Analysis of Financial Literacy and Retirement Wealth Among US Households

The provided content consists of multiple studies and research papers related to finance, accounting, and financial planning. The topics include the variation in retirement wealth among US households, household finance, international financial reporting standards, strategic analysis, public financial management, business valuation, family research, education costs, financial literacy, and investment appraisal. The sources range from academic journals such as American Economic Review and Journal of Finance to books like Intermediate Accounting: IFRS Edition and Contemporary Strategy Analysis.

MFRD

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1Identification of various sources of finance for the business.................................................1
1.2 Implication of the internal and external source of funds.......................................................2
1.3Asses the appropriate source of finance for the organisation................................................3
TASK 2............................................................................................................................................4
2.1Cost of sources of funds.........................................................................................................4
2.2 Importance of financial planning for the organisation..........................................................4
2.3Assesment of information that will be required in financial decisions..................................5
2.4
TASK 3............................................................................................................................................7
3.1 Cash Budget for Clariton Antiques.......................................................................................7
3.2 Unit cost and pricing for Clariton Antiques..........................................................................7
3.3
TASK 4..........................................................................................................................................11
4.1 The elements of financial statements of a company...........................................................11
4.2 Comparison between the financial statements of the two firms.........................................12
4.3 Interpretation of the financial statements............................................................................13
........................................................................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES .............................................................................................................................16

INTRODUCTION
Finance is the most important part in the business for the running of company operations. If an organization does not have proper
management of financial resources then it will affect the position of the company. In order to make proper management of the financial
resources, a company needs to have a financial manager. The cited person provides direction to the company with reference to the finances.
The present report is based on case study of Clariton Antiques where the firm sells antique items to the customers. Presently, the firm is
operating in London but the partners aims at expanding the business by opening new branch. However, the partners are required to focus on
the appropriate sources for the management of funds effectively. This will allow them to make appropriate decision making with reference to
the opening of new branch. The document is prepared with a motive to clarify the concept of financial management with the respective case
study. Additionally, it is about to explained the importance of financial management for the current business operations (Van Rooij and
et.al., 2011).
TASK 1
1.1Identification of various sources of finance for the business
a) Unincorporated business- The type of business that are privately owned and managed by the more than two people. There are various
types of source of finance available to these business which are discussed below-
Personal saving- It is saving of all individual's earnings that can be used by the unincorporated business for the investment in a
profitable areas. This is a beneficial in future and highly effective for the firm as the result Zero interest rate (James, E., King, E.M. and
Suryadi, A., 2011. )
Retained earning- It is mainly focus on generating earnings by little investment and retained earning used by the expansion of
business for further investment. This is that part amount of profit used by a business for investment that remains after distribution of
dividend to their shareholders.
Working capital- It is a amount that can be used for financing day to day operations of a firm. This amount is a difference of current
assets and current liabilities. It used for short-term financing and it also aid the firm to achieve short-term financial needs (Madura, 2011).

Sale of an assets- It is an another internal source of finance in which an organisation generate its revenue by sale its assets such as
machinery,land and building etc.
b)Incorporated business- This type of business are usually formed with aim to develop an entity. They can generate revenue by sale of
products over the cost of production and these are mostly used by many organisations. Therefore, in context of Clarition Antiques limited the
main objective is that to expand in various markets so, they can generate more funds by used of various source of finance that are as follows-
Bank loan- This type of business expand by borrowing loan from various banking institution with best available rate of interest. The
cited firm should take loan either private or government banks. The purpose of these company is that they take additional loan for expanding
their business. They take loan at a fixed rate of interest (O'Riain, Curry and Harth, 2012).
Share capital- The cited company issue share capital to the public for create funds and these can be sale to the investors at the fixed
rate of interest. This allow the firm to manage the needed funds for expansion of business. They can issue share capital to either new or
existing shareholders. This leads to enhance the shares value of that issued share capital.
Debenture- This is a borrowed capital at some rate of interest borrowed for some maturity periods by the small and large size
organisation. They are borrowed debenture by the cited organisation at fixed rate of interest. This is the most appropriate external source of
funds and their some limitation is that the debenture holders does not have a right to vote in the meeting but they can take dividends
(Guthrie, Olson and Humphrey, 2010).
Government grants- It is a type of loan that can be borrow from the government agency where there is a project is done for the
purpose non-profit, public- welfare and benefits to the society by the organisation.
1.2 Implication of the internal and external source of funds
Internal sources- The firm generate funds internally or within the organisation by used of various sources that are as follows-
Personal sources- This can be discuss in the above that personal saving is that part of income's saving is used by the company for
some purpose. They can also generate revenues by taking funds from the family and friends. The implication of these source is that the
saving amount can be loss for the firm if, any loss arise in future that means they have no money in future to recover those losses. The

