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Unit 3 - Budgeting Flashcards | StudBud
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Unit 3 - Budgeting
Unit 3 - Budgeting
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Unit 3 Personal Finance
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
Rent is a:
Variable expense
A) Fixed expense
Discretionary expense
Intermittent expense
2
33) Non-essential expenses
discretionary
intermittent
3
35) Your own record of all your transactions
account statement
check register
4
34) A summary of all the income and outgo over a certain time period
budget
cash flow statement
5
Eating out is a:
Variable expense
Discretionary expense
Intermittent expense
A) Fixed expense
6
9) Groceries are a:
Variable expense
Discretionary expense
A) Fixed expense
) Intermittent expense
7
A cash flow plan that assigns an expense to every dollar of your income, wherein the total = 0
zero-based budget
zero-spending plan
8
Series of envelopes that are divided into categories and are used to store cash for planned exp
check carbon
envelope system
9
Which of the following is a consequence of overdrawing your checking account?
Overdraft fee from your bank
A) Bounced check fee from the store
Stress from money mismanagement
All of the above
10
30) To match your bank statement with your checkbook
cash flow plan
reconcile
11
15) Which of the following account records would have the most current balance?
D) All of these records will have accurate account balances
B) Your own account register
A) Account balance statement from the ATM
C) Your monthly bank statement
12
Doing a budget does not:
A) Show if you are overspending in an area
B) Make overspending more likely
C) Remove guilt and shame sometimes associated with a purcha
D) Make your money go further
13
21) A debit card cannot be used for online purchases.
True
False
14
32) Expenses that remain the same from month to month
fixed
vaiable
15
24) Having more than one bank account is never a good idea since it can complicate money manage
True
False
16
25) Setting up automatic account transfers is the easiest way to build your savings for your em
True
False
17
Which of the following is something that a typical millionaire would do?
Replace things that are not broken
Spend less money than he or she makes
A) Lease a new car
Carry debt
18
16) The number-one cause of divorce in North America today is stress and disagreements over mon
True
False
19
10) A written budget, if followed, removes from your finances.
Guilt
All of the above
A) Overspending
Management by crisis
20
Occurs when money is withdrawn from a bank account and the available balance goes below zero
reconcile
overdraft
21
12) Percentage of Americans living paycheck to paycheck:
25
70
50
40
22
17) The envelope system works great for managing spending on things that donʹt normally have a
False
True
23
19) Budgeting is crucial to your financial success.
False
True
24
29) An item that is bought without previous planning or consideration of the long-term effects
impulse purchase
sale item
25
13) The zero-based budget is the best method of budgeting because:
D) The zero-based budget ensures that every dollar you make
C) Sticking to a zero-based budget requires less discipline
A) This type of budget is less complicated than other types
B) A zero-based budget allows less money for wants
26
31) A written cash flow plan
budget
personal finance
27
Which of the following statements is false?
A) A cash flow statement summarizes all of the income and ou
C) A budget is meant to summarize the saving and spending th
D) The cash flow statement is reflective of what has already
B) A budget is a written plan for saving and spending.
28
Your monthly budget should include:
Discretionary expenses
A) Variable expenses
All of the above
Fixed expenses
29
Car repairs are a:
Intermittent expense
Variable expense
A) Fixed expense
Discretionary expense
30
20) Writing and following a zero-based budget will help you avoid overspending and impulse purc
False
True
31
14) Which of the following is not a record-keeping feature you could expect from your bank?
A) A reconciliation sheet
B) An account register
D) A monthly account statement
C) Customer service reconciles your account for you
32
22) ʺPay yourself firstʺ means you should assign a portion of your income to saving and investi
False
True
33
18) If you write a zero-based budget every month, it is not necessary to reconcile your account
True
False
34
23) Online bill pay allows you to make payments to whomever you wish without having to write a
False
True
35
11) The following are guidelines for budgeting with an irregular income except:
C) Budgeting with an irregular income is no different than b
D) When your check comes in, spend your money all the way do
A) Prioritize the list in order of importance.
B) Make a list of all of your expenses for the month ahead.
