Question

1. you are developing a savings plan and using short-, medium-, and long-term goals to motivate you. which represents possible goals from short-term to long-term? save for...

retirement, a house down payment, college tuition
a new cell phone, college tuition, a house down payment
a new cell phone, dinner with friends this weekend, a new bike
retirement, college tuition, a vacation

1. fill in the blanks with the correct responses. if you follow the 50 - 20 - 30 rule of budgeting, youll be putting 50% of your monthly income toward __________, 20% of your monthly income toward ________, and 30% of your monthly income toward __________.

needs, wants, savings
savings, needs, wants
needs, savings, wants
wants, needs, savings

Explanation:

For question 11:

• A new cell phone is a short - term goal (easily achievable in a relatively short time). College tuition is a medium - term goal (takes a few years to save for, depending on age). A house down payment is a long - term goal (requires significant savings over many years).

For question 12:

• The 50 - 20 - 30 rule of budgeting states that 50% of income should go to needs (essential expenses like rent, food), 20% to savings (for future goals like emergencies, retirement), and 30% to wants (non - essential items like entertainment, new clothes).

Answer:

1. B. A new cell phone, college tuition, a house down payment
2. C. Needs, savings, wants