ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Set a Goal
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Analyze the situation
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PYF
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Create a budget
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Detailed explanation-1: -Cost is not a feature of financial planning as the plan deals with determining the cash flow of the organisation.
Detailed explanation-2: -The financial planning process does not involve the process of consulting price with the competitors as no organization consults its financial plan with another organization.
Detailed explanation-3: -Taking in account your timeframe, cash flow, risk tolerance, current insurance coverage, tax strategies and investment goals, a range of ideas and financial planning alternatives would be presented in order to determine which one suits you the best. This will help you produce more actual and satisfying decisions.
Detailed explanation-4: -Step 1: Establishing and Defining the Client-Planner Relationship. Step 2: Gathering Client Data, including Goals. Step 3: Analyzing and Evaluating the Client’s Financial Status. Step 4: Developing and Presenting Financial Planning Recommendations/Alternatives. More items
Detailed explanation-5: -Step 1: Set Goals. While this seems pretty basic, this step often gets overlooked. Step 2: Gather facts. Step 3: Identify challenges and opportunities. Step 4: Develop your plan. Step 5: Implement your plan. Step 6: Follow up and review yearly.