Answer:
The estimated unlevered cost of equity is 12.30%.
Explanation:
Debt-to-value ratio = 0.4
Equity-to-value ratio = 1 - Debt-to-value ratio = 1 - 0.4 = 0.6
The estimated unlevered cost of equity can be calculated solving the following formula:
Levered equity cost of capital = Unlevered cost of equity + ((Debt-to-value ratio / Equity-to-value ratio) * (100% - Tax rate) * (Unlevered cost of equity - Pretax cost of debt)) .............. (1)
Substituing all the relevant values into equation (1), we have:
14.92% = Unlevered cost of equity + ((0.4/0.6) * (1 - 23%) * (Unlevered cost of equity - 7.2%))
Let R0 = Unlevered cost of equity, we have:
14.92% = R) + ((0.4/0.6) * (1 - 23%) * (R0 - 7.2%))
14.92% = R0 + (0.666666666666667 * 0.77 * (R0 - 7.2%))
14.92% = R0 + (0.513333333333334 * (R0 -7.2%))
14.92% = R0 + (0.513333333333334 * R0) - (0.513333333333334 * 7.2%)
14.92% = R0 + (0.513333333333334 * R0) - 0.03696
14.92% + 0.03696 = R0(1 + 0.513333333333334)
0.18616 = R0(1.513333333333334)
R0 = 0.18616 / 1.513333333333334
R0 = 0.1230, or 12.30%
Therefore, the estimated unlevered cost of equity is 12.30%.
35. The three all-encompassing internal resource categories used in the resource-based view are physical resources, human resources, and ___________________
Answer:
Organizational resources.
Explanation:
A resource-based view can be defined as a managerial framework or model that is typically used by an organization to examine and determine the fundamental resources that it can use or exploit in order to achieve competitive advantage that is sustainable over a period of time.
The three (3) all-encompassing internal resource categories used by many businesses in the resource-based view are physical resources, human resources, and organizational resources.
Competitive advantage can be defined as conditions, factors or circumstances that allow a business firm (organization) to manufacture finished goods or services better and perhaps cheaper than other (rival) firms in the same industry. Thus, it's responsible for putting a business firm in a superior or more favorable position than rival firms.
This ultimately implies that, a competitive advantage has a significant impact on a business because it increases its level of sales, revenue generation and profit margin when compared to rival firms in the same industry.
Sunland Company is about to issue $262,700 of 6-year bonds paying an 9% interest rate, with interest payable semiannually. The discount rate for such securities is 8%.
Required:
In this case, how much can Sunland expect to receive from the sale of these bonds?
Answer:
Amount from sale of bonds $275,028
Explanation:
The computation is shown below;
Particulars Amount PV factor Present value of cash flows
Interest $11,821.50 9.38507 $1,10,946
($262,700 × 0.09 × 6 ÷ 12)
Principal $262,700 0.6246 $164,082
Amount from sale of bonds $275,028
The statement A Hewlett-Packard printing system may cost a little more, but it will produce documents of a higher quality than the other printers we are considering:_______.
Answer:
reduces resistance.
Explanation:
The example above characterizes a statement of the benefits of the Hewlett-Packard printing system that helps to reduce resistance.
In the workplace, resistance to new systems, methods and processes can generate some resistance in employees, which can be caused by situations that seem negative or by insecurity of not knowing how to deal with new situations and methodologies. Resistance can culminate in a shift in focus, insecurity and conflicts, but it must be eliminated through communication, transparency, training and the explanation of the benefits of novelties that will occur in the organizational environment, as in the example above, which despite the HP printers cost a little more will produce superior quality documents, which is a reason for reduced resistance.
Multinational transfer prices are sometimes influenced by restrictions that some countries place on the repatriation of profits to the parent firm. Companies can minimize the effect of such restrictions by
A. Decreasing the prices of goods transferred into divisions in these countries.
B. Increasing the prices of goods transferred into divisions in these countries.
C. Charging less than the price that would be charged by an unrelated third party for goods transferred into divisions in these countries.
D. Keeping prices uniform throughout all domestic and foreign units within the company.
Answer: B. By increasing the prices of goods transferred into divisions in these countries.
