Financial Planning

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

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

The process of projecting, organizing, monitoring, and controlling future income and expenses is known as ..........

• Government

• Geography

• Judicial Branch

• Personal Finance

Why is creating a budget so important? (Select all that apply)

• It can help you reach your savings goals for what you want or need.

• It can help you make better financial decisions.

• It can help you see your spending habits so you can adjust them to what you want or need.

• It can help you keep track of your neighbor's financial habits.

• It can help you get a better job.

Which of the following is a primary benefit of creating a personal budget?

• A) It helps track your neighbor's expenses.

• B) It allows you to spend without limits.

• C) It helps manage your income and expenses effectively.

• D) It guarantees financial success.

What is the first step in the financial planning process?

• A) Developing financial goals

• B) Determining your current financial situation

• C) Identifying alternative courses of action

• D) Evaluating your financial plan

Which of the following is NOT a component of a financial plan?

• A) Budgeting

• B) Investment planning

• C) Career planning

• D) Tax planning

What does the 'S' in SMART financial goals stand for?

• A) Simple

• B) Specific

• C) Secure

• D) Sustainable