Department of Education

Bureau of Learning Delivery Teaching

and Learning Division

BUSINESS FINANCE
The Steps in the Financial Planning Process and the
Formula and Format for the Budget Preparation and
Projected Financial Statement

Quarter 1 Week 3 Module 3

Learning Competency:

The learners shall be able to:

-identify the steps in the financial planning process.
(ABM_BF12-IIIc-d-10)
- illustrate the formula and format for the preparation of budgets and
projected financial statements. (ABM_BF12-IIIc-d11)
 HOW TO USE THIS MODULE?

PARTS OF THE MODULE

• Expectations - These are what you will be able to know after
completing the lessons in the module.
• Pre-test - This will measure your prior knowledge and the concepts to
be mastered throughout the lesson.
• Looking Back to your Lesson - This section will measure what
learnings and skills did you understand from the previous lesson.
• Brief Introduction- This section will give you an overview of the
lesson.
• Activities - This is a set of activities you will perform with a partner.
• Remember -This section summarizes the concepts and applications of
the lessons.
• Check your Understanding - It will verify how you learned from the lesson.
• Post-test - This will measure how much you have learned from the
entire module

Page 2 of 24
 The Steps in the Financial Planning Process

At the end of the module, you will be able to:

1. determine and apply the tools used in planning and forecasting

2. state and apply the tools used in budgeting
3.illustrate the formula and format for the preparation of budgets
and projected financial statements

Let us start your journey in learning more on the

PRETEST steps in the financial planning process and the formula and
format for the preparation of budgets. I am sure you are ready
and excited to answer the Pretest. Smile and Enjoy!
I. MULTIPLE CHOICE

Directions: Choose the letter corresponding to the correct answer for

each of the questions provided below.
1. What is budgeting?
a. Having enough money to buy something.
b. Having money left over at the end of the month.
c. Having ability to pay bills on time.
d. A plan made in advance regarding the expenditure of money based
on available income.
2. What is the purpose of a budget?
a. Estimating income and expenses
b. Saving for future expenses
c. Increasing income
d. Helping spend wisely

Page 3 of 24
3. What is/are the objective/s of Proforma Financial Statements?
a. To give an idea of how the actual statement will look like.
b. To facilitate comparisons of historic data and projections of future
Performance.
c. It helps you get financed because the lenders or investors will see
how you would use their money to grow your business.
d. All of the above.
4. Financial planning is a process to ensure that .
a. the cash flow of the company is positive.
b. the company is solvent.
c. the resources are unlimited.
d. the company is liquid and has paid all its investors’ dividends.
5. A plan to be effective should be created using S.M.A.R.T. philosophy.
What do S.M.A.R.T. mean?
a. Specific, measurable, assignable, realistic, time-related
b. Specific, macro, assignable, realistic, time-related
c. Smart, measurable, assignable, realistic, time-related
d. None of the above
Great, you finished
answering the questions. You may
request your facilitator to check

LOOKING BACK TO YOUR LESSON your work. Congratulations and

keep on learning!

Recall from the previous discussions, that the financial institutions

serve as an intermediary to the suppliers and users of funds and
actively participate in the financial markets as both suppliers and
users of funds. Financial Instruments are the transfers of funds from
one party to another. The financial markets provide a forum in which
firms can issue securities to obtain the funds that they need and in which
investors can purchase securities to invest their funds. When a financial
instrument is issued, it gives rise to a financial asset on one hand and a
financial liability or equity instrument on the other.

Page 4 of 24
I. MULTIPLE CHOICE

Directions: Choose the letter corresponding to the correct answer for

each of the questions provided below.

1. A _ is a type of financial intermediary that pools

Savings of individuals and makes them available to business and
government users. Funds are obtained through the sale of
shares.
A. mutual fund
B. savings and loans
C. savings bank
D. credit union
2. Most businesses raise money by selling their securities in
A. a direct placement.
B. a stock exchange.
C. a public offering.
D. a private placement.
3. Which of the following is not a service provided by financial
institutions?
A. buying the businesses of customers
B. investing customers’ savings in stocks and bonds
C. paying savers’ interest on deposited funds
D. lending money to customers
4. Government usually _ .
A. borrows funds directly from financial institutions.
B. maintains permanent deposits with financial institutions.
C. is a net supplier of funds.
D. is a net demander of funds.
5. By definition, the money market involves the buying and selling of
.
A. funds that mature in more than one year.
B. flows of funds.
C. stocks and bonds.
D. short-term funds.

