Financial Goals Answers

Greg and Josh want to go whitewater rafting in 3 weeks. Josh is able to save the $480 he needs to go on the trip by saving the pay he received for 5 hours of work each week. Greg must save 8 hours worth of pay each week in order to have enough money. How much more money does Josh make than Greg?a.$10b.$12c.$14d.$20

Trevor earns $7.80 an hour take home pay and works 20 hours each week. Trevor wants to buy a new laptop computer to take to college that costs $780. How many weeks will it take for Trevor to achieve his goal?a.4 weeksb.5 weeksc.6 weeksd.7 weeks

Which of the following is not a good plan for achieving goals?a.Set goals higher than what you feel you can achieve.b.Be positive about achieving your goals.c.Continue to monitor your plan for achieving your goals.d.Keep reminding yourself of your goals.

The Greens want to put an addition on their house 18 months from now. They will need to save $10,620 in order to achieve this goal. They set aside the same amount each month, and after a year discover they have saved $6,120. The Greens must adjust their plan in order to meet their goal, so they came up with the following options: Option A: Stay with saving the original amount each month but put the addition on one month later than originally planned. Option B: Increase the amount of money they save each month by $120 from their original plan. Which of the following statements is true? a. Only option A will allow them to meet their goal. b. Only option B will allow them to meet their goal. c. Both options A and B will allow them to meet their goal. d. Neither option A nor option B will allow them to meet their goal. Please select the best answer from the choices provided

It is important to re-evaluate financial goals periodically. In which of the following situations would it be necessary to change an existing financial goal?a.You fell sharply behind your expected schedule with regard to saving.b.You recovered from an unexpected expense and are rattled that you did not see it coming.c.You married, and your spouse has a similar financial goal.d.You came across unexpected income.

Two plans for reaching a goal are given below.Plan A: Save $450 over the next 8 weeks by working 9 hours per week at $7.20 per hour.Plan B: Save $450 over the next 6 weeks by working 15 hours per week at $6.50 per hour.Which of the following is a true statement?a.Only plan A will work for achieving the goal.b.Only plan B will work for achieving the goal.c.Both plans will work for achieving the goal.d.Neither plan will work for achieving the goal.

Yvonne has a goal of buying a brand new home within a year. She's afraid that she will be unable to save the money that she needs for a down payment. Which of the following should not be part of Yvonne's plan for achieving her goal of buying a home?a.Delay buying the home for a few monthsb.Borrow the money for the down payment and pay it back laterc.Adjust her budget to save more each monthd.Take on a part-time job to earn extra income

What is true about the way you should approach financial goals across different stages of your life?a.Failure to meet a financial goal is a sign of personal weakness, so you should never alter a goal until you have completed it exactly as you imagined it.b.You need to be consistent and determined when it comes to financial goals. The financial goals you make as a young adult should stay in place for the rest of your life.c.Most people tend to make more money as they grow older and more experienced. After a certain point in your life you should have enough money to meet all of your financial goals, at which point you will no longer need to concern yourself with long-term goals.d.As you progress through life, your values and financial possibilities will gradually change, which leads to an evolution of your financial goals over time.

Which of the following is not a good plan for achieving goals?a.Set goals higher than what you feel you can achieve.b.Be positive about achieving your goals.c.Continue to monitor your plan for achieving your goals.d.Keep reminding yourself of your goals.

Breanna works in the mall and her hours increase during busy shopping times of the year. Breanna has a plan to save $25 each week for 5 weeks, and then increase that amount by $20 for the next 7 weeks during the busy time, then go back to $25 per week. If Breanna’s plan is to save $540, how many weeks total will she need to save? a. 11 weeks b. 16 weeks c. 22 weeks d. 23 weeks Please select the best answer from the choices provided

It is important to re-evaluate financial goals periodically. In which of the following situations would it be necessary to change an existing financial goal?a.You fell sharply behind your expected schedule with regard to saving.b.You recovered from an unexpected expense and are rattled that you did not see it coming.c.You married, and your spouse has a similar financial goal.d.You came across unexpected income.

