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Chp. 3 Budgeting Flashcards | StudBud
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Chp. 3 Budgeting
What is an outstanding check?
How often should you create a budget?
Chp. 3 Budgeting
20 terms
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Money Matter on Budgeting
Flashcards
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Questions
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Answers
1
How often should you create a budget?
Daily
Yearly
Monthly
Weekly
2
What is an outstanding check?
money you receive that you were not counting on
a check you receive from a bank that is not yours.
A check that is written but you voided it
a check that has been written and given out but not cashed
3
Why will budgets remove the majority of the "money fights" from a marriage?
A budget will restrict your out of control spouse
A budget will cause you to focus on your love 4 one another
A budget is a legal contract that can not be broken
A budget should be agreed upon and followed by both spouses
4
Who’s fault is it if you do not like something that is in your budget AND why?
Your banks fault, they only give you so much money
Your fault, you made the budget
Your student loan’s fault
Your spouses fault, they restrict your spending too much
5
Having more than one bank account is never a good idea since it can complicate money management
True
False
6
Which term is not associated with balancing a checking account?
Deposit
Budget
Withdraw
Reconcile
7
Why is setting up a budget trial and error process?
it is a process that is quick just and fair.
everything you spend and errors you make are costly
several attempts needed before you get the process correct
you will go to court if you don’t properly budget your taxes
8
Which of the following is not true of a zero-based budget?
You spend every dollar on paper before the month begins.
Use envelopes for categories in which you tend to overspend
you have extra money at the end of the month, it's SUCCESS
The money you spend should equal the money you earn.
9
A zero-based budget is only used for people that have zero debt.
False
True
10
A budget will not work if you
don't like numbers
Leave things out
like to shop
have too much debt
11
According to Dave, an overdraft is a sign of what?
crisis living
circumstance
responsibility
irregularity
12
When you assign an expense to every dollar of your income it is called what?
Zero-spending plan
Envelope System
Zero-based Budget
Reconcile
13
The number-one cause of divorce in North America today is stress and disagreements over money.
True
False
14
Which of the following is a consequence of overdrawing your checking account?
Overdraft fee from your bank
Stress from money mismanagement
Bounced check fee from the store
All of these are consequences
15
Eating out is a:
Variable expense
Discretionary expense
Intermittent expense
Fixed expense
16
Rent is a:
Discretionary expense
Intermittent expense
Variable expense
Fixed expense
17
An item that is bought without previous planning or consideration of the long-term effects.
Sale item
Variable Item
Impulse purchase
Discretionary Item
18
Why are debit cards often considered Budget Busters?
people don’t account for their high fees in their budget.
It is easy to swipe your card and not keep up with $ spent
If they are lost or stolen they could drain your account
people will not pay them off in full at the end of month.
19
You may have to tell yourself “no”.. so that one day you can tell yourself what?
No
Possibly
Yes
Maybe
20
Why is it important to tell your money what to do?
tell it what to do and it can make your life miserable.
If you don’t tell it what to do it will decrease in value
don’t tell it what to do you will wonder where it went.
If you don’t tell it what to do it is open to fraud
