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Unit 1-Lesson 1
Short vs. Long Term Goals
15
Mathematics
11th Grade
01/20/2013

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Cards

Term
You want to save money to take a summer vacation in Hawaii. Would saving money to pay for this trip require a long  term financial  goal or a short  term  financial goal?
Definition
long term financial goal
Term
A ___?____ term goal is one that requires saving for more than one year.
Definition
long
Term
You want to buy a pair of tennis shoes that cost $145. If you want to buy the shoes within the next 6 months how much will you need to save each month to meet this goal? You would need a short term goal. What would your plan be to meet this goal?
Definition
You would need to save $24.17 a month for the next 6 months.
Term
Two years is __?__ months.
Definition
24
Term
A plan for managing money in such a way that a person will meet short term and long term financial goals over time is called _______________ ______________.
Definition
financial planning
Term
Which of the following is an example of a short term goal?
*saving to buy a skateboard
*saving to buy a car
*saving to retire
Definition
saving to buy a skateboard
Term
Marcus makes approximately $250 a month at his part time job. He wants to buy a new bike within the next 4 months. The bike costs $1200. Is this a realistic short term financial goal for Marcus?
Definition
No --$1200 divided by 4 is $300. Marcus would need to save $300 a month for 4 months to meet his goal. He only makes $250 a month. His goal is not realistic.
Term
When making financial goals be sure they are _?_.
a) silly
b) realistic
c) not important
Definition
b) realistic
Term
Janet has a year to save $1000 she needs to set up her apartment when she goes to college. How much does she need to save each month in order to meet this goal?
Definition
She needs to save $83.34 each month for the 12 months.
Term
A short term goal is one that requires saving money and can be reached ________ __ ________.
Definition
within a year
Term
Over the next 10 months Joe wants to save $1500 for a new computer. What should be his plan?
Definition
Joe needs to save $150 a month to have $1500 to buy a new computer.
Term
Josh wants to save $125 a month to buy a new sound system for his car. He makes $100 a month at his part time job. Is Josh's goal realistic?
Definition
no -- Josh does not make enough money to save $125 a month.
Term
Which of the following is a long term financial goal?
*saving for a new outfit
*saving to buy a car
*saving for Justin Bieber
concert tickets
Definition
saving to buy a car
Term
It will take me 8 months to reach my financial goal. This is a __?__ term goal.
a) long b) short
Definition
b) short
Term
5 years is __?__ months.
Definition
60
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