Budgeting

The following are guidelines for budgeting with an irregular income:

Non-essential expense

Groceries are a:

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

Setting up automatic transfers is the easiest way to build savings for your emergency fund

Car repairs are a:

A copy of each check you write.  

Which of the following have the most current balance

Envelopes with cash that are divided into categories and are used for planned monthly expenses

Online bill pay allows you to make payments to whomever you wish.

The #1 Cause of divorce in North America is stress and disagreements over money.  

An item that was bought without previous planning

Which of the following is a consequence of over drafting your checking account.  

Doing a budget does not….

A written budget, if followed, removes____ from your finances

A written cash flow plan

Your monthly budget should include

Occurs when money is withdrawn from a bank account and the available balance goes below zero.  

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

Expenses that remain the same from month to month

A summary of all the income and outgo over a certain time period

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

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

Your own record of all your transactions

A Debit card cannot be used for online purchases

A written cash flow plan

The act of matching your bank statement with your checking account.  

"Pay yourself First" means you should assign a portion of your $$ to saving and investing

Rent is a:

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

Cash flow plan that assigns an expense to every dollar. Total expense =total outgo.

The #1 cause of divorce in North America is stress and disagreements over money

An item that is bought without previous planning or consideration for the long term effects.  

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

Which of the following statements is false?

Eating out is a:

A cashflow plan that assigns an expense to every dollar of your income.  Income-Expense = Zero.

Series of Envelopes that are divided into categories and used for cash for planned purchases.  

Occurs when money is withdrawn from a bank account and the available balance goes below zero

matching your bank statement with your checkbook

The envelope system works great for managing things that do not have a fixed expense

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

Percentage of American's living paycheck to paycheck

A typical millionaire would....