BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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short-term goal
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long-term goal
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need
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want
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Detailed explanation-1: -Some examples of long-term financial goals may include: Saving for a down payment on a house. Funding your retirement. Paying off large debts (e.g., credit cards, student loans, mortgage, etc.)
Detailed explanation-2: -Some short-term goal examples include buying a new car or paying down student loans, while long-term goals may be things like saving for retirement, paying for your kids’ education, or buying a vacation home.
Detailed explanation-3: -Short-term financial goals are objectives that organizations aim to achieve in a relatively short period of time (often quarterly or annually). These objectives are usually smaller in scope and easier to predict and realize than long-term financial goals.
Detailed explanation-4: -Key short-term goals include setting a budget, reducing debt, and starting an emergency fund. Medium-term goals should include key insurance policies, while long-term goals need to be focused on retirement.