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Planning Beginner:
Create a Financial Action Plan--Keep It Simple
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Choose wisely. There is only one correct answer to each question.
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1.
Once you have made a financial plan, _______.
Choose wisely. There is only one correct answer.
It is set and you don't have to change it
You must review it and change it if necessary
It will be self-correcting
You must review it and change it if necessary. Plans are not set in stone, and neither are they self-correcting; you must revise them over time.
2.
"Monitoring" your financial plan means _______.
Choose wisely. There is only one correct answer.
Setting reminders and checking in on it
Carrying out the steps in it
Writing down your financial goals
Setting reminders and checking in on it. This step exists to make sure you are on track.
3.
You can set and keep track of your financial goals on your cell phone.
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True
False
True. There are special goal-setting apps and financial planning apps that you can use right from your cell phone (or tablet, if you like).
4.
What is in a typical financial action plan?
Choose wisely. There is only one correct answer.
A retirement plan
A set of goals and the steps needed to achieve them
Your income
None of the above
A set of goals and the steps needed to achieve them. At the barest minimum, this is what it includes.
5.
The stated goal "I want to create an emergency fund" is sufficiently specific to start working toward.
Choose wisely. There is only one correct answer.
True
False
False. It is not specific enough; there is no way to tell how much time or money should be put into it.
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