Chapter 3: Budgeting

Your own record of all your transactions

Budgeting is crucial to your financial sucess

Which account records would have the most current balance?

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

Setting up automatic account transfers is the easiest way to build your savings

What's the percentage of Americans living paycheck to paycheck?

Non-essential expenses

Having more than one bank account is not a good idea because it can complicate $ management

A debit card cannot be used for online purchases

Online bill pays allow you to make payments without writing a check and sending it in the mail

To match your bank statement with your checkbook

A written cash flow plan

Expenses that remain the same from month to month

Which is a consequence of overdrawing your checking account?

If you write a zero-based budget you don't have to reconcile your account

Doing a budget does not:

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

Which of the following statements is false?

Car repairs are a:

Number one cause of divorce is due to stress and disagreements over money

Summary of all the income and outgo over a certain time period

Envelope system is great for managing spending on things that don't have fixed monthly expense

Your monthly budget should include:

Eating out is a:

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

