Lynn Roy will retire in the next year and has $675,000 in savings and investments and owns her own home that is worth $250,000.Which step in the financial planning process does this situation demonstrate?
A)Determining her current financial situation
B)Developing her financial goals
C)Identifying alternative courses of action
D)Evaluating her alternatives
E)Implementing her financial plan

Question

Quizplus · Accepted Answer

This situation demonstrates the first step in the financial planning process, which is determining the current financial situation. Lynn Roy has assessed her current assets and liabilities by calculating her savings, investments, and home equity.

Lynn Roy Will Retire in the Next Year and Has