Financial Planning

Purchasing assets with the hopes of selling them in the future for a profit

• Bond

• Investment

• Estate Plannning

• Mutual Fund

STATE which of the 6 steps to financial goal planning is represented in this scenario: "George is using the SMART Goals acronym to plan out the future."

• Determining Your Financial Situation

• Developing Your Goals

• Identifying Your Options

• Evaluate Alternatives

• Create and Use an Action Plan

STATE which of the 6 steps to financial goal planning is represented in this scenario: "Craig decides it's time to expand his newspaper by adding on new staff members."

• Determining Your Financial Situation

• Developing Your Goals

• Identifying Your Options

• Evaluate Alternatives

• Create and Use a Plan of Action

STATE which of the 6 steps to financial goal planning is represented in this scenario: "Susan begins compiling a detailed summary of her finances."

• Determining Your Financial Situation

• Developing Your Goals

• Identifying Your Options

• Evaluate Alternatives

• Create and Use a Plan of Action

STATE which of the 6 steps to financial goal planning is represented in this scenario: "Marissa, looking to begin shopping for a car, begins writing out what she NEEDS in her car and and she would WANT in her car."

• Determining Your Financial Situation

• Developing Your Financial Goals

• Identifying Your Options

• Evaluate Alternatives

• Create and Use a Plan of Action

Which of the following best summarizes step 6 of the financial planning steps?

• Have a plan B

• Invest in bonds, not stocks

• Save in a bank, not a credit union

• Save in a credit union, not a bank.

STATE which of the 6 steps to financial goal planning is represented in this scenario: "Mary schedules a meeting with a financial adviser at E*Trade to discuss her portfolio."

• Determining Your Financial Situation

• Developing Your Goals

• Identifying Your Options

• Evaluate Alternatives

• Create and Use a Plan of Action

Which of the following is a primary goal of financial planning?

• A) Maximizing expenses

• B) Minimizing savings

• C) Achieving financial security

• D) Increasing debt

What is the first step in the financial planning process?

• A) Developing financial goals

• B) Evaluating alternatives

• C) Determining your current financial situation

• D) Creating a plan of action

Which of the following is an example of a liquid asset?

• A) Real estate

• B) Savings account

• C) Retirement fund

• D) Collectibles