You should read a fund's prospectus to __________. The budget process begins with a thorough understanding of your __________. A mortgage in which you borrow a monthly income via a loan against your home equity that you don't have to pay back for as long as you live there is called a/an __________. The Financial Planning Process & Ethics Learn with flashcards, games, and more — for free. A loan structured such that money can be borrowed as needed, up to a limit, and paid down as desired, and interest is paid regularly but only on the outstanding balance. Which kind of financial statement does she need? d. decreases organizational flexibility. Select one: a. uncertainty and risk. In order to prepare for your future, you will need to find a way that you can manage your finances to achieve your life goals. Choose from 500 different sets of financial planning flashcards on Quizlet. An investment policy statement is __________. Determine your strategic position Begins when a person realizes that he can afford to spend on things he may have never believed possible, Risk tolerance: investor's willingness to accept risk (e.g., declines in the value of his investments), a.) The value of assets is equal to the value of liabilities plus the value of __________. Once the plan is created, it's essentially a piece of history. The following information and disclosures must be in writing: The requirement that information be disclosed in writing depends upon whether an agreement to provide financial planning services has been entered into by the planner and the client. Methods of investing in commodities include __________. Present a financial plan to the client reviewing: includes the ability to recognize emotional expressions in oneself and the client, as well as selecting socially appro- priate responses to both the circumstances and the client's emotions, paying full attention to what the client is saying and responding by paraphrasing the client's comments, guide the client to give more detail, making a "meet- ing of the minds" more likely, nonverbal messages involving facial expressions, gestures, and body posture, 1. create prioritized implementation plan. The financial decision making process is complicated by all of the following factors EXCEPT _____. ", a. The budget that shows nonrecurring events that are usually associated with long-term financial goals, Income remaining after the deduction of living expenses and debt obligations that is available for capital expenditures or investment. The most commonly noted spreads are those between Treasury and corporate securities of the same maturity. Being able to realise our plans requires objectives, information, organisation and compromise. b) All the non-financial information about a firm researched and analyzed for a minimum of 2 years c) A combination of financial information and relevant non-financial information d) a detailed report outlining how management currently handles all of a company's costs, and the changes it … a.) Learn how personal financial planning will impact your money management skills. - Access to current criteria for evaluation including the use of Counter Threat Finance resources to ensure that when funds are allocated, they are not falling into the hands of individuals aiding and abetting the enemy. Once such opportunities get recognized the managers can recognize the actions that need to be taken to realize them. must be followed by any person allowed to use the CFP® marks, regardless of his nature of employment, title, role, or compensation structure. This is an example of __________. The Joneses believe it is important to try to reduce poverty and hunger globally by aiding local communities. When you identify the product you want to buy, you should first identify __________. Serena wants to see how her money from all sources came in and went out for all uses during each month of the past year. 64. Before settling on a plan of action and then determining how to strategically implement it, executives may consider many possible options. Your prime directive as a consumer is to __________. This is where are a financial planning-focused financial advisor can come in handy. Start studying Financial Planning - Chapter 1. False The financial plan is essentially a chapter or section of a business plan. Advantages of renting a home include all the following EXCEPT __________. d. the complexity of relationships among factors. Commodities include all the following EXCEPT __________. a. it will be easier for buyers to borrow. Aids in the planning of actual operations. A budget for long-term goals involving non-recurring items is called a/an __________. A realistic look must be taken at the prospect of these new opportunities and SWOT analysisshould be done. They invest internationally in local businesses and nonprofit organizations that are effectively addressing the problem. A. Conduct interviews — With others who are involved or concerned such as other government agencies, non-government organizations, and community groups 4. Hold community, village or town meetings — Identify key problems and issues 3. Choose from 500 different sets of personal financial planning process flashcards on Quizlet. 2). Their strategy is an example of __________. Recurring incomes and expenses __________. 1). c. the use of information in planning. Dylan earns $24,500 a year as an office worker. Personal financial management is important because it a. controls inflation b. lessens economic differences among individuals c. uses money as an end d. makes personal financial goals easier to achieve ANS: D 2. A difference between two interest rates, quoted in basis points. Real estate prices fell across the board because the market was glutted with surplus pre-owned homes for sale. Following a 5 step financial planning process should significantly increase the potential of developing a winning financial plan. On a cash flow statement, each cash flow is shown as a percentage of total __________. Between low premiums and high deductibles/low coverage or higher pre- miums with greater coverage (for insurance considerations), the client's assessment of the magnitude of the risks being traded off, the degree to which a client's financial resources can cushion risks, this theory involves clients valuing gains and losses differently and as a result making decisions based on perceived gains rather than perceived losses, assets, liabilities, cash flow, budgeting, and debt, current insurance coverage, retained risks, asset protection, and client liquidity, availability, participation, and coverage levels, asset allocation, investment strategies, types of investments, income, estate, and gift tax issues; current tax strategies; tax compliance status, current retirement plans and strategies, accumulation and distribution planning, documents, estate tax liabilities, asset ownership, beneficiary designations, gifting strategies, business form, employer benefits, succession planning and exit strategy, risk management, divorce/remarriage considerations, nontraditional family planning, charitable planning, dependent adult needs, disabled child needs, and terminal illness planning, Creating client-specific recommendations tailored to meet the goals and objectives. e. the relative importance of consequences. Retirement planning how your estate will be distributed after you die. Recommends short and long term investment strategies. The costs of operating a car include all the following EXCEPT __________. Family Security: Providing for your family's financial security is an important part of the financial planning process. Learn financial planning with free interactive flashcards. At this stage, the planner(s) and community leaders collect information to assess problems and needs. Mutual funds that own shares in other mutual funds rather than in securities per se, are called __________. - Common metrics and a process or guidelines that enable effective assessment. A fund of real estate holdings that can be privately held or publicly traded on an exchange is a __________. Investments in gold, silver, and other precious metals __________. A difference between the actual results of your financial activity and your expected, budgeted results. Investment risks include all the following EXCEPT __________. 1. Synthesize (incorporate) all findings from the analysis of the client's financial status into the recommendations. The uncertainty associated with decision making is referred to as: A. opportunity cost. I will try to outline the basic concept of the Financial Pyramid as it applies to personal financial planning.. Say for example the government plans on promoting cottage in… Budgeting is a critical process for any business in several ways. C. financial goals. Financial Planning Process Step 6: Monitor the Plan . Conduct surveys — Using a complete census of a given area, or sample surveys that focus on problems/concerns 2. He pays $1,000 a month for rent, $300 a month toward his car, and his other expenses come to around $1,200 a month. Funds structured to increase return through active management with the expectation of a down market are called __________. 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