Forecasting is an important part of any firm's financial plan. Financial managers create forecasts by preparing budgets, and these budgets are then analyzed in order to determine if/when a firm will need to secure internal and external financing. Instructions: Match each example with the corresponding step in the financial planning process. Consolidate Reconcile and Moderate How to Obtain Cash Planned Expenditures Match each of the options above to the items below. Forecast the firm's short-term and long-term financial needs. 4 Develop a financial plan. 1 Create the capital and cash budget. 3 Create the operating/master budget. 5 Establish financial controls to see whether the firm is achieving its goals.

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