Identify the three key elements of financial management process.

Financial planning, Financial control, Financial decision making

The correct answer is option (1) - Financial planning, Financial control, Financial decision making.

Process of financial management: There are three key elements to the process of financial management:

1) Financial planning: Management need to ensure that enough funding is available at the right time to meet the needs of the business. In the short term, funding may be needed to invest in equipment and stocks, pay employees and fund sales made on credit. In the medium and long term, funding may be required for significant additions to the productive capacity of the business or to make acquisitions.

2) Financial control: Financial control is a critically important activity to help the business ensure that the business is meeting its objectives. Financial control addresses questions such as: · Are assets being used efficiently? Are the businesses assets secure? Does management act in the best interest of shareholders and in accordance with business rules?

3) Financial decision-making: The key aspects of financial decision-making relate to investment, financing and dividends