What are the steps in the personal finance planning process? Why do you think that this is an important process?
What will be an ideal response?
The personal finance planning process is a logical way of managing your own finances. The first step is to take an inventory of your current situation. Prepare your own personal balance sheet as well as a personal cash flow statement. The next step is to identify and develop your own financial goals—both long and short term. You should then identify various courses of action, or alternatives, that will achieve your goals. Evaluate each alternative in terms of the ability to reach your financial goals. You should also take a look at the degree of risk involved in each course of action, and if you are willing to accept that risk. The next step, Step 5, is the can-do step. Create and execute your financial plan. Finally, you need to monitor your plan periodically, and revise it if necessary. Many people reach retirement age with insufficient funds. In order for a person to be successful, and to increase the probability of success, engaging in a logical planning process is mandatory.
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____________________ includes the wages and salaries of employees who devote their time to supervision or to work of a general nature
Fill in the blank(s) with correct word
Which of the following statements is true regarding TRUSTe?
A) It is an online service for creating customized online surveys. B) It is an online service which helps in data mining. C) It is an initiative which rates Web sites based on the ease with which it can be navigated. D) It is an initiative to build user confidence in joining communities and using the Web in general.
The GASB concept statements indicate that an asset that is going to be converted to cash should be reported at a remeasured amount at the financial statement date.
Answer the following statement true (T) or false (F)
Which of the following is not one of management's responsibilities?
a. Ensuring accounting principles are following in preparing financial statements. b. Engaging a qualified auditor. c. Implementing effective internal controls. d. Ensuring financial statements and disclosures are accurate.