Financial Planning

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University of Phoenix Material

Personal Financial Planning Worksheet

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

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 is a benefit 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 following elements of a comprehensive financial plan involves analyzing future needs, such as saving for retirement or college funding for dependents?

Building wealth
Securing basic needs
Establishing a firm foundation
Protecting wealth and dependents

Directions
Respond to the following short-answer questions in 50-to 100-words:

People have different styles when it comes to handling their money. List the two things that affect your personal beliefs and opinions about financial planning. How well do you feel you manage your money? Can you spot areas for improvement in your money management style, and if so, where/how?

Two things that will affect your personal beliefs and opinions about financial planning are stepping back and looking at where you are in...
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