Question

Corey wants to move into his own apartment. While looking for apartments, he finds one that is slightly more expensive than he planned for. Corey's parents suggest that he consider his goal for getting an apartment, what he needs in an apartment, what he wants to achieve financially and academically over the next year, and how this apartment will affect his achievement of his other goals. These considerations are part of the ______________ step of the financial planning process.

1) Assessment
2) Evaluation
3) Analysis
4) Implementation

Answer 1

The correct answer is 3.) Corey's parents are referring to the 'analysis' step of the financial planning process, where one evaluates the costs and benefits of renting an apartment and its impacts on achieving other life goals.

Step-by-step explanation:

When Corey's parents suggest that he consider his goal for getting an apartment, what he needs in an apartment, what he wants to achieve financially and academically over the next year, and how this apartment will affect the achievement of his other goals, they are essentially talking about the analysis step of the financial planning process. This step includes evaluating the costs and benefits of different living situations, such as renting a home versus buying one, and assessing the financial aspects of such a decision. The goal is to create a budget and financial plan that will help him reach his objectives while managing these costs wisely.

For example, Corey will need to evaluate the costs and benefits of the apartment that is slightly more expensive than planned. He may conclude that the benefits of that particular apartment, such as its location, amenities, or safety, justify the higher cost. Alternatively, he might decide that a less expensive apartment would allow him to save more money for his other financial and academic goals.

Answer 2

The considerations provided by Corey's parents are part of the evaluation step of the financial planning process.

Step-by-step explanation:

The considerations provided by Corey's parents are part of the evaluation step of the financial planning process. This step involves assessing the costs and benefits of different options and analyzing how they align with one's goals and objectives. By evaluating the financial and academic impact of renting the more expensive apartment, Corey can make an informed decision about whether it will help or hinder his achievement of other goals.