Explanation:
Based on the information given, companies can minimize the effect of such restrictions through the increase in the prices of the goods that are transferred into divisions in these countries.
It should be noted that through the increase in the prices of goods which are transferred into divisions in these countries, then there'll be a reduction in the the profits. Due to this, there will be lower profits which would then be subjected to repatriation issues.
Therefore, the correct option is B.
Even though drive-in restaurants were already popular in America in the 1950’s, they were not as successful as the fast food restaurant owned by the MacDonald brothers. List three reasons for this lack of success.
Answer:
1- There was no standardization strategy for hamburgers that would maintain the same quality for all orders.
2- There were not enough employees and properly trained to meet the demand of orders.
3- There was no well-defined business model that could expand to become a franchise.
McDonalds's restaurant revolutionized the business world by adopting the standardization of its snacks, which made the business more structured, in a model that, through innovative sandwich assembly devices, made them more standardized, and accelerated the assembly and waiting time for the order .
The division of the processes of assembling snacks and milkshakes into simple and repetitive tasks led to the creation of a production line for the fast-food restaurant in a totally innovative way, which made it possible to meet demand, more quickly and reduce costs. and waste, which made it possible to sell its business model to other locations and then create a profitable franchise that is a successful model to this day.
The three key causes or the reasons that have resulted in this deficiency in the success of drive-in restaurants would be:
1). Inefficiency.
2). Bobbling of orders.
3). Lack of employees.
The main reason for the failure or lagging behind of the drive-in restaurants was their incompetency in managing the demands effectively and efficiently. Despite the number of orders made by people were high initially but the confusion and mismanagement of the orders raised consumer dissatisfaction and they switched to MacDonalds which offered better services. Lastly, the lesser number of employees add fuel to the fire by not providing the required service in terms of management led the popularity to fall.
Learn more about 'America' here:
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Your firm has net income of $259 on total sales of $1,100. Costs are $620 and depreciation is $110. The tax rate is 30 percent. The firm does not have interest expenses. What is the operating cash flow
Answer:
The correct approach is "369".
Explanation:
The given values are:
Net income (NI),
= $259
Total sales,
= $1,100
Depreciation (Dep),
= $110
Tax rate,
= 30%
Now,
The operation cash flow will be:
= [tex]Net \ income +Depreciation[/tex]
By putting the values, we get
= [tex]259+110[/tex]
= [tex]369[/tex]
Quickbrush Paint Company is developing a linear program to determine the optimal quantities of ingredient A and ingredient B to blend together to make oil-base and water-base paint. The oil-base paint contains 90 percent A and 10 percent B, whereas the water-base paint contains 30 percent A and 70 percent B. Quickbrush currently has 10,000 gallons of ingredient A and 5,000 gallons of ingredient B in inventory and cannot obtain more at this time. Assuming that x represents the number of gallons of oil-base paint, and y represents the gallons of water-base paint, which constraint is correctly represents the constraint on ingredient A?
A. .9x + .3y ≤ 10,000
B. .9A + .1B ≤ 10,000
C. .9x + .1y ≤ 10,000
D. .3x + .7y ≤ 10,000
Answer:
A. 0.9x + 0.3y ≤ 10,000
Explanation:
Given
[tex]x \to[/tex] oil based plant
[tex]y \to[/tex] water based plant
The data can be represented in tabular form as:
[tex]\begin{array}{ccc}{} & {A} & {B} & {x} & {90\%} & {10\%} & {y} & {30\%} & {70\%} & {} & {10000} & {5000}\ \end{array}[/tex]
Considering only A, we have the following constraints:
[tex]A \to 90\% * x + 30\% * y[/tex]
[tex]A \to 0.9x + 0.3y[/tex]
Since the company currently has 10000 of A.
The above constraint implies that, the mixture cannot exceed 10000.
