Question

Financial planning is __________


1).a static process

2).an ongoing process

3).a finished process

4).a boring process

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Answer 1

Answer:

Financial planning is a static process

Answer 2

Financial planning is an outgoing process. (OPTION B)

FINANCIAL PLANNING -

• A procedure to plan systematically the finance-related business to establish and define financial relationships.
• It requires analysis and amendments according to changes in the financial plans.
• It is an iterative process and is processed in seven sequential steps as follows -

1. Understanding Personal and Financial Circumstances.

2. Identifying and selecting goals

3. Analyzing the current course of action and potential alternatives

4. Developing Financial planning recommendations

5. Presenting Financial Planning Recommendations

6. Implementing Financial Planning recommendations

7. Monitoring Process and Updating