SOLUTION MANUAL FOR V V
PersonalVFinancialVPlanningV15thVEditionVbyVRandyVBilling
sley,VLawrenceVJ.VGitman,VMichaelVD.VJoehnk
Understanding the Financi V V
al Planning Process Chapte
V V V
r1V
HowVWillVThisVAffectVMe?
TheVheartVofVfinancialVplanningVisVmakingVsureVyourVvaluesVlineVupVwithVhowVyouVspendV
andVsave.VThatVmeansVknowingVwhereVyouVareVfinanciallyVandVplanningVonVhowVtoVgetVwh
ereVyouVwantVtoVbeVinVtheVfutureVnoVmatterVwhatVlifeVthrowsVatVyou.VForVexample,VhowVs
houldVyourVplanVhandleVtheVprojectionVthatVSocialVSecurityVcostsVmayVexceedVrevenuesVbyV
2035?VAndVwhatVifVtheVgovernmentVdecidesVtoVraiseVtaxVratesVtoVhelpVcoverVtheVfederalVd
eficit?VAnVinformedVfinancialVplanVshouldVreflectVsuchVuncertaintiesVandVmore.
ThisVchapterVoverviewsVtheVfinancialVplanningVprocessVandVexplainsVitsVcontext.VTopicsVinc
ludeVhowVfinancialVplansVchangeVtoVaccommodateVyourVcurrentVstageVinVlifeVandVtheVroleVt
hatVfinancialVplannersVcanVplayVinVhelpingVyouVachieveVyourVobjectives.VAfterVreadingVthis
VchapterVyouVwillVhaveVaVgoodVperspectiveVonVhowVtoVorganizeVyourVoverallVpersonalVfina
ncialVplan.
LEARNINGVGOALS
LG1VIdentifyVtheVbenefitsVofVusingVpersonalVfinancialVplanningVtechniquesVtoVmanageV
yourVfinances.
KeyVconceptVinVthisVsectionVisVtheVplanningVmodelVasVdisplayedVinVExhibitV1.1.V YourVstan
dardVofVlivingVisVgreatlyVimpactedVbyVyourVspendingVhabitsVandVyourVcommitmentVtoVsaving
.V YourVspendingVisVmeasuredVbyVyourVpropensityVtoVconsume.V WealthVisVtheVtotalVvalue
VofVallVpropertyVyouVownVlessVtheVamountVthatVyouVoweVtoVothers.
ACTIVITY:V AskVtheVstudentsVtoVassumeVthatVtheyVhaveVjustVinheritedV$100,000.V WhatVwi
llVyouVdoVwithVtheVmoney?V WriteVdownVthreeVwaysVyouVwillVspendVorVuseVtheVmoney.
©V2021VCengageVLearning®.VMayVnotVbeVscanned,VcopiedVorVduplicated,VorVpostedVtoVaVpubliclyVaccessibleVweb
site,VinVwholeVorVinVpart,VexceptVforVuseVasVpermittedVinVaVlicenseVdistributedVwithVaVcertainVproductVorVservic
eVorVotherwiseVonVa
password-protectedVwebsiteVorVschool-approvedVlearningVmanagementVsystemVforVclassroomVuse.
,AskVtheVstudentsVtoVshareVoneVitemVwithVtheVclassVandVrecordVwhatVtheyVsayVsoVthatVtheVe
ntireVclassVcanVreflectVonVtheVanswers.V Hopefully,VatVleastVaVfewVwillVmentionVinvestingVe
venVifVonlyV$10,000VofVtheVamount.V UseVtheirVanswersVtoVdiscussVtakingVcareVofVcurrentV
needsVversusVfutureVneeds.
FocusVonVtheirVpropensityVtoVconsumeVandVitsVimpactVonVaccumulatingVwealth.V PointVoutVt
heVFinancialVPlanningVTip,V―BeVSMARTVinVPlanningVYourVFinancialVGoals.‖
UseVExhibitV1.2VtoVshowVhowVtheVaverageVpersonVearnsVandVspendsVtheirVmoneyVandVExhi
bitV1.6VtoVhelpVtheVstudentVidentifyVwhereVtheyVareVnow.
LG2VDescribeVtheVpersonalVfinancialVplanningVprocessVandVdefineVyourVgoals.