Vicki works 19 hours per week. Her take home pay is $17.30 per hour. If Vicki is able to save all of her earnings, how long will it take her to save at least $4,000?a.12 weeksb.13 weeksc.14 weeksd.15 weeks

You are trying to save up for a spa package that costs $300. After looking at your paycheck, you decide that you will be able to set aside $50 a week for the next 6 weeks. Knowing this information, you call the spa to make a reservation for this package for 2 months from now. Which type of goal does this situation best describe? a. Immediate b. Long term c. Short term d. Unrealistic Please select the best answer from the choices provided

Two plans for reaching a goal are given below.Plan A: Save $450 over the next 8 weeks by working 9 hours per week at $7.20 per hour.Plan B: Save $450 over the next 6 weeks by working 15 hours per week at $6.50 per hour.Which of the following is a true statement?a.Only plan A will work for achieving the goal.b.Only plan B will work for achieving the goal.c.Both plans will work for achieving the goal.d.Neither plan will work for achieving the goal.

Drake wants to save $750 so that he can take a class on computer analysis for cars. The class is being held on various dates over the next several months. Drake is planning to take the class 6 weeks from now, so he plans to save $125 each week. Unfortunately, Drake had to take out a little money from his savings in the 3rd week. After 4 weeks, Drake has $470. He knows that he must adjust his plan in order to meet his goal. Drake came up with the following options: Option A: Stay with saving the original amount each week but take the class a week later than originally planned. Option B: Increase the amount of money he saves each week by $15 from his original plan. Which of the following is a true statement? a. Only option A will allow him to meet his goal. b. Only option B will allow him to meet his goal. c. Both options A and B will allow him to meet his goal. d. Neither option A nor option B will allow him to meet his goal. Please select the best answer from the choices provided

Fran brings home $225 per week working 15 hours of which she is able to save $40. Fran wants to have $1,400 saved at the end of 20 weeks. She may work up to 18 hours per week if she wants. She can save all of the money earned working the extra hours. Which of the following statements is true? a. Fran must work at least 15 hours per week to meet her goal. b. Fran must work at least 17 hours per week to meet her goal. c. Fran must work at least 18 hours per week to meet her goal. d. Fran will not be able to reach her goal. Please select the best answer from the choices provided

To be able to go on the band trip, four band members each get a part-time job. Each person has 5 weeks in which to save his or her money. Analyze the four individual plans below and decide which of the four people will reach his or her goal of saving $285? Member A: Works 8 hours per week at $6.15 per hour Member B: Works 10 hours per week at $5.85 per hour Member C: Works 7 hours per week at $7.25 per hour Member D: Works 9 hours per week at $6.35 per hour a. A and B b. A and C c. B and C d. B and D Please select the best answer from the choices provided

You are trying to save up for a spa package that costs $300. After looking at your paycheck, you decide that you will be able to set aside $50 a week for the next 6 weeks. Knowing this information, you call the spa to make a reservation for this package for 2 months from now. Which type of goal does this situation best describe? a. Immediate b. Long term c. Short term d. Unrealistic Please select the best answer from the choices provided

Sheila has a plan to save $45 a month for 18 months so that she has $810 to remodel her bathroom. After 13 months Sheila has saved $510. If the most Sheila can possibly save is $70 per month, which of the following statements is true? a. Sheila will meet her goal and does not need to adjust her plan. b. Sheila must save $50 per month to achieve her goal. c. Sheila must save $60 per month to achieve her goal. d. Sheila will not be able to achieve her goal. Please select the best answer from the choices provided

Chuy wants to buy a new television. The television costs $1,350. Chuy decides to save the same amount of money each week, for 27 weeks. After 8 weeks Chuy saved $440. Which of the following conclusions can you make about Chuy's plan?a.Chuy has a good plan and will have exactly $1,350 saved at the end of 27 weeks.b.Chuy must increase the amount he saves each week in order to meet his goal at the end of 27 weeks.c.Chuy will save more than he needs and will meet his goal in less than 27 weeks.d.There is not enough information given to make a conclusion about Chuy's plan.

Trevor earns $7.80 an hour take home pay and works 20 hours each week. Trevor wants to buy a new laptop computer to take to college that costs $780. How many weeks will it take for Trevor to achieve his goal?a.4 weeksb.5 weeksc.6 weeksd.7 weeks