The First Step of the Financial Planning Process Is to

question 1

Multiple Choice

The first step of the financial planning process is to

• A) Develop financial goals.
• B) Implement the financial plan.
• C) Determine your current financial situation.
• D) Evaluate and revise the financial plan..
• E) Create a financial action plan.

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Definitions:

Bankruptcy Law

The body of laws that governs the process by which individuals or entities unable to repay debts to creditors may seek relief through the division of assets among creditors or the creation of a repayment plan.

Security Agreement

A legal document that provides a lender a security interest in a specified asset or property, which serves as collateral for a loan.

Debtor

An individual or entity that owes a debt to another called a creditor, typically arising from a loan or other financial obligation.

Secured Party

A lender or creditor in a secured transaction who has a legal interest or lien on collateral provided by the debtor.