Summit 1 Unit 3 Vocab

What is the meaning of "living within your means"?

• Living beyond your means and accumulating debt
• Living within your means and saving money
• Living within your means and spending all your earnings
• Living within your means means spending less money than you earn and not going into debt.

What is the meaning of "living beyond your means"?

• Living beyond your means means spending more money than you can afford or earning.
• Living within your means means spending less money than you can afford or earning
• Living beyond your means means saving more money than you can afford or earning
• Living beyond your means means investing wisely and within your budget

What is the meaning of "drowning in debt"?

• The meaning of 'drowning in debt' is being overwhelmed by a large amount of debt.
• Sinking in savings
• Floating on financial stability
• Swimming in wealth

What is the meaning of "making a budget"?

• Making a budget refers to creating a plan for how to spend money only
• Making a budget is the process of randomly allocating money without a plan
• Making a budget means not worrying about money at all
• Making a budget refers to the process of creating a plan for how to spend and save money.

What is the meaning of "thrifty"?

• Spending money recklessly
• Being generous with resources
• Careless and wasteful with money
• Using money and other resources carefully and not wastefully.

What is the meaning of "a gimmick"?

• A gimmick refers to a trick or device intended to attract attention or increase appeal.
• A gimmick is a type of food
• A gimmick is a type of dance
• A gimmick is a type of animal

What is the meaning of "shell out"?

• To clean a shell
• To hide inside a shell
• To 'shell out' means to pay or spend money, especially a large amount.
• To collect shells

What is the meaning of "chip in"?

• To clean a surface with a cloth
• To argue with someone
• To take a break from work
• To contribute or donate money or effort towards a common goal.

What is the meaning of "an impulse purchase"?

• A purchase made after careful planning and consideration
• A purchase made after extensive research and comparison
• A purchase made with the intention of returning the item
• An impulse purchase refers to a buying decision that is made without much thought or consideration, often driven by emotions or a sudden desire.

What is the meaning of "having your heart set on something"?

• To have your heart physically located on something
• To be determined to achieve or obtain something.
• To have your heart broken by something
• To have your heart removed from something