Client inquiry #1: When calculating the consumer debt ratio, would I include my outstanding student loan? Why or why not? (3 marks)

Client inquiry #2: What is the difference between the cash flow statement and the net worth statement? How are assets recorded, at cost or market value? (2 marks)

Client inquiry #3: What is the professional financial planning process? Who is involved in the financial planning process? Explain the role of a financial planner at the beginning of the process? (5 marks)

Required:

For each of the client inquiries above, provide a response to the client to increase their understanding of the topic.