Ramsey Chapter 3 Budgeting Test Review

An item that is bought without previous planning or consideration of the long-term effects

Which is something that a typical millionaire would do?

Percentage of Americans living paycheck to paycheck

Car repairs are a / an:

Setting up automatic account transfers is the easiest way to build your savings

A copy of each check you write is called a / an

Which of the following records would have the most current balance?

Doing a budget does not:

Another name for a written cash flow plan is

Rent or a mortgage is a / an:

The number-one cause of divorce in North America today is stress and disagreements over money

Budgeting is crucial to your financial success

Which of the following is not a record-keeping feature you could expect from your bank?

The act of matching your bank statement with your checkbook

A debit card cannot be used for online purchases

If you write a zero-based budget every month, it is not necessary to reconcile your account

The zero-based budget is the best method of budgeting because:

The envelope system works for managing spending on things that don't have fixed monthly expense

Pay Yourself First means you should save a portion of your income every month before paying exp

Your monthly budget should include:

Series of these are divided into categories and store cash for planned monthly expenses.

A written budget, if followed, removes _________ from your finances

A summary that shows total income and spending for a given time period.

Cash flow plan that assigns an expense to every $ of income, total income-total expenses=zero

Which of the following is a consequence of overdrawing your checking account?

Groceries are a / an:

The following are guidelines for budgeting with an irregular income except:

Online bill pay allows you to make payments without having to write and mail a check

Occurs when money is withdrawn from a bank account and the available balance goes below zero

Eating out is a / an

Having more than one bank account is never a good idea since it can complicate money management