Domain 2 Review

An education savings plan for minors where an adult controls the account until the beneficiary turns 18. The funds in a _______ must be used for educational purposes.

A budgeting method discussed in this domain where ​ (a)   of one’s net income goes to needs, ​ (b)   goes to discretionary spending, and ​ (c)   goes to financial goals.

• 50%
• 30%
• 20%
• 10%
• 40%

A budgeting method where expenses are categorized using all of the income. If one overspends in an

area they must subtract expenses in another keep the income balance zero.

Cash is divided among categories of expenses, like housing, groceries, discretionary

spending, and all expenses is called _________________.

An expense that does not change over time is called a ______ expense.

A ________ expense that tents to change in cost from one time period to another.

Discretionary Purchase is made out of ____.

• want

• need

Non-Discretionary Purchase is made out of _____.

• want

• need

A social pressure that appeals to the fear of missing out is called _____.

• YOLO

• NOLO

• FIFO

• FOMO

A car repair bill would be categorize in which of the two categories?

• Fixed Expense

• Variable Expense

• Discretionary

  Purchase

• Non-Discretionary Purchase