Junior Achievement Budget+

Short-term goals are:

• personal

• hard to reach

• accomplished in less than a year

• categorized by wants and needs

In what category of a typical family budget do people spend most of their money?

• Entertainment

• Transportation

• Food

• Housing

A record of income and expenditures for a given period of time is called a/an:

• Budget

• Credit

• Interest

• Investment

Sarah went to the grocery store to buy a loaf of bread for her mother. While waiting in the checkout line, she saw a display for a new Easter candy bar, so she bought it, too. The candy bar purchase is an example of a/an:

• Payment for running an errand for his mom

• Special treat

• Impulse buy

• Need

The amount of earnings made over one month, after deductions, is known as:

• Gross annual income

• Total annual income

• Gross monthly income

• Net monthly income

When budgeting, the first categories to consider are those that meet your:

• Important expenses

• Wants

• Needs

• Discretionary funds

What is the difference between a short-term goal and a long-term goal?

• A short-term goal can be accomplished in as little as three months to a year. A long-term goal takes one year or more to realize.

• A long-term goal can be accomplished in as little as three months to a year. A short-term goal takes one year or more to realize.

What is the difference between NMI and discretionary funds?

• Net monthly income is the amount of money available for spending BEFORE taxes are

  deducted. Discretionary income is the money available BEFORE monthly bills are paid and

  basic living needs are met.

• Net monthly income is the amount of money available for spending AFTER taxes are

  deducted. Discretionary income is the money available AFTER monthly bills are paid and

  basic living needs are met.

What does it mean to follow a budget?

• A budget means following a spending plan

• A budget helps a person manage expenses

• A budgets helps people to work towards both short-term and long-term

  goals through regular saving.

• All of these

What is PYF? Choose all that apply.

• Plan Your Future

• automatically putting into savings for future use

• Pay Yourself First