Final answer:
The statement is true. Soft iron is indeed used for temporary magnets because it loses its magnetism quickly once the magnetic field is removed, unlike materials such as steel which are used for permanent magnets.
Step-by-step explanation:
The statement "If a metal loses its magnetism quickly, it is a temporary magnet. Soft iron is used for temporary magnets." is true. When ferromagnetic materials like soft iron are exposed to a magnetic field, they become magnetized. However, once the magnetic field is removed, soft iron loses its magnetism relatively quickly. This is what makes it ideal for use as a temporary magnet. On the other hand, materials like steel can retain magnetism for much longer, thus they are typically used to make permanent magnets. Permanent magnets retain their magnetic properties over time and can withstand external demagnetizing influences up to a certain extent. They have to be either demagnetized by hard blows or heated to a high temperature known as the Curie temperature.