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Budgeting Flashcards | StudBud
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Budgeting
Budgeting
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Chapter 3 Review
Flashcards
21 cards
F
Practice quiz
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Questions
21
Answers
1
Doing a budget does not
Make overspending more likely
Make your money go further
Remove guilt and shame
Build wealth and give
2
Why is having an emergency fund so important to your well-being?
It provides financial security
You don't need an emergency fund
All the above
So you can take vacations when you want
3
Instead of borrowing money for large purchases what method could you implement?
Sinking fund
Emergency fund
Credit Card debt fund
Mortgage fund
4
Writing/following a zero-based budget will help you avoid overspending and impulse purchases.
False
True
5
The number one cause of divorce in America is stress and disagreement of money.
The emergency fund is not intended to grow
None of the above
True
False
6
Car repairs are a
Fixed expenses
Discretionary expenses
Variable expenses
Intermittent expenses
7
Which of the following account records have the most current balance?
Your own account register
ATM balance receipt
Your monthly bank statement
8
Rent is a
Variable expenses
Fixed expenses
Discretionary expenses
Intermittent expenses
9
What's the various payment options that come with a checking account.
Online bill pay
All the above
Debit cards
Writing checks
10
What percentage of Americans living paycheck to paycheck is
70
5
40
25
11
Your monthly budget should include
Fixed expenses
Discretionary expenses
Variable expenses
All the above
12
Which of the following is something a millionaire would do?
Replace things that are not broken
Carry debt
Lease a car
Spend less money than he or she makes
13
Pay yourself first means you should assign a portion of your income to your savings.
True
False
14
Which of the following is a consequence of overdrawing your checking account?
all the above
Stress
overdraft fee from bank
bounced check
15
Occurs when money is withdrawn from a bank account and the available balance goes below zero
Reconcile
A monthly account statement
Overdraft
Customer service reconciles your account for you
16
Money set aside and left alone for a rainy day?
Savings account
Emergency fund
17
A debit card cannot be used for online purchases.
True
False
18
Zero based budget is the best method of budgeting because
It ensures every dollar you make is assigned to something
A zero-based budget allows less money for wants
19
Having more than one bank account is never a good idea; it can complicate money management.
False
True
20
What approach do you use when you want to buy a car in a year?
wealth building
sinking fund
credit card fund
emergency fund
21
A cash flow plan that assigns an expense to every dollar of your income.
zero-based budget
zero-spending plan
