1. What is finance? Ans. Finance is the art and science of managing money. It includes financial instruments and financial services. The financial function is the procurement of funds and their effective utilization in business concerns, capital, funds, money, and amount. 2. What is financial management? Ans. It is concerned with the efficient use of an important economic resource namely, capital funds. Financial management is mainly concerned with effective funds management in business. In simple words, financial management as practiced by business firms can be called corporate finance or business finance. 3. Important functions of financial management Ans. Finance is the lifeblood of a business organization. It needs to meet the requirement of the business concerns. Every business concern must maintain adequate finance for the smooth running of the business concern and also mainta...