Week 1 Personal Finance Plan Worksheet

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Personal Financial Planning Worksheet

Directions

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

1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called

b. personal financial planning.

2. Which of the following is not one of the five major steps of the financial planning process?

c. collect and organize your financial information

3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development?

c. late 20’s through your 40’s

4. Which of the following is a benefit of having a college degree that can affect your financial planning?

d. all the above

5. Which of the following elements of a comprehensive financial plan involves analyzing future needs, such as saving for retirement or college funding for dependents?

d. protecting wealth and dependents

Directions

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

6. 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?

a. Two things that affect my personal beliefs about financial planning are: my family composition and values. I want my family to be comfortable and I also save but not as much and often as I should. Making sure I save for hard time and my family stability is a must. Setting up a budget is a main topic in my household. b. I can do better and stop tapping into my savings. I do have a savings account that is linked to my account. Everytime I spend something a dollar is sent to my savings, so that also help me balance my account as well. I also need to...
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