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Ch 3 Review Budget Flashcards | StudBud
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Ch 3 Review Budget
Ch 3 Review Budget
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Questions
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Answers
1
The BEST class in High School:
PE
English
FINANCE
Geometry
2
The following are guidelines for budgeting with an irregular income except
When check comes in spend money all the way down the list
Prioritize the list in order of importance
Budgeting with irregular income is no different than regular
Make a list of all your expense for the month ahead
3
Cash flow plan that assigns an expense to every dollar of income
Zero Based Spending Plan
Sero Based Budget
4
A written budget, if followed, removes ______________ from your finances
Management by crisis
Overspending
Guilt
All of the above
5
Budgeting is crucial to your financial success
True
False
6
Which of the statements is false?
A budget is meant to summarize saving and spending over year
A cash flow statement summarizes all of the income and outgo
A budget is a written plan for saving and spending
The cash flow is reflective of what has already taken place
7
Having more than 1 bank account is never a good idea because it can complicate money management
True
False
8
Expenses that remain the same from month to month
Variable
Fixed
9
The number one cause of divorce in North America today is stress and disagreements over money
False
True
10
Which of the following accounts records would have the most current balance?
Your own account register
Account statement from the ATM
All of these records will have accurate account balances
Your monthly statement
11
Percentage of Americans living paycheck to paycheck
40
25
70
50
12
Doing a budget does not
Make your money go further
Make overspending more likely
Show if you are opverspending in an area
Remove guilt and shame associated with a purchase
13
Which of the following is something that a typical millionaire would do?
Carry debt
Spend less money than he or she makes
Lease a car
Replace things that are not broken
14
Pay yourself first means assign part of income to savings and investing every month
False
True
15
Groceries are a
Discretionary expense
Fixed expense
Intermittent expense
Variable expense
16
Following a zero based budget will help you avoid overspending and impulse purchases.
False
True
17
Envelope system works for managing spending on things that don't normally have a fixed expense
True
False
18
A written cash flow plan
budget
personal finance
19
Your own record of all your transactions
Account Statement
Check register
20
Automatic account transfers is the easiest way to build your savings for emergency fund
True
False
21
Non-essential expenses
Intermittent
Discreyionary
22
If you write a zero based budget every month it is not necessary to reconcile your account
False
True
23
Rent is a
Discretionary expense
Intermittent expense
Fixed expense
Variable expense
24
Car repairs are a
Fixed expense
Variable expense
Intermittentent expense
Discretionary expense
25
To match your bank statement with your checkbook
cash flow plan
reconcile
26
The zero-based budget is the best method of budgeting because:
This type of budget is less complicated than other budgets
A zero based budget allows less money for wants
Zero based budget ensures every dollar you make is assigned
Sticking to a zero-based budget requires less discipline
27
Online bill pay allows you to make payments to whomever without writing a check and mailing
True
False
28
Series of envelopes that are divided into categories used to store cash planned expenses
Check Carbon
Envelope System
29
Which of the following is a consequence of overdrawing your checking account?
Bounced check fee from the store
Stress from money mismanagement
Overdraft fee from your bank
All of the above
30
A debit card cannot be used for online purchases
False
True
31
A summary of all the income and outgo over a certain time period
Cash Flow Statement
Budget
32
Your monthly budget should include
All of the above
Fixed expenses
Variable expense
Discretionary Expenses
33
Occurs when money is withdrawn from a bank account and the available balance goes below zero
overdraft
reconcile
34
Which of the following is NOT a record keeping feature you should expect from your bank?
A reconciliation sheet
an account register
Customer service reconciles your account for you
A monthly account statement
35
An item bought without previous planning
Impulse Purchase
Sale Item
36
Eating out is a
Discretionary expense
Intermittent expense
Variable expense
Fixed expense