DwightVEisenhower,VarmyVgeneralVandVpresident,VisVquotedVasVsayingV―PlansVareVuseless;VP
lanningVisVpriceless‖.V TheVprocessVofVplanningVallowsVyouVtoVfocusVonVtheVissuesVthatVareV
mostVimportantVandVtoVbeVreadyVwhenVthingsVchange.
ExhibitV1.3VlistsVtheVSixVStepVFinancialVPlanningVProcess.V TheVfirstVandVmostVimportantVi
sVdefiningVyourVfinancialVgoals.V ExhibitV1.6VlistsVgoalsVbyVageVtoVdemonstrateVhowVgoals
VchangeVoverVtime.V UseVtheVexamplesVinVExhibitV1.5VtoVaskVstudentsVifVtheVassumptionsVa
reVrealistic.V Yes,VtheVanswerVisVinVtheVexhibit,VbutVmanyVwillVnotVhaveVreadVchapterVatVth
isVpoint.V ForVyourVuse,VtheVassumptionsVare:
AssumptionV1:VSavingVaVfewVthousandVdollarsVaVyearVshouldVprovideVenoughVtoVfundVm
yVchild‘sVcollegeVEducation.
AssumptionV2:VAnVemergencyVfundVlastingV3VmonthsVshouldVbeVadequate.
AssumptionV3:VIVwillVbeVableVtoVretireVatV65VandVshouldVhaveVplentyVtoVliveVonVinVr
etirement.VAssumptionV4:VI‘mVrelyingVonVtheVruleVofVthumbVthatVIVwillVneedVonlyV70
VpercentVofVmyVpre-VretirementVincomeVtoVmanageVnicelyVinVretirement.
ThereVareVseveralVworksheetsVinVtheVbook.V WorksheetV1.1VgivesVtheVstudentVaVformatVtoV
writeVdownVtheirVPersonalVFinancialVGoals.V ThereVisVpowerVinVwritingVdownVgoalsV[andVm
ostVanyVotherVplan].V RecordingVtheVgoalVandVthenVreviewingVthreeVmonthsVlaterVwillVhelpV
youVtoVkeepVfocusVonVtheVgoal.
LG3VExplainVtheVlifeVcycleVofVfinancialVplans,VtheirVroleVinVachievingVyourVfinancialV
goals,VhowVtoVdealVwithVspecialVplanningVconcerns,VandVtheVuseVofVprofessionalVfinan
cialVplanners.
ExhibitV1.7VcanVhelpVfocusVtheVattentionVonVhowVgoalsVdifferVbetweenVtheVvariousVstagesV
ofVlife.VSectionV1-
3bVlistsVvariousVdecisionsVthatVyouVwillVhaveVtoVmakeVoverVyourVlife.V TheVsectionV1-
3cVaddressesVSpecialVPlanningVConcerns.V WorksheetV1.2VfocusesVonVtheVfinancialVbenefitVt
oVtheVfamilyVofVtheVsecondVincome.V IfVtheVsecondVincomeVisVfromVaVminimumVwageVjob,V
itVmayVnotVbeVaVgoodVfinancialVdecision.V OfVcourseVhavingVaVjob,VevenVaVminimumVwage
Vjob,VmayVgiveVtheVpersonVpsychicVincomeVthatVwillVoverrideVtheVfinancialVimpact.
©V2021VCengageVLearning®.VMayVnotVbeVscanned,VcopiedVorVduplicated,VorVpostedVtoVaVpubliclyVaccessibleVweb
site,VinVwholeVorVinVpart,VexceptVforVuseVasVpermittedVinVaVlicenseVdistributedVwithVaVcertainVproductVorVservic
eVorVotherwiseVonVa
password-protectedVwebsiteVorVschool-approvedVlearningVmanagementVsystemVforVclassroomVuse.
,WhileVperhapsVoffVtopic,VIVrecallVaVhighVschoolVscienceVteacherVwhoVwasVaVsmoker.V HeV
walkedVthroughVtheVamountVofVmoneyVheVspentVonVpurchasingVtobaccoVproducts.V ThatVcom
putationVhadVa
©V2021VCengageVLearning®.VMayVnotVbeVscanned,VcopiedVorVduplicated,VorVpostedVtoVaVpubliclyVaccessibleVweb
site,VinVwholeVorVinVpart,VexceptVforVuseVasVpermittedVinVaVlicenseVdistributedVwithVaVcertainVproductVorVservic
eVorVotherwiseVonVa
password-protectedVwebsiteVorVschool-approvedVlearningVmanagementVsystemVforVclassroomVuse.
, lotVtoVdoVwithVmyVdecisionVtoVnotVsmoke.V HowVthisVrelatesVtoVtheVcourseVisVthatVthisVisVa
nVillustrationVofVhowVtheVfinancialVimpactVofVaVdecisionVcanVdriveVtheVdecision.
LG4VExamineVtheVeconomicVenvironment’sVinfluenceVonVpersonalVfinancialVplanning.
ForVolderVfolks,VtheVfinancialVcrisisVofV2008-
2009VisVfreshVinVourVmemory.V ToVtheVstudentVofV2021,VthatVcrisisVisVmoreVofVhistoryVthan
Vlife.V IfVyouVcanVshareVaVwarVstoryVonVhowVyouVwereVpersonallyVimpacted,VitVwillVhelpVb
ringVtheVimpactVofVtheVworldVeconomyVonVfinancialVplansVtoVlife.VTheVbookVspeaksVhowVt
oVmanageVthisVtypeVofVcrisis,VbutVyouVhadVtoVgoVthroughVitVtoVreallyVunderstandVtheVimpa
ctVitVhad.
TheVvalueVofVprofessionalVadviceVisVgreatlyVunderstated.V IfVbyVtalkingVtoVaVprofessionalVy
ouVcanVpreventVmakingVaVmistakeV--VthatVcanVbeVofVaVgreatVvalue.V SectionV1-
3eVspeaksVtoVtheVuseVofVprofessionalVfinancialVplanners.V ExhibitV1.9VlistsVoutVtheVvariousVc
ertificationsVthatVplannersVhave.
EconomicVorVbusinessVcyclesVareVreal.V PerhapsVtheVmostVusefulVthingVaboutVtheVcyclesVisV
theVknowledgeVthatVifVthingsVareVbad,VyouVknowVtheyVwillVgetVbetter.V OfVcourse,VwhenVlif
eVisVgood,VyouVknowVthatVtheVbadVcycleVwillVcomeVaroundVagain.V Thus,VfinancialVplanning
VrequiresVsavingVinVtheVgoodVtimesVforVtheVbadVtimes.V SeeVtheV―TestVYourself‖VquestionV1
-17VforVaVshortVdiscussionVofVbusinessVcycles.
TheVpowerVofVcompoundingVisVrarelyVunderstood.V ExhibitV1.8VshowsVhowVtheVamountV$10
,000VwillVgrowVoverVtime.V TheVlongerVtheVinvestmentVstaysVinvested,VtheVgreaterVtheVamo
untV–VtheVpowerVofVcompoundVinterest.
LG5VEvaluateVtheVimpactVofVage,Veducation,VandVgeographicVlocationVonVpersonalVincome.
ExhibitV1.12VsaysVitVall.
LG6VUnderstandVtheVimportanceVofVcareerVchoicesVandVtheirVrelationshipVtoVpersonalV
financialVplanning.
ExhibitV1.13VshowsVthatVtheVchoiceVofVaVcollegeVmajorVhasVaVfinancialVimpact.V OfVcourseV
moneyVcannotVbuyVhappiness,VbutVhavingVaVbitVhelps.V IfVyouVreallyVwantVtoVbeVanVelemen
taryVschoolVteacher,VyouVmustVrecognizeVthatVyouVwillVnotVhaveVasVmuchVwealthVasVaVlaw
yerVorVfinancialVanalyst.
TheVsummaryVofVtheVlearningVgoalsVatVtheVendVofVtheVchapterVshouldVaidVtheVstudentVinV
reviewingVtheVchapterVwhenVexamVtimeVcomes.V ItVwillVbeVusefulVtoVpointVoutVtoVtheVstu
dentVhowVtoVuseVthisVmaterial.
LinkVtoVSolutionsVtoVFinancialVPlanningVExercises
©V2021VCengageVLearning®.VMayVnotVbeVscanned,VcopiedVorVduplicated,VorVpostedVtoVaVpubliclyVaccessibleVweb
site,VinVwholeVorVinVpart,VexceptVforVuseVasVpermittedVinVaVlicenseVdistributedVwithVaVcertainVproductVorVservic
eVorVotherwiseVonVa
password-protectedVwebsiteVorVschool-approvedVlearningVmanagementVsystemVforVclassroomVuse.