So, we have:
[tex]A \to 0.9x + 0.3y \le 10000[/tex]
Hence, (A) is correct
After meeting with your new client, Sid, you prepared his current financial statements. Which part of the financial planning process were you engaged in
Answer:
Analyze and evaluate the client's financial status
Explanation:
In the case when the meeting is to be done with the new client Sid prepared his present financial statements so here we are engage in the analysis and the evaluation of the financial status of the client that shows the overall financial health of the client with terms of liquidity, solvency, etc
Therefore the above represent the answer
In general, accelerating cash inflows and decelerating cash outflows would maximize the time value of money.
a. True
b. False
Answer:
a. True
Explanation:
In the case of the accelarating the cash flows, it permits the business to pay off the bills, and the other liabilities on time so that the company is eligible for taking some trade discount when the payment is made within the specified period as mentioned by suppliers
On the other hand, if the cash flows are decelerating that means the payment is not made within time so ultimately it give rise to the time value of money
Therefore the given statement is true
The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6:
1. Cash balance according to the company’s records at August 31, $24,270.2. Cash balance according to the bank statement at August 31, $32,278.3. Checks outstanding, $14,668.4. Deposit in transit, not recorded by bank, $7,170.5. A check for $58 in payment of an account was erroneously recorded in the check register as $580.6. Bank debit memo for service charges, $12.A. Prepare a bank reconciliation, using the format shown in
B. If the balance sheet were prepared for Creative Design Co. on August 31 what amount should be reported for cash?
C. Must a bank reconciliation always balance (reconcile)
A) NoB) Yes.
Amount DescriptionsAdjusted balanceBank service chargeBank error in charging check as $58 instead of $580Bank error in charging check as $580 instead of $58Deposit in transit, not recorded by bankError in recording check as $58 instead of $580Error in recording check as $580 instead of $58Outstanding checksTotal adjustments
Answer:
Creative Design Co.
A. Bank Reconciliation Statement as of August 31:
Balance as per bank statement $32,278
Deposit in transit, $7,170
Checks outstanding, ($14,668)
Balance as per adjusted cash bal. $24,780
B. The amount that should be reported for cash is $32,278.
C. B) Yes. A bank reconciliation must always balance (reconcile), otherwise, the purpose of the reconciliation is defeated.
Explanation:
a) Data and Calculations:
1. Cash balance according to the company’s records at August 31, $24,270.
2. Cash balance according to the bank statement at August 31, $32,278
3. Checks outstanding, $14,668
4. Deposit in transit, not recorded by bank, $7,170
5. A check for $58 in payment of an account was erroneously recorded in the check register as $580.
6. Bank debit memo for service charges, $12
Cash Book Adjustment:
August 31 balance $24,270
add overstatement of check 522
less bank charges 12
Adjusted balance $24,780
Kumi, your coworker, has been working on his taxes for the last two months. If Kumi gets audited this year, he is likely to believe that it happened because of an
Answer: external cause
Explanation:
Based on the information that's provided in the question, if Kumi gets audited this year, then he is likely to believe that the reason for the audit is due to an external cause, like the tax program that was used in the preparation of his taxes.
In such case, we can infer that the perception of Kumi is being influenced due to self-serving bias.
gThe following data are available for Martin Solutions, Inc. Year 2 Year 1 Sales $1,139,600 $1,192,320 Beginning inventory 80,000 64,000 Cost of goods sold 500,800 606,000 Ending inventory 72,000 80,000 Required: Assume a 365-day year. Determine for each year:
Answer and Explanation:
The computation is shown below;
For Year 1
Average inventory = (Beginning inventory + Ending inventory)÷ 2
= ($64,000 + $80,000) ÷ 2
= $72,000
Inventory turnover = Cost of goods sold ÷ Average inventory
= $606,000 ÷ 72,000
= 8.4 times
Days in inventory = 365 ÷ Inventory turnover ratio
= 365 ÷ 8.4
= 43.5 days
For Year 2
Average inventory = (Beginning inventory + Ending inventory) ÷ 2
= ($80,000 + $72,000) ÷ 2
= $76,000
Inventory turnover = Cost of goods sold ÷ Average inventory
= $500,800 ÷ 76,000
= 6.6 times
Days in inventory = 365 ÷ Inventory turnover ratio
= 365 ÷ 6.6
= 55.3 days
Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Y6 Cost of goods sold $3,894,185 $4,002,225 Inventories: Beginning of year 795,700 773,800 End of year 861,400 795,700 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place.
