100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Personal Financial Planning 14th Edition By Randy Billingsley; Lawrence J. Gitman; Michael D. Joehnk $17.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Personal Financial Planning 14th Edition By Randy
  4.  
  5. Personal Financial Planning 14th Edition By Randy

Exam (elaborations)

Personal Financial Planning 14th Edition By Randy Billingsley; Lawrence J. Gitman; Michael D. Joehnk
 0 purchase
  • Course
  • Personal Financial Planning 14th Edition By Randy
  • Institution
  • Personal Financial Planning 14th Edition By Randy
  • Book
  • Personal Financial Planning

Personal Financial Planning 14th Edition By Randy Billingsley; Lawrence J. Gitman; Michael D. Joehnk

Preview 2 out of 7  pages

Document information

  • September 14, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • personal financial planning 14th edition by randy
  • personal financial planning 14th edition
  • personal financial planning

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

  • Solution Manual for Personal Financial Planning 15th Edition by Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
  • Solution Manual for Personal Financial Planning 15th Edition by Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
  • Solution Manual for Personal Financial Planning 15th Edition by Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
All for this textbook (16)

Written for

  • Personal Financial Planning 14th Edition By Randy
All documents for this subject (3)

Seller

avatar-seller
kushboopatel6867

Reviews received

Content preview

Test Bank For Personal Financial Planning 14th Edition By
Randy Billingsley; Lawrence J. Gitman; Michael D. Joehnk

Main Goals of personal finance planning - ANSWER: - the process of managing your
money to achieve personal economic satisfaction
- Increase effectiveness in obtaining, using, and protecting financial resources
- Increase control of one's financial affairs
- Improve personal relationships
- Gain a sense of freedom from financial worries

What is a financial plan? - ANSWER: An action plan that identifies ways to achieve
financial goals

Time value of money - ANSWER: - Every financial decision involves giving up
something to obtain something else

Personal opportunity costs - ANSWER: Time
Health
Leisure

Steps in the planning process - ANSWER: o Determine current financial situation
o Develop your financial goals
o Identify alternative courses of action
o Evaluate alternatives

Consider: - ANSWER: • Life situation
• Personal values
• Economic factors

Asess: - ANSWER: - Risk
- Time value of money
- Opportunity cost

Create and implement your ________ - ANSWER: financial action plan

_______ and revise the financial plan - ANSWER: Review

Sources for financial planning - ANSWER: o Books
o Magazines
o Etc

Steps in career planning - ANSWER: o Asses and research personal goals, abilities and
career fields

, o Research the employment market and identify specific employment opportunities
o Develop a resume and cover letter; apply for available positions
o Interview for available positions; asses your interview performance
o Evaluate financial and other factors of positions you are offered
o Plan and implement a program for career development

Tax deferred employee benefits - ANSWER: o Taxed at some future time
o IRA (tax deductible now, taxable later)

Calculate net worth - ANSWER: Assets - liabilities = Net worth

Define insolvent - ANSWER: o Can't pay bills
o Net worth negative

Gross salary: what's taken? - ANSWER: o Net salary = gross take-home pay
o Social Security
o Medicare
o Income Tax

Why do we have taxes? - ANSWER: For the government to use for government
funded programs

What types of taxes are there? - ANSWER: o Property
o Income
o Estate
o Inheritance
o Sales
o Excise

Marginal tax rate - ANSWER: Highest bracket that is paid

Itemized deductions - ANSWER: o Charitable contributions
o Mortgage interest
o Property taxes
o Some medical expenses- Medical equipment

Emergency fund - ANSWER: 3 - 6 months

Calculate return on investment - ANSWER: Current return / face value

- Capital gain for difference

Greatest return on investments - ANSWER: o Highest grow rate: stocks
o COMMON STOCKS

Least liquid investment - ANSWER: o Real estate
o 2-3% return/growth per year

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller kushboopatel6867. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $17.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$17.99
  • (0)
Add to cart
Added