A$.$ True or False: Write T if the statement is correct. If it is not, write F$,$ and state your reason briefly.

Financial planning applies only to the area of business finance.

Financial planning is solely undertaken by the finance unit of an organization.

The projected financial statements can be prepared without determining the level of operating expenses. $q,$

The preparation of financial plan gets more difficult once capital expenditures are included in the projected $q,$

Sales predictions based on previous sales are considered final in making the financial plan. $q,$

The long$-$term financial plan need not be congruent to the vision of a business.

The vision of the business defines its short$-$term financial direction.

Financial goals are broader than financial objectives

The production schedule is prepared ahead of the sales forecast

The financial plan is easily prepared and becomes logical if the expected cost and expenses are determined first. $q,$

Financial planning is making a forecast on the financial operation of the business.

The first step in preparing a financial plan is to determine the expected cost and expenses.

Long$-$term and short$-$term financial securities are ordinarily traded in the capital market.

The sales performance of previous years can serve as the most logical basis in predicting the future sales of the business. $q,15.$ The additional funds needed must be determined once sales are expected to remain at a steady level $q,$