SMART Goals
What does the “M” in SMART goals stand for?
Measurable
Financial values are best defined as:
A) Money you earn
B) Principles that guide your spending
C) A budget plan
D) A list of wants
B) Principles that guide your spending
Which of these is a need: Designer sneakers, Food, Concert tickets, Video games?
Food
Which is a short-term goal: Sell 50 loyalty cards this month, or open a second store in 3 years?
Sell 50 loyalty cards this month
Buying sneakers just because friends did is an example of what?
Peer pressure spending
Which SMART goal is more effective: “I want to save money” or “Save $200 in 2 months by setting aside $25 each week”?
The second one
Saving for emergencies reflects which financial value?
Security
Which is a want: Safe housing, Medicine, Video games, Clothing for winter?
Video games
Which is a long-term goal: Finish homework tonight, Buy groceries this week, Expand business internationally, Save $50 this month?
Expand business internationally
FOMO (Fear of Missing Out) usually leads to what type of spending?
Impulse spending
What does the “A” in SMART goals stand for?
Achievable/Attainable
Donating to charity reflects which value?
Generosity
A smartphone for schoolwork is a ______, but buying the newest iPhone for fun is a ______.
Need, Want
Why do businesses need both short-term and long-term goals?
Short-term are stepping stones; long-term give vision/roadmap
What is opportunity cost?
What you give up when you make a financial choice
example: When a government spends billions on one initiative, like a new highway, the opportunity cost is the public services, such as education or healthcare, that could have been funded with that money instead.
Why are vague goals less effective than SMART goals?
They lack clarity, deadlines, and tracking
Which statement best explains how values shape priorities?
A) Values are permanent and never change.
B) Values automatically make decisions for us.
C) Values create spending priorities that influence how money is used.
D) Values always lead to better financial outcomes.
C) Values create spending priorities that influence how money is used.
Why do people often pick wants over needs?
Wants bring instant satisfaction
Nike’s long-term goal is to become what?
The #1 global sports brand
What is the first step in the 6-step decision-making process?
Identify the decision
Which is NOT part of SMART: Specific, Measurable, Reliable, Time-bound?
Reliable
Which financial value is about making choices without financial stress?
Freedom
Paying rent before buying sneakers shows what?
Prioritizing needs over wants
What risk does a business face if it only focuses on short-term goals?
Being busy but not productive
Why is it important to weigh evidence before making a choice?
It helps avoid rushed/emotional decisions