OpenField Finance

Beginner Course · Lesson 9 Assessment

Assessment: Setting Financial Goals That Actually Stick

Check what you understood from Lesson 9 and apply it to real life.

Beginner Lesson 9 of 14
Before you start: complete the questions and challenges first. The full answer key with explanations is at the bottom of this page — no peeking until you finish.

1. Knowledge Check

Try the questions first. The answer key is at the bottom.

1. Which of the following is a SMART financial goal?
  1. I want to be better with money this year.
  2. I want to save some money for a car.
  3. I will save $1,800 for a used car by June 30 by transferring $150/month to my Car Fund.
  4. I will stop spending so much and save more.
2. Zoe wants to save $500 for a laptop in 10 months. How much does she need to save per month?
  1. $25/month
  2. $50/month
  3. $75/month
  4. $100/month
3. A goal to save $200 for new sneakers within 3 months is which time horizon?
  1. Long-term
  2. Medium-term
  3. Short-term
  4. Emergency-only
4. What does the R in SMART stand for?
  1. Realistic
  2. Recurring
  3. Relevant
  4. Recorded
5. Marcus misses one $165 transfer because of an unexpected expense. What should he do?
  1. Abandon the goal.
  2. Double next month’s transfer even if it causes stress.
  3. Accept that the timeline extends slightly and continue.
  4. Lower the goal permanently.

Short Answer

6. Explain the difference between a financial wish and a financial goal.

Write 2–4 sentences.

7. Why should every financial goal have an automatic transfer or direct deposit split connected to it?

Write 2–4 sentences.

2. Real-World Action Challenge

Objective: Turn one personal financial wish into a real SMART goal and connect it to a funding plan.

  1. Choose one goal you actually care about.
  2. Write it as a SMART goal with a dollar amount and deadline.
  3. Calculate the monthly savings needed.
  4. Choose a funding method: direct deposit split, auto-transfer, or manual transfer if automation is not available.
  5. Name the savings account or bucket for that goal.
Reflection Question: What part of your goal became clearer after adding a dollar amount, deadline, and funding method?

3. Extension Challenge

Goal Stack Reality Check

  1. Build a three-goal stack: one short-term, one medium-term, one long-term.
  2. Calculate the monthly savings needed for all three.
  3. Compare that total to your current savings rate from Lesson 8.
  4. If there is a gap, revise the stack by changing a deadline, lowering a goal amount, increasing savings, or increasing income.
  5. Write a short explanation of the tradeoff you chose.

4. Key Takeaways

  • Vague money goals are wishes until they have a number, deadline, and plan.
  • SMART goals make progress trackable and realistic.
  • A goal stack balances short-term motivation with long-term direction.
  • Goals need funding systems, not just good intentions.
  • Missing one month does not end the goal; it only changes the timeline.

Answer Key

1. Correct Answer: C

Choice C includes a specific amount, purpose, deadline, and funding method. The others are vague wishes.

2. Correct Answer: B

$500 divided by 10 months equals $50/month.

3. Correct Answer: C

Short-term goals are usually 0–6 months and often under $500.

4. Correct Answer: C

Relevant means the goal connects to something the student genuinely cares about.

5. Correct Answer: C

One missed month usually moves the timeline. It does not end the goal.

6. Sample Answer

A wish is vague and has no deadline, number, or plan. A goal is specific, measurable, time-bound, and connected to an action plan.

7. Sample Answer

Automation turns the goal into a system. Money moves before it can be spent, which makes follow-through easier and more consistent.

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