Fin Mgmt U1 L1

Which of these would be an example of a short term financial goal?

• saving for 5 months for a tv

• saving for 2 years for a used car

• saving for 5 year for a dream vacation

You want to make sure to pay your _________ first, then you can save for special items like short and long term goals.

• wants

• fun items

• recreation

• bills

Leonard wants to save for a new motor for his dirt bike that is going to cost $2500. He is hoping to buy it within 8 months. How much should he save each month to reach his goal?

• $500 a month

• $40.00 a month

• $312.50 a month

• $31.50 a month

When saving a monthly amount for a long term goal, you first need to convert years to months. To do this you:

• multiply the number of years to save by 12

• divide the total amount by the number of years to save

• multiply the dollar amount by 12

Skylar wants to buy a used Mustang in 6 years. How much will she need to save each month if the Mustang is going to cost around $8,000?

• $100 a month

• $111.11 a month

• $10 a month

Short term goal means......

• a goal that is reached within a year

• a goal that takes more than a year to reach

Long term goal means...

• a goal reached within a year

• a goal that takes more than a year to reach

How many months is 2 years?

• 12

• 24

• 20

• 36

How many months is 2.5 years?

• 24

• 36

• 30

• 40

Which of these would be an example of a long term financial goal?

• Saving 3 months for a new pair of Jordan's

• Saving 1.5 months for a new PS4 video game

• Saving 2 years for a trip to Walt Disney World