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Budgets & Budgeting Flashcards | StudBud
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Budgets & Budgeting
Budgets & Budgeting
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#budgets #budgeting #personalfinance
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Elective Expenses are ones in which you
Choose to spend money on
Don't have to worry about
Look freaking sweet
Must pay
2
The average Rent in the United States is......
$900
$1380
$1650
$785
3
Dave's third step is one of the most difficult because it involves saving a decent amount totaling.....
Saving 3-6 months of expenses
Saving 12 months expenses
Starting your own business
Paying off your mortgage
4
Coach Burns wants you to have at least a $500 Emergency Fund set up by what date
Decemeber 31, 2017
By the time you're 40
June 1st, 2023
Jan 1st, 2018
5
Average Transportation cost including loan payment, insurance, and gas is.....
$900
$756
$500
$425
6
The 3 things that a budget consists of are.....
A declaration, discipline, execution
A plan, saving money, spending money
A written estimate, expenses, saving
A plan, income & expenses, period of time
7
After you start investing, you can now work on (5th step)
Establishing an emergency fund
Saving for college fund
Eating at more restaurants
Stacking that paper
8
Variable Expenses.....
change from month to month
always stay the same from month to month
are difficult to track
are easy to track
9
When creating a budget it is most important that you.....
Include regular, large payments to Coach Burns
Write it down - digitally or physically
Ignore your Fixed Expenses
Include eating copious amounts of fast food
10
The average Child Care in Texas is how much per month
$500-$600
$100-$200
$350-$450
$250-$350
11
Dave's second baby step is to...
Payoff all debt (other than mortgage)
Launder your money and hide from the government
Track spending
Give to charity
12
The name of Dave Ramsey's free budgeting app is called
stacksonstacks.com
Getrichquick.com
Everydollar.com
Everycent.com
13
After you've calculated expenses you need to put it all together and....(step 4)
Total expenses and subtract from income
Pay your taxes
Take some selfies with your money
Starting eating alot of fast food
14
When setting your budget you need to look at your __________ expenses first.
Variable
None of the above
Elective
Mandatory
15
Fixed Expenses
Are always a pain in the rear end
Change from month to month
Always cost more than variable ones
Stay the same from month to month
16
The fourth step is one you guys are in a good position to start, given your age.....
Investing
Stealing from your parents wallet
Working hard
Giving to charity
17
Solid money management doesn't depend on.....(from the video)
How much money you make
Creating a budget
Having the correct technology
Spending wisely
18
The average housing cost in the United States is.....
$1483
$780
$990
$1250
19
One item most people don't think about including but is very important is to.....(my second largest budget item)
Pay your rent
Pay Yourself (savings & retirement)
Put money under your bed
Netflix
20
Average Health Insurance for a family of four in the United States is......
$400
$900
$600
$1462
21
Mandatory Expenses are ones in which you
Must put off until the end of the month
Must pay
Choose to pay
Must pay attention to
22
The 6th baby step is to now to....
Pay your taxes
Payoff your mortgage
Sleep on your piles of cash
Increase your spending
23
After finding Net Income, Subtracting your Expenses out.....then you should
Talk to H&R block
Decide where your money goes
REVIEW & ADJUST after a month of evidence
Pay your taxes
24
After you calculate Net Income, the 2nd step to budgeting is to....
Get some Whataburger
Get an app to help
Determine your Fixed Expenses
Spend some money
25
Dave Ramsey's 1st step (6 baby steps) to budgeting and financial success is....
To establish a $5000 investment account
To payoff all debt
To payoff your house
To establish a $1000 Emergency fund
26
Two tips to make sure you pay your Mandatory Expenses on time would be.....
Set Alerts and Auto Payments
Tie string around your finger
Write them down on post it notes
Mark your calendar, Watch Dave Ramsey
27
The third step is to......
Determine your Variable Expenses
Know your Net Income
Adjust your spending
28
The first step to creating a budget is....
Know your variable expenses
Count your money
Know your Net Income
Knowing you fixed expenses
29
The best way to define Expenses is......
Budgeting
Saving Money
Something that will eat your lunch if you're not careful
Anything you CHOOSE to or HAVE to spend money on
30
Other than alerts and auto pay, one way to help ensure accurate tracking is to only use....
Monopoly Money
Cash
One debit or credit card
Dave Ramsey's app