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Associate Level 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:B

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? C

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? C

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?D

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 discuss analyzing future needs, such as saving for retirement or college funding for dependants?C

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. Values and attitudes

Which element of the comprehensive financial plan focuses on your housing needs, setting aside money for emergencies, and establishing a career path? Step 2 securing basic needs

The economy is unpredictable and can affect your personal financial...