Money Smart Quiz: Setting Goals

Multiple-Choice Questions

1. What is a goal?
A) A type of savings account
B) Something you plan to achieve
C) A commercial on TV
D) An amount of money you already have

2. Which of these is an example of a short-term goal?
A) Going to college
B) Getting a good grade on an upcoming test
C) Learning to play the violin when you're older
D) Retiring from work

3. A long-term goal is something you want to achieve...
A) Today only
B) In the future, such as in one year, five years, or when you are grown up
C) During recess
D) Before breakfast

4. Why is it important to set goals?
A) It helps you focus on the things you want to achieve
B) It makes advertisements more interesting
C) It guarantees you will become rich
D) It is required to open a bank account

5. What is a savings goal?
A) A rule about how much allowance you can earn
B) An amount of money you plan to put aside to buy something
C) A type of advertisement
D) A short-term goal only

6. What is the purpose of advertising?
A) To help people save more money
B) To persuade others to buy the product so the company can make money
C) To teach children about long-term goals
D) To warn people about scams

7. How might advertising influence your decisions?
A) It has no effect on spending or saving
B) It only affects adults, not children
C) It may influence you to want to spend money instead of saving it, or spend more than planned
D) It always helps you reach your savings goal faster

8. Which word matches this definition: "A public notice or announcement that a company pays for to help promote and increase sales of a product or service"?
A) Savings Goal
B) Long-Term Goal
C) Advertisement or Ad
D) Short-Term Goal

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Short-Answer Questions

9. Describe the difference between a short-term goal and a long-term goal, and give one example of each.

10. Explain why it is helpful to think about the purpose of an advertisement before deciding to buy something.

11. What is one way you and your family could work together at home to track short-term and long-term goals?

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Answer Key

1. B
2. B
3. B
4. A
5. B
6. B
7. C
8. C

9. A short-term goal is something you want to achieve soon, such as today, this week, or next month (example: getting a good grade on an upcoming test). A long-term goal is something you want to achieve in the future, such as in one year, five years, or when you are grown up (example: learning to play the violin or going to college).

10. Understanding that the purpose of advertising is to persuade people to buy a product so the company can make money can help you recognize when an ad might be influencing you to spend money instead of saving it, or to spend more than you planned.

11. Sample answer: Create a Goals Chart at home—share short-term and long-term goals and how you plan to meet them, then write them down on a chart to track progress together.