Budgeting

Question 1

A written cash flow plan

Accepted Answer

Budget

Question 2

Which of the following is a consequence of overdrawing your checking account?

Accepted Answer

All of the above

Question 3

Eating out is a

Accepted Answer

Variable expense

Question 4

Rent or a mortgage is a:

Accepted Answer

Fixed expense

Question 5

Setting up automatic account transfers is the easiest way to build your savings

Accepted Answer

True

Question 6

The number-one cause of divorce in North America today is stress and disagreements over money

Accepted Answer

True

Question 7

Budgeting is crucial to your financial success

Accepted Answer

True

Question 8

Car repairs are a:

Accepted Answer

Variable expense

Question 9

The zero-based budget is the best method of budgeting because:

Accepted Answer

It ensures that every dollar you make is assigned a purpose

Question 10

Groceries are a:

Accepted Answer

Variable expense

Question 11

Cash flow plan that assigns an expense to every $ of income, total income-total expenses=zero

Accepted Answer

Zero-based budget

Question 12

Having more than one bank account is never a good idea since it can complicate money management

Accepted Answer

False

Question 13

Your monthly budget should include:

Accepted Answer

Both

Question 14

A written budget, if followed, removes _________ from your finances

Accepted Answer

All of the above

Questions 14