PersonalVFinancialVPlanningV15thVEditionVbyVRandyVBilling
sley,VLawrenceVJ.VGitman,VMichaelVD.VJoehnk
Understanding the Financi V V
al Planning Process Chapte
V V V
r1V
HowVWillVThisVAffectVMe?
TheVheartVofVfinancialVplanningVisVmakingVsureVyourVvaluesVlineVupVwithVhowVyouVspendV
andVsave.VThatVmeansVknowingVwhereVyouVareVfinanciallyVandVplanningVonVhowVtoVgetVwh
ereVyouVwantVtoVbeVinVtheVfutureVnoVmatterVwhatVlifeVthrowsVatVyou.VForVexample,VhowVs
houldVyourVplanVhandleVtheVprojectionVthatVSocialVSecurityVcostsVmayVexceedVrevenuesVbyV
2035?VAndVwhatVifVtheVgovernmentVdecidesVtoVraiseVtaxVratesVtoVhelpVcoverVtheVfederalVd
eficit?VAnVinformedVfinancialVplanVshouldVreflectVsuchVuncertaintiesVandVmore.
ThisVchapterVoverviewsVtheVfinancialVplanningVprocessVandVexplainsVitsVcontext.VTopicsVinc
ludeVhowVfinancialVplansVchangeVtoVaccommodateVyourVcurrentVstageVinVlifeVandVtheVroleVt
hatVfinancialVplannersVcanVplayVinVhelpingVyouVachieveVyourVobjectives.VAfterVreadingVthis
VchapterVyouVwillVhaveVaVgoodVperspectiveVonVhowVtoVorganizeVyourVoverallVpersonalVfina
ncialVplan.
LEARNINGVGOALS
LG1VIdentifyVtheVbenefitsVofVusingVpersonalVfinancialVplanningVtechniquesVtoVmanageV
yourVfinances.
KeyVconceptVinVthisVsectionVisVtheVplanningVmodelVasVdisplayedVinVExhibitV1.1.V YourVstan
dardVofVlivingVisVgreatlyVimpactedVbyVyourVspendingVhabitsVandVyourVcommitmentVtoVsaving
.V YourVspendingVisVmeasuredVbyVyourVpropensityVtoVconsume.V WealthVisVtheVtotalVvalue
VofVallVpropertyVyouVownVlessVtheVamountVthatVyouVoweVtoVothers.
ACTIVITY:V AskVtheVstudentsVtoVassumeVthatVtheyVhaveVjustVinheritedV$100,000.V WhatVwi
llVyouVdoVwithVtheVmoney?V WriteVdownVthreeVwaysVyouVwillVspendVorVuseVtheVmoney.
©V2021VCengageVLearning®.VMayVnotVbeVscanned,VcopiedVorVduplicated,VorVpostedVtoVaVpubliclyVaccessibleVweb
site,VinVwholeVorVinVpart,VexceptVforVuseVasVpermittedVinVaVlicenseVdistributedVwithVaVcertainVproductVorVservic
eVorVotherwiseVonVa
password-protectedVwebsiteVorVschool-approvedVlearningVmanagementVsystemVforVclassroomVuse.
,AskVtheVstudentsVtoVshareVoneVitemVwithVtheVclassVandVrecordVwhatVtheyVsayVsoVthatVtheVe
ntireVclassVcanVreflectVonVtheVanswers.V Hopefully,VatVleastVaVfewVwillVmentionVinvestingVe
venVifVonlyV$10,000VofVtheVamount.V UseVtheirVanswersVtoVdiscussVtakingVcareVofVcurrentV
needsVversusVfutureVneeds.
FocusVonVtheirVpropensityVtoVconsumeVandVitsVimpactVonVaccumulatingVwealth.V PointVoutVt
heVFinancialVPlanningVTip,V―BeVSMARTVinVPlanningVYourVFinancialVGoals.‖
UseVExhibitV1.2VtoVshowVhowVtheVaverageVpersonVearnsVandVspendsVtheirVmoneyVandVExhi
bitV1.6VtoVhelpVtheVstudentVidentifyVwhereVtheyVareVnow.
LG2VDescribeVtheVpersonalVfinancialVplanningVprocessVandVdefineVyourVgoals.
