ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Financial planning generally reduces an individual’s financial uncertainties.
Detailed explanation-2: -A financial plan acts as a guide as you go through life’s journey. Essentially, it helps you be in control of your income, expenses and investments such that you can manage your money and achieve your goals.
Detailed explanation-3: -A financial plan safeguards you against life’s surprises. It includes details about your income, savings, investments, expenditures, debt and insurance. It helps you to pay off any debt and save for a mortgage, an emergency fund, and your retirement.
Detailed explanation-4: -Financial planning is the process of taking a comprehensive look at your financial situation and building a specific financial plan to reach your goals. As a result, financial planning often delves into multiple areas of finance, including investing, taxes, savings, retirement, your estate, insurance and more.