EAP7 S.M.A.R.T. Review 11-03-23

What is a short-term financial goal?

• A goal that takes more than five years to achieve

• A goal that can be achieved in less than one year

• A goal that can be achieved in 10 years

What is a medium-term financial goal?

• A goal that can be achieved in less than one year

• A goal that can be achieved in 10 years

• A goal that takes between one to five years to achieve

What is a long-term financial goal?

• A goal that can be achieved in less than one year

• A goal that can be achieved in 10 years

• A goal that takes between one to five years to achieve

What does the acronym S.M.A.R.T. stand for in relation to goal planning?

• Specific, Measurable, Achievable, Realistic, Timely

• Sensible, Meaningful, Attainable, Reachable, Time-Bound

• Strategic, Measurable, Aggressive, Relevant, Time-Sensitive

Why is it important to set financial goals?

• To have something to strive for

• To make sure you save enough money for retirement

• Both

What is an example of a short-term financial goal?

• Saving for a vacation in six months

• Saving for a new car in five years

• Saving for a down payment on a house in 10 years

What is an example of a medium-term financial goal?

• Saving for a vacation in six months

• Saving for a new car in five years

• Saving for a down payment on a house in 10 years

What is an example of a long-term financial goal?

• Saving for a vacation in six months

• Saving for a new car in five years

• Saving for a down payment on a house in 10 years

What is the first step in creating a S.M.A.R.T. goal?

• Determining the timeline for achieving the goal

• Setting a specific goal

• Evaluating the relevance of the goal

What is the benefit of setting S.M.A.R.T. goals?

• They provide a clear roadmap for achieving your goals

• They guarantee success in achieving your goals

• They eliminate the need for ongoing evaluation and adjustmen