Which statement best distinguishes short-term and long-term goals in personal finance?

• A. Short-term goals are ≤ 1 year; long-term goals are > 5 years.
• B. Short-term goals are always about debt; long-term are about retirement.
• C. Short-term goals are for social events; long-term goals are for housing.
• D. Short-term goals are for savings only; long-term goals are for expenses.

Answer: (A)