company finance it business by usage of internal funds so, there is no legal implication of these funds and also their no financial implication.
Along with this, there is no dilution of control of these personal saving (Madura, 2011).
Retained earnings- The firm used its retained profit for reinvesting their own business for the future growth purpose so, there is zero
financial implication as the capital they used are the part of its firm's profit. Therefore, there is also no financial implication. This amount is
used by the company for itself so, there is also does not have any financial implication for the cited organisation. The usage of retained
profits ignore the expectation change of existing investor that resultant into new sharers issue. Along with that, this source of finance does
not need any legal formalities so, there is not a legal implication.
External sources- The cited company finance their functions and business activities by issue of the source of funds from externally that are
as follows-
Bank loan- In legal terms it can be said that if the cited company borrow amount of loan from bank it requires some legal formalities
and documentation are needed to be done. It can be essential to know the person credit worthiness and its position. Thus, there is a legal
implication of the bank loan that a company borrow capital from internally with the financial and banking institution. In addition to
this,Company borrow loan from bank so they have to pay monthly instalments at interest rate as per the terms of agreement. The firm have
to pay amount on that fixed rate of interest so, here is a financial implication of bank loan. Therefore,this loan does not have a dilution of
control over the businesses owner (Lusardi & Mitchell and et.al., 2008).
Debentures- The company borrow debentures from the other parties they require a legal formalities. They have to make agreements
with concerned parties whom they issue debentures so, there is a legal implication. In addition to this, the firm have to re-pay debentures at
fixed rate of interest on maturity period as they have a financial implication of debentures. Their is no dilution of control of the cited
organisation and it is an effective source of funds.

1.3Asses the appropriate source of finance for the organisation
The Clarition Anitques limited use internal and external sources of funds for the purpose of expand business. As per the implication
of these source of finance and the firm adopt most appropriate source that are discussed below-
Bank loan-The Clarition Antiques limited use these type of source is taken from the banking institutions. It will aid in generating a
important implication on the expansion of business. Therefore, the management needs to pay the fixed rate of interest that will assist the
company to arrange the various resources. This is a less risk for the firm and help in establishment.
Government grant- This is an effective aspect that can be used by the company to achieve the financial requirements. The legal
authorities provide a grant loan at high interest rate. This will also help in meet the requirement funds of the company and minimize the
financial burden by managing. This type of grant is a risk free and cost-effective for the business.
Personal saving- The cited company can finance its firm by collect form the personal saving and it assist them to get the sum
amount of money above the zero interest rate. This resultant into generating revenues by investing at limited areas (Samiksha, S., 2016).
TASK 2
2.1Cost of sources of funds
The Clarition Antiques limited use source of funds for the operating activities and functioning properly that are discussed below-
Dividend- The cited organisation incurred cost when they issue share in form of dividend. The firm have to distribute its part of profit in the
form of dividend to its shareholders and remain part is kept with them for the further investment. The usage of these source will provide
benefits to the organisation without any burden of repayment of loan. The institution will not pay necessarily amount of debt cost at each and
every month. It assist them to make more wealth for the business.
Interest- The cited firm use this source of finance which assist them to get the needed funds for the expansion purpose. It will be required to
pay fixed amount of interest against the bank loan. Therefore, their in not a high rate of interest added on the expenses of business. The
amount of loan is repay in instalments that have a some maturity periods which increase the financial burden on the company (Lusardi &
Mitchell and et.al., 2008).

Tax- The bank loan is borrow from any bank or financial institution as there is a interest levied on it as it impact on the financial statements
of a firm. Therefore, there is a tax benefits in terms of tax save as the government allow various benefits who re-pay its loan.
Cost of Debentures- The firm gave to pay on average rate if they consist bond as well a bank loan. Thus, the cost of debentures can be
expressed in terms of annual % and they have to pay interest rate form.
Cost of equity shares- The cost of equity is that company have to distribute is part of profit in the form of dividend to its shareholders.
Thus, it a part of firm's capital structure and it measure in terms of shareholder return that are they demand in the stock market as they bear
risk.
Discussion of debentures and equity source of finance
 Debentures is deliver through the external that are mainly bank and credit union. Whereas, the equity share capital is finance by the
company from externally.
 The financial institution offer a short-term and long-term debentures and they offer some products that includes line of credit,
overdraft facility, asset finance etc. Therefore, on the other hand side equity finance involve personal finance as well as revenue from
the organisation.
 The debentures holder have to repay its debts on maturity periods at some interest rate. Whereas, the equity capital have no maturity
period and the firm not compulsory pay dividends to the investors

