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Personal Financial Planning Worksheet
Directions: Based on your readings and discussions in class this week, answer the following questions completely.
1. The process of creating a detailed plan to meet your financial needs and prepare for the future is
a. Developing goals.
b. Personal financial planning. c. Collecting financial information. d. Personal finance. 2. Which of the following is not one of the five major steps of the financial planning process? a. Analyze your current finances. b. Establish and implement your plan. c. Collect and organize your financial information. d. Reevaluate and revise your plan as needed.
3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home,
and career development? a. Teenage years b. Between your 50s and 60s c. Late 20s through your 40s
9. 7. The ability to receive promotions and wage increases d. List one factor in economic conditions that may affect your financial future. The potential to make a higher salary b. Protecting wealth and dependants 6. such as saving for retirement or college funding for dependants? a. Which of the follows elements of a comprehensive financial plan discuss analyzing future needs. Which step in the five-step financial planning process requires you to organize your financial information. Which of the following are some benefits of having a college degree that can affect your financial planning? a. List the two things that affect our personal beliefs and opinions about financial planning. Jobs with retirement plans and benefits c. create personal financial statements. List two life changes that may require you to update your financial plan. During retirement 4. Securing basic needs c. People have different styles when it comes to handling their money. Establishing a firm foundation d. Building wealth b. Inflation or recession can affect a person’s financial future by the fluctuating value of the dollar and thereby affecting a person’s purchasing power.d. setting aside money for emergencies. and establishing a career path? Goal setting Need to Fix 8. The economy is unpredictable and can affect your personal financial planning. Two things that affect our personal beliefs and opinions about financial planning are attitudes and values. Which element of the comprehensive financial plan focuses on your housing needs. and evaluate your current financial position? Step one 10. Step five in the five-step financial planning process discusses the importance of regularly reevaluating and revising your plan because personal circumstances often change. Unemployment or new employment and Marriage/Kids FP/101 . All of the above 5.