Which of these are financial goals? Select the two correct answers.(1 point)
Responses
saving for college
saving for college
going shopping during sale season
going shopping during sale season
buying a new computer
buying a new computer
getting a credit card
getting a credit card
making a monthly deposit on your savings account
saving for college and making a monthly deposit on your savings account
In the 50/30/20 rule, what does 50 represent?(1 point)
Responses
50% of income for wants
50% of income for wants
50% of your income for food
50% of your income for food
50% of income for needs
50% of income for needs
50% of income for savings
50% of income for savings
50% of income for needs
Which of the following is a long-term financial goal?(1 point)
Responses
making the monthly payment on a car
making the monthly payment on a car
paying off a loan
paying off a loan
contributing to a retirement account
contributing to a retirement account
paying rent for an apartment
contributing to a retirement account
Which options are spending needs? Select the two correct answers.(1 point)
Responses
lunch brought from home
lunch brought from home
a movie theater ticket
a movie theater ticket
a notebook for your homework
a notebook for your homework
designer shoes
designer shoes
an ice cream cone
an ice cream cone
lunch brought from home and a notebook for your homework
Which of these expenses is a spending want?(1 point)
Responses
a winter coat
a winter coat
shoes
shoes
housing
housing
a new video game
a new video game
The two correct answers for financial goals are:
1. Saving for college: This involves setting aside money specifically for the purpose of funding education expenses such as tuition fees, books, and other educational necessities.
2. Making a monthly deposit on your savings account: This refers to regularly saving a portion of your income and depositing it into a dedicated savings account. It helps in building savings over time and can be used for various financial objectives, such as emergencies, future investments, or major purchases.
The other choices, such as going shopping during sale season, buying a new computer, and getting a credit card, do not directly align with financial goals. While these activities may involve money, they generally fall under personal wants or preferences rather than long-term financial objectives.