Axia College Material Appendix B

Axia College Material
Appendix B

Personal Financial Planning Worksheet

Directions: Based on your readings and discussions in class this week, answer the following questions completely.

The process of creating a detailed plan to meet your financial needs and prepare for the future is called:
Developing goals.
Personal financial planning.
Collecting financial information.
Personal finance.

Which of the following is not one of the five major steps of the financial planning process?
Analyze your current finances.
Establish and implement your plan.
Collect and organize your financial information.
Reevaluate and revise your plan as needed.

Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development?
Teenage years
Between your 50s and 60s
Late 20s through your 40s
During retirement

Which of the following are some benefits of having a college degree that can affect your financial planning?
The potential to make a higher salary
Jobs with retirement plans and benefits
The ability to receive promotions and wage increases
All of the above

Which of the follows elements of a comprehensive financial plan discuss analyzing future needs, such as saving for retirement or college funding for dependants?
Building wealth
Securing basic needs
Establishing a firm foundation
Protecting wealth and dependants

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.

Upbringing and personality type can both affect an individuals personal financial planning. If they grew up in a household where financial planning was important, there is a much higher chance they will plan as well. On the other hand, someone with a impulsive personality type will be much less likely to save and spend wisely.

Which element of the comprehensive financial plan focuses on your housing needs, setting... [continues]

Read full essay