Question

In order to make a financial plan, you need to understand your income, savings, living expenses, and credit obligations. True False

Answer 1

The answer  to the question is True

Answer 2

The statement that in order to make a financial plan, you need to understand your income, savings, living expenses, and credit obligations is true. Financial planning is the process of determining how a business will afford to achieve its strategic goals and objectives. It includes the income statement, the balance sheet and the cash flow statement.