Personal Finance

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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.

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 benefit of having a college degree that can affect your financial planning?

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?

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?

My belief is that I think that everyone could actually benefit from having and setting up some kind of financial planning so that way you will some money put up for whatever emergencies might happen and that way you will have money put up and you will be able to take care of whatever the problem is at the time.

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 you currently own a vehicle and/or home? If yes, how well...