Answer:
A. 20Y7 Inventory Turnover 4.7
20Y6 Inventory Turnover=5.1
B. 20Y7 77.66 days
20Y6 71.57 days
Explanation:
A. Calculation to determine the inventory turnover for 20Y7 and 20Y6
Using this formula
Inventory Turnover = Cost of Goods Sold/Average inventory
Let plug in the formula
20Y7 Inventory Turnover=$3,894,185/[(795,700+861,400)/2]
20Y7 Inventory Turnover=$3,894,185/($1,657,100/2)
20Y7 Inventory Turnover=$3,894,185/828,550
20Y7 Inventory Turnover=4.7
20Y6 Inventory Turnover= $4,002,225/(773,800+795,700)/2]
20Y6 Inventory Turnover=$4,002,225/(1,569,500/2)
20Y6 Inventory Turnover=$4,002,225/784,750
20Y6 Inventory Turnover=5.1
B. Calculation to determine the number of days' sales in inventory for 20Y7 and 20Y6
Days in inventory = 365/Inventory Turnover
20Y7 Days in inventory=365/4.7=77.66 days
20Y6 Days in inventory=365/5.1=71.57 days
This year Andrews achieved an ROE of 24.5%. Suppose next year the profit margin (Net Income/Sales) decreases. Assuming sales, assets and financial leverage remain the same next year, what effect would you expect this action to have on Andrews's ROE
Answer:
It would decrease
Explanation:
Return on equity is an example of a profitability ratio.
Profitability ratios measure the ability of a firm to generate profits from its asset
Using the Dupont formula, ROE can be determined using:
ROE = Net profit margin x asset turnover x financial leverage
ROE = (Net income / Sales) x (Sales/Total Assets) x (total asset / common equity)
If profit margin reduces and asset turnover and leverage remains the same, ROE would decrease
The reduction in principle of the 13th payment is 50% larger than the reduction in principle of the 5th payment. What is the total amount of interest paid on the loan
Complete Question:
A 20-year level repayment of a loan of 1000 has been scheduled. Recall that in such scenarios, as time progresses the reduction in principal part of each payment increases as the interest part of each payment decreases. The reduction in principle of the 13th payment is 50% larger than the reduction in principal of the 5th payment. What is the total amount of interest paid on the loan?
Answer:
At an assumed interest rate of 6%, the Total Interest on the Loan is:
= $743.69
Explanation:
a) Data and Calculations:
Amount of loan = $1,000
Period of loan = 20 years
Assumed interest rate = 6%
Loan Amount 1000
Loan Term
20 years 0 months
Interest Rate 6
Compound
Annually (APY)
Pay Back Every Year
Results:
Payment Every Year $87.18
Total of 20 Payments $1,743.69
Total Interest $743.69
View Amortization Table
Principal 57%
Interest 43%
Amortization Schedule
Beginning Interest Principal Ending
Balance Balance
1 $1,000.00 $60.00 $27.18 $972.82
2 $972.82 $58.37 $28.82 $944.00
3 $944.00 $56.64 $30.54 $913.46
4 $913.46 $54.81 $32.38 $881.08
5 $881.08 $52.86 $34.32 $846.76
6 $846.76 $50.81 $36.38 $810.38
7 $810.38 $48.62 $38.56 $771.82
8 $771.82 $46.31 $40.88 $730.94
9 $730.94 $43.86 $43.33 $687.61
10 $687.61 $41.26 $45.93 $641.69
11 $641.69 $38.50 $48.68 $593.00
12 $593.00 $35.58 $51.60 $541.40
13 $541.40 $32.48 $54.70 $486.70
14 $486.70 $29.20 $57.98 $428.71
15 $428.71 $25.72 $61.46 $367.25
16 $367.25 $22.04 $65.15 $302.10
17 $302.10 $18.13 $69.06 $233.05
18 $233.05 $13.98 $73.20 $159.84
19 $159.84 $9.59 $77.59 $82.25
20 $82.25 $4.93 $82.25 $0.00
Allison's has a market value equal to its book value. Currently, the firm has excess cash of $1,100 and other assets of $12,400. Equity is worth $13,500. The firm has 2,500 shares of stock outstanding and net income of $10,800. What will be the new earnings per share if the firm uses its excess cash to complete a stock repurchase
Answer: $4.70
Explanation:
The new earnings per share will be calculated thus:
Total Earnings = $10,800
Outstanding Shares = 2,500
Equity = $13,500
Per Share Value:
= Equity / Outstanding shares
= $13,500/2,500
= $5.4 per share
The number of shares that' will be bought by the excess cahs will be:
= 1100/5.4
= 203.70 shares
Number of shares outstanding after buyback will be:
= 2,500 - 203.70
= 2296.30
Earnings per share will then be:
= 10,800/2,296.30
= $4.70
Which one of the following was not a contributing cause of the decline in investment and thus the recessionary expenditure gap occurring during the US recession of 2001?
