What is the time frame for achieving short-term goals?
Personal Finance Goals Review

Quiz
•
Business
•
11th Grade
•
Medium

Michelle Robinson
Used 12+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
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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