Question

Sophia Martin wants to travel around the world. Sophia has three options she can pursue: she could continue to work full time to earn the money she needs for her trip, she could work part time so that she can still earn some money but have the time necessary to complete her trip, or she could take full retirement so that she has all the time necessary to complete her trip. Which step in the financial planning process does this scenario demonstrate?

Multiple Choice

• Determining her current financial situation

• Developing her financial goals

• Identifying alternative courses of action

• Evaluating her alternatives

• Implementing her financial plan

Answer 1

here Sophia has three options which she has in front to opt

1. Determining her current financial situation - This option is incorrect because the question discusses about the options Sophia can opt but it doesnot discuss about current financial position of SophiA

Developing her financial goals - This option is incorrect cause the question is not at all discussing about the financial goals of Sophia. in other words the main goal of Sophia is to travel around the world

Identifying alternative courses of action - This is the Correct Option. because we are just provided 3 alternatives and information about financial details are not provided  

Evaluating her alternatives - This option i incorrect because to evaluate we need financial details which were not provided in the question

Implementing her financial plan - This option is incorrect because Sophia is still in the stage of identifying the alternative courses of action, implementing financial plan comes after completion of evaluating the given alternative courses of action