Budgeting Quiz

What is the term for money that is spent on goods, services, and bills?

• Budget

• Expenditures

• Discretionary Income

• Opportunity Cost

What does "impulse buying" mean?

• Planning a purchase carefully

• Buying based on an immediate want or advertising pressure

• Saving money for future needs

• Comparing prices before buying

Which term describes plans that take a year or more to accomplish?

• Short-term goals

• Budget

• Long-term goals

• Discretionary income

What is a "budget"?

• A list of items to buy

• A record of income and spending with a plan for managing money

• A type of savings account

• A financial emergency fund

What is "discretionary income"?

• Money spent on bills

• Money available for non-essential goods and services

• Money saved for emergencies

• Money used for taxes

What does "opportunity cost" refer to?

• The cost of a missed opportunity

• The next best alternative given up when making a financial choice

• The total cost of all purchases

• The cost of living expenses

What is "scarcity" in economic terms?

• Unlimited resources for everyone

• The condition of limited resources preventing people from having everything they want

• The abundance of goods and services

• The ability to buy anything at any time

Which term describes plans that can be accomplished within three months to a year?

• Long-term goals

• Short-term goals

• Budget

• Expenditures