Personal Finance Goals Review

Personal Finance Goals Review

11th Grade

20 Qs

quiz-placeholder

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Personal Finance Goals Review

Personal Finance Goals Review

Assessment

Quiz

Business

11th Grade

Medium

Created by

Michelle Robinson

Used 12+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the time frame for achieving short-term goals?

Less than a year

1-2 years

3-5 years

More than 5 years

Answer explanation

Short-term goals are typically defined as objectives that can be achieved in less than a year. This time frame allows for quick progress and adjustments, making 'less than a year' the correct choice.

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is NOT typically an intermediate-term goal?

Buying a new car

Saving for retirement

Saving up for a down-payment on a house

Planning a vacation next year

Answer explanation

Saving for retirement is a long-term goal, typically requiring many years of planning and investment, unlike the other options which are more immediate and can be achieved within a few years.

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is a characteristic of intermediate-term goals?

They are achieved immediately

They require no planning

They are set to be achieved in about five to 10 years

They are always financial goals

Answer explanation

Intermediate-term goals are typically set to be achieved in about five to 10 years, distinguishing them from short-term and long-term goals. The other options do not accurately describe this time frame.

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Intermediate-term goals are often part of what kind of planning?

Short-term planning

Long-term planning

Careful planning

No planning

Answer explanation

Intermediate-term goals are part of careful planning as they require thoughtful consideration of resources and timelines to achieve objectives that are not immediate but also not far off.

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is an example of a long-term goal?

Buying groceries

Saving for a college education

Planning a weekend trip

Completing a daily task

Answer explanation

Saving for a college education is a long-term goal as it requires planning and time to accumulate the necessary funds, unlike the other options which are short-term or immediate tasks.

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What does the 'S' in SMART goals stand for?

Simple

Specific

Strategic

Standard

Answer explanation

The 'S' in SMART goals stands for 'Specific'. This means that goals should be clear and well-defined, allowing for focused efforts and measurable outcomes.

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is NOT a component of SMART goals?

Specific

Measurable

Attainable

Strategic

Answer explanation

The SMART goals framework includes Specific, Measurable, Attainable, and Relevant. 'Strategic' is not a recognized component, making it the correct answer as it does not fit within the SMART criteria.

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