Which term refers to the ongoing financial forecast of cash inflows and outflows over a specific period?

The term that refers to the ongoing financial forecast of cash inflows and outflows over a specific period is cash flow projection. This tool is essential for businesses because it helps them predict their future cash needs, allowing for better financial planning and decision-making. By estimating the timing and amounts of cash that will flow in and out of the business, managers can ensure that they have enough liquidity to cover expenses and invest in opportunities.

Cash flow projections are vital during budgeting processes and for assessing the impact of various business decisions on financial stability. They provide insights into potential shortfalls or surpluses, enabling businesses to plan accordingly. This is particularly important for managing working capital, as it allows businesses to avoid situations where they may run out of cash to meet their obligations.

The other options represent different financial concepts. Cash management generally refers to the processes and strategies employed to manage a company's cash resources effectively. Financial audits typically involve reviewing financial statements and records to ensure accuracy and compliance with regulations, whereas expense monitoring focuses specifically on tracking and controlling various expenditures rather than forecasting cash movements.