Page 5 of 24
 BRIEF INTRODUCTION

All individuals, professionals, businessmen will have their goals

to be in profession or business. However, about objectives at business
finance, we have to plan them. You should know how you can save a lot, you
must know your goals. Here is the step by step financial planning process
which includes six steps in financial planning process which will assist you.
You should be aware of the life cycle approach of financial planning process
to structure your goals.

The long-term goals that you plan to achieve in the future, play
an important role in everyday life as you already have in mind a set of
plans for the next five years. If you are not yet sure what you want in five
years from now will probably still have an idea of what kind of life you
want. You are still in the process of planning.
Planning is an important aspect of the firm’s operations because
it provides road maps for guiding, coordinating, and controlling the firm’s
actions to achieve its objectives. Management planning is about setting the
goals of the organization and identifying ways on how to achieve them.

There are two phases of financial planning. Financial planning

starts with long term plans which would then translate to short term plans.

Strategic vs. Tactical Planning

Long-term financial plans or the strategic plans are a set of goals

that lay out the overall direction of the company. A long-term financial plan
is an integrated strategy that takes into account various departments such
as sales, production, marketing, and operations for the purpose of guiding
these departments towards strategic goals. Those long-term plans consider
proposed outlays for fixed assets, research and development activities,
marketing and product development actions, capital structure, and major
sources of financing. It also include would be termination of existing
projects, product lines, or lines of business; repayment or retirement of
outstanding debts; and any planned acquisitions.

Page 6 of 24
 Short-term financial plans or the tactical plans specify short- term
financial actions and the anticipated impact of those actions. Part of short
term financial plans include setting the sales forecast and other forms of
operating and financial data. This would then translate into operating
budgets, the cash budget, and pro forma financial statements.

The Financial Planning Processes

There are six steps of financial planning processes that you should
know. It includes:
Step 1: Determine Your Current Financial Situation
In this first step of the financial planning process, you will
determine your current financial situation with regard to income, savings,

Long-Term Planning Short Term Planning

Persons More participation from Top management is still involved but there is more
Involved top management participation from lower level managers (production,
marketing, personnel, finance and plant facilities)
because their inputs are crucial at this stage since they
are the ones who implement these plans

Time Period 2 to 10 years 1 year or less

Level of Less More

Detail

Focus Direction of the company Everyday functioning of the company

living expenses, and debts. Preparing a list of current asset and debt
balances and amounts spent for various items gives you a foundation for
financial planning activities.

Step 2: Develop Financial Goals

You should periodically analyze your financial values and goals.
This involves identifying how you feel about money and why you feel that
way. The purpose of this analysis is to differentiate your needs from your
wants. Specific financial goals are vital to financial planning. Your financial
goals can range from spending all of your current income to developing an
extensive savings and investment program for your future financial security.

Page 7 of 24
 Step 3: Identify Alternative Courses of Action
Developing alternatives is crucial for making good decisions. Although
many factors will influence the available alternatives, possible courses of
action usually fall into these categories:
• Continue the same course of action.
• Expand the current situation.
• Change the current situation.
• Take a new course of action.
• Not all of these categories will apply to every decision situation;
however, they do represent possible courses of action.
• Creativity in decision making is vital to effective choices.

Step 4: Evaluate Alternatives

You need to evaluate possible courses of action, taking into consideration
your life situation, personal values, and current economic conditions.

Consequences of Choices. Every decision closes off alternatives. For example,

a decision to invest in stock may mean you cannot take a vacation. A decision
to go to school full time may mean you cannot work full time. Opportunity
cost is what you give up by making a choice. Decision making will be an
ongoing part of your personal and financial situation. Thus, you will need to
consider the lost opportunities that will result from your decisions.

Evaluating Risk. In many financial decisions, identifying and evaluating risk

is difficult. The best way to consider risk is to gather information based on
your experience and the experiences of others and to use financial planning
information sources.

Financial Planning Information Sources. Relevant information is required at

each stage of the decision-making process. Changing personal, social, and
economic conditions will require that you continually supplement and
update your knowledge.

Step 5: Create and Implement a Financial Action Plan

In this step of the financial planning process, you develop an
action plan. This requires choosing ways to achieve your goals. As you
achieve your immediate or short-term goals, the goals next in priority will
come into focus.

Page 8 of 24
 To implement your financial action plan, you may need assistance
from others. For example, you may use the services of an insurance agent to
purchase property insurance or the services of an investment broker to
purchase stocks, bonds, or mutual funds.

