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Financial Literacy Chapter 3 Flashcards | StudBud
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Financial Literacy Chapter 3
rent is a:
Eating out is a
Financial Literacy Chapter 3
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Answers
1
Eating out is a
discretionary expense
variable expense
intermittent expense
fixed expense
2
rent is a:
discretionary expense
intermittent expense
fixed expense
variable expense
3
If you write a zero-based budget every month, it is not necessary to reconcile your account
True
False
4
A written budget, if followed, removes _______ from your finances
overspending
all of the above
guilt
management by crisis
5
Doing a budget does not
show if you are overspending in an area
make your money go further
Make overspending more likely
remove guilt and shame sometimes associated with a purchase
6
Groceries are a
discretionary expense
fixed expense
variable expense
intermittent expense
7
A debit card cannot be used for online purchases
True
False
8
Budgeting is crucial to your financial success
True
False
9
The number one cause of divorce in North America today is stress and disagreements over money
true
false
10
Car repairs are a
variable expense
fixed expense
discretionary expense
intermittent expense
11
Your monthly budget should include
variable expenses
all of the above
fixed expenses
discretionary expenses
12
Setting up automatic transfers is the easiest way to build your savings for your emergency fund
True
False
13
Online bill pay allows you to make payments without having to write a check and send it
False
True
14
Having more than one bank account is never a good idea since it can complicate money management
False
True
15
Percentage of American s living paycheck to paycheck
70
25
40
50
16
Envelope system works for managing spending on things that don't have a fixed monthly expense
True
False
17
"Pay yourself first" means you put part of your income into saving and investing every month
True
False
18
Which of the following is something that a typical millionaire would do?
lease a new car
spend less than he or she earns
replace things that are not broken
carry debt
19
Which of the following is not a record keeping feature you could expect from your bank?
a monthly account statement
a reconciliation sheet
customer service reconciles your account for you
an account register
20
Which of the following is a consequence of overdrawing your checking account?
overdraft fee from your bank
stress from money mismanagement
bounced check fee from the store
all of the above
