MANAGEMENT

BUISENESS MANAGEMENT

FINANCIAL MANAGEMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Raymond has a financial goal to purchase a video game worth RM1 500 next month. Is this a long-term goal or short-term goal? Is this a need or a want?
A
short-term goal
B
long-term goal
C
need
D
want
Explanation: 

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.

There is 1 question to complete.