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Financial Literacy (AR) Budgeting (W!SE) Exam With Correct Answers
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Financial Literacy (AR) Budgeting (W!SE) Exam With Correct Answers
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Financial Literacy (AR) Budgeting (W!SE) Exam With Correct Answers
Short term goal - Correct Answer - A goal that you can reach in a short length of time, usually less than 1
year.
Long term goal - Correct Answer - A goal that you plan to reach over an extended period of time, usually
more than 1 year.
Intermediary goal - Correct Answer - A goal that is planned to be reached within one to five years.
Budget - Correct Answer - A plan for making and spending money
Balanced Budget - Correct Answer - A budget in which revenues are equal to spending, money in is
equal to the money spent.
Deficit - Correct Answer - Amount of money spent OVER the amount of money made, a shortage.
Income - Correct Answer - Earnings from work or investment
Discretionary Income - Correct Answer - Income available for spending and saving after an individual
has purchased the basic necessities of food, clothing, and shelter.
Disposable Income - Correct Answer - Income remaining for a person to spend or save after all taxes
have been paid.
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