Step 6: Re-evaluate and Revise Your Plan

Financial planning is a dynamic process that does not end when
you take a particular action. You need to regularly assess your financial
decisions. Changing personal, social, and economic factors may require
more frequent assessments.

When life events affect your financial needs, this financial

planning process will provide a vehicle for adapting to those changes. The
figure below represents the financial planning processes.

Figure 1: The Financial Planning Processes

Page 9 of 24
 Formula and Format for the Preparation of Budgets
and Projected Financial Statement

In planning, the goal of maximizing shareholders’ wealth must

always be put in mind. Therefore, the following criteria must be used for an
effective planning:

• SPECIFIC – target a specific area for improvement.

• MEASURABLE – quantify or at least suggest an indicator of progress.
• ASSIGNABLE – specify who will do it.
• REALISTIC – state what results can realistically be achieved, given available
resources.
• TIME-RELATED – specify when the result(s) can be achieved. (Doran, G. T.
(1981). "There's a S.M.A.R.T. way to write management's goals and
objectives". Management Review (AMA FORUM) 70 (11): 35–36.)

By the way, what are your insights on the following questions?

1 What is a budget?
2 What is the importance of a budget?
3 What will happen if the budget is not met?

Cayanan, A. (2015) said, a plan is useless if it is not quantified. A

quantified plan is represented through budgets and projected or pro- forma
financial statements. These budgets and pro-forma financial statements
are useful for controlling. They serve as the bases for monitoring actual
performance. Meeting the plans is good. However, failing to meet the plans
is not equivalent to failure if the reasons for not meeting such plans can be
justified especially when the reasons are fortuitous in nature and are
beyond the control of management. Measuring actual performance vis a vis
the plans even at the early start of the year allows the management to
assess the company’s performance and come up with remedial actions if
warranted.

Page 10 of 24
The Sales Budget
This is how a sales budget is formulated. The most important
account in the financial statement in making a forecast is sales. To forecast
means is to plan beforehand. Since most of the expenses are correlated with
sales, the sales budget is formulated. Financial Statement analysis
discussed in your Accounting subjects that cost of sales ratio, gross profit
ratio, and variable operating expenses ratio are based on the sales figure.
Given the importance of the sales forecast, the financial manager must be
able to support this figure with reasonable assumptions.
SALES BUDGET
Formula: Forecasted unit sales x Price per unit= Total gross sales

The following external and internal factors should be considered in

forecasting sales:

External Internal
• Gross Domestic Product • production capacity
(GDP) growth rate • man power requirements
• Inflation • management style of managers
• Interest Rate • reputation and network of the controlling
• Foreign Exchange Rate stockholders
• Income Tax Rates • financial resources of the company
• Developments in the industry
• Competition
• Economic Crisis
• Regulatory Environment
• Political Crisis

Figure 2: Factors that Influence Sales

Let us discuss the external and internal factors that influence sale.
External Factors

Macroeconomic Variables. Macroeconomic variables such as the

GDP rate, inflation rate, and interest rates, among others play an important
role in forecasting sales because it tells us how much the consumers are
willing to spend. A low GDP rate coupled by a high inflation rate means that
consumers are spending less on their purchases

Page 11 of 24
of goods and services. This means that we should not forecast high sales of
the periods of low GDP.

Developments in the Industry. Products and services which have

more developments in its industry would likely have a higher sales forecast
than a product or service in slow moving industry. Consumer trends are
always changing, thus the industry should be competitive to be able to
appeal to more customers and stay in the market.

Competition. Suppose you are selling bread and you know that
each person in your community eats an average of one loaf of bread a day.
The population of your community is 500 people. If you are the only person
selling bread in your town, then your sales forecast is 500 units of bread.
However, you also have to take account your competition. What if there are
4 other sellers of bread? You will need to have to divide the sales between
the 5 of you. Does this mean your new forecast should be 100 units of bread?
Not necessary. You should also know the preference of your consumers. If
more of them would prefer to buy more bread from you, then you should
increase your sales forecast.
Internal Factors
Production Capacity and manpower. Suppose that you have already
evaluated the macroeconomic factors and identified that there is a very
strong market for your product and consumers are very likely to buy from
you. You forecasted that you will be able to sell 1,000 units of your product.
However, you only have 20 employees who are able to produce 20 units
each. Your capacity cannot cover your expected demand hence, you are
limited by it. To be able to increase capacity, you should be able to expand
your operations.
There is an implications if sales budget is not correct. If
understated, there can be lost opportunities in the form of forgone sales. If
it is too optimistic, the management may decide to unnecessarily increase
capacity or hire more employees and end up with more inventories.
Production Budget
What a production budget is and how it is formulated? A production budget
provides information regarding the number of units that should be

