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Foundations of Personal Finance Chapter 3 Review Flashcards | StudBud
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Foundations of Personal Finance Chapter 3 Review
Foundations of Personal Finance Chapter 3 Review
22 terms
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Test preparation for Chapter 3 from Dave Ramsey
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
Having more than one bank account is a bad idea because it complicates money management
False
True
2
Your monthly budget should include
Discretionary expenses
Variable expenses
Fixed expenses
All of the above
3
How much money do Americans spend on average for every dollar they make?
.75
.50
$1.33
$1.00
4
A written budget, if followed, removes __________ from your finances.
All of the above
Overspending
Money Mismanagement
Guilt
5
Occurs when money is withdrawn from a bank account and the available balance goes below 0.
Reconcile
Budget
Carbon Check
Overdraft
6
Your personal record of all of your financial transactions through the bank
budget
impulse purchase
cash flow plan
check register
7
Eating out is a
Variable Expense
Fixed Expense
Discretionary Expense
Intermittent Expense
8
What are the consequences of over drafting your checking account?
Bounded check fee from a store
Overdraft Fee ($35)
All of the Above
Stress from mismanaging money
9
If you write a 0-based budget every month, it is not necessary to reconcile your account.
True
False
10
Item that is bought without previous planning
Impulse Purchase
Carbon Check
Overdraft
Cash Flow Plan
11
Writing and following a zero-based budget will help you avoid overspending & impulse purchases.
False
True
12
Series of envelopes divided into categories & used to store cash for planned monthly expenses
Envelope system
Budget
Zero-based budget
Overdraft
13
Entertainment is a
Discretionary Expense
Variable Expense
Fixed Expense
Intermittent Expense
14
Budgeting is crucial to your financial success
False
True
15
Car repairs are a
Variable Expense
Discretionary Expense
None of the Above
Fixed Expense
16
To match your bank account with your checkbook
Overdraft
Reconcile
Cash Flow Plan
Budget
17
A debit card cannot be used for online purchases
True
False
18
Rent is a
Intermittent expense
Variable expense
Discretionary expense
Fixed expense
19
Percentage of Americans living paycheck to paycheck
70
50
40
25
20
Cash flow plan
Reconcile
Overdraft
Envelope system
Budget
21
T/F: The number 1 cause of divorce in America today is stress and disagreements over money.
True
False
22
A cash flow plan that assigns an expense to every dollar
Zero-based budget
Envelope system
Budget
Overdraft
