1. An annuity that pays income at some future date in a lump sum or as income under a payment option is a:
1. Flexible-premium annuity.
2. Fixed annuity.
3. Deferred annuity.
4. Variable annuity.
2. The process of financial planning requires five steps. The first step is:
1. Analyze the present financial situation.
2. Gather important financial information.
3. Identify outstanding liabilities and debts.
4. Determine specific goals and objectives.