Entrepreneurship Validating Exam

Savings account deposit account held at a bank or other financial institution that provides principal security and a modest interest rate.

• True

• False

The banks pay you interest on the money you keep in your account.

• True

• False

Short term goals may take several years or even decades to reach.

• True

• False

The following are examples of short term goals except one, what is it?

• Minor repairs and home improvements.

• Payments toward rent, insurance or student loans.

• Retirement fund

• Personal goods.

The following are examples of long term goals, what is it?

• Paying off a mortgage

• Saving for a child’s college tuition

• Starting a business

• Emergency fund

These are the things that we must have in order for us to survive.

These are the things we would like to have to simply enjoy.

The following are examples of WANTS except one, what is it?

• Holidays and Gifts

• Health Insurance

• Subscription (Netflix)

• Beauty Products

These are example of NEEDS except one, what is it?

• Gas and Electric

• Gadgets

• Education

• Groceries

It’s a good idea to understand your options before you decide how to spend your time and money.

• True

• False