Page 12 of 24
 Jan Feb Mar Apr May

Units 2,000 2,200 2,500 2,800 3,000

produced over a given accounting period based on expected sales and

targeted level of ending inventories. It is computed as follows:

Required production in units = Expected Sales + Target Ending

Inventories - Beginning Inventories

Let us have the following examples:

Company A forecasts sales in units for January to May as follows:

Note: Ending inventory of current period is beginning inventory of next period

Moreover, Company A would like to maintain 100 units in its ending

inventory at the end of each month.

-Beginning inventory at the start of January amounts to 50 units.

-How many units should Company A produce in order to fulfill the

expected sales of the company?

The answer is here:

Page 13 of 24
 MONTH
Jan Feb Mar Apr May Total

Projected Sales 2,000 2,200 2,500 2,800 3,000 12,500

Target level of 100 100 100 100 100 100

ending inventories

Total 2,100 2,300 2,600 2,900 3,100 12,600

Less: beginning 50 100 100 100 100 50

inventories
Required 2,050 2,200 2,500 2,800 3,000 12,500
production
Source: Teaching Guide for Senior High School, Business Finance, Published by the Commission on Higher Education, 2016

PROJECTED FINANCIAL STATEMENTS

Projected financial statements is a tool of the company to set an

overall goal of what the company’s performance and position will be for and
as of the end of the year. It sets targets to control and monitor the activities
of the company.

This lesson has been extensively discussed in your

Fundamentals of Accounting 1 and 2. A historical financial statement is
provided for you to make your forecast.

Here are the following reports that may be forecasted:

Projected Income Statement

Projected Financial Position
Projected Cash Flows

Financial forecasts assist businesses in the attainment of their goals.

They are the future predictions of finances which provide details of actual
the results or progress of performances. Predicting the financial future of a
business needs a lot of considerations especially if the

Page 14 of 24
 business has not yet been established and has none financial history. The
forecasting and making adjustments will enable a business to become more
precise and accurate in numbers in the future.

Projected Income Statement

Company A Income
Statements
For the years ended December 31
2014 2013 2012 2011 2010

Net Sales 5,250,000 4,770,000 4,310,000 3,910,000 3,547,000

Cost of sales 4,305,000 3,959,100 3,663,500 3,128,000 2,979,480

Gross Profit 945,000 810,900 646,500 782,000 567,520

Operating expenses 314,750 297,890 246,231 221,500 217,538

Operating income 630,250 513,010 400,259 560,500 349,982

Interest Expense 250,000 250,000 250,000 450,000 300,000

Income before taxes 380,250 263,010 150,259 110,500 49,982

Taxes 114,075 78,903 45,078 33,150 14,995

Net Income 266,175 184,107 105,181 77,350 34,987

What Is Projected Income?

Wood, C. (2020) said the projected income is an estimate of the
financial results you'll see from your business in a future period of time. It is
often presented in the form of an income statement, although it doesn't have to
be. The chart above represents a projected income of Company A.

How It's Estimated?

Let's say the ABM Supermarket is considering an expansion. You have
decided to put together a projected income statement for the following year to
see if the new products are dominating the market.

Page 15 of 24
 Projected Financial Position

Company A Statement of
Financial Positions As
of December 31

2014 2013 2012 2011 2010

Assets

Current Assets

Cash 1,060,000.00 990,000.00 770,000.00 760,000.00 880,000.00

Receivables 2,300,500.00 1,921,000.00 1,722,000.00 1,454,000.00 1,396,000.00

Inventories 4,850,000.00 4,500,000.00 3,797,000.00 3,290,000.00 3,350,000.00

Other current assets 1,050,000.00 980,000.00 984,000.00 735,000.00 998,000.00

Total Current Assets 9,260,500.00 8,391,000.00 7,273,000.00 6,239,000.00 6,624,000.00

Non-current Assets

Property, plant & equipment 2,440,000.00 2,260,000.00 1,810,000.00 1,870,000.00 1,900,000.00

Other noncurrent assets 835,689.00 925,681.00 896,842.00 876,235.00 827,490.00

Total non-current assets 3,275,689.00 3,185,681.00 2,706,842.00 2,746,235.00 2,727,490.00

