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Personal Finance Ch. 3 Budgeting (Dave Ramsey) Flashcards | StudBud
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Personal Finance Ch. 3 Budgeting (Dave Ramsey)
Personal Finance Ch. 3 Budgeting (Dave Ramsey)
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Dave Ramsey Chapter 3
Flashcards
31 cards
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Practice quiz
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Questions
31
Answers
1
A zero based budget has more outgo than income.
False
True
2
Having more than one bank account is NEVER a good idea since it can complicate money management
True
False
3
A written plan for saving and spending
Envelope system
Cash flow statement
Budget
4
Cash flow plan that assigns an expense to every $ of income, total income
-
total expenses
=
zero
Named budget
Zero-based budget
Budget
5
Groceries are a
Intermittent expense
Discretionary expense
Variable expense
Fixed expense
6
Which of the following is not a record-keeping feature you could expect from your bank?
A reconciliation sheet
Customer service reconciles your account for your
A monthly account statement
An account register
7
Doing a budget does not:
Make overspending more likely
Show if you are overspending
Remove guilt and shame
Make your money go further
8
Your monthly budget should include:
Discretionary expenses
Fixed expenses
Variable expenses
All of the above
9
"Pay yourself first" means you should assign a portion of your income to saving & investing.
False
True
10
A summary that shows total income and spending for a given time period.
Budget
Bank statement
check register
Cash Flow Statement
11
The zero-based budget is the best method of budgeting because:
It ensures that every dollar you make is assigned a purpose
A zero-based budget allows less money for wants
Sticking to a zero-based budget requires less discipline
This type of budget is less complicated
12
Car repairs are a:
Intermittent expense
Variable expense
Fixed expense
Discretionary expense
13
A cash flow statement is for keeping track of future money coming in and going out.
False
True
14
Which is NOT guideline for budgeting with an irregular income?
It is no different than with a regular income
Prioritize the list in order of importance
Make a list of all of your expenses for the month ahead
When your check comes in, spend your money down the list
15
Which of the following is a consequence of overdrawing your checking account?
Stress from money mismanagement
Overdraft fee from your bank
Bounced check fee from the store
All of the above
16
A zero based budget has zero expenses.
True
False
17
Setting up automatic account transfers is the easiest way to build your savings
False
True
18
The number one cause of divorce in North America today is stress and disagreements over money.
False
True
19
Cash flow plans don't work when you:
Overcomplicate things
All of the above
Don't do it
Leave things out
20
Reasons people avoid writing budgets:
Straightjacket connotation
ABUSE them
All of the above
Never had one that worked
21
Online bill pay allows you to make payments without having to write and mail a check.
False
True
22
To match your bank statement with your checkbook.
Budget
Reconcile
Cash flow
Spending plan
23
Following a zero based budget will help you avoid overspending and impulse purchases.
False
True
24
Which is something that a typical millionaire WOULD DO
Replace things that are not broken
Lease a new car
Spend less money that he or she makes
Carry debt
25
A written budget, if followed, removes _________ from your finances
Management by crisis
Guilt
All of the above
Overspending
26
Rent or a mortgage is a:
Discretionary expense
Variable Expense
Intermittent expense
Fixed expense
27
The envelope system works for managing spending on things that don't have fixed monthly expense
True
False
28
Budgeting is crucial to your financial success
True
False
29
Eating out is a
Variable expense
Fixed expense
Discretionary expense
Intermittent expense
30
Your monthly budget should include:
All of the above
discretionary expense
fixed expense
variable expense
31
The number-one cause of divorce in North America today is stress and disagreements over money
True
False
