Unit 4 Budget Assessment

Short Term Goals are:

• hard to reach

• accomplished in less than a year

• personal

• categorized by wants and needs

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

• total annual income

• net monthly income

• gross monthly income

• gross annual income

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

• credit

• investment

• budget

• interest

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

• wants

• needs

• discretionary funds

• important expenses

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

• Food

• Housing

• Transportation

• Entertainment

Jason went to the grocery store to buy a gallon of milk for his mother. While waiting in the checkout line, he say a display for a new chocolate-caramel candy bar, so he bought it too. The candy bar purchase is an example of a/an:

• special treat

• need

• payment for running an errand for his mom

• impulse buy

What is the difference between a short term & long term goal?

What does NMI stand for?

Explain what it means to follow a budget.

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What does PYF mean?