DwightVEisenhower,VarmyVgeneralVandVpresident,VisVquotedVasVsayingV―PlansVareVuseless;VP
lanningVisVpriceless‖.V TheVprocessVofVplanningVallowsVyouVtoVfocusVonVtheVissuesVthatVareV
mostVimportantVandVtoVbeVreadyVwhenVthingsVchange.
ExhibitV1.3VlistsVtheVSixVStepVFinancialVPlanningVProcess.V TheVfirstVandVmostVimportantVi
sVdefiningVyourVfinancialVgoals.V ExhibitV1.6VlistsVgoalsVbyVageVtoVdemonstrateVhowVgoals
VchangeVoverVtime.V UseVtheVexamplesVinVExhibitV1.5VtoVaskVstudentsVifVtheVassumptionsVa
reVrealistic.V Yes,VtheVanswerVisVinVtheVexhibit,VbutVmanyVwillVnotVhaveVreadVchapterVatVth
isVpoint.V ForVyourVuse,VtheVassumptionsVare:
AssumptionV1:VSavingVaVfewVthousandVdollarsVaVyearVshouldVprovideVenoughVtoVfundVm
yVchild‘sVcollegeVEducation.
AssumptionV2:VAnVemergencyVfundVlastingV3VmonthsVshouldVbeVadequate.
AssumptionV3:VIVwillVbeVableVtoVretireVatV65VandVshouldVhaveVplentyVtoVliveVonVinVr
etirement.VAssumptionV4:VI‘mVrelyingVonVtheVruleVofVthumbVthatVIVwillVneedVonlyV70
VpercentVofVmyVpre-VretirementVincomeVtoVmanageVnicelyVinVretirement.
ThereVareVseveralVworksheetsVinVtheVbook.V WorksheetV1.1VgivesVtheVstudentVaVformatVtoV
writeVdownVtheirVPersonalVFinancialVGoals.V ThereVisVpowerVinVwritingVdownVgoalsV[andVm
ostVanyVotherVplan].V RecordingVtheVgoalVandVthenVreviewingVthreeVmonthsVlaterVwillVhelpV
youVtoVkeepVfocusVonVtheVgoal.
LG3VExplainVtheVlifeVcycleVofVfinancialVplans,VtheirVroleVinVachievingVyourVfinancialV
goals,VhowVtoVdealVwithVspecialVplanningVconcerns,VandVtheVuseVofVprofessionalVfinan
cialVplanners.
ExhibitV1.7VcanVhelpVfocusVtheVattentionVonVhowVgoalsVdifferVbetweenVtheVvariousVstagesV
ofVlife.VSectionV1-
3bVlistsVvariousVdecisionsVthatVyouVwillVhaveVtoVmakeVoverVyourVlife.V TheVsectionV1-
3cVaddressesVSpecialVPlanningVConcerns.V WorksheetV1.2VfocusesVonVtheVfinancialVbenefitVt
oVtheVfamilyVofVtheVsecondVincome.V IfVtheVsecondVincomeVisVfromVaVminimumVwageVjob,V
itVmayVnotVbeVaVgoodVfinancialVdecision.V OfVcourseVhavingVaVjob,VevenVaVminimumVwage
Vjob,VmayVgiveVtheVpersonVpsychicVincomeVthatVwillVoverrideVtheVfinancialVimpact.
©V2021VCengageVLearning®.VMayVnotVbeVscanned,VcopiedVorVduplicated,VorVpostedVtoVaVpubliclyVaccessibleVweb
site,VinVwholeVorVinVpart,VexceptVforVuseVasVpermittedVinVaVlicenseVdistributedVwithVaVcertainVproductVorVservic
eVorVotherwiseVonVa
password-protectedVwebsiteVorVschool-approvedVlearningVmanagementVsystemVforVclassroomVuse.
,WhileVperhapsVoffVtopic,VIVrecallVaVhighVschoolVscienceVteacherVwhoVwasVaVsmoker.V HeV
walkedVthroughVtheVamountVofVmoneyVheVspentVonVpurchasingVtobaccoVproducts.V ThatVcom
putationVhadVa
©V2021VCengageVLearning®.VMayVnotVbeVscanned,VcopiedVorVduplicated,VorVpostedVtoVaVpubliclyVaccessibleVweb
site,VinVwholeVorVinVpart,VexceptVforVuseVasVpermittedVinVaVlicenseVdistributedVwithVaVcertainVproductVorVservic
eVorVotherwiseVonVa
password-protectedVwebsiteVorVschool-approvedVlearningVmanagementVsystemVforVclassroomVuse.
