organization

In a functional organization, a single person is in charge of all activities in a department. The need for such an organization arises out of the complexity of the organization and using specialization to its full capacity.

3.Matrix Organization

A matrix organization employs multiple command structures. It will is followed in large organizations.

4.Divisional organization

Divisional organization exists in large organizations that operate in different geographical areas and have smaller organizations within an umbrella group.

I hope that was helpful :)