State whether each of the following statements is TRUE or FALSE. 1. Financial forecasting is followed by financial planning. 2. Budgeting helps in establishing the responsibilities at different levels. 3. A budget is a collation of forecasts and plans expressed in financial terms. 4. The highest price offered by a dealer to purchase a given security is referred to as the ask price, and the lowest price at which the dealer is willing to sell the security is referred to as the bid price. 5. The spot rate is the existing exchange rate at which one currency can be immediately exchanged for another currency. 6. Revaluation reserve is an example of operational expenses in the statement of comprehensive income. 7. In the statement of financial position assets are classified as operational, investment and financial. 8. Long-term financial plans are part of an integrated strategy which includes production and marketing plans, and guides a business towards strategic goals. 9. The cash budget is used to estimate long-term cash requirements of a business. 10. Working capital is the total current assets of a business.