Language selection

Search

Check your learning: setting and achieving financial goals module

image of a question markSelect the correct answer for each of the questions below.

1. What you strive to achieve is informed by what is important to you.

The correct answer is "a. True"

Your financial goals are guided by your priorities or what is important to you.

Congratulations! You chose the right answer.

Your financial goals are guided by your priorities or what is important to you.

2. Only those with a high level of financial risk need an emergency financial plan.

The correct answer is "b. False"

Everyone has some level of financial risk and therefore everyone needs an emergency financial plan to deal with this risk. Setting financial goals can help you to protect your financial well-being against certain financial risk factors. It is impossible to eliminate all of your financial risk; however, there are strategies that can be used to avoid and minimize risk, and even help protect yourself from it.

Congratulations! You chose the right answer.

Everyone has some level of financial risk and therefore everyone needs an emergency financial plan to deal with this risk. Setting financial goals can help you to protect your financial well-being against certain financial risk factors. It is impossible to eliminate all of your financial risk; however, there are strategies that can be used to avoid and minimize risk, and even help protect yourself from it.

3. Which component of a SMART goal should be considered in attempting to realize your priorities or what is important to you?

The correct answer is "d. Relevant "

When setting a goal, consider why you want to reach the goal and make sure it aligns with what is important to you. This means ensuring that the goal is relevant to you. Please visit the setting your financial goals section to read about setting SMART financial goals.

Congratulations! You chose the right answer.

When setting a goal, consider why you want to reach the goal and make sure it aligns with what is important to you. This means ensuring that the goal is relevant to you. Please visit the setting your financial goals section to read about setting SMART financial goals.

4. Which of the following goals would be most appropriate to break down into shorter-term financial goals?

The correct answer is "b. Save $5,000 over the next five years for your retirement."

The goal to save $5,000 over the next five years for your retirement is a very large long-term goal which should be broken down into many shorter-term goals of saving $1,000 every year for the next five years, or save $83.33 each month for the next five years.

Congratulations! You chose the right answer.

The goal to save $5,000 over the next five years for your retirement is a very large long-term goal which should be broken down into many shorter-term goals of saving $1,000 every year for the next five years, or save $83.33 each month for the next five years.

5. You should always break down longer term goals into smaller shorter term goals.

The correct answer is "a. True"

A great way to reach longer-term goals is to break them down into shorter-term goals. Breaking up your longer-term goals into multiple shorter-term goals makes it easier for you to measure your progress.

Congratulations! You chose the right answer.

A great way to reach longer-term goals is to break them down into shorter-term goals. Breaking up your longer-term goals into multiple shorter-term goals makes it easier for you to measure your progress.

6. Which of the following is part of setting up your emergency savings?

The correct answer is "b. Transfer a small amount of your income to your emergency fund."

An emergency savings fund is a part of your income that you set aside in case of a financial problem. When setting up an emergency fund, keep the money in a separate savings account and ask your bank to automatically transfer a small amount of your monthly income to your emergency fund (savings account) each month. Please visit the emergency savings section to read about setting up an emergency savings.

Congratulations! You chose the right answer.

An emergency savings fund is a part of your income that you set aside in case of a financial problem. When setting up an emergency fund, keep the money in a separate savings account and ask your bank to automatically transfer a small amount of your monthly income to your emergency fund (savings account) each month. Please visit the emergency savings section to read about setting up an emergency savings.

7. Which of the following is true?

The correct answer is "e. It is important to ensure your financial goals fit into your budget."

It is always important to make sure that you financial goals fit within your budget. It is important to ensure that you are covering your immediate needs (such as fixed expenses) before allocating money to your future financial goals within your budget. Please visit the using a budget to achieve goals page to read about fitting your financial goals into your budget.

Congratulations! You chose the right answer.

It is always important to make sure that you financial goals fit within your budget. It is important to ensure that you are covering your immediate needs (such as fixed expenses) before allocating money to your future financial goals within your budget. Please visit the using a budget to achieve goals page to read about fitting your financial goals into your budget.

Congratulations

You have now completed the setting and achieving financial goals module!

image of debtor with counsellor

If you have questions, write them down and bring them to your in-person counselling session, along with a list of your personal financial goals.

top of page

Date modified: