For Each of the Following Personal Financial Planning Areas, Provide

question 26

Essay

For each of the following personal financial planning areas, provide a representative sampling of internal and external environmental variables that affect the given area of financial planning.
(a) Balance Sheet
(b) Goals
(c) Cash Flow
(d) Debt
(e) Tax Planning
(f) Investments, Nonfinancial
(g) Investments, Financial
(h) Risk Management
(i) Retirement Planning
(j) Educational Planning
(k) Employee Benefits
(l) Other Planning
(m) Estate Planning

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Definitions:

Commercial Illegality

The state of being contrary to the laws governing commerce and business practices.

Commercial Impracticability

A doctrine in contracts law where a party may be relieved from performing under a contract, due to unforeseen and impractical hardships, not within the contemplation of the parties at the time of the contract’s formation.

Perfect Tender Rule

A principle in commercial law that requires the delivery of goods to be exactly as specified in the contract without any deviation.

Substantial Impairment

A significant reduction or weakening in strength, value, or quality of an asset or entity's ability to perform its intended function.