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

The correct answer is C. 4,1,2,3.

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Answer 2

The order of the four steps involved in solving one's financial challenges:

The first step involved is that one must assess the needs and wants and then they must plan accordingly

The second step involved in the process is considering the opportunity costs and opportunity cost is the chances that the cost might go high or low

The third step involved is assessing the risks and the returns that is the proper assess to the risk and the returns of the company or the firm must be done

The last and the final step is to set the long-term and the short-term goal so that one can set what they can achieve in the near future and in the upcoming future