Budgeting Quiz

Question 1

Your own record of all your transactions

Accepted Answer

Check Register

Question 2

Rent is a:

Accepted Answer

Fixed Expense

Question 3

Doing a budget does not:

Accepted Answer

Make overspending more likely

Question 4

Groceries are a:

Accepted Answer

Variable expense

Question 5

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

Accepted Answer

All of the above

Question 6

Car repairs are a:

Accepted Answer

Intermittent expense

Question 7

"Pay yourself first" means you should assign a portion of your income to saving and investing

Accepted Answer

True

Question 8

Occurs when money is withdrawn from a bank account and the available balance goes below zero

Accepted Answer

Overdraft

Question 9

Budgeting is crucial to your financial success

Accepted Answer

True

Question 10

Eating out is a:

Accepted Answer

Discretionary expense

Question 11

To match your bank statement with your checkbook

Accepted Answer

Reconcile

Question 12

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

Accepted Answer

True

Question 13

Percentage of Americans living paycheck to paycheck:

Accepted Answer

70%

Question 14

If you write a zero-based budget every month, it is not necessary to reconcile your account

Accepted Answer

False

Question 15

A written cash flow plan

Accepted Answer

budget

Questions 15