Multiple Choice
What is the primary purpose of establishing the target premium for a universal life insurance policy?
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1. Introduction to Accounting
Useful Information
Struggling with Financial Accounting?
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Which of the following can help you to achieve your financial goals?
A
Ignoring your spending habits
B
Creating and following a budget
C
Making financial decisions without any planning
D
Avoiding all forms of saving
Verified step by step guidance1
Understand the concept of financial goals: Financial goals are specific objectives you aim to achieve with your money, such as saving for a house, paying off debt, or building an emergency fund.
Recognize the importance of budgeting: A budget is a financial plan that helps you allocate your income towards expenses, savings, and investments. It ensures you are living within your means and working towards your goals.
Evaluate the options provided: Ignoring spending habits, making decisions without planning, and avoiding saving are counterproductive to achieving financial goals. These actions lead to poor financial management.
Identify the correct approach: Creating and following a budget is a proactive step that allows you to track your income and expenses, prioritize savings, and make informed financial decisions.
Apply this knowledge: To achieve your financial goals, start by creating a realistic budget, monitor your spending habits, plan your financial decisions carefully, and incorporate saving as a regular practice.
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