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Exam (elaborations)

fin 310 midterm Exam Actual Questions With Correct Detailed Answers.

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  • FIN.
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  • FIN.

realistic and attainable financial plans - correct answer short term, long term, intermediate. rather than just save money state the purpose of your efforts like buy a car. your goals should reflect your financial and life situations. you dont plan for a 100,000...

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  • September 7, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • FIN.
  • FIN.
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RealGrades
fin 310 midterm

realistic and attainable financial plans - correct answer short term, long term,
intermediate. rather than just save money state the purpose of your efforts like buy a car. your goals
should reflect your financial and life situations. you dont plan for a 100,000 car when you year salary is
15,000



basic steps in personal financial planning. - correct answer 1. evaluate your financial
health

2. define your financial goals (short, intermediate, long)

3. develop a plan of action

4. implement your plan

5. review your progress, reevaluate and revise your plan



step 1: evaluate your financial health - correct answer personal financial planning
process

examine how your current financial situation

how much you make/how much are you spending

need income tax return and balance sheet



step 2: define your financial goals - correct answer personal finance planning
process

write or formalize your goals

attach a financial cost to each goal

when you need the money the achieve the goal

analyze and revise your goals

identify what you are saving and how much you need to save



step 3: develop a plan of action - correct answer personal finance planning process

flexibility

, plan for life changes and the unexpected

how much cash do they have in their bank account, even if they have three houses they do not have
that money in their bank

liquidity: immediate use of cash by quickly and easily converting an asset

have three houses you could sell one

protection: prepare for the unexpected with insurance

minimization of tax: keep more of what you earn

make your spending conform with your budget goals



Step 4: Implement Your Plan - correct answer - Stick to it

- Use your financial plan as road map to achieve goals

- Keep goals in mind and work towards them

just do it



Step 5: Review, Reevaluate, and Revise - correct answer > review progress

> reevaluate and revise for changes in your life

graduate, work full time, kids going to college etc,

> be prepared to formulate a different plan to meet your goals.

>>you may want a 100,00 car but then later in life you change your mind



Short term goals - correct answer within 1 year

accumulate emergency funds, pay off bills and credit cards, purchase insurance, purchase major iteam

finance vacation



intermediate term goals - correct answer 1-10 years

save for older childrens college

save for home improvement

save for down payment

pay off major debt

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