Question 1. You're right that short-term objectives and long-term objectives have different time frames for completion. Should the short-term objectives add up to the long-term objectives? In other words, are the short-term objectives simply steps along the way to achieving the long-term objectives?
Question 2. You've pointed out some important aspects of good objectives, but my favorite is that they need to be measurable. As Peter Drucker once said, "If you can't measure it, you can't manage it." How do you ensure your objectives are measurable?