Strategy Beginner: Saving for Short, Mid and Long-Term Goals

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
One type of mid-term savings vehicle you can use to meet a mid-term savings goal is a(n) _______.
Choose wisely. There is only one correct answer.
Balanced mutual fund. You can use this to meet a mid-term savings goal.
2.
When establishing short-term savings goals, its a good idea to set up a separate account to save money for that goal.
Choose wisely. There is only one correct answer.
True. When you set up a separate account for a short-term savings goal, that goal is more likely to be met.
3.
You can set up an automatic investment plan with a state college savings plan to help save for a childs college education.
Choose wisely. There is only one correct answer.
True. Setting up an automatic investment plan with a state college savings plan will help fund a childs college education.
4.
What is one mid-term savings goal?
Choose wisely. There is only one correct answer.
Buying a new car. Buying a new car is a mid-term savings goal.
5.
Retirement is an example of what type of goal?
Choose wisely. There is only one correct answer.
Long-term goal. Retirement is an example of a long-term goal that will take years to achieve.