A. Modified Identification Direction: Choose your answer in each item from the box below. Write the letter of your answer in your notebook. A. Plan for retirement G. Create a budget B. Gifting Phase H. Consolidation phase C. Plan for when you die I. Choose the right bank for you D. Spending Phase J. Invest your money E. Manage debt K. Pay Taxes F. Assess your financial situation 1. Part of financial management includes a plan to generate income from investments. 2. Considering using a living trust to designate property to specific beneficiaries. 3. Determining one's net worth. 4. Sell investments, negotiate with a creditor to repay the debt in a payment plan. 5. A budget is a good way to set financial priorities like saving for retirement or a vacation and managing debt. 6. Filing a tax return by the deadline will avoid the payment of costly penalties. 7. A right depository bank that will help you accomplish your financial goals. 8. Focuses on how the individual provides support to the family members, friends, or any charitable institution. 9. Retired individuals belong to this phase. 10. Those in this phase already have the necessary assets required of a typical household and have settled most of their outstanding liabilities. B. Modified TRUE or FALSE Direction: Write TRUE if the statement is correct. If the statement is incorrect, change the underlined word to make it correct. Write your answer in your notebook or in a clean sheet of paper. 1. Spending Phase focuses on how individuals provide support to family members, friends, or charitable institution. 2. Financial status of an individual depends on his financial objectives that are very much affected by the stage he is at in an individual life cycle. 3. Planning for retirement is essential to ensuring a comfortable life in the future. 4. During the accumulation phase, individuals start incurring liabilities in the form of car nd home mortgages which are typically paid over a long-time horizon