Describe the five steps in the personal financial planning process
What will be an ideal response?
Answer:
Step 1: Evaluate your financial health by examining your current financial situation. Look at your whole financial picture. Keep records and determine your net worth.
Step 2: Define your financial goals by describing what, when, and how much you want to do. Written goals will draw you to them.
Step 3: Develop a plan of action to reach your goals. Don't just think about goals — decide how you will carry them out! Let flexibility, liquidity, protection, and minimization of taxes guide your plan.
Step 4: Implement your plan by carrying it out — just do it! Stick to your plan.
Step 5: Review your progress, reevaluate, and revise your plan periodically and as needed.
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Indicate whether the statement is true or false
Which of the following does NOT support the retail layout objective of maximizing customer exposure to products?
A) Locate high-draw items around the periphery of the store. B) Use prominent locations for high-impulse and high-margin items. C) Maximize exposure to expensive items. D) Use end-aisle locations. E) Convey the store's mission with the careful positioning of the lead-off department.