The first step in the financial planning process is
A) forecasting financial needs.
B) preparing financial statements.
C) developing budgets.
D) establishing financial control.

Question

Quizplus · Accepted Answer

Forecasting financial needs is the first step in the financial planning process because it involves analyzing current and future financial situations and determining the resources necessary to achieve financial goals. This step sets the foundation for the development of financial statements, budgets, and financial control measures.

The First Step in the Financial Planning Process Is