Question

evaluating alternatives

• is the fourth step in creating a personal financial plan
• involves the course of action identified to accomplish the goal which makes sense and is doable
• requires an individual to weigh the cons and opportunity costs of each course of action
• if a course of action is to increase household income by working but currently more hours cannot be worked, this is not

finalizing the plan

• is the fifth step in creating a financial plan
• requires looking at the plan as a whole by putting the pieces created together and making as to which goals to pursue and which to take
• be sure to make decisions which fit the situation

Explanation:

For "Evaluating Alternatives":

• The second blank: Analyzing means examining or looking at something closely. When evaluating alternatives, one analyzes the course of action.
• The third blank: In decision - making (like in evaluating alternatives for a personal financial plan), one weighs the pros (advantages) and cons (disadvantages) along with opportunity costs.
• The fourth blank: If a course of action is to increase income by working more hours but it's not possible, then it's not feasible.

For "Finalizing the Plan":

• The first blank: The whole context is about a personal financial plan.
• The second blank: When finalizing a plan, one makes decisions about which goals to pursue.
• The third blank: The courses of action are the steps or actions to take.
• The fourth blank: Decisions should fit the current situation.

Answer:

Evaluating Alternatives:

• Second blank: analyzing
• Third blank: pros
• Fourth blank: feasible

Finalizing the Plan:

• First blank: personal
• Second blank: decisions
• Third blank: courses of action
• Fourth blank: current