Setting SMART Goals Objective Assessment

Financial plans that are more than five years off are called

• Opportunity costs

• long term goal

• intermediate goal

• short term goals

Saving for vacation you are taking in 6 months is

• Opportunity cost

• long term goal

• intermediate goal

• a need

The purpose of goal setting in financial planning process is to

• to clarify goal ranges

• save money

• provide direction for plans and action

• to differentiate between needs & wants

WHAT'S MISSING? I plan to save $3,000 for a new computer by saving my whole paycheck for 3 months.

• measurable

• attainable

• specific

WHAT'S MISSING: I will save $115 a month for two years from my babysitting money.

• measurable

• attainable

• specific

What does the acronym SMART stand for?

• Specific, Measurable, Attainable, Relevant and Timebound

• Specific, Meaningful, Attainable, Reality and Timebound

• Special, Measurable, Attractive, Reality and Treasured

• Substitute, Money, Attained, Realistic, Typical

IRS stands for ____________________.

• Internal Revenue Service

• I'm Really Smart

• Internal Receipt Sender

• International Rescue Service

"Should" goals often reflect ______________ values instead of _____________.

• other people's, your own

• your parents, your friend's

• educational, your own

Long-term goals have a time frame of.....

• more than a year

• less than a year

• up to 3 months

Medium-term goals are usually categorized as:

• 3- 12 months

• less than a year

• up to 3 months