Which One of the Following Is Not One of the Five

question 6

Multiple Choice

Which one of the following is not one of the five basic steps in personal financial planning?

• A) Evaluate your financial health.
• B) Define your financial goals.
• C) Develop a plan of action.
• D) Let an accountant review your plan.
• E) Implement your plan.

Understand how partnerships are formed, including the admission of new partners and the departure of existing ones.

Identify the advantages and disadvantages of partnerships.

Know the accounting procedures relevant to partnerships, including the treatment of salary and interest allowances.

Understand how personal liability is managed within different types of partnerships.