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 personal financial planning
2. Which of the following is not one of the five major steps of the financial planning process?
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?
Late 20s through your 40s
4. Which of the following is a ...view middle of the document...
I can spot areas for improvement in my money management style by start saving more than a Im spending, get a separate bank account for certain savings, and setting a strict budget. I think that these improvements would help me a lot with saving more money for my future rather than spending on my wants. That is how I feel can improve my money management style is but getting a savings account and save my money .
7. Which element of the comprehensive financial plan focuses on your housing needs, setting aside money for emergencies, and establishing a career path? Consider your own finances. Do currectly own a vehicle and/or home? If yes, how well do you manage monthly home and auto expenses? How well do you save for unforeseen expenses? The element of the comprehensive financial plan that focuses on housing needs, setting aside money for emergencies and establishing a career path is securing basic needs. I would like to think that I manage my car payment very well. I am actually a couple months ahead on car payments so that I don’t have to pay as much interest rate. I don’t think I plan for unforeseen expenses very well I just never seem to think of them because they are not expected. I think I need to set up a little monthly saving for unforeseen expenses such as something needing fixed on my car.
8. The economy is unpredictable and can affect your personal financial planning. List one factor in economic conditions that may affect your financial future. How could you reduce the impact of that factor on your finances? One factor in economic conditions that may affect your financial future is if I were to get laid off at my job. I could reduce the impact of that factor on my finances by going to get another job that is for immediate hire during the mean time until I found something that was more stable and permanent. I also could...