, lotVtoVdoVwithVmyVdecisionVtoVnotVsmoke.V HowVthisVrelatesVtoVtheVcourseVisVthatVthisVisVa
nVillustrationVofVhowVtheVfinancialVimpactVofVaVdecisionVcanVdriveVtheVdecision.
LG4VExamineVtheVeconomicVenvironment’sVinfluenceVonVpersonalVfinancialVplanning.
ForVolderVfolks,VtheVfinancialVcrisisVofV2008-
2009VisVfreshVinVourVmemory.V ToVtheVstudentVofV2021,VthatVcrisisVisVmoreVofVhistoryVthan
Vlife.V IfVyouVcanVshareVaVwarVstoryVonVhowVyouVwereVpersonallyVimpacted,VitVwillVhelpVb
ringVtheVimpactVofVtheVworldVeconomyVonVfinancialVplansVtoVlife.VTheVbookVspeaksVhowVt
oVmanageVthisVtypeVofVcrisis,VbutVyouVhadVtoVgoVthroughVitVtoVreallyVunderstandVtheVimpa
ctVitVhad.
TheVvalueVofVprofessionalVadviceVisVgreatlyVunderstated.V IfVbyVtalkingVtoVaVprofessionalVy
ouVcanVpreventVmakingVaVmistakeV--VthatVcanVbeVofVaVgreatVvalue.V SectionV1-
3eVspeaksVtoVtheVuseVofVprofessionalVfinancialVplanners.V ExhibitV1.9VlistsVoutVtheVvariousVc
ertificationsVthatVplannersVhave.
EconomicVorVbusinessVcyclesVareVreal.V PerhapsVtheVmostVusefulVthingVaboutVtheVcyclesVisV
theVknowledgeVthatVifVthingsVareVbad,VyouVknowVtheyVwillVgetVbetter.V OfVcourse,VwhenVlif
eVisVgood,VyouVknowVthatVtheVbadVcycleVwillVcomeVaroundVagain.V Thus,VfinancialVplanning
VrequiresVsavingVinVtheVgoodVtimesVforVtheVbadVtimes.V SeeVtheV―TestVYourself‖VquestionV1
-17VforVaVshortVdiscussionVofVbusinessVcycles.
TheVpowerVofVcompoundingVisVrarelyVunderstood.V ExhibitV1.8VshowsVhowVtheVamountV$10
,000VwillVgrowVoverVtime.V TheVlongerVtheVinvestmentVstaysVinvested,VtheVgreaterVtheVamo
untV–VtheVpowerVofVcompoundVinterest.
LG5VEvaluateVtheVimpactVofVage,Veducation,VandVgeographicVlocationVonVpersonalVincome.
ExhibitV1.12VsaysVitVall.
LG6VUnderstandVtheVimportanceVofVcareerVchoicesVandVtheirVrelationshipVtoVpersonalV
financialVplanning.
ExhibitV1.13VshowsVthatVtheVchoiceVofVaVcollegeVmajorVhasVaVfinancialVimpact.V OfVcourseV
moneyVcannotVbuyVhappiness,VbutVhavingVaVbitVhelps.V IfVyouVreallyVwantVtoVbeVanVelemen
taryVschoolVteacher,VyouVmustVrecognizeVthatVyouVwillVnotVhaveVasVmuchVwealthVasVaVlaw
yerVorVfinancialVanalyst.
TheVsummaryVofVtheVlearningVgoalsVatVtheVendVofVtheVchapterVshouldVaidVtheVstudentVinV
reviewingVtheVchapterVwhenVexamVtimeVcomes.V ItVwillVbeVusefulVtoVpointVoutVtoVtheVstu
dentVhowVtoVuseVthisVmaterial.
LinkVtoVSolutionsVtoVFinancialVPlanningVExercises
©V2021VCengageVLearning®.VMayVnotVbeVscanned,VcopiedVorVduplicated,VorVpostedVtoVaVpubliclyVaccessibleVweb
site,VinVwholeVorVinVpart,VexceptVforVuseVasVpermittedVinVaVlicenseVdistributedVwithVaVcertainVproductVorVservic
eVorVotherwiseVonVa
password-protectedVwebsiteVorVschool-approvedVlearningVmanagementVsystemVforVclassroomVuse.
