Financial Goals Answers

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?

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?

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?

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?

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?

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?

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?

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?

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

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?