Hello, I need help understanding the role of management as it relates to finance in a corporation

• What are the aspects of finance that management must understand?
• Why does a manager needs to understand the characteristics and importance of financial markets including their liquidity, competitiveness, and efficiency?
• How should one interpret the function of the Financial Balance Sheet in assisting in management's decision making process?
• What are the implications if management does not fulfill responsibilities related to finance?

Thanks