Managing Day-to-Day Financial Activities: A Key Responsibility of a Financial Manager
What responsibility of a financial manager does Kirsten's scenario describe?
a. Overseeing day-to-day financial activities b. Determining long term investments c. Managing risks taken by the business d. Getting funds for investment opportunities
Final answer: The scenario describes the responsibility of a financial manager to oversee day-to-day financial activities.
Explanation:
A financial manager is to oversee day-to-day financial activities. This involves tasks such as reviewing operating activities, managing cash flow, and ensuring financial transactions are executed smoothly.
Kirsten's role as a financial manager includes activities like buying inventory, paying employees, and handling rent payments for retail spaces. These are all part of the day-to-day financial operations of the chain of ladies' apparel stores she is responsible for.
Other responsibilities such as determining long term investments, managing risks, and getting funds for investment opportunities may also be performed by financial managers, but they are not specifically described in this scenario.
As a financial manager, overseeing day-to-day financial activities is a crucial aspect of the role. This entails closely monitoring and managing the financial transactions and operations that occur on a daily basis within the business.
By reviewing weekly operating activities, such as purchasing inventory, paying staff wages, and managing rental payments for retail spaces, Kirsten ensures that the financial aspects of the chain of ladies' apparel stores are running smoothly and efficiently.
This responsibility involves maintaining accurate financial records, analyzing financial data, and making informed decisions to support the financial health of the business. It also includes managing the cash flow to meet the day-to-day financial obligations of the company.
Overall, overseeing day-to-day financial activities is essential for a financial manager to ensure the organization's financial stability and success.