Chapter 4: Financial Planning and Goal Setting Quiz

Which of the following is NOT one of the six steps for prioritizing financial goals?

What does the ‘S’ in SMART goals stand for?

Which financial strategy involves living below your means to save and invest a significant portion of your income?

A SMART goal should be realistic and achievable within a specified timeframe.

Philanthropy involves only the donation of money to charitable causes.

Match the following terms with their correct definitions.

Match the following stages of life with the corresponding financial decision.

Arrange these financial goals in order of priority for someone starting their financial planning: Establish an emergency fund, Pay off high-interest debt, Save for retirement, Save for a vacation. (put the highest priority at the top)

Rank the following sources of financial aid for post-secondary education from most preferable to least preferable: Scholarships, Grants, Work-study programs, Student loans. (put the most preferable at the top)

How can setting SMART goals improve your financial planning and goal setting?