Ecomonics Year 10 Critical Thinking Dropbox Unit 3 PDF

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Yes Upload of PF 101 course answers for edmentum...

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1.

What are the steps in personal financial planning? Describe each step.

1. 2. 3. 4. 5.

Answer: Control the current financial situation. Start growing the financial goals. Recognize alternative other courses of an action. To access options. creating and apply a financial action plan, and amend and revising the plan. 2.

Identify a financial goal that you or someone else might have. What are the risks or costs associated with this goal?

Answer: Buying a home also could be a financial goal. The risk and costs associated with this goal depend on how it was purchased and time to pay for the costs of the house. If the home is money matter with the loan shark the cost can be higher when the costs is not fully paid by monthly and risks increase over the long term

3.

What are the advantages and disadvantages to shared decision-making?

Answer: One disadvantage sharing decision can be making different kind of decision and some people may not agree and some people may agree on the decision that had been made. That can cause an argument from being friends to becoming an enemy. One advantage of sharing decision can be helping people to plan, provides patients agree on a health care, or other plans. When people join than they will have plans on what to work on or even what they have to do 4.

Why is it important to try to make financial decisions without emotions?

Answer: Because if one uses their emotions to make a financial decision, they might not be making the best economical decision. For example, you are saving up for college and the school fees really expensive, let’s say you have a golf tournament this week and you may want to cut down on the cost of your golf tournament or even cancel the trip to save up the money to pay for the cost.

What are some of the resources that families and individuals can use to reach their financial goals? Why is it important to take stock of these resources when planning financial goals? Answer: Here we will explain the financial goals and the resources to reach those aim point, and what is the important of these resources when planning financial goals. Financial goals are goals to save as much money as needed to reach our target goal. Financial goals can be short term, middle term and long term. Short term financial goal could be the dream vacation, middle term goal could be the college savings and long-term goals could be new home or retirement savings. Some of the resources or ways that the families or individuals can use to reach their financial goals could be budgeting, controlling your spending habits, totally eliminating the credit cards or anything which involves interest payments, setting aside a fixed percentage of your income, establishing an emergency fund account, etc. All such resources or ways will lead to reach your financial goals. It is important to use the above-mentioned resources to when planning your financial goals, just because you need to save money to achieve those goals, and you need a discipline and management of your resources and income to achieve your goals....