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Chap 3_Banking & Budgets_MM Flashcards | StudBud
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Chap 3_Banking & Budgets_MM
Chap 3_Banking & Budgets_MM
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Answers
1
What does ATM stand for?
Automated Teller Machine
Automatic Tickler Machine
Automated Taller Machine
Automatic Taller Machine
2
Reconciling your account isn't important when you don't write checks.
True
False
3
You have to do what with your money in a cash flow plan?
Spend it-let it be the boss of you
Burn it
Save all of it
Make it behave-you be the boss of it
4
What might a bank use as a code to indicate that money was paid online or received online?
Electronic Fund Transfer (EFT)
POS
TRxFR
ATM
5
What is a zero based balance?
When your bank balance is $0
Budget equaled out to $0
Simple Budget
Budget with $500 emergency fund
6
The act of matching your bank statement with your check register is called _ your account.
Reconciling
zero-basing
maintaining
balancing
7
Variable expenses include
all of these are correct
water or electric bill
groceries
toll expense
8
When you write a check or and it draws your balance below zero, it is called
all of these are correct
a bounced check
an overdraft, insufficient funds
a rubber check, a bad check
9
Your online bank balance is the most correct balance always.
False
True
10
A monthly budget should include
Variable expense
All of the above
Discretionary expense
Fixed expense
11
When would clothing be an expense instead of just a need or a want?
When it is tax-free weekend
When off-season
when it is required for work
When it is on sale
12
What is the leading cause of divorce in North America?
drinking
Money Fights
affairs
stress
13
Examples of fixed expenses would be
Car payment (if you have one of these dreaded things)
Mortgage payment or rent
All of these are correct
Student loan payment
14
The bank will put you more in debt by charging overdraft fees to your account.
False
True
15
A credit union's customers are actually _ of the bank.
members
employees
friends
relatives
16
Peer pressure does not have an effect on friends who are trying to stay within a budget.
False
True
17
An ATM withdrawal from a bank that is NOT your own, will generate a service fee.
True
False
18
A written plan reduces the "management by _" situation from your finances.
crisis
panic
disagreement
ignorance
19
Budgets do not work when you
over-complicate
leave things out
try to hide expenses
all of these
20
A written plan if actually lived and agreed on will remove?
guilt,shame,and fear
all of the above
overdrafts and stress
Money fights
21
Keeping accurate records prevents you from having to keep receipts.
True
False
22
Most Americans are (2 answers)
Living paycheck to paycheck
in debt
Billionares
Millionares
23
What is a written cash flow statement ? This can be called a Balance Sheet.
Envelope System
An actual history of your income and expenses.
Budget
Zero-Based Budget
24
Discretionary expenses do not include
eating out
entertainment
apartment rent
new clothing
25
An item that is bought without previous planning or consideration of the long-term effects
Impulse Purchase
reconcile
overdraft
Carbon Check
26
A zero-based budget is achieved when your monthly income equals your monthly
bank statement
bank balance
deposits
out-go (expenditures)
27
Budgeting is crucial to your
your potential wealth
financial success
financial future and well being
all of these answers are correct
28
Which of these is NOT a reason people avoid budgets?
they are afraid to look at their finances
they have never had a budget that worked
they don't need a budget
they think budgets restrict them
29
Your debit card does not give you the same guarantee on loss as a credit card would.
True
False
30
An ATM transaction from another bank than your own will generate 2 fees.
False
True
31
Being money smart does not mean
learning to manage your behavior
learning basic math
learning the language of money
throwing it in the air and spending whatever comes back down
32
An ATM withdrawal from YOUR own bank will not initiate a service fee.
True
False
33
What are some things millionaires don't do?
All of the above
Spend more than they earn
Desire instant gratification
Buy brand new cars
34
What should you do if you think the bank has made an error?
wait until you know for sure
contact them immediatly
contact them later
ignore it
35
A system that you use to categorize your discretionary expenses
zero- based budget
reconciling
checkbook
envelope system
