Chapter 1 Planning: Your Financial Future Begins Here 13 Copyright Goodheart-Willcox Co., Inc. May not be reproduced or posted to a publicly accessible website. _______ 4. Which of the following is an example of a short-term fi nancial goal? A. I want to buy a house in ten years. B. I want to save as much money as possible. C. I want to buy a guitar in six months. D. I want to retire at 50. _______ 5. Which of the following is an example of a long-term fi nancial goal? A. I want to spend next week’s allowance at the mall. B. I want to save as much money as possible. C. I want to buy a guitar in six months. D. I want to save $4,000 before starting college in two years. _______ 6. Which of the following is a need? A. shelter B. designer clothes C. television D. smartphone _______ 7. What is a want? A. Something essential for living. B. An expense. C. Something important to an individual. D. Something someone would like to have but does not need to live. _______ 8. A _____ is a value or goal that is given more importance than other values or goals. A. short-term goal B. long-term goal C. priority D. trade-off _______ 9. What is wealth? A. The difference between what is owned and what is owed. B. A plentiful supply of money or valuable goods. C. The value of the option you give up when you make one choice over another. D. When a certain value or goal is given more importance than other values or goals. _______ 10. Net worth is the difference between _____ and _____. A. assets, wealth B. priorities, assets C. assets, liabilities D. liabilities, wealth