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BUSI 352 Cornfield Ch. 5-8 Exam 2 with 100- correct answers 2025
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BUSI 352 Cornfield Ch. 5-8 Exam 2 with 100- correct answers 2025
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BUSI 352 Cornfield Ch. 5-8Exam 2 with 100% correct
answers 2025
Why Financial Planners need Ethics - answer ethics create measurable
standards of conduct
ethics serve as a way to acknowledge an obligation to sincerity/clients
ethics assure the profession will be governed by high standards
ethics are a meaning of examining priorities and building a tradition based
on integrity
ethics can be a needed limitation on power
Influential Factors in clients' behaviors - answer Cultural background
family experiences
emotional and medical factors
life cycle stage and age
knowledge
Stereotypical Clients - answer Retirees
Divorced people
Widows
Young Singles
Young Married Couples/No Children
Couples with Young Children/Soon to be Parents
Financial Planners have an essential need for knowledge of - answer The
client
the client's fears, hopes, and dreams
, the objects of the client's bounty and their attendant fears, hopes and
dreams
the client's property
the relation of each of the above to the others
Chapter 6 - answer
The Financial Aspects of one's personal lifestyle are quite simply
dteremined by: - answer How much you want to spend to maintain your
desired lifestyle
where current lifestyle fits into your personal financial priority spectrum
what resources you have available to fund your desired lifestyle and your
other financial goals
Two levels of analysis to consider for analyzing a client's lifestyle in their
order of priorities - answer How high a priority is lifestyle among the
following basic goals of financial planning?
What elements of current lifestyle are most important to the client?
Business risk and personal risk assessment steps - answer identify
sources of risk
quantify the risk
decide how to finance the risk (retain or transfer)
Common Atypical Households - answer One person households such as
widows or divorcees
Unmarried partner households
same-sex households
Divorce Financial Planning - answer 1. Assisting the client in identifying
financial goals
2. structuring property settlements
3. negotiating the proper amount of alimony or child support
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