1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called: Personal financial planning 2. Which of the following is not one of the five major steps of the financial planning process?
Collect and organize your financial information.
3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development?
Late 20s through your 40s
4. Which of the following are some benefits of having a college degree that can affect your financial planning?
d. All of the above
5. Which of the follows elements of a comprehensive financial plan discuss analyzing future needs, such as saving for retirement or college funding for dependents? a. Building wealth
6. People have different styles when it comes to handling their money. List the two things that affect our personal beliefs and opinions about financial planning.
7. Which element of the comprehensive financial plan focuses on your housing needs, setting aside money for emergencies, and establishing a career path?
Step 2, which is, Securing basic needs Values and Attitudes, affect how any one person handles money.
8. The economy is unpredictable and can affect your personal financial planning. List one factor in economic conditions that may affect your financial future, job loss.
9. Which step in the five-step financial planning process requires you to organize your financial information, create personal financial statements, and evaluate your current financial position?
That would be step 1: Analyze your current financial position
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. List two life changes that may require you to update...…...