Budget Review Quiz

Which is a budget advantage?

• Budgets help you avoid impulse buying.

• Budgets take time.

• You don't always get what you want.

Which TWO are FIXED expenses?

• haircuts

• eating out with friends

• car payment

• mortgage

• entertainment

Refers to money spent on non-necessities or "wants."

• fixed expense

• budget

• delayed gratification

• discretionary spending

• instant gratification

Set amounts you must pay at a specific due date.

• fixed expense

• delayed gratification

• discretionary spending

• instant gratification

• budget

A written plan for your money.

• discretionary spending

• instant gratification

• delayed gratification

• fixed expense

• budget

Receiving an immediate sense of reward.

• delayed gratification

• discretionary spending

• fixed expense

• instant gratification

• budget

Having the self-control to postpone satisfaction to reach a bigger goal.

• delayed gratification

• discretionary spending

• budget

• fixed expense

• instant gratification

Ranking needs and wants in order of importance.

• discretionary spending

• instant gratification

• budget

• delayed gratification

• prioritizing

Your income after taxes have been taken out.

• net monthly income

• delayed gratification

• discretionary spending

• instant gratification

• budget

Unplanned, spontaneous purchases sometimes triggered by emotions.

• instant gratification

• discretionary spending

• delayed gratification

• impulse buying

• budget