Personal Finance Unit 1 Review

What is any money you receive?

• Income

• Expense

• Budget

• Debt

What is the spending plan for managing your money during a given period of time?

• Budget

• Savings

• Investment

• Loan

What is the type of expense that costs the same amount every time?

• Fixed expense

• Variable expense

• Discretionary expense

• Irregular expense

What is the type of expense that fluctuates in amount each month?

• Variable expense

• Fixed expense

• Discretionary expense

• Irregular expense

What is the type of expense that doesn’t occur every month and can be either a set amount or a variable amount?

• Periodic expense

• Fixed expense

• Variable expense

• Discretionary expense

When you wait to buy or receive something until you have enough money or the price has declined, you have ______.

• Delayed gratification

• Impulse buying

• Instant gratification

• Compulsive shopping

A ______ is something you need in order to survive.

• Need

• Want

• Luxury

• Desire

A ______ is something that will make your life nicer but is not necessary for survival.

• Want

• Need

• Necessity

• Requirement

A ______ is an item that points you in the direction of something you wish to accomplish.

• Goal

• Expense

• Budget

• Debt

A SMART goal should be ______, ______, ______, ______, and ______.

• Specific, Measurable, Achievable, Relevant, Time-bound

• Simple, Manageable, Attainable, Realistic, Timely

• Strategic, Meaningful, Accurate, Reliable, Tangible

• Significant, Motivational, Adaptable, Reasonable, Trackable