Identify and briefly discuss two important concepts applicable to financial management.
3 or 4 sentence long answer will do.
Do a preliminary research on the definition of financial management. Think of key principles and concepts that you think are relevant in the definition and proceed from them. Think about it from your personal point of view (how you use money wisely and how you save money to buy something/invest into something).
Financial management is about administering/managing money or funds in ways that are efficient and effective in order to achieve an organization's goal. In other contexts, it could refer to how you raise capital (money) and ...
Understanding the key principles of financial management. Financial management is important for a company's profitability and growth. It requires prudent or wise allocation of resources.