A. Pessimism relating to the stock market crash
B. The collapse of numerous Internet-related start-up firms
C. Low-interest rates
D. Overcapacity in major industries
Answer:
Hence the correct option is Option C. Low interest rates.
Explanation:
Low interest rates:-
Because the real GDP is lower than the potential GDP at the full employment level (Overcapacity). Internet based start ups and stock market are collapsing (The dot com bubble).
justify the effectiveness of personal selling as the best method of promoting a business product
Personal selling is more effective than advertising when the customer base is small and widespread. Small because the sales force cannot reach every individual and widespread so that multiple salesmen can cover different areas and sell their products or services to people of that area.
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Olsen Company uses a standard cost system for its production process. Olsen Company applies overhead based on direct labor hours. The following information is available for July: Standard: Direct labor hours per unit 2.20 Variable overhead per hour $2.50 Fixed overhead per hour (based on 11,990 DLHs) $3.00 Actual: Units produced 4,400 Direct labor hours 8,800 Variable overhead $29,950 Fixed overhead $42,300 Refer to Olsen Company Using the three-variance approach, what is the efficiency variance
Answer:
1800
Explanation:
Danny needed a television and had rounded his decision down to three potential options. He began to compare these. What stage of the consumer decision-making process did this occur at
Answer: Information search
Explanation:
The above scenario could have been referred to as Danny's evoked set. Here, Danny is in the information search stage of the consumer decision-making process
Information searching, is also refered to as querying, and this is when buyer trues in identifying the most product or supplier when there's recognition of a particular need. It should be noted that the information search can be based on the buying situation or the organizational size.
Market risk premium is defined as the difference between the market rate of return and the return on risk-free Treasury bills.
a. True
b. False
Answer:
a. True
Explanation:
Risk management can be defined as the process of identifying, evaluating, analyzing and controlling potential threats or risks present in a business as an obstacle to its capital, revenues and profits. This ultimately implies that, risk management involves prioritizing course of action or potential threats in order to mitigate the risk that are likely to arise from such business decisions.
In Financial accounting, one of the core risks any depository financial institution such as commercial banks must report and hold capital against is a market risk. Also, the other three (3) core risks banks are required to report and hold capital against are liquidity risk, operational risk and credit risk.
Market risk premium can be defined as a measure of the difference between a market rate of return on a market portfolio and the return on a risk-free investment such as government bonds (Treasury bills) or interest rate. A market risk premium is also referred to as the risk premium of a market portfolio.
Hence, the investors are the one who are expected or required to compensate for the opportunity cost and the risk associated with it.
Additionally, the market risk premium in financial accounting is equal to the slope of the security market line (SML), which is typically a graphical representation of the capital asset pricing model (CAPM).
Suppose that there is no third-party payer in the medical care market in Uganda in 1955. Suppose that in 1960, health insurance companies begin operations in Uganda. All else being equal, what does supply and demand analysis predict will happen in the medical care market in 1960
Answer: b. Total expenditures will increase
Explanation:
Medical insurance reduces the amount that people have to pay to get health related services. Ugandans from the year 1960 can be expected to pay less for medical services as a result.
If people are able to pay less for a good or service, the normal thing that they would do would be to demand more of that good and service because it is more affordable. Total expenditure in the medical field will increase as a result.
An export subsidy will ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic national welfare.
Answer:
increase; decrease; decrease; decrease.
Explanation:
Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.