Total assets 266,175.00 184,107.00 105,181.00 77,350.00 34,987.00

Liabilities and Equity

Current Liabilities

Notes payable (external funds

needed)

Trade payables 5,050,000.00 4,756,000.00 4,130,000.00 3,300,000.00 2,870,000.00

Income taxes payable 28,520.00 19,725.00 11,270.00 8,290.00 3,750.00

Long-term debt 2,250,000.00 2,500,000.00 1,000,000.00 2,000,000.00 2,000,000.00

Other current liabilities 85,600.00 28,700.00 40,990.00 30,688.00 37,890.00

7,414,120.00 7,304,425.00 5,182,260.00 5,338,978.00 4,911,640.00

Total Current Liabilities
Page 16 of 24
 2014 2013 2012 2011 2010

Non-current Liabilities

Long-term debt, net of 2,000,000.00 1,250,000.00 - 1,000,000.00 3,000,000.00

current portion

Total liabilities 9,414,120.00 8,554,425.00 5,182,260.00 6,338,978.00 7,911,640.00

Stockholders’ Equity

Capital stock 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00

Retained earnings 2,122,069.00 2,022,256.00 3,797,582.00 1,646,257.00 439,850.00

Total Stockholders’ 3,122,069.00 3,022,256.00 4,797,582.00 2,646,257.00 1,439,850.00

Equity

Total liabilities and 12,536,189.00 11,575,681.00 9,979,842.00 8,985,235.00 9,351,490.00

Stockholders’
Equity

The balance sheet shows a business's actual, historical financial positions,

while a projected balance sheet communicates expected changes in future asset
investments, outstanding liabilities and equity financing. Businesses may consider a
projection of a balance sheet as to facilitate long-term, strategic planning which often
concern future asset growth and how it may be supported by increased financing through
both debt and equity. It provides the most relevant financial information needed in the
business planning process. The chart above represents a projected Financial Position for
5 years (Jay, W. 2019).

‣ Projected Statement of Cash Flows

Cash

Cash as a percentage of sales in 2014 = ( 1,060,000 ÷ 5,200,000) x 100%

Cash as a percentage of sales in 2014 = 20.19%

Projected cash in 2015 = 20.19 % x 5,775,000

Projected cash in 2015 = 1,165,973

If you want to predict your business’s cash flow, create a cash flow
projection. A cash flow projection estimates the money you expect to flow in and
out of your business, including all of your income and expenses. The chart above
is an example of projected cash flows (Kappel, M. 2019).

Page 17 of 24
Directions: Choose the letter corresponding to the correct answer for each
of the questions provided below.

1. Which of the following statements about budgeting is incorrect?

a. Budgets provide direction and coordination.
b. Budgets motivate staff.
c. A budget is a financial plan.
d. A budget looks back and review performance.

2. Which of the following is normally prepared first?

a. Cash Budget
b. Production Budget
c. Sales Budget
d. None of the above

3. What is a sales budget?

a. A plan of items to be sold.

b. A plan of how much an item will cost.
c. A plan for how much money should be made in a given period.
d. A plan for tracking an inventory and how much they sell.

4. Why many small businesses do not use budget?

a. Budgeting is for large firms only.
b. Budgeting can be time consuming.
c. Small businesses do not record variances.
d. All of the above.
5. Which of the following is NOT a benefit of budgeting?

a. It is a source of motivation.
b. It is a means of coordinating business activities?
c. It prevents company to incur net losses.
d. It promotes study, research, and focus on the futu

Page 18 of 24
 Activity No. 2

Directions: Calculate the production budget (Php) of Company X, given the

following data:

Year 1 Year 2 Year 3

Sales (in units) 5,000 10,000 15,000

Beginning Inventory 1,500 2,500 4,000

Ending Inventory 3,000 5,000 7,000

Production Budget Php Php Php

Additional Activities

MATCHING TYPE
Directions. Match column A to Column B. Write your answer on the space
provided.
Column A Column B
income statement
1. This financial statement reports a Forecasting
Operations’ sales, expenses, profits Budget
Or losses for a period of time. Income Statement
forecasting
2. An integral part of the planning Production Bud
Process that makes future predictions Sales Budget
sales budget
regarding sales trends
3. It is a detailed schedule showing the
expected sales for the budget period.
budget
4. It is a plan that indicates an operation’s
financial objectives.
production bud
5. It calculates the number of units of products
that must be produced.

