12. An example of internal data is... a. The current tax rates. b. The expected inflation. c. The client's goals. d. The planner's education. 13. The first two steps in the financial planning process are: a. Gather client data and identify and select goals. b. Gather client data and analyze client data. c. Identify and select goals and monitor client's current plan. d. Identify and select goals and develop and present recommendations. 14. Which of the following is not considered a critical element of an engagement letter? a. The scope of the work agreed upon. b. The time horizon for the work. c. A description of the fees and costs. d. All of the above are considered to be an element of an engagement letter. 15. If your financial planning client talks about situations, expresses emotions verbally, enjoys listening (but cannot wait to talk), and tends to move lips or sub-vocalize when reading, then, their learning style is most likely ... a. Auditory. b. Visual. c. Both auditory and visual. d. None of the choices. 16. In what order should the steps in the financial planning process occur? 1. Gathering client data. 2. Presenting financial planning recommendations. 3. Developing financial planning recommendations. 4. Analyzing and evaluating client's financial status. 5. Monitoring the plan. 6. Implementing financial planning recommendations. 7. Identifying and selecting goals. a. 7,2,1,4,3,6,5. b. 7,1,2,3,4,5,6. c. 1,7,4,3,2,6,5. d. 1,2,3,4,5,6,7. 17. During which step of the financial planning process would a planner analyze financial statements? a. Identifying and selecting goals. b. Communicating the recommendations. c. Analyzing and evaluating client's financial status. d. Developing financial plan recommendations