Topic 5 - Financial Planning Flashcards

1
Q

Features of a good financial plan

A
Clear
Timely
Flexible
Documented
Realistic
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2
Q

Monthly budget definition

A

Financial plan that someone draws up every month to show expected income, expenditure and end-of-month balance.

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3
Q

Before drawing up medium to long-term plan people must take note of:

A
Balance on current account and savings account
Current income and expenditure
Assets they currently own
Liabilities they currently owe
Net worth
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