stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Duplicate of Chapter 3: Budgeting Flashcards | StudBud
Explore
/
Duplicate of Chapter 3: Budgeting
Duplicate of Chapter 3: Budgeting
35 terms
·
StudBud Administration
·
71 plays
A review of Chapter 3 #Budgeting from Dave Ramsey's #FoundationsinPersonalFinance
Flashcards
35 cards
F
Practice quiz
P
Host live
L
Questions
35
Answers
1
If you write a zero-based budget every month, it is not necessary to reconcile your account.
True
False
2
Online bill pay allows you to pay without having to write a check and send it in the mail.
False
True
3
Percentage of Americans living paycheck to paycheck:
D) 40
C) 50
B) 25
A) 70
4
Car repairs are a:
D) Intermittent expense
C) Discretionary expense
B) Variable expense
A) Fixed expense
5
Doing a budget does not:
A) Show if you are overspending in an area
B) Make overspending more likely
D) Make your money go further
C) Remove guilt/shame sometimes associated with a purchase
6
Which of the following is not a record-keeping feature you could expect from your bank?
C) Customer service reconciles your account for you
A) A reconciliation sheet
D) A monthly account statement
B) An account register
7
The zero-based budget is the best method of budgeting because:
B) A zero-based budget allows less money for wants
D) It ensures that every dollar you make has a purpose
C) Sticking to a zero-based budget requires less discipline
A) It is less complicated
8
Assigns an expense to every dollar of your income, the income minus the expenses equals zero
zero-based budget
zero-spending plan
overdraft
reconcile
9
Which of the following statements is false?
A) A cash flow statement has all income spending over time
D) A cash flow statement is has what has already occured
C) A budget has what has already occured
B) A budget is a written plan for saving and spending.
10
A debit card cannot be used for online purchases.
False
True
11
A written cash flow plan
personal finance
sale item
budget
envelope system
12
Non-essential expenses
variable
fixed
discretionary
intermittent
13
Your monthly budget should include:
B) Discretionary expenses
D) All of the above
C) Fixed expenses
A) Variable expenses
14
Dining out is a:
C) Discretionary expense
D) Intermittent expense
B) Variable expense
A) Fixed expense
15
Writing and following a zero-based budget will help you avoid overspending/ impulse purchases
False
True
16
Which of the following account records would have the most current balance?
C) Your monthly bank statement
A) Account balance statement from the ATM
D) All of these records will have accurate account balances
B) Your own account register
17
Having more than one bank account is never a good idea since it can complicate money management
True
False
18
Budgeting is crucial to your financial success.
False
True
19
ʺPay yourself firstʺ means to assign a portion of your income to saving/investing every month.
True
False
20
An item that is bought without previous planning or consideration of the long-term effects
sale item
reconcile
envelope system
impulse purchase
21
The following are guidelines for budgeting with an irregular income except:
C) Budgeting with irregular income isn't any different
D) When your check comes in, spend your money down the list.
A) Prioritize the list in order of importance.
B) Make a list of all of your expenses for the month ahead.
22
Groceries are a:
C) Discretionary expense
D) Intermittent expense
B) Variable expense
A) Fixed expense
23
A written budget, if followed, removes ________ from your finances.
B) Guilt
C) Management by crisis
A) Overspending
D) All of the above
24
Occurs when money is withdrawn from a bank account and the available balance goes below zero
zero-based
carbon copy
Overdraft
Reconcile
25
Which of the following is something that a typical millionaire would do?
B) Spend less money than he or she makes
A) Lease a new car
D) Carry debt
C) Replace things that are not broken
26
Expenses that remain the same from month to month
variable
fixed
intermittent
discretionary
27
Automatic account transfers are the easiest way to save for emergency fund/large purchases.
False
True
28
Rent is a:
C) Discretionary expense
B) Variable expense
A) Fixed expense
D) Intermittent expense
29
Which of the following is a consequence of overdrawing your checking account?
D) All of the above
C) Overdraft fee from your bank
A) Bounced check fee from the store
B) Stress from money mismanagement
30
Your own record of all your transactions
check in to cash
check yo self
before you wreck yo self
check register
31
A summary of all the income and outgo over a certain time period
budget
transaction
discretionary
cash flow statement
32
To match your bank statement with your checkbook
reconcile
budget
carbon check
cash flow plan
33
The number-one cause of divorce in North America today is stress and disagreements over money.
True
False
34
The envelope system works great for managing spending on things that are variable expenses
False
True
35
Series of envelopes that are divided into categories and are used for cash for expenses
overdraft
reconcile
envelope system
check carbon
