1. What is financial planning? a. Financial planning is where individuals and businesses have access to useful and affordable financial products and services. b. Financial planning means, it is a consistent cycle of recognizing financial objectives, organizing those goals and planning for how to accomplish them. c. A financial planning is an estinate of future financial income and expenses for a company. d. Financial planning are the priorities and targets you set for how you want to save your money. 2. Which of the following is the mission statement of JFC? Jollibee Foods Corporation First Statement To excel in providing great tasting food, brining joy of eating to everyone. Second Statement: Values on customer focus, speed with excellence, humility to listen and learn, spirit of family and fun and integrity. a. first statement b. second statement c. both of the statements d. none of the statements 3. Which of the following is the last step in financial planning process? a. identify resources b. establish responsibility centers for accountability and timeline c. determine contingency plans d. set goals or objectives 4. Which of the following steps in financial planning process where the management must establish a mechanism which will allow plans to be monitored? 2. establish the evaluation system for monitoring and controlling b. identify resources C. determined contingency plans d. set goals and objectives 5. What is the time period for the long term planning? 1 to 3 years b. 3 to 5 years 1 year or less d. 2 to 10 years c