After meeting with a client, Justin purchases 1,000 shares of TI Industries and 50 bonds issued by Arctic Freight Company on the client’s behalf. The purchase is most likely a part of the:

1. 		a. Planning stage.
   		b. Execution stage.
   		c. Feedback stage.
   		d. Resolution stage.

QUESTION 62

2. Bobbi expects to incur the following cash outflows during the coming year:

   		Travel = $2,000, Purchase vintage pin ball machine = $3,000, Gift for graduating niece = $1,000, and Pay off automobile loan = $4,000. The liquidity constraint for Bobbi is closest to:
   		a. $4,000.
   		b. $8,000.
   		c. $10,000.
   		d. $12,000.