Business Quiz: Goal Setting and Banking Basics

What does the 'S' in SMART goal setting stand for?

• Serious

• Silly

• Specific

• Superficial

Explain the concept of 'Specific' in SMART goal setting.

• Learning to play the guitar

• Running a marathon in under 3 hours

• Setting a clear and well-defined objective

• Eating a healthy breakfast every morning

Why is it important to set measurable goals in SMART goal setting?

• To track progress and evaluate success.

• To make the goals unattainable

• To avoid tracking progress

• To waste time and effort

Differentiate between a savings account and a checking account.

• Savings accounts are for saving money and offer higher interest rates, while checking accounts are for everyday transactions and do not earn interest.

• Savings accounts are only for business transactions and do not earn interest, while checking accounts are for personal use and offer higher interest rates.

• Savings accounts are for spending money and offer lower interest rates, while checking accounts are for saving money and offer higher interest rates.

• Savings accounts are for everyday transactions and do not earn interest, while checking accounts are for saving money and offer higher interest rates.

Explain the concept of setting financial goals and why it is important.

• Financial goals are irrelevant as long as there is enough money to cover basic expenses.

• Setting financial goals is not important because it leads to unnecessary stress and pressure.

• There is no need to set financial goals as it limits the flexibility of spending money.

• Setting financial goals is important because it helps individuals and businesses to plan, prioritize, and work towards achieving specific objectives. It provides direction and motivation for managing finances effectively.

What is the 'pizza concept' in relation to financial planning?

• Not planning for any financial goals

• Dividing income into different categories for financial planning

• Investing all income in a single venture

• Spending all income on luxury items

List and explain the 5 C's of credit.

• Credibility, Cancellation, Currency, Credit score, Cost

• Character, Capacity, Capital, Collateral, and Conditions

• Credit, Cash, Customer, Contract, Cost

• Character, Credibility, Capital, Contract, Credit score

What does the 'M' in SMART goal setting stand for?

• Measurable

• Manageable

• Motivating

• Meaningful

Why is it important to have a checking account?

• It is important for saving money and earning high interest rates.

• It is important for everyday transactions and managing finances effectively.

• It is important for business transactions and earning high interest rates.

• It is not important to have a checking account.

What is the importance of 'Capital' in the 5 C's of credit?

• It refers to the borrower's financial ability to repay the loan.

• It refers to the borrower's character and reputation.

• It refers to the borrower's credit history.

• It refers to the borrower's collateral or security for the loan.