1. Overview of financial planning Which of the following states the firm's overall purpose? O Corporate scope Mission statement O Statement of corporate objectives Which of the following defines the company's lines of business and its geographic area of operations? O Corporate scope O Mission statement O Statement of corporate objectives Which of the following sets forth specific goals or targets to help operating managers focus on the firm's primary objectives? Corporate scope Mission statement Statement of corporate objectives Which of the following statements about the financial planning process are true? Check all that apply. O Firms should use a performance-based management compensation system that is based on a manager's ability to achieve short-run success. The firm will need to calculate the amount of funds it will be able to generate internally. If that is not enough capital to support the financial plan, the firm will need to raise external funds to support the financial plan or the plan will have to be revised to focus on the highest value opportunities. Management must monitor operations after implementing a financial plan to detect deviations from the plan and adjust accordingly