There is no universal definition for those terms. Having a 38% chance of admission for a school means you have a 38% chance of admission, given the data available. Whether you want to call that a reach or a target depends on what those odds mean to you.
... _itself_, the statement would be universal. If instead, the sentence is ... ", this wouldn't necessarily be universal since "there is" denotes a ...
You should be fine doing it out of order, I did it and I think it was fine. Just be sure not to skip over the important content: introduction to logic, existential quantifiers, causation logic, the LG cc and RC memory method.