Week 1 Personal Finance Plan Worksheet

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University of Phoenix Material

Personal Financial Planning Worksheet


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. personal financial planning.

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

c. collect and organize your financial information

3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development?

c. late 20’s through your 40’s

4. Which of the following is a benefit of having a college degree
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If not, do you plan to do this soon? Why or why not?

a. Step1: Analyze your current financial position. b. Yes I have done it before, but now we just moved and we are now creating a new budget. Since the bills have changed we have to do a new budget and gather our bank statements, bills, and calculater our income to be more financially stable and save more money. We are currently going over a new budget as we speak.

10. Step Five in the five-step financial planning process discusses the importance of regularly reevaluating and revising your plan because personal circumstances often change. List two life changes that may require you to update your financial plan. Have you recently experienced a change that requires you to reevaluate your financial plan? If so, what was it and how have you accommodated it? (Please share only what you are comfortable sharing)

a. Marriage and children b. I just recently got married and we’re just purchasing a home. My husband just received social security and 100% in military disability and I work. This make it a little easier for us to make it. I do have children and one is disabled so its tough but we make it. We split everything down the middle so no one person would be overwhelmed with paying all the bills on their own. We try to do a budget and stick to it. We do bargin shop and try to limit where we go due to high gas prices. We also put money to the side for

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