Page 19 of 24
A sales budget provides details of the amount of money that a firm estimates
it will receive from the sales of its goods and services in a particular period
whereas a production budget is a plan that lists the number of units to be
manufactured during a period.

The formula to calculate production needs is as follows:

Units to be Produced = Expected Unit Sales + Units in Desired
Ending Inventory (EI) - Units in Beginning
Inventory (BI)

I. Multiple Choice

Directions:Choose the letter corresponding to the correct answer for each of

the questions provided below.

1. Why are budgets useful in the planning activity of an organization?

a. Budgets help communicate goals and provide a basis for evaluation.
b. Budgets provide management with information about the company’s
past performance.
c. Budgets enable the budget committee to earn paycheck.
d. Budgets guarantee the company to be profitable if it meets the
objectives.
2. Which of the following is not a motive for budgeting according to Bible’s
teaching?
a. Buy the things I want
b. Stay out of debt
c. Buy the things I need
d. Have enough to give

Page 20 of 24
3. What is the formula for computing production budget?
a. Expected Sales in Units + Planned Ending Inventory Units –
Beginning Inventory in Units
b. Expected Sales in Units + Beginning Inventory in Units + Planned
Ending Inventory Units
c. Planned Ending Inventory Units + Beginning Inventory in Units –
Expected Sales in Units
d. None of the above

I. Fill in the Table

Directions: Complete the table below.

Habakkuk Company
Sales Budget
For the Year Ending December 31, 2020

SALES BUDGET Quarter

Formula Quarter 1 Quarter 2 Quarter 3 Quarter 4
Forecasted unit sales 5,500 6,000 7,000 8,000
x Price per unit 10 10 12 12
Total gross sales

Source: https://www.accountingtools.com/articles/2017/5/17/sales-budget-sales-budget-example

Page 21 of 24
 As the COVID-19 pandemic continues to strike pain on small and
large businesses, thousands of enterprises are closing down that affects
millions of workers.

Camille Jazul-Salita, 28, beauty adviser in Qatar Airways, is one

those Filipino overseas who came home. She was planning to resign in
August but she did it earlier because of the COVID. Jazul-Salita quips that
she plans to enroll in a baking class at a state-owned technical school while
she is here in the Philippines (Tadalan, 2020).
In today’s difficult times, planning is essential to the success of any
business. When a company has plan to follow, it is ready to face the future.
As Book of Luke chapter 14 verse 28 says “Suppose one of you wants to
build a tower. Won’t you first sit down and estimate the cost to see if you
have enough money to complete it?”
If you were Jazul-Salita, are you going to open a small business amid
this crisis? How will you manage the cost of your small venture?

Page 22 of 24
 To further explore the concept learned today and if it possible to
connect the internet, you may visit the link:
https://www.bworldonline.com/pandemic-slashes-remittance-
lifeline-as-overseas-filipino-workers-lose-jobs/

Cayanan, A. & Borja (forthcoming). Business Finance. Quezon City. Rex Bookstore. Gitman, L.
J. & Zutter C. J. (2012), Principles of Managerial Finance (13th Ed), USA: Prentice-Hall

Tadalan, C. (2020). Pandemic slashes remittance lifeline as overseas Filipino workers lose
job. Retrieved on June 29, 2020 from https://www.bworldonline.com/pandemic- slashes-
remittance-lifeline-as-overseas-filipino-workers-lose-jobs/

Teaching Guide for Senior High School, Business Finance, Published by the Commission on
Higher Education, 2016

http://novella.mhhe.com/sites/0079876543/student_view0/senior_experience-
999/your_finances19/financial_planning.html. Retrieved June 22, 2020

https://aspira.org/sites/default/files/U_XI_M_1_ipf.pdf. Retrieved June 22, 2020

https://www.thebalance.com/the-6-steps-of-financial-planning-2466498. Retrieved
June 22, 2020

https://wikifinancepedia.com/finance/six-steps-in-financial-planning-process-examples.
Retrieved June 22, 2020

http://en.wikipedia.org/wiki/Personal_finance. Retrieved June 22, 2020

https://thelabconsulting.com/robotic-process-automation-in-financial-services-an-
overview-examples-and-how-to-implement-rpa/. Retrieved June 22, 2020

https://orange520.blogspot.com/2016/11/financial-management-chapter-4-long.html.
Retrieved June 22, 2020

Page 23 of 24
 Acknowledgements
Prepared by: Letessie A. Diano
ABM TEACHER
MANDAUE CITY COMPREHENSIVE NHS

Page 24 of 24