Personal Finance Review Questions

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Review Questions
1. What is inflation risk? An inflation risk is the chance that a purchase would not be at the same worth if the inflation went down.
2. What are opportunity costs? Give an example of an opportunity cost. An opportunity cost is a loss of potential earnings of other items when one item is chosen. The example is if a gardener decided to grow potatoes is opportunity cost would be the alternative crops that he may have grown instead.
3. What is the time value of money? The time value of money is the idea that present money would be worth more in the future based on potential earning capacity.
4. What is future value? A future value is the value of an asset at a specific date.
5. What is shared decision-making? A shared decision-making is a process where the patient and doctor can make health care …show more content…
Analyzing and evaluating the client's financial status- the planner analyzes the client's information to assess the current situation and determine what needs to be done to achieve the client's goals.
4. Developing and presenting the financial planning recommendations and/or alternative- the planner offers financial planning recommendations that could help the clients goals based on the client information that was given.
5. Implementing the financial planning recommendations- the planner and the client agree on what recommendations should be carried out.
6. Monitoring the financial planning recommendations- does client and planner will decide who is going to monitor the client on the financial planning recommendations to reach their goals.
2. Identify a financial goal that you or someone else might have. What are the risks or costs associated with this goal?A financial goals that I would have is being able to maintain enough money to get what is needed along with getting through college. Some risks or costs associated with my goal is that prices change every day you never know what is going to change for example of gas it seems like it changes every
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