Budget Game

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

• Credit

• Budget

• Investment

• Interest

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

• Wants

• Discretionary income

• Needs

• Important expenses

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

• Groceries

• Housing

• Entertainment

• Travel

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

• Impulse purchase

• Special treat

• Need

• Payment for running errand

Discretionary Income is money available to spend on goods and services that are not essential. 

• True

• False

Plans that can done within 3 months to a year. 

• Wants

• Long term goals

• Net Monthly Income

• Short term goals

Monthly income after all deductions and taxes have been taken out.

• Gross Monthly Income

• Long Term Goal

• Wants

• Net Monthly Income

Goods or services that make people comfortable. 

• Net Monthly Income

• Needs

• Long Term Goals

• Wants

Goods that people cannot survive without. 

• Short Term Goal

• Impulse purchase

• Wants

• Needs

Plans that take a year or more to accomplish. 

• Short Term Goals

• Discretionary Income

• Net Monthly Income

• Long Term Goals