A formalized report that summarizes your current financial situation, analyzes your financial needs, and recommends a direction for your financial activities is a(n):
A) insurance prospectus.
B) financial plan.
C) budget.
D) investment forecast.
E) statement.

Question

Quizplus · Accepted Answer

A formalized report that summarizes your current financial situation, analyzes your financial needs, and recommends a direction for your financial activities is called a financial plan. An insurance prospectus is a legal document that provides details about an insurance policy, a budget is a plan for managing income and expenses, an investment forecast is a prediction of future investment returns, and a statement is a document that shows financial activity during a specific period.

A Formalized Report That Summarizes Your Current Financial Situation, Analyzes