WRITTEN WORKS (TRUE OR FALSE —Directions: Write TRUE if the statement is correct; if incorrect, write FALSE. (.1. The concept of "pay myself first," saving and investing before you pay otherexpenses, is a characteristic of successful financial managers.2. The major purpose of budgeting is to make sure bills get paid.3. Keeping track of all income and expenses is very important to achieving your financialobjectives.4. Financial literacy enhances your capacity to manage personal finances on a day-to-day basis.5. A person can start investing even without having savings.

False. The concept of "pay me first," saving and investing before you pay other expenses, is not a…

Answered: 1. The concept of "pay myself first,"…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter11: Investment Planning

Section: Chapter Questions

Problem 1LO

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Short Answer Essay Question: DAS • Understanding Fundamentals of Personal Finance • Career Planning • Financial Statements, Tools, and Budgets • Managing Income Taxes • Managing Checking & Savings Accounts • Building & Maintaining Good Credit • Credit Cards & Consumer Loans • Vehicles & Other Major Purchases What are three key things you have learned from any of the areas above, that you have adopted in your own personal financial management practices?
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Financial Planning Worksheet A–Short-Term and Long-Term Goals Everyone wants to make good decisions-decisions that maximize benefits and minimize costs. However, it can be hard to make good decisions when you aren't sure what you want to achieve. That's why setting goals and creating and following a financial plan with your goals in mind is so important. When you know where you want to be in the future, it is often easier to get there. Most of the day-to-day decisions you make are only single parts of the larger problem of getting what you want from life. Suppose you spend $20 to see a movie and go out for pizza with your friends. Your decision was made to achieve a short-term goal of immediate enjoyment. Remember, however, that whenever you make a choice, you also make a trade-off. The $20 you spent for pizza and a movie can't be spent or saved for something else. All of your decisions are related to each other, and so are your goals. The $20 you spent for entertainment helped you…
Review the material in Chapter 1 on Personal Financial Planning. Define the financial planning process List the elements of a good financial plan. Identify and discuss the three most important personal factors and the three most important economic factors that affect your financial planning decisions.
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1. The concept of "pay myself first," saving and investing before you pay other expenses, is a characteristic of successful financial managers. 2. The major purpose of budgeting is to make sure bills get paid.