Personal Finance Chapter 3 Flashcards

1

Going to McDonalds is a

Intermittent Expense
Discretionary Expense
Fixed Expense
Variable Expense

2

This is the easiest way to build up your savings

Try and spend less
Work more
automatic account transfers
Budget

3

Replacing a muffler on my truck is a

Intermittent Expense
Variable Expense
Discretionary Expense
Fixed Expense

4

#1 cause of divorce

Love
Job Stress
Fashion
Money

5

What account records would have the most current balance?

Account balance from the ATM
All records will have an accurate balance
Monthly Bank Statement
Your own account register

6

Rent is a

Discretionary Expense
Fixed Expense
Variable Expense
Intermittent Expense

7

The reason we create a budget is so we can tell where ever dollar will go.

True
False
No
Yes

8

What can I NOT do with a checking account

Use a debit card
Account Transfers
Pay later
Use checks

9

A copy of each check

Carbon Check
Envelope System
Budget
Overdraft

10

How many Americans are living pay check to pay check?

30%
70%
40%
85%

11

A budget is a way to summarize what spending has taken place in the last year.

False
True

12

Which of the follow is NOT a consequence of overdrawing your checking account?

Stress
Lower credit score
Bounced check fee from store
Overdraft Fee

13

Groceries are a

Intermittent Expense
Discretionary Expense
Variable Expense
Fixed Expense

14

A written cash flow plan

Budget
Carbon Check
Envelope System
Overdraft

15

Your budget should NOT include.

Discretionary expenses
Variable expenses
Impulse Expenses
Fixed Expenses

16

It's a bad idea to have more than one bank account since it might complicate money management.

True
Tru?
False
...

Personal Finance Chapter 3

Questions 16

Personal Finance Chapter 3

Questions 16