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Chapter 3 Financial Literacy Flashcards | StudBud
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Chapter 3 Financial Literacy
Chapter 3 Financial Literacy
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Questions
15
Answers
1
The envelope system works great for variable expenses
True
False
2
Should you estimate your spending when budgeting?
False
True
3
How do you budget?
Don't
Write down every deposit or withdrawal in your register
Commit tax evasion or rob a bank
Ask somebody else to do it for you
4
Budgets are one of the most useful tools you can use
False
True
5
What is a consequence of overdraft?
All of the above
Bounced check fee
Overdraft fee
Stress
6
Does a zero based budget work if you miss things?
False
True
7
Are multiple accounts a good idea?
True
False
8
Doing a budget does NOT:
Remove guilt and shame with purchases
Show if you're overspending
Make your money go further
Make overspending more likely
9
Which of these is a banking tool?
A car
A house
A door
An ATM
10
How often should you #Budget?
Every day
Every year
Every month
Every other leap year
11
What is an impulse purchase?
Series of envelopes divided into categories
Overdrafting your account
A summary of your total income
An item bought without planning
12
The #1 cause of divorce is over money
False
True
13
What is a zero based budget?
A type of snowball effect
Every dollar has a name and place to go
Idk
Only used to get rid of debt
14
What should your budget include?
Fixed expenses
Discretionary expenses
All of the above
Variable expenses
15
How do you budget with irregular income?
Don't work real estate
Make your mom do it for you
List your future expenses and prioritize them, then spend down the list
By asking the bank to do it for you
