Question

Which elements of a financial plan tend to change based on your financial situation and particular financial goals?

A) Goals and objectives
B) Income and expenses
C) Assets and liabilities
D) Risk tolerance

Answer 1

The elements of a financial plan that tend to change based on your financial situation and particular financial goals are goals and objectives, income and expenses, and assets and liabilities.

Step-by-step explanation:

The elements of a financial plan that tend to change based on your financial situation and particular financial goals are:

1. Goals and objectives: Your financial goals and objectives may change over time as your financial situation and priorities evolve. For example, when you're young, your goal might be to save for a down payment on a house, while later in life, your goal might be to save for retirement.
2. Income and expenses: Your income and expenses can vary depending on factors such as job changes, promotions, or changes in living arrangements. This can impact your ability to save and invest.
3. Assets and liabilities: Your assets and liabilities can change as you acquire or sell assets, such as a house or a car, or as you pay off debts. These changes can affect your net worth and financial stability.

Therefore, options A), B), and C) - goals and objectives, income and expenses, and assets and liabilities - are the elements of a financial plan that tend to change based on your financial situation and particular financial goals.