BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
True
|
|
|
False
|
Detailed explanation-1: -Personal financial management (PFM) refers to software that helps users manage their money. PFM often lets users categorize transactions and add accounts from multiple institutions into a single view. PFM also typically includes data visualizations such as spending trends, budgets and net worth.
Detailed explanation-2: -Having a personal financial plan will help maintain discipline towards maintaining within set targets and thus achieving the set goals. Through a financial plan, you are in a better position to understand your financials through the set measurable financial goals and the effects of decisions made.
Detailed explanation-3: -What Are the Five Areas of Personal Finance? Though there are several aspects to personal finance, they easily fit into one of five categories: income, spending, savings, investing and protection. These five areas are critical to shaping your personal financial planning.