(i) People use some kind of a _____________to achieve their goal.
(a) Plan
(b) Commodity
(c) Coin
Correct Answer is Option (a)
(ii) The common factor which you need for any of your personal spending is
(a) Parents
(b) Friends
(c) Money
Correct Answer is Option (c)
(iii) Financial planning is _____________ .
(a) a static process
(b) an ongoing process
(c) a finished process
Correct Answer is Option (b)
(iv) Financial planning distinguishes between needs and_________.
(a) Money
(b) Wants
(c) People
Correct Answer is Option (b)
(v) Which of the following is an essential or basics of life?
(a) Needs
(b) Wants
(c) Gold
Correct Answer is Option (a)
(i) ______ is the process of defining goals, developing a plan to achieve them, and putting the plan into action.
(ii) ________and ___________ are the limited resources for doing anything we want.
(iii) Wants increase the ___________ of life.
(iv) A goal is a ______, something we want or need.
(v) The process of evaluating information about oneself is known as ______.
(i) Financial Planning
(ii) Time and Money
(iii) Quality of Living
(iv) Destination
(v) Analysing Information
(i) Goal - Increases the quality of life
(ii) Needs - Matching resources with goals
(iii) Wants - Direction to plan of action
(iv) Values - Basics of life
(v) Creating a plan - Telling the truth
(i) Goal - Direction to plan of action
(ii) Needs - Basics of Life
(iii) Wants - Increases the quality of Life
(iv) Values - Telling the truth
(v) Creating a plan - Matching resources with goals
(i) Financial planning is the plan for handling all aspects of your money, including spending, saving, and investing.
(ii) Goals are based on one’s own values.
(iii) Setting goals are to be measurable.
(iv) After creating a financial plan it should not be changed for any reason.
(v) Short term goals have a time frame of up to one year.
(i) True
(ii) False
(iii) True
(iv) False
(v) False
(i) Analyse information
(ii) Monitor and modify the plan
(iii) Create a plan
(iv) Setting goals
(v) Implementing the plan
(i) Setting goals
(ii) Analyse information
(iii) Create a plan
(iv) Implementing the plan
(v) Monitor and modify the plan
Ans: Financial planning is the process of defining goals, developing a plan to achieve them, and putting the plan into action. It involves setting financial goals, analyzing information, creating a plan, implementing the plan, and monitoring and modifying the plan as needed. Financial planning helps individuals manage their resources, make informed financial decisions, and achieve their financial objectives.
Ans:
Needs are essential for survival and include basics like food, clothing, and shelter. They are necessary for living and maintaining a stable life.
Wants are desires that improve the quality of life and include things like entertainment, vacations, and luxury items. While wants are enjoyable, they are not essential for survival.
Goals need to be realistic to ensure they are achievable. Unrealistic goals can lead to frustration and demotivation if they are not attainable. Realistic goals are based on one's current resources and capabilities, making it more likely to successfully achieve them and build confidence for setting future goals. Realistic goals also provide clear direction and help in effective planning and resource management.
Ans: Financial planning benefits a wide range of people, including:
Overall, anyone looking to manage their finances better and achieve financial stability can benefit from financial planning.
Ans: The "SMART" criteria provide a clear framework for setting goals to increase the chances of achieving them. Each letter in "SMART" stands for a key attribute:
Specific: Goals should be clear and specific, answering the questions of what, why, and how. For example, "I want to save Rs. 20,000 for a vacation to Goa in six months."
Measurable: Goals need to be measurable to track progress and know when they are achieved. For instance, "I will save Rs. 3,333 each month to reach Rs. 20,000 in six months."
Achievable: Goals should be realistic and attainable, considering the resources and constraints. For example, saving Rs. 3,333 each month should be feasible given your income and expenses.
Relevant: Goals should align with broader objectives and be worthwhile. For instance, saving for a vacation is relevant if it aligns with your personal value of spending quality time with family.
Time-bound: Goals need a deadline to create urgency and prompt action. For example, "I will save Rs. 20,000 by December 31st."
Ans: Creating a financial plan involves several steps, each building on the previous one to ensure a comprehensive approach. Here is an illustration using an example of saving for a new laptop:
Step 1: Set Goals
Step 2: Analyze Information
Step 3: Create a Plan
Step 4: Implement the Plan
Step 5: Monitor and Modify the Plan
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