Financial Plan

The last step in the financial planning process is to

• develop financial plans and strategies to achieve goals

• use financial statements to evaluate results of plans and budgets, taking corrective action as required

• implement financial plans and strategies

• redefine goals and revise plans and strategies as personal circumstances change

Goals that are set to be achieved in more than 5 years are

• short term

• intermediate

• long term

Financial goals should be realistic, specific, in a clear time frame, and help you decide what type of action to take

• true

• false

Which describes supply

• consumer point of view

• price high supply high

• price high supply low

Which describes demand

• producer point of view

• price high demand high

• price high demand low

Which influences your personal financial planning

• life situations

• personal values

• Global influences

• inflation

• all of the choices are influences

Making a choice to either drive or fly to California is an example of

• trade off

• opportunity cost

Missing the scenery along the way by deciding to fly instead of drive is an example of

• trade off

• opportunity cost

As the cost of living is rising, where do most people choose to stay?

How do most people fall into bankruptcy?

• They made a bad investment and lost money in stocks

• They spend more than they earn