1

It is important to re-evaluate financial goals periodically. In which of the following situations would it be necessary to change an existing financial goal?
A: You fell sharply behind your expected schedule with regard to saving.

To be able to go on the band trip, four band members each get a part-time job. Each person has 5 weeks in which to save his or her money. Analyze the four individual plans below and decide which of the four people will reach his or her goal of saving $285?
A: D

Fran brings home $225 per week working 15 hours of which she is able to save $40. Fran wants to have $1,400 saved at the end of 20 weeks. She may work up to 18 hours per week if she wants. She can save all of the money earned working the extra hours. Which of the following statements is true?
A: B

Yvonne has a goal of buying a brand new home within a year. She's afraid that she will be unable to save the money that she needs for a down payment. Which of the following should not be part of Yvonne's plan for achieving her goal of buying a home?
A: B

Chuy wants to buy a new television. The television costs $1,350. Chuy decides to save the same amount of money each week, for 27 weeks. After 8 weeks Chuy saved $440. Which of the following conclusions can you make about Chuy's plan?
A: C

The Greens want to put an addition on their house 18 months from now. They will need to save $10,620 in order to achieve this goal. They set aside the same amount each month, and after a year discover they have saved $6,120. The Greens must adjust their plan in order to meet their goal, so they came up with the following options:
Option A: Stay with saving the original amount each month but put the addition on one month later than originally planned.
Option B: Increase the amount of money they save each month by $120 from their original plan.
Which of the following statements is true?

A:D

Which of the following is not a good plan for achieving goals?
A:A

Drake wants to save $750 so that he can take a class on computer analysis for cars. The class is being held on various dates over the next several months. Drake is planning to take the class 6 weeks from now, so he plans to save $125 each week.
Unfortunately, Drake had to take out a little money from his savings in the 3rd week. After 4 weeks, Drake has $470. He knows that he must adjust his plan in order to meet his goal. Drake came up with the following options:
Option A: Stay with saving the original amount each week but take the class a week later than originally planned.
Option B: Increase the amount of money he saves each week by $15 from his original plan.
Which of the following is a true statement?
A:C

Greg and Josh want to go whitewater rafting in 3 weeks. Josh is able to save the $480 he needs to go on the trip by saving the pay he received for 5 hours of work each week. Greg must save 8 hours worth of pay each week in order to have enough money. How much more money does Josh make than Greg?
A:B

Breanna works in the mall and her hours increase during busy shopping times of the year. Breanna has a plan to save $25 each week for 5 weeks, and then increase that amount by $20 for the next 7 weeks during the busy time, then go back to $25 per week. If Breanna’s plan is to save $540, how many weeks total will she need to save?
A:B