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ENTR Finance Midterm 1 University of Iowa Questions with complete solution 2024 $13.49   Add to cart
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ENTR Finance Midterm 1 University of Iowa Questions with complete solution 2024

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ENTR Finance Midterm 1 University of Iowa Questions with complete solution 2024 ENTR Finance Midterm 1 University of Iowa T/F: Personal financial planning will guarantee significant financial rewards for you and your family - correct answer False SMART stands for - correct answer Specifi...

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  • August 30, 2024
  • 10
  • 2024/2025
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  • entr finance midterm 1 university of iowa
  • entr finance midterm 1 university of iowa question

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ENTR Finance Midterm 1 University of
Iowa
T/F: Personal financial planning will guarantee significant financial rewards for
you and your family - correct answer ✔False


SMART stands for - correct answer ✔Specific - What do I want to achieve
Measurable - How much money do I need
Attainable - How can I do this
Realistic - Am I willing to do this
Timely - What is my target date


Examples of Tangible Assets - correct answer ✔Real Estate and
Automobiles i.e. Physical Assets


Six Step Financial Planning Process - correct answer ✔1. Define financial
goals
2. Develop financial plans and strategies to achieve goals
3. Implement financial plans and strategies
4. Periodically develop and implement budgets to monitor and control
progress toward goals
5. Use financial statements to evaluate results of plans and budgets, taking
corrective action as required
6. Redefine goals and revise plans and strategies as personal circumstances
change


Common Misconceptions about Financial Planning - correct answer ✔1.
Financial Planner is unnecessary expense

, 2. A little credit card debt is just fine
3. I don't need a budget because I have a general idea of what I earn and
spend
4. RETIREMENT IS A LIFETIME AWAY


Rewards of Sound Financial Planning - correct answer ✔1. improving your
standard of living
2. spending money wisely
3. accumulating wealth
4. Flexibility


Types of Goals - correct answer ✔1.short term
2. intermediate
3. long term


Planning Environment Factors - correct answer ✔The Actions of:
1. Government- Through regulation, expenditures, tax policy
2. Business - Provide consumers with goods and services
3. Consumers - Their choices determines the kinds of goods and services that
businesses will provide


4 Stages of the Business Cycle - correct answer ✔1. Expansion (incline)
2. Peak
3. Contraction (decline)
4. Trough (dip)


What determines personal income? - correct answer ✔1. Education

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