Discretionary Spending

Which of the following is NOT component of a budget?

• credit score
• saving
• income
• giving

How often should you create a budget?

• daily
• weekly
• monthly
• biannually

Going to the movies is an example of what types of expenses?

• intermittent and variable
• discretionary and variable
• discretionary and fixed
• intermittent and fixed

What should you do if you overspend in one category of your budget?

• Adjust your budget by removing money from other spending categories.
• Just leave it. It will probably work out fine.
• Take money from the Giving category. You're giving to yourself!
• Ask a friend for that money you overspent.

Which term means buying goods according to what one want or needs?

• Fixed Expenses

• Discretionary Spending

• Flexible Expenses

• Budget

What is the term for factors that motivate or influence human behavior?

• opportunity costs

• assets

• income

• incentives

Melissa is having a bad day after school and decides to take a trip to Publix. During her shopping trip she decides to spend her allowance on chips and soft drinks. What type of expense is this?

• Essential Expense

• Discretionary Expense

• Operating Expense

• Rent Expense

Wyatt's bills have been extremely high for the month. He decided to take a look at his personal budget he set up in Excel, and found that has rent has been raised by 10% compared to last month due to a new security installation. What type of expense is this?

• Discretionary

• Essential

• Disposable

• Bimodal

Which of the following defines a budget?

• A plan to increase income

• A plan to match expected expenses with expected savings

• Something that will decrease your wants and needs

• Spending and savings plan based on expected income and expenses

House payments (mortgages), car loans, and student loans are all examples of:

• Disposable income

• Fixed expenses

• Personal records

• Variable expenses