Contrary to recommendations by consumer credit counselors, most consumers don't keep written track of their purchases throughout the day and instead rely on their memory to account for recent spending. This memory accounting is referred to as _____.

Question

Quizplus · Accepted Answer

The term used for relying on memory to account for recent spending is called "mental budgeting" which is referred to as an informal way of budgeting. Therefore, option E is the correct answer. The other options are not related or applicable to describe the given scenario.

Contrary to Recommendations by Consumer Credit Counselors, Most Consumers Don't