Financial Goals Answers

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?

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?

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?

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?

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?

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

Vicki works 19 hours per week. Her take home pay is $17.30 per hour. If Vicki is able to save all of her earnings, how long will it take her to save at least $4,000?

Greg and Josh want to go whitewater rafting in 3 weeks. Josh is able to save the $480 he needs to go on the trip by saving the pay he received for 5 hours of work each week. Greg must save 8 hours worth of pay each week in order to have enough money. How much more money does Josh make than Greg?

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?

Chuy wants to buy a new television. The television costs $1,350. Chuy decides to save the same amount of money each week, for 27 weeks. After 8 weeks Chuy saved $440. Which of the following conclusions can you make about Chuy's plan?

Trevor earns $7.80 an hour take home pay and works 20 hours each week. Trevor wants to buy a new laptop computer to take to college that costs $780. How many weeks will it take for Trevor to achieve his goal?

Which of the following is not a good plan for achieving goals?

What is true about the way you should approach financial goals across different stages of your life?a.Failure to meet a financial goal is a sign of personal weakness, so you should never alter a goal until you have completed it exactly as you imagined it.b.You need to be consistent and determined when it comes to financial goals. The financial goals you make as a young adult should stay in place for the rest of your life.c.Most people tend to make more money as they grow older and more experienced. After a certain point in your life you should have enough money to meet all of your financial goals, at which point you will no longer need to concern yourself with long-term goals.d.As you progress through life, your values and financial possibilities will gradually change, which leads to an evolution of your financial goals over time.

Which of the following is not a good plan for achieving goals?

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?

Chuy wants to buy a new television. The television costs $1,350. Chuy decides to save the same amount of money each week, for 27 weeks. After 8 weeks Chuy saved $440. Which of the following conclusions can you make about Chuy's plan?

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?

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?

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?

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?