Which of the Following Steps Are Considered to Be Part

question 1

Multiple Choice

Which of the following steps are considered to be part of the personal financial planning process as outlined in the text?

• A) Evaluate your financial health.
• B) Define your financial goals.
• C) Develop a plan of action.
• D) Implement your plan.
• E) All of the above.

---

Definitions:

Revenues

The total income generated from normal business operations and other activities over a period of time.

Expenses

Outflows or utilizing of assets, incurring liabilities resulting from operating activities, typically categorized into cost of goods sold, operating expenses, and non-operating expenses.

Chart Of Accounts

A systematic listing of all account titles and numbers being used by an organization to track its financial transactions and to prepare financial statements.

Balance Sheet Accounts

Financial accounts that represent the assets, liabilities, and shareholders' equity of a company at a specific point in time, as shown on the balance sheet.