Exam (elaborations)
WISE FINANCIAL LITERACY (AR) BUDGETING QUESTIONS AND ANSWERS
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WISE FINANCIAL LITERACY (AR) BUDGETING QUESTIONS AND ANSWERS
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Name: Score:20 Multiple choice questions
Definition 1 of 20
alternatives that must be given up when one is chosen over another
Deficit
Surplus
Trade-off
Intermediary goal
Definition 2 of 20
Basic requirements for human survival, food, clothing, and shelter.
Needs
Deficit
Surplus
Wants
Definition 3 of 20
A goal that you plan to reach over an extended period of time, usually more than 1 year.
Long term goal
Budget
Short term goal
Intermediary goal
,Definition 4 of 20
Income remaining for a person to spend or save after all taxes have been paid.
Budget
Disposable Income
Long term goal
Spending Plan
Definition 5 of 20
Cost of the next best alternative use of money, time, or resources when one choice is made
rather than another
Personal Income
Intermediary goal
Short term goal
Opportunity Cost
Definition 6 of 20
Items that would be nice to have, but are not necessary.
Wants
Goals
Needs
Surplus
Definition 7 of 20
A plan for making and spending money
Budget
Surplus
Long term goal
Income
, Definition 8 of 20
A budget in which revenues are equal to spending, money in is equal to the money spent.
Emergency Fund
Personal Income
Short term goal
Balanced Budget
Definition 9 of 20
A goal that is planned to be reached within one to five years.
Opportunity Cost
Short term goal
Balanced Budget
Intermediary goal
Definition 10 of 20
a savings account you can access quickly to pay for unexpected expenses or emergencies
Emergency Fund
Short term goal
Balanced Budget
Personal Income
Definition 11 of 20
Income available for spending and saving after an individual has purchased the basic
necessities of food, clothing, and shelter.
Opportunity Cost
Intermediary goal
Discretionary Income
Fixed Expenses
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