Financial Planning Worsheet Week 1 Essay

958 Words Mar 14th, 2013 4 Pages
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? B

a. developing goals b. personal financial planning c. collecting financial information d. personal finance

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

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.

3. Which
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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? Step 2 which is securing basic needs and I do not own my own home or car but if I did I think that I would manage my money pretty well and I save really good for things that might happen and for things that me and my son might need im always one step ahead I always prepare for the future and get things ahead of time so if a emergency was to happen I would be well prepared.

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 that would affect my financial future would have to be being without a job and this would reduce the impact on my finances because I would have to set up a

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