INCOME AND BUDGETING QUIZ

Another name for Expenditures

• Expenses

• Taxes

• Discretionary

• Goals

Making a purchase based on immediate want or due to pressure of advertising

• Goal to reach

• Plan to get

• Need to have

• Impulse buying

Plan for accomplishment in over a year or more

• Short term goal

• Long term goal

• Medium term goal

• Immediate goal

Good or service that is required for survival (water, food, shelter, clothing)

• Want

• Wish

• Need

• Plan

Plans that can be accomplished within 3 months to 1 year

• Short term goal

• Long term goal

• Immediate goal

• Medium goal

Good or service that makes people more comfortable but not necessary for survival

• Wish

• Plan

• Need

• Want

A record of income and spending for managing money

• Plan

• Budget

• Wish

• Want

Money available to spend on goods and services that are not essential.

• Discipline income

• On-hand income

• Available income

• Discretionary income

Expenses that do not change from month to month. Example: rent

• Solid

• Regular

• Fixed

• Variable

Expenses that vary from month to month. Example: car repairs, entertainment, and medical

• Fixed

• Variable

• Usual

• Regular