Which of the following statements constitutes a definition of a financial plan? Group of answer choices Results that an individual wants to attain 2. A roadmap for achieving financial goals 3. Redefining your financial goals 4. Setting a goal date
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- Results that an individual wants to attain
2. A roadmap for achieving financial goals
Step by step
Solved in 2 steps
- financial planning step give an example of Create and implement your financial action plan.Define the financial planning process. List the elements of a good financial plan.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.
- Identify some investment objectives. Discuss the role that investing plays or could play in a financial plan.Question 4 Personal financial planning includes the following processes: (select all that apply) reviewing and revising your financial plan. identifying and evaluating alternative courses of action. determining your current financial situation. developing your financial goals.Choose the correct option A major activity in the planning component of financial planning is: a. selecting insurance coverage b. evaluating investment alternatives.c. gaining occupational training and experience. d. allocating current resources for spending e. establishing line of credit
- The last step in the financial planning process is to Group of answer choices use financial statements to evaluate results of plans and budgets, taking corrective action as required implement financial plans and strategies. periodically develop and implement budgets to monitor and control progress toward goals redefine goals and revise plans and strategies as personal circumstances change develop financial plans and strategies to achieve goalsUsing this template, formulate and create a minimum of three SMART goals related to these aspects of personal financial planning. For each goal, also identify why this is an important financial goal for you at this time. Career planning and development Spending plan/cash flow analysis Tax planning Savings and investing Use of creditImportance of having a financial plan.
- How can using personal financial planning tools help you improve your financial position? Please explain and give examples.1. It is the process of planning and handling personal financial activities such as saving and investing. 2. A financial planning process that involves the use of surveys, questionnaires, and interviews to gather quantitative and qualitative information from the individual. 3. In this process, the individual can suggest on the proposed solutions on the financial plan. 4. A financial planning process that includes the assessment of objectives regarding the individual's resources and constraints. 5. Evaluation of the financial plan on a regular basis to see if it effectively meets the individual's goals and objectives. 6. Field of personal finance that includes risks of liability, property, death, disability, health, and long-term care. 7. Analysis of cash flows to come up with investment plans that will meet the costs of retirement in the future is involved in this area of personal finance. 8. Area of personal finance that includes an understanding of personal resources by checking an…2. A financial planning process that involves the use of surveys, questionnaires, and interviews to gather quantitative and qualitative information from the individual. 3. In this process, the individual can suggest on the proposed solutions on the financial plan. 4. A financial planning process that includes the assessment of objectives regarding the individual's resources and constraints. 5. Evaluation of the financial plan on a regular basis to see if it effectively meets the individual's goals and objectives. 6. Field of personal finance that includes risks of liability, property, death, disability, health, and long-term care. 7. Analysis of cash flows to come up with investment plans that will meet the costs of retirement in the future is involved in this area of personal finance. 8. Area of personal finance that includes an understanding of personal resources by checking an individual's net worth and cash flow. 9. Planning for the disposition of one's assets after death. 10.…
