Assessment: Setting Financial Goals & SMART Goals- Day 6

Let’s test your knowledge! Write your answers down on a piece of paper.

Day 1: Financial Goals

  1. What is a financial goal?
    a) A wish for something you want someday
    b) A random idea with no plan
    c) A plan for how you will use and save your money
    d) A type of bank account
  1. Which of the following is a short-term goal?
    a) Buying a house in 10 years
    b) Saving for college after high school
    c) Saving $50 for a skateboard in two months
    d) Starting a business when you’re older
  1. Which of the following is a long-term goal?
    a) Saving for a phone case next week
    b) Buying snacks tomorrow
    c) Saving for a car after graduation
    d) Saving $5 this weekend
  1. Why are financial goals important?
    a) They make you spend money faster
    b) They help you plan, stay focused, and make smart choices
    c) They are required by law
    d) They help you earn extra allowance automatically

Day 2: SMART Goals

  1. What does the “S” in SMART stand for?
    a) Smart
    b) Specific
    c) Strong
    d) Simple
  1. Which of the following is a SMART goal?
    a) “I want to save money.”
    b) “I’ll try to spend less.”
    c) “I will save $100 over the next 5 weeks by setting aside $20 each week.”
    d) “I wish I had more money.”
  1. Why is it important for a goal to be measurable?
    a) So you can tell if you are making progress
    b) So it’s easier to forget
    c) Because it sounds impressive
    d) So you can guess your results
  1. Which vague goal could be rewritten as a SMART goal?
    a) “I want to get good grades.”
    b) “I will try harder in school someday.”
    c) “I’m already doing great.”
    d) None of the above

Day 3: Personal Application

  1. Which of the following is an example of a short-term SMART goal?
    a) “I will save $40 over the next 4 weeks to buy a new hoodie by putting aside $10 per week.”
    b) “I want to save money for something cool.”
    c) “I wish I could buy a hoodie.”
    d) “Someday I’ll have enough.”
  1. Which of the following is a long-term financial goal?
    a) Saving $10 for lunch this week
    b) Buying a new backpack next month
    c) Saving for college over the next 3 years
    d) Buying a movie ticket on Friday
  1. Why is the SMART framework helpful when setting goals?
    a) It makes goals easier to understand, plan, and achieve
    b) It guarantees you’ll get money fast
    c) It’s the only way to set goals
    d) It’s a way to avoid responsibility
  1. Which statement best shows a SMART goal for improving grades?
    a) “I want to do better.”
    b) “I’ll get straight A’s someday.”
    c) “I will study for 30 minutes each day and turn in all homework on time to raise my math grade from a C to a B by the end of the semester.”
    d) “I might study more if I feel like it.”

Answer Key

  1. c
  2. c
  3. c
  4. b
  5. b
  6. c
  7. a
  8. a
  9. a
  10. c
  11. a
  12. c

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