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1) How do financial statements / budget tools contribute to your personal financial management?

1) How do financial statements / budget tools contribute to your personal financial management?
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ANSWER- Management refers to the process of estimating things as well as arranging things in apple-pie order. Similarly, Financial Management refers to the arrangement and estimation of revenues and expenditure on the basis of which one can draw the conclusions. All this requires the data from which conclusions can be drawn and decisions can be made. The data is taken out from financial statements, whereas, budget tools help with tools of analysis or for decision making.

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