1) Money that is spent on goods, services, and bills. a) Long-Term Goals b) Discretionary Income c) Expenditures d) Opportunity Cost 2) Making a purchase based on an immediate want or due to the pressure of advertising. a) Expenditures b) Impulse Buying c) Opportunity Cost d) Scarcity 3) Plans that take a year or more to accomplish a) Long-Term Goals b) Short-Term Goals c) Budget d) Impulse Buying 4) Plans that can be accomplished within three months to a year a) Short-Term Goals b) Scarcity c) Expenditures d) Discretionary Income 5) A record of income and spending and a plan for managing money a) Discretionary Income b) Opportunity Cost c) Scarcity d) Budget 6) Money available to spend on goods and services that are not essential  a) Expenditures b) Long-Term Goals c) Discretionary Income d) Budget 7) The next best alternative given up when making a financial choice. a) Opportunity Cost b) Scarcity c) Discretionary Income d) Short-Term Goals 8) The economic condition of limited resources that prevents people from having everything they want. a) Short-Term Goals b) Expenditures c) Scarcity d) Long-Term Goals

Budget Vocabulary

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