Paragraph Styles Page 10. In our discussion of vehicle leasing, we determined that the major difference between an open-end lease and a closed-end lease is: GOOS the term of the lease contract the administrative costs associated with closed-end leases who is responsible for the residual value of the vehicle at the end of the contract who is responsible for the ongoing maintenance and repairs that the vehicle needs Part (B) Short Answer Questions Total of 40 marks Please write your answers in the lined space provided with each question. 1. Early in Chapter 1, we discussed the idea that the process of financial planning involves six critical steps Name, and briefly explain any two (2) of those critical steps. (4 marks) 2. We also discussed the concept of timing, and that three elements relating to timing are factors that influence our financial goals Name any two (2) of those three elements of time (2 marks) Foru 74 F5 F6 F7 F8 F9 F10 F11 F12 Hoc % &