Chapter 3 Financial Lit

Cash flow plan that assigns an expense to every $ of your income

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

Your monthly budget should include

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

A copy of each check you write

A written budget, if followed, removes ________ from your finances.

Doing a budget does not

Pay yourself first means you should assign a portion of your $ to saving investing every month.

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

Rent is a:

Occurs when money is withdrawn from a bank account and the available balance goes below zero

Envelopes that are divided into categories,used to store cash for planned monthly expenses

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

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

Having more than 1 bank account is never a good idea since it can complicate money management.

A written cash flow plan

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

Percentage of Americans living paycheck to paycheck:

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

The act of matching your bank statement with your checkbook