Lesson 101: An Annual Budget

The money left over after all expenses are subtracted from income is known as savings.

True

College tuition is usually considered a long-term financial goal because it

requires a lot of time and planning to reach.

If each monthly issue of Ballet Today costs Marie $2.50, then she spends____________ annually for her subscription.

$30.00

If instead of buying six pairs of ballet shoes a year (at $15 a pair), Marie only buys four pairs, then she saves __________ a year.

$30.00

Which column in an annual budget indicates the money you really spent during the year?

Actual spending

A(n) ____________________is an example of an anticipated expense.

cell phone bill

You can calculate discretionary income by subtracting

essential expenses from income.

Buying a ____________________ is an example of a long-term financial goal.

house

A winning lottery ticket or a scholarship is an example of

unanticipated income.

Short-term financial goals can be reached within

weeks or months.