What is the time span defined as short term in financial planning?

• One week to 12 months

• One month to one year

• One year to three years

• Six months to 18 months

How long is the medium term defined in the context of financial planning?

• Two years to six years

• Three years to seven years

• One year to three years

• One year to five years

What does the long term refer to in financial planning?

• Seven years or more

• Three years or more

• Ten years or more

• Five years or more

What is the importance of regularly reviewing financial plans?

• To adjust plans according to changing financial goals

• To comply with financial regulations

• To report financial status to the government

• To calculate annual taxes

Who can help individuals identify their objectives and create a financial plan?

• A bank teller

• A qualified adviser

• A government official

• A family member

What is the primary focus of this topic?

• Financial planning and managing money

• Planning retirement dates

• Investing in stocks and bonds

• Choosing insurance policies

What is the role of savings products according to the text?

• To cover daily expenses

• To provide immediate cash flow

• To assist with financial plans

• To fund luxurious vacations