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Money Management Review Flashcards | StudBud
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Money Management Review
Money Management Review
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Review game for money management exam
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
The Avalanche snowball effect is when you do what?
go from lowest interest rate to highest
go from high debt to low debt
go from highest interest rate to lowest
go from from low debt to high debt
2
How do you NOT reduce debts?
use the snowball effect
pay more than the minimum
Consolidate loans
use credit cards to pay off your debts
3
How is financial well-being created?
All of the these
participating in financial planning
managing money well and consistently
Setting financial goals for yourself
4
A necessary expense that varies in price every month is what?
variable expense
flexible expense
discretionary expense
fixed expense
5
Financial well-being affects the other 4 domains
True
False
6
What is the 70-20-10 rule?
70% budgeting, 20% retirement, 10% savings
70% expenses, 20% savings, 10% interest
70% expenses, 20% interest, 10% savings
7
When using the envelope budget system, you pay for everything with what?
debit card
credit card
checks
cash
8
What is unfavorable variance?
Taking money from a different category to spend elsewhere
spending more than planned
spending exactly the amount you're supposed to
spending less than planned
9
What is a budget?
a plan to help you save more for retirement
a plan to help you spend more money
A plan for spending and saving money
a plan that is very restrictive
10
What type of financial record should be kept?
personal property inventory
tax records
net worth statement
Income and expenses records
11
which is NOT a fixed expense?
mortgage
student loan repayment
Gas bill
car payment
12
which is a variable expense?
car payment
electricity
Rent
trash bill
13
it is best to have a roommate meeting to discuss house responsibilities and set up a chore list
true
false
14
When you start with the lowest debt & work towards the highest debt, what system are you using?
Debt reducer max
Snow Ball Effect
Avalanche Snow Ball Effect
Dave Ramsey system
15
A necessary expense that remains the same price every month is what?
Fixed expense
Variable Expense
Discretionary expense
16
What are discretionary expenses?
expenses that change frequently
non-necessary expenses that very in price every month
Non-Necessary expenses that remain the same every month
necessary expenses that vary every month
17
Emergencies, Long-Term, Retirement, & Short- Term are the 4 types of savings accounts.
True
False
18
What expenses can you find in a budget?
Fixed
Discretionary
Variable
All of these
19
What did individuals do with their money, in the TED Talk video, to attain happiness?
Spent it on themselves
gave money away
paid off their debts
Saved their money
20
What is the very first thing you should pay when you receive a paycheck?
utility bills
house payment
yourself (savings)
retirement
21
Which is not a discretionary expense?
getting your hair done
fuel
eating out
movies
22
Tracking Spending and Identifying your goals are what?
2 and 3 step to budgeting
first and last step to budgeting
first and second step to budgeting
23
What are the 5 well-being domains
Financial, Physical, Social, Intellectual, Emotional
Physical, Social, Emotional, Money, Smart
Financial, Security, Physiological, Physical, Emotional
Security, Intellectual, Financial, Emotional, Physical
24
When living with roommates, it is always important to do what?
only have one person sign the lease
co-sign and split evenly
co-sign the lease
split all utility bills evenly