2.2 Importance of financial planning for the organisation
The financial planning play a significant role for the firm if it is plan effectively. In the planning process it help the firm in providing
a useful guidance in terms of finance, investment and dividend decisions. In addition to this, they can be able to measure the both terms of
needs short and long period to the firm. Their are various importance that are discussed below- Income- The effective financial planning in the income aids the organisation to manage the cost of firm such as administrative,
selling and distribution and overheads cost etc. In addition to this, the cited company also able to evaluate the various sources that
help in generating more revenues. Investment- The appropriate financial planning assist the firm to asses the firm's objectives and goals. They also provide a right and
appropriate direction of business activities and also help them in making an effective investment decisions. The most important
positive impact of financial planning is that it help in formulating an appropriate strategies. This leads to achieve the objectives of
firms in an effective manner. Savings- The savings of the firm refer to some amount of money earn by company is kept by them in order to meet the company's
requirement in the emergency. Therefore, financial planning aid the manager of a company to use of these when there is any
uncertainty happen in the future. In some time there is good for the firm to invest where there is high liquidity chances ( Upton and
et.al., 2015). Budgeting- This design is effective that helps in making fixed and flexible budget for some time period and change when required.
This will help in starting different trading operations when there is need to pay some money. The company require to pay taxes on
time and also have to pay bills. For this reason, its is needed to make financial planning which aid in determine the investment and
saving for the organisation.
 Develop financial understanding- The effective financial planning help in knowing the better understanding the financial terms.
This leads to achieve financial goals of the cited organisation by set the short-term as well as long-term goals. This also help in
making effective decisions so, it help in achieve company objectives (Lusardi & Mitchell and et.al., 2008).

2.3Assesment of information that will be required in financial decisions
The appropriate finance and business decisions which is categories into three parts and the cited company information is required for
three purpose which are as follows-
 Partners- The partner of the cited organisation will be required a information related to business that are related to finance such as
balance sheet, trading account and profit and loss account. This will aid the firm to analyse their financial position by use of balance
sheet in which they will compare their current assets and current liabilities with the previous year. Along with this, also the
company's partner also identify the budgets for the organisation. It also assist the organisation to know their position on monthly
basis (Upton and et.al., 2015).
 Venture capital- The venture capital help in analysing the risk and returns of the organisation. It mainly focus on numbers of staff
members needed by the company and their market positioning. The company have a good market share capture that means company
can invest in the profitable areas. It will help to make an effective business decisions so, it will help in taking an appropriate
information related to company. They deliver the understanding to know the company current position by analyse the profit and loss
and cash flow statements by comparing. With the all financial information they will provide an investment decisions in an effective
manner.
 Finance broker- This is a person who is a come between the company and its customers. It suggest the customer information related
to investment and they also take brokerage or commission for their financial services. Along with this, when company invest in some
areas they will evaluate the capacity of earning of the company. They are mainly focus on the capability to firm in generating
revenues and earning profit. The brokers also asses and compare the balance sheet of that company and if the firm earn high profit
they suggest to its clients for invest some areas. They also evaluate the profit and loss account of the firm to know the net profit as
well as gross profit (Nobes, 2014).
2.4Impacts of financial statements
There is a highly impact on the financial statements of the mentioned company that has been discussed below-

Venture capitalist- The Clariton Antiques limited borrow the equity capital from the “We Finance” that highly affect the statements
of financial. Thus, it affect liabilities side of the balance sheet as the firm have to pay to distribute the profits in the form of dividends to the
shareholders. Therefore, there is a reduction in the balance of cash as borrow capital from sources generate cash for the firm that leads to
enhance cash inflows.
Balance sheet
Liabilities Amount (£) Assets Amount (£)
Venture capitalist xxx Cash Xxx
Finance broker- The cited company have to make pay charges to the brokerage firm that also impact the financial statements. The profit
and loss statements affect the side of debit in the P & L account to pay the expensed against brokerage that directly minimize the cash as
well as balance
Profit and loss account
Particulars Amount (£) Particulars Amount (£)
brokerage xxx

