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Personal Finance: Chapter 3 Flashcards | StudBud
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Personal Finance: Chapter 3
Personal Finance: Chapter 3
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Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
Cash flow plans do not work when:
You overcomplicate it
You leave things out
All of the above
You don't live on it
2
Writing & following a zero-based budget will help you avoid overspending and impulse purchases
False
True
3
A debit card cannot be used for online purchases.
True
False
4
A written cash flow plan
personal money
personal finance
check book
budget
5
Groceries are a:
Variable expense
Fixed expense
Intermittent expense
Discretionary expense
6
Eating Out is a:
Discretionary expense
Variable expense
Fixed expense
Intermittent expense
7
Your monthly budget should include:
Variable expenses
All of the above
Discretionary expenses
Fixed Expenses
8
A written budget, if followed, removes what from your finances.
All of the above
Management by crisis
Overspending
Guilt
9
To match your bank statement with your checkbook
ATM
Cash Flow plan
Online Banking
Reconcile
10
Envelopes that are divided into categories & used to store cash for planned monthly expenses
Envelope system
Old School
Check system
paper and pencil system
11
"Pay yourself first" means a portion of your income goes to saving and investing every month
True
False
12
Rent is a:
Variable expense
Intermittent expense
Discretionary expense
Fixed expense
13
Non-essential expenses
Variable
Fixed
Intermittent
Discretionary
14
A summary of all the income and outgo over a certain time period
Cash flow statment
Budget
ATM
Online bank account
15
An item bought without previous planning or consideration of the long-term effects
Spur of the moment
Impulse purchase
50% off
Sale item
16
Doing a budget does not:
Show if you overspend in an area
Remove guilt and shame associated with a purchase
Make your money go further
Make spending more likley
17
If you write a zero-based budget every month, it is not necessary to reconcile your account.
False
True
18
The envelope system works on things that don't normally have a fixed monthly expense.
True
False
19
The following are guidelines for budgeting with an irregular income except:
Prioritize the list in order of importance
Make a list of all your expenses for the month ahead
Spend your money all the way down the list
No different than budgeting with a regular income
20
Expenses that remain the same from month to month
Fixed
Intermittent
Discretionary
Variable
21
Which is not a record-keeping feature you can expect from a bank?
Customer service reconciles your account for you
Monthly account statment
An account register
A reconciliation sheet
22
Your own record of all your transactions
Check Register
To-do List
Account Statment
Debit Card
23
What is a consequence of overdrawing your checking account?
All of the above
Overdraft fee from bank
Stress from money mismanagement
Bounced Check from the store
24
Budgeting is crucial to your financial success
False
True
25
Zero-based budget is the best method of budgeting because:
It requires less discipline
It allows less money for wants
It ensures every dollar is assigned to a specific purpose
It is less complicated than others
26
A cash flow plan that assigns an expense to every dollar of your income.
Zero-spending plan
Broke
No money left
Zero-based budget
27
Which of the following account record would have the most current balance?
Your monthly bank statment
All of these
Account balance from ATM
Your own account register
28
Percent of Americans living paycheck to paycheck:
70
50
25
80
29
Which of the following is something that a typical millionaire would do?
Lease a new car
replace things that are not broken
Spend less money than he or she makes
Carry debt
30
Online payments allows to you make payments without having to write a physical check
True
False
31
The number one cause of divorce in North America today is stress and disagreements over money.
False
True
32
Setting up automatic account transfers is an easy way to build savings.
True
False
33
Car repairs are a:
Intermittent expense
Discretionary expense
Fixed expense
Variable expense
34
Having more than one bank account is not a good idea
False
True
35
Occurs when money is withdrawn from a bank account and the available balance goes below zero
Debit Card
Reconcile
Overdraft
ATM
