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Consumer Chapter 2: Budgeting Flashcards | StudBud
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Consumer Chapter 2: Budgeting
Eating out is a
Which of the following statements is FALSE
Consumer Chapter 2: Budgeting
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Answers
1
Which of the following statements is FALSE
a budget is a written plan for saving and spending
a budget is meant to look at the spending and saving over the past year
A cash flow statement is income and spending over a certaain period of time
The cash flow statement is reflective of what has already taken place
2
Eating out is a
variable expense
Intermittent expense
discretionary expense
Fixed expense
3
Expenses that remain the same from month to month
variable
fixed
discretionary
intermittent
4
Doing a budget does NOT
make overspending more likely
make your money go further
SHow if you are overspending in one area
remove guilt and shame sometimes associated with a purchase
5
What are the "four walls" you should include in your budget?
Only income, mortgage and savings
food, utilities, transportation and college fund
Variable expenses, discretionary expenses
food, utilities, shelter and transportation
6
Commission is when you make money based on the percentage of ____
items sold
total sales
budgets
investments
7
A summary of all the income and outgo over a period of time
budget
cash flow statement
8
Which of the following is NOT a component of a budget?
income
a credit score
giving
saving
9
What is the series of envelopes that are divided into categories and are used to store cash for planned monthly expenses
check carbon
envelope system
10
Car repairs are a
Discretionary expense
Fixed expense
Intermittent expense
Variable expense
11
Why is the zero based budget the best method?
it required less discipline
it is less complicated that other budgets
it allows les money for things you want
it makes sure that every dollar is assigned a specific job
12
Non-essential expenses
variable
discretionary
intermittent
fixed
13
What does a budget show you?
how much money you need to earn
how much money you spend last month
How much you need to save
How much money comes in and goes out each month
14
What is another name for a written cash flow plan?
budget
personal finance
15
What is a cash flow plan that assigns an expense to every dollar of your income
zero based budget
zero spending plan
16
Rent is a
Variable expense
Discretionary expense
Intermittent expense
Fixed expense
17
What percentage of Americans use a budget?
60
35
70
25
18
How many months does it usually take for your budget to start working well?
4
5
3
1
19
What kind of money counts as income?
all the money you receive
only the money you make at your job
Only money deposited into your bank account
money in your savings account
20
if your annual salary is $48,000 what is your NET monthly income? (allow for 20% as tax deduction)
5000
4000
4200
3200
21
If you have an irregular income budgeting will NOT work for you
True
False
22
If you follow your budget that you wrote you will what will you eliminate?
Guilt
all of the above
Overspending
management by crisis
23
What is an item that is bought without previous planning or consideration of the long term effects?
sale item
impulse purchase
24
How often should you create a budget?
monthly
biannually
weekly
daily
25
Groceries are a
Fixed expense
Variable expense
Intermittent expense
Discretionary expense
26
What does "Pay yourself first" mean?
Assign a portion of your income to buying things you want
Assign a portion of your income to saving and investing
Assign a portion of your income to paying for your car
