WISE Vocabulary Question and answers already passed 2024/2025
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Course
WISE
Institution
WISE
WISE Vocabulary Question and answers already passed 2024/2025 WISE Vocabulary
Budget - correct answer (Noun) A plan for managing income and expenses
(Verb) To plan or to manage income and expenses
Income - correct answer Earnings or payment received for resources provided such as labor
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WISE Vocabulary
Budget - correct answer ✔(Noun) A plan for managing income and expenses
(Verb) To plan or to manage income and expenses
Income - correct answer ✔Earnings or payment received for resources
provided such as labor
Expenses - correct answer ✔Costs incurred or the spending of money
Fixed Expenses - correct answer ✔Expenses or amounts you have already
committed to spending that generally stay the same from month to month.
Variable Expenses - correct answer ✔Expenses or amounts that you are not
committed to spend that generally change from month to month.
Deficit - correct answer ✔The amount by which expenses exceed income or
costs exceed revenues.
Discretionary Income - correct answer ✔The amount of the individual's
income that is left for spending, investing or saving after taxes and personal
necessities(such as food, shelter, and clothing)
Disposable Income - correct answer ✔The amount of money that
households have available for spending and saving after income taxes have
been accounted.
, Emergency Fund - correct answer ✔An account that is used to set aside
funds to be used in an emergency, such as the loss of a job, an illness or a
major expense
Goals - correct answer ✔A desired end towards which efforts are directed
Short Term Goals - correct answer ✔Goals you can accomplish in the near
future; usually within 1 to 3 months
Intermediary Goal - correct answer ✔Goals you can accomplish within 3
months to a year
Long Term Goal - correct answer ✔Goals that usually take 1+ years to
accomplish
Wants - correct answer ✔Something that people desire but is not necessary
to survive
Needs - correct answer ✔Something essential for survival such as food,
clothing, and medical care
Opportunity Costs - correct answer ✔The value of what you are willing to
give up to achieve something else
Pay Yourself First - correct answer ✔Set aside a certain amount of money
(recommended 20%) into your savings account before spending on needs
and wants; paying yourself before you begin paying your monthly living
expenses and making discretionary purchases
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