Financial Planning Worksheet

Topics: Investment, Personal finance, Economics Pages: 3 (722 words) Published: January 12, 2013
University of Phoenix Material

Personal Financial Planning Worksheet


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

a. developing goals
b. personal financial planning
c. collecting financial information
d. personal finance
The answer would be (B)  Personal financial planning.

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.
d. Reevaluate and revise your plan as needed.
The answer would be ( 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?

a. Teenage years
b. Between your 50s and 60s
c)Late 20s through your 40s
c. During retirement
The answer would be (c)

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

a. The potential to make a higher salary
b. Jobs with retirement plans and benefits
c. The ability to receive promotions and wage increases
d. All of the above
The answer would be  (D)  All of 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?

a. Building wealth
b. Securing basic needs
c. Establishing a firm foundation
d. Protecting wealth and dependents
The answer would be (a)  Building wealth


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...
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