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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.
A financial action plan is the same thing as a budget.
Choose wisely. There is only one correct answer.
True
False
False. It is about more than just how you spend your money.
2.
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.
3.
There are professional financial planning sources that can help you write a financial action plan. Which of the following do they include?
Choose wisely. There is only one correct answer.
Professional financial planners
Employee assistance programs
Your bank or credit union
All of the above
All of the above. You can find financial planners in many different capacities.
4.
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.
5.
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.
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