The number-one cause of divorce in North America today is?

Stress and disagreements over money

What is a check register?

Your own record of all your transactions.

Advantages of reconciling your bank account each month include

having an accurate account balance & to catch errors

"Pay yourself first" means what?

You should assign a portion of your income to saving & investing.

What is a Carbon Check?

A copy or duplicate of each check you write.

What is NOT a wealth building habit?

Make a budget for your emergency fund

NOT doing a budget does what?

Makes overspending more likely.

What is a Cash Flow Plan?

Summary that shows total income and spending.

What should you include in your monthly budget?

Fixed Expenses, Variable Expenses, Discretionary Expenses, Fixed Expenses, Phone Bill, Swimming Lesson Bill, Emergency Fund, Discretionary Expenses, Fixed Variables

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Chapter 3 - Budgeting

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Money Management

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Questions 15

Answers

1
The number-one cause of divorce in North America today is?
Stress and disagreements over the kids
Religious differences
Stress and disagreements over money
Stress and disagreements over family.
2
What is a check register?
A written plan for saving and spending.
Your own record of all your transactions.
An item that is bought without previous planning.
3
How often it is necessary to reconcile your checking account?
Once a week.
Twice a month.
Every month
Everyday.
4
To match your bank statement with your checkbook.
Net Worth
Reconcile
Zero-Based Budget
Matching Game
5
Advantages of reconciling your bank account each month include
to know how much you spent on groceries
to see what you budgeted for entertainment
having an accurate account balance & to catch errors
6
Positive net worth is when?
You spend less money than you have to.
When you spend too much money.
You OWN more than you OWE.
You OWE more than you OWN.
7
"Pay yourself first" means what?
You should assign a portion of your income to new clothing
You should assign a portion of your income to saving & investing.
You shouldn't assign any of your income to anything.
You should assign a portion of your income to daycare
8
Percentage of Americans who are living paycheck to paycheck.
75%
30%
80%
70%
9
What is a Carbon Check?
A copy or duplicate of each check you write.
A notebook documenting your spending
A written cash flow plan.
10
A consequence of overdrawing your checking account is?
Stress from money mismanagement
Earning rewards from your bank
Bounced check fee from the store
Overdraft fee from your bank
11
What is NOT a wealth building habit?
Pay Yourself First
Use gifts and extra money wisely
Use a monthly budget
Make a budget for your emergency fund
12
NOT doing a budget does what?
Makes overspending harder and less fun.
Makes overspending more likely.
Makes overspending easier and more fun.
Makes overspending less likely.
13
System using envelopes divided into categories & used to store cash for planned monthly expenses.
Cash Flow Plan
Cash Flow System
Envelope Plan
Envelope System
14
What is a Cash Flow Plan?
A copy of each check you write.
Summary that shows total income and spending.
A written cash flow plan.
To match your bank statement with your checkbook.
15
What should you include in your monthly budget?
Fixed Expenses, Variable Expenses, Discretionary Expenses
Fixed Expenses, Phone Bill, Swimming Lesson Bill
Emergency Fund, Discretionary Expenses, Fixed Variables
Variable Expenses, Emergency Fund, Money for your neighbors

Chapter 3 - Budgeting Flashcards | StudBud