Educare

Wednesday, 17 December 2014

FINANCIAL PLANNING

Definition of Financial Planning

Financial Planning is the process of estimating the capital required and determining its competition. It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise.

Meaning of Financial Administration

The term Financial Administration consists of two words. 'Finance' and 'Administration'. The word 'administration' refers to organization and management of collective human efforts in the pursuit of a conscious objective. The word 'finance' refers to monetary resource. Financial administration refers to a set of activities which are related to making available money to the various branches of an organization to enable it to carry out its objects. Whether it is a family, business or a government department, its day to day activities depend on the availability of funds with which financial administration is concerned.

SOURCES OF FINANCING

Financing is defined as the act of providing funds for business activities, making purchases or investing. Financial institutions and banks are in the business of financing as they provide capital to businesses, consumers and investors to help them achieve their goals. The Education funding comes from many different sources. The total level of funding a country dedicates to education is the result of the total level of funding provided by each one of these sources. The main sources of education finance are the following:
1. Public finance (Federal & Provincial government)
2. Taxes (Direct & Indirect)
3. Fee & Services
4. Private organizations (NGOs)
5. Foreign funding (Loans & Aids)

EDUCATIONAL PHILOSOPHIES

Within the epistemological frame that focuses on the nature of knowledge and how we come to know, there are four major educational philosophies, each related to one or more of the general or world philosophies just discussed. These educational philosophical approaches are currently used in classrooms the world over. They are Perennialism, Essentialism, Progressivism, and Reconstructionism. These educational philosophies focus heavily on WHAT we should teach aspect of the curriculum.