Unit 2: Budgeting Vocabulary Assessment

Front

Balanced budget

Back

ensuring that the total savings and expenses are the same as your total income amount

Front

Budget

Back

a spending and savings plan for using your money to best meet your wants and needs based on your income and expenses

Front

Match the correct definition to the term: Consumer price index

Back

measure of change in prices for commonly purchased goods and services in the United States

Front

Match the correct definition to the term: Deficit

Back

occurs when expenses exceed income

Front

Match the correct definition to the term: Discretionary income

Back

money is left over for spending (luxuries), investing or saving after fixed expenses and personal necessities are spent

Front

Match the correct definition to the term: Expenses

Back

money owed example: credit card bill or rent

Front

The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare; often used when comparing how expensive it is to live in one city versus another.

Back

Cost of Living

Front

An amount of money paid to an employee at a specific rate per hour worked.

Back

Wage

Front

When your expenses exceed your income __________________________

Back

deficit

Front

Cost that can be expected at regular intervals and that remains the same amount (e.g., monthly rent payment) __________________________

Back

fixed cost