Grow

What type of goal can help you be prepared for unexpected costs, such as car repairs?

• Short-term financial goal

• An emergency fund

• Long-term financial goal

• Retirement savings

Why is it important to list and prioritize your short-, mid-, and long-term goals ahead of time?

• So you know where all of your money is going

• So that you can buy all the items you want

• So you give yourself time to save for them all

• So that you don't spend any of your money

Which of the following should an emergency fund be used to pay for?

• Monthly bills

• Car repairs

• A new boa

• College classes

● Sasha's phone is a few years old, keeps shutting off intermittently, and won't hold a charge for more than a couple of hours. She has a small cleaning business and needs to be able to communicate with her clients. She decides to save for a new phone. What type of financial goal is this?

• Short-term goal

• Mid-term goal

• Long-term goal

• Emergency expense

Amari and his four best friends decided they would save up and get tickets to see their favorite basketball team play in a nearby city for spring break of their senior year of high school. During his junior year, he started saving money for the big trip. What type of financial goal is this?

• Short-term goal

• Mid-term goal

• Long-term goal

• Emergency expense

Isaac went to visit his cousin Stephan who just returned from his junior year of college study abroad program. Stephan's photos and stories of his experiences sounded amazing. Even though Isaac is only a high school freshman, he decided right away to go home and start saving for his own future trip abroad. What type of financial goal is this?

• Short-term goal

• Mid-term goal

• Long-term goal

• Emergency expense

What is the main reason you should start saving for retirement as early as possible?

• So you have enough time to decide where you would like to retire

• So that you can enjoy your money while you're young and able to spend it

• To give your money time to grow with compound interest

• To ensure that you save enough money to travel the world

How do you ensure that your retirement account is able to grow by taking advantage of compound interest?

• Put enough money into it

• Give it a long enough time to grow

• Keep your money in a checking account

• Get a job that pays a higher salary

What is it called when you earn interest on both the money you deposit, plus any interest you earned previously?

• An emergency fund

• A savings account

• Compound interest

• Financial goal

Seema is heading into her junior year of high school and received a large financial gift from her grandmother. She kind of wants to buy some new clothes, but she has a financial goal of saving for her college education, but she also wants to be able to buy a used car to get her to and from campus. What should Seema do with the money she's received?

• Buy the new clothes she wants

• Put all of the money toward her college savings

• Put all of the money toward buying a used car

• Split the money between the college and car savings