Basically, trade can be categorized into two (2) main groups and these are;
I. Import: this involves bringing in goods from a foreign country to sell in a different (domestic) country.
II. Export: it involves the sales of goods produced in a domestic country to a foreign country.
An export subsidy can be defined as any government policy that encourages the export of goods to other countries while discouraging the sales of goods in the domestic market through the use of tax reliefs, low cost loans, government foreign adverts, etc.
A surplus is the amount by which the quantity supplied of a good exceeds the quantity demanded of the good.
Producer surplus is the amount a buyer is willing to pay for a good minus the cost of producing the good.
Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
Hence, an export subsidy will increase producer surplus, decrease consumer surplus, decrease government revenue, and decrease overall domestic national welfare.
Wang Systems operates in a state that has a corporate tax rate of 8% and is deductible from the income taxed by the federal government. If the incremental federal tax is 34%, then the combined effective tax rate is 36.9%
a) true
b) false
Anthony Walker plans to invest $28,400 a year at the end of each year for the next seven years in an investment that will pay him a rate of return of 9.8 percent. How much money will Anthony have at the end of seven years
Answer:
267,785.95
Explanation:
28400 X (1.098)^7 = 267,785.95
Statement Of Owner's Equity Jay Pembroke started a business in April. Prepare a Statement of Owner's Equity using the following balances for April transactions. Cash $12,834 Accounts Receivable 1,809 Office Supplies 4,667 Prepaid Insurance 1,327 Accounts Payable 327 Jay Pembroke, Capital 18,155 Jay Pembroke, Drawing 145 Service Fees 3,113 Rent Expense 813 You will need to calculate the net income for April.
Answer and Explanation:
the computation of the net income for the april month is as follows;
= Service fees - rent expense
= $3,113 - $813
= $2,300
Now the preparation of the owner equity is as follows;
Jay Pembroke, Capital $18,155
Net income $2,300
Less; Jay Pembroke, Drawing $145
Jay Pembroke, Capital ending capital $20,310
We assume that the capital is given for the beginning of the month
Which part of your uniform must be worn at all times (select all that
apply)?
Badge
Branded polo shirts
Branded shorts or pants
Closed-toed footwear
Explanation:
closed-toed footwear.
Big Wheel, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. Sales on account are budgeted to be $20,200 for March and $39,200 for April. What are the budgeted cash receipts from sales on account for April? $fill in the blank 1
Answer: $24950
Explanation:
The budgeted cash receipts from sales on account for April will be calculated thus:
March sales = 75% × $20200 = $15150
April sales = 25% × $39200 = $9800
Therefore, the budgeted cash receipt from sales on account for April will be:
= $15150 + $9800
= $24950
Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $110,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $70,000 and was appraised at $180,000. The land was also encumbered with a $70,000 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split profits and losses equally. At the end of the first year Blue Bell made a $7,000 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information:
Sales revenue $470,000
Cost of goods sold $410,000
Operating expenses $70,000
Long-term capital gains $2,400
§1231 gains $900
Charitable contributions $300
Municipal bond interest $300
Salary paid as a guaranteed payment to Deanne (not included in expenses) $3,000
a. Compute the adjusted basis of each partner’s interest in the partnership immediately after the formation of the partnership.
b. List the separate items of partnership income, gains, losses, and deductions that the partners must show on their individual income tax returns that include the results of the partnership’s first year of operations.
c. (Optional) Using the information generated in answering parts a. and b., prepare Blue Bells’ page 1 and Schedule K to be included with its Form 1065 for its first year of operations along with Schedule K-1 for Deanne.
d. What are the partners’ adjusted bases in their partnership interests at the end of the first year of operations?
Answer:
As attached.
Explanation:
A personal financial plan specifies financial goals and describes:_______.a. spending, saving, and credit card financing.b. saving, investing, and asset valuation.c. saving and spending only.
d. spending, financing, and investment plans.
Answer:
d. spending, financing, and investment plans.
Explanation:
The plan that represent the financial goals and explains the spending, financing and investment plans that could be attained is known as the personal financial plan. this means that in the personal financial plan, all three plans i.e. spending, financing and investment should be involved
Therefore the option d is correct
