a) State the FIVE steps in planning personal financial affairs. (10 marks) ...

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Accounting

a) State the FIVE steps in planning personal financial affairs.
(10 marks)
b) List any THREE financial plans, and identify the goal associated with each financial plan.
(6 marks)
c) The following is an extract of Betty Soh's financial position as at 31 December 2015.
\table[[Asset ($),Liabilities and Net Worth ($)],[Liquid Assets,33000,Total Liabilities,357000],[Other Assets,745000,Net Worth,421000],[Total Assets,778000,Total Liabilities and,778000],[,,Net Worth,]]
Betty's Total Liabilities include a $288000 housing loan and a $53500 car loan. His total income for the year 2015 was $76000.
Calculate the following financial ratios for Betty, correct to 2 decimal places.
(i) Solvency ratio
(ii) Liquidity ratio
(iii) Gearing ratio
(9 marks)
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