Associate Level Material
Personal Financial Planning Worksheet
Directions: Based on your readings and discussions in class this week, answer the following questions completely.
1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called:
a. Developing goals.
b. Personal financial planning. ( It is this one.
c. Collecting financial information.
d. Personal finance.
2. Which of the following is not one of the five major steps of the financial planning process?
a. Analyze your current finances.
b. Establish and implement your plan.
c. Collect and organize your financial information. ( It is this one.
d. Reevaluate and revise your plan as needed.
3. Which phase in life is commonly associated with ...view middle of the document...
5. Which of the following elements of a comprehensive financial plan discuss analyzing future needs, such as saving for retirement or college funding for dependants?
a. Building wealth ( It is this one.
b. Securing basic needs
c. Establishing a firm foundation
d. Protecting wealth and dependants
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.
The two things that affect our personal beliefs and opinions about financial planning are, seeing where you are at in your life at that point, and adapting financially to the living conditions, also setting goals, and milestones to work towards setting up a financial plan and savings for the future.
7. Which element of the comprehensive financial plan focuses on your housing needs, setting aside money for emergencies, and establishing a career path?
Implement a Plan for Achieving Your Goals.
8. The economy is unpredictable and can affect your personal financial planning. List one factor in economic conditions that may affect your financial future.
On the road our country is headed on, I can easily see us hitting another Depression, which would crash out the job market even more than it already is, which could cause mass layoffs, and easily jeopardize your “perfect future”.
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?
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 your financial plan.
You could unexpectedly have a baby, or get fired from your job.