Question

There are four steps in solving one’s personal financial challenges:

1. considering opportunity costs
2. assessing risks and returns
3. setting short- and long-term goals
4. assessing needs and wants

Which of these is the correct order of these steps?


2, 3, 1, 4

1, 2, 3, 4

4, 1, 2, 3

3, 1, 4, 2

Answer 1

Answer: C. 4, 1, 2, 3.

I hope this helps :)

Answer 2

Answer: Third option is correct.

Explanation:

Since there are four steps in solving one's personal financial challenges:

1) First he needs to assessing the needs and wants .

2) Then, he will consider opportunity costs, i.e. next best alternative.

3) Then, he will assessing the risks and returns associated with the opportunity costs.

4) Last, but not the least, he will be setting short and long term goals.

So, The correct order of these steps is 4,1,2,3.

Hence, Third option is correct.