Dollars & Sense 6 Weeks Test Review 1

Set amount that must be paid each budget period:

• budget

• variable expense

• fixed expense

• discretionary expense

What types of benefits are included in the Social Security program?

• retirement benefits

• disability benefits

• survivors benefits

• divorced benefits

• all of the above

Time between birth and death:

• wealth

• charity

• life span

• budget

Amount spent for an item that a person could do without:

• expense

• variable expense

• fixed expense

• discretionary expense

Plan for the use of money over time based on goals, expenses, and expected income:

• budget

• spreadsheet

• expense

• wealth

Money added to an employee's base pay:

• salary

• commission

• tip

• bonus

Things that a person desires but can live without:

• Need

• Want

• Consumer

• Good

The choice to give up something when making one choice over another.

• Marginal benefit

• Marginal cost

• Trade-off

• Cost-benefit analysis

In years when the government spends more than it collects, it must borrow money. This is

called ____________________, and it increases the national debt.

• levy

• mandatory expenditure

• deficit spending

• transfer payment

Individuals must file a tax return when their income reaches a level established by the IRS.

• True

• False