Born on February 4, 2004
In, Harvard University
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1. Personal financial planning: is the process of planning your spending, financing and investing to optimize
your financial situation. A personal financial plan specifies your financial goals and describes the spending
financing and investing
1. An opportunity cost represents what you give up as a result of that decision. By spending 10 dollars on the
lotto, you give up those 10 dollars that can be used for something else.
2. Understanding personal finance benefit me by helping me make informe
1. The six key components of a financial plan area:
a. Budgeting and tax planning
b. Managing your liquidity
c. Financing large purchases
d. Protecting your assets and income (income)
e. Investing your money
f. Planning your retirement and estate
1. Budget planning: process of forecasting future expenses and savings.
Elements that must be assessed in budget planning are: income, expenses, assets, liabilities.
2. Net worth is calculated by: value of what you own value of what you owe.
It is importa
1. Factors that influence income are: education and career decisions.
An accurate estimate of expenses are important in budget planning because if you underestimate expenses
you will need more more cash inflows to cover your cash outflows
Tax law affects
1. Factors considered in managing financing are money management and credit
2. The primary objective of investing is to earn money in the future and earn a high return on
Considering time value if money and risk and return factors
1. Tax payment may be the major expense for the individual. Understanding of tax consequence is important
bc it is helpful for the planning of the financial budget. Helps in reducing the tax liability by maximizing
reductions of optimal amount.
1. What are the six steps in developing a financial plan?
a. Defining financial goals
b. Evaluating the current finical situation
c. Develop a plan of action
d. Implement a plan
e. Evaluatioin of financial plan
f. Revise the plan
2. How do your financial
14-1) Changes in sales cause changes in profits. Would the profit change associated with sales changes
be larger or smaller if a firm increased its operating leverage? Explain your answer.
Ans: Operating Leverage is the extent to which fixed
FNC 345: Answers to homework for Chapter 21 Mergers and Acquisitions
If a firm has a shortage of internal investment opportunities compared with its free cash flow,
(1) it can pay an extra dividend, (2) repurchase its own stock (3) purchase some stock or