TASK 3
3.1 Cash Budget for Clariton Antiques
CLAROTON ANTIQUE LTD
MONTHLY CASH BUDGET FOR 6 MONTHS
15-Nov 15-Dec 16-Jan 16-Feb 16-Mar 16-Apr 16-May 16-Jun
BUDGETED SALES 150,000.00 150,000.00 300,000.00 450,000.00 600,000.00 300,000.00 300,000.00 75,000.00
RECEIPTS
5% MONTH OF SALES 7,500.00 7,500.00 15,000.00 22,500.00 30,000.00 15,000.00 15,000.00 3,750.00
80% OF SALES 1 MON AGO 120,000.00 120,000.00 240,000.00 360,000.00 480,000.00 240,000.00 240,000.00 60,000.00
15% OF SALES 2 MONTHS AGO 22,500.00 22,500.00 45,000.00 67,500.00 90,000.00 45,000.00 45,000.00 11,250.00
TOTAL RECEIPTS-SUBTOTAL -A 150,000.00 157,500.00 307,500.00 457,500.00 585,000.00 300,000.00 288,750.00
PAYMENTS
TOTAL PAYMENTS- SUBTOTAL -B 807,250.00 137,250.00 119,750.00 437,250.00 227,250.00 219,750.00
Interpretation
From the above cash budget of Clariton Antiques, it can be interpreted that over 5% of sales the organization earned revenue in
increasing rate. In the month of January, it was 15000 which is extended to 22500 in the month of February. Further, the revenue of the
company is tended to increase in the respective months. Additionally, the total cash outflow of the organization is gradually increasing and
decreasing. It is seen that in the month of January the cash flow of this firm was 157500, 285000 in the month of January and February. Till
April the cash flow of this firm was increasing. Further, in the month of May it was diminishing and later on it came to 288750. On contrary

to this, the cash outflow of the firm was in deficit in the month of January and February. Later on, the cash outflow of the company in the
month of April, may and June was showing positive trend (Nobes, 2014).
3.2 Unit cost and pricing for Clariton Antiques
Table 1: Unit cost and pricing
Calculation of cost
Total cost can be calculated by dividing the total cost to the total number of units. For instance, here total cost is £ 97000 and number
of units are £ 970 units. 97000/970= 100
Formula of calculation of cost = (Average fixed cost+ average variable cost)* number of units= total cost
Interpretation
The statements of Clariton Antiques is showing the fixed expenses of £65000 which are fixed. Whereas, variable expenses are those
expenses which changes directly and proportionately with changes n production and sales volume. However, the variable expenses of the

stated organization are £ 32000. In addition to this, there are 970 units which are sold at the cost of £100. Additionally, the profit margin is
considered as 23%. As a result, the overall selling price per unit of all these units are £ 123. It is seen that the changing variable prices has
changed the total cost of the company (Kieso, Weygandt, and Warfield, 2010).
Table 2: Calculation of NPV

Interpretation
With the help of above NPV table, it can be interpreted that, the NPV value of the project A is £ 3.4m and the NPV value of the
project B is £ 2.5m. BY comparing the two, it is recommended that the user should accept investment A because it contains higher NPV
value. The criteria of selecting NPV is that the project with higher NPV is preferred.

Table 3: Calculation of Payback period
Interpretation
With the consideration of above table, it can be stated that in investment 1 will be accepted as compare to investment 2. The reason
of accepting the investment 2 is that the payback period of the second investment is lower. However, the motive of calculating the payback
period is to analyse the time for the amount of return over the invested amount. The criteria of selecting the payback period is the investment
which recovers the amount in shortest duration. Although, from the two investments the second investment will be adopted as it carries less

duration as compared to the project 1. Adoption of the most appropriate project will assist the user to recover the return in the effectual
manner. Therefore, investment 2 should be adopted by the user.
Table 4: Computation of IRR
Interpretation
The average rate of return is a tool of capital budgeting by which the financial ratio is calculated. The major characteristic of this
terminology is that it does not consider the time value of money. The criteria of selecting the appropriate investment is the investment with
higher average rate of return. On the comparison of the two the investment with higher ARR will be taken into consideration. It is evaluated
that the second investment is more appropriate as the ARR of concerned investment is higher i.e. 43.56%. The ARR of the firm shows the

rate of return on the invested amount. Therefore, it can be said that the second project will give higher returns over the project (Kieso,
Weygandt and Warfield, 2010).
TASK 4
4.1 The elements of financial statements of a company
Key Components of Financial statements
Financial Statements of an entity represents it transactions, activities and financial position on a particular date. There are various types of
financial statements that are mandatory for an entity to maintain: Income statement : Income statements contains income and expenses related to every activity. It doesn't make any difference in
revenue and expenditure related to operational and non operational activities. Surplus of income over expenses is termed as Profit
after Tax. Apart form this, with the help of this statement an organization can evaluate its position over a specified period of
accounting. As per this statement, the net profits and losses can be evaluated which is explained further. The amount of net revenues
are deducted form the net expenses and if it comes positive then it is termed as net income. If the amount is negative then it results
into net loss. Statement of cash flow : Cash flow statement is a statement which shows inflow and outflow of cash during financial year and
divides those cash flows into three categories which are Operating activities, Investing activities and Financial activities. Cash inflow
and outflow related to daily activities are recorded in operating activities. Amount related with investment in any fixed asset, or
investment made in some other organization will come under investing activities. And activities like payment of dividend and
repayment of loan are to be recorded in Financing activities (Kieso, Weygandt and Warfield, 2010). As per IAS 7 the cash and cash
equivalents are evauated during the period. The statement can be studied by evaluating the operating, investing and financing
activities. In order to analyse the cost two methods are available i.e. direct or indirect method. Statement of financial position : It also know as Balance sheet. It is a statement which shows the position of an entity on a particular
date. Statement of financial position has two parts. First part contains shareholders' fund and liabilities, both short term and long
term. Second part contains details of assets and both parts needs to be balanced. The purpose of this statement is to enlighten the

financial position of the company. Mainly, it is helpful in evaluating the financial risk, liquidity risk and business risk. Apart form
this, adaption of balance sheet results in identifying the relationship and trends through which potential problems can be ascertained.
 Notes to Financial statement : It presents all such informations which cannot be expressed in a suitable manner in financial
statements. As financial statement follows money measurement concept thus it contains only the informations in term of money.
Hence other material informations that are important for knowledge of shareholders is to be mentioned in notes to accounts (Lusardi
& Mitchell and et.al., 2008). By using footnotes in financial statements additional information is being provided by the company. It
helps in providing clarity to the users about the company operations. These notes can be long and may contains the information about
accounting methodology and reporting transactions.
4.2 Comparison between the financial statements of the two firms
Basis Clariton Antique La Consignment
Type Clariton Antique is a
partnership firm which is
established with a motive to
generate huge profits. The
stated partnership firm is
established by the four partners.
All the partners have decided to
share the profits and losses in
profit sharing ratio. The
partners of this firm are equally
liable for all the losses, if they
bear.
La Consignment is one of the
sole proprietorship which is
being established by an
individual. Additionally, there
is no legal distinction between
the sole proprietor and the
business organization. The
motive of the sole proprietor
is to generate maximum
number of profits.
Financial statements The stated partnership firm has The sole proprietors are

four partners where all the
partners has major focus on
generating profits. However,
they are focused on partners
capital account which is shown
in profit and loss account of the
company. Therefore, the
partnership firms are focused in
profit and loss account of the
company. In addition to this, at
the time of preparing the
financial accounts, the said
organization follows a proper
procedure for the preparation of
balance sheet.
mainly focused on the income
statement. These
organizations are formulated
with the motive to generate
profits. As a result, it can be
said that the sole
proprietorship organization
prepares income statement. In
case of sole proprietor, a
proper formate is not prepared
for the analysis of balance
sheet.

Norms and policies It is seen that, the partnership
firm is based on the concept of
equally profit and losses in the
absence of partnership deed.
However, all the partners are
equally responsible for the
work operations and liabilities.
The sole proprietor has to
comply with various
formalities which will help in
monitoring the taxes and
revenues. Additionally, the
sole proprietorship has to
explain their income so that
they requires to pay the
proper taxes.
4.3 Interpretation of the financial statements

Quick ratio
The quick ratio of a company shows the capability of a firm to meet the meet the requirements of short term liquidity. However, this
ratio shows the ability of the company to use the cash and equivalent for the payment of the liabilities. The appropriate quick ration is 1:1
where the quick ratio of the stated organization is 2.27 and 2.33 in 2015 and 2016 respectively. However, the quick ratio of the year 2016 is
better as compare to the ration of 2016. The firm needs to focus on lowering down the expenses and the liabilities (Campbell and et.al.,
2006).
Current ratio
The current ratio of an arrangement uncover the quality of an endeavour to run into its little period requirements. The current ratio of
the company can be calculated by deducting the current assets form the current liabilities. On the basis of analysis, the current ratio of the
company in the year 2015 and 2016 are 2.41 and 2.48 respectively. The current ratio of the two years are greater then 1 so it can be said that
the cash converting capacity of the company is better. If current liabilities exceed current assets the current ratio will be less than 1. A

current ratio of less than 1 indicates that the company may have problems meeting its short-term obligations. Some types of businesses can
operate with a current ratio of less than one however. If inventory turns into cash much more rapidly than the accounts payable become due,
then the firm's current ratio can comfortably remain less than one (Abrahamson,1994).
On the basis of above table, it can be interpreted that the gross profit ratio of the company is 14.34 and 14.18% in the year 2015 and
2016. This ratio I being calculated by deducting the cost of goods sold to sales (Abbott and et.al., 2000).
Efficiency ratio

Efficiency ratios: Results of ratio analysis presents that asset turnover ratio inclined from 1.55 to 1.60. Hence, in 2015, personnel were
efficiently used assets and thereby generated more profit from it. Along with this, inventory turnover ratio also increased in the year of 2015
which entails that company was performed well during the period of 2014-15.
CONCLUSION
From the above report, it can be concluded that the present report has explained various sources of finance. Whereas, the document is
based on the case study of Clariton antiques where the company has adopted the bank loan and venture capitalist. This will allow the
organization to expand with the help of appropriate sources of finance. Additionally, the stated organization needs to improve its net profit
ratio in future. This will allow the company to make effective strategies and plans for the development of business objectives.

REFERENCES
Books and Journals
Abbott and et.al., 2000. “The effects of audit committee activity and independence on corporate fraud”, Managerial Finance. 26(11). pp. 55-
67.
Abrahamson, E.1994. “Concealment of negative organizational outcomes: an agency theory perspective”, Academy of Management Journal.
37(5). pp. 1302-1334.
Bernheim. et.al., 2001.What accounts for the variation in retirement wealth among U.S. Households? American Economic Review. 91(4).
pp. 832–857.
Campbell .et.al., 2006. Household finance. Journal of Finance. 61(4). pp. 1553–1604.
Epstein, B.J. and Jermakowicz, E.K., 2010. WILEY Interpretation and Application of International Financial Reporting Standards 2010.
John Wiley & Sons.
Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Guthrie, J., Olson, O. and Humphrey, C., 2010. Debating developments in new public financial management: the limits of global theorising
and some new ways forward. Financial Accountability & Management.15(3‐4).pp. .209-228.
Healy, P.M. and Palepu, K.G., 2012. Business analysis valuation: Using financial statements. Cengage Learning.
Israelsen. et.al., 1991. Family research: A sixty year review. 1930–1990. 1. pp.68–73.
James, E., King, E.M. and Suryadi, A., 2011. Finance, management, and costs of public and private schools in Indonesia. Economics of
Education Review. 15(4).pp. .387-398.
Kieso, D.E., Weygandt, J.J. and Warfield, T.D., 2010. Intermediate accounting: IFRS edition (Vol. 2). John Wiley & Sons.
Lusardi & Mitchell .et.al., 2008. Planning and financial literacy. American Economic Review. (98). pp. 413–417.
Madura, J., 2011. International financial management. Cengage Learning.
McGregor .et.al., 2011. Consumer acumen: Augmenting consumer literacy. The Journal for Consumer Affairs.45(2). pp. 344–357.

Nobes, C., 2014. International Classification of Financial Reporting 3e. Routledge.
O'Riain, S., Curry, E. and Harth, A., 2012. XBRL and open data for global financial ecosystems: A linked data app. roach. International
Journal of Accounting Information Systems. 13(2).pp. .141-162.
Sandikci & Ger. et.al., 2010. Veiling in style: How does a stigmatized practice become fashionable? Journal of Consumer Research. (37). pp.
15–36.
Tang, O. and Musa, S.N., 2011. Identifying risk issues and research advancements in supp. ly chain risk management. International journal
of production economics.133(1).pp. .25-34.
Upton, J and et.al., 2015. Investment appraisal of technology innovations on dairy farm electricity consumption. Journal of dairy
science,98(2), pp.898-909.
Van Rooij.et.al., 2011. Financial literacy and stock market participation. Journal of Financial Economics. 101(2). pp. 449–472.
Online
Samiksha, S., 2016. The Objectives and Importance of Financial Planning for an Organization. [Online]. Available through:
<http://www.yourarticlelibrary.com/planning/the-objectives-and-importance-of-financial-planning-for-an-organization/8740/>.
[Accessed on 27th January 2017].