Question

a(n) ______ involves specifying financial goals and describing in detail the spending, financing, and investing plans needed to reach those goals.

○ personal debt management plan

○ personal financial plan

○ individual investment strategy

○ individual retirement plan

Explanation:

To solve this, we analyze each option:

• "personal debt management plan" focuses on debt, not all financial goals.
• "personal financial plan" includes specifying financial goals and detailing spending, financing, and investing plans to achieve them, matching the description.
• "individual investment strategy" is limited to investments, not all financial aspects.
• "individual retirement plan" is for retirement, a specific goal, not overall financial goals.

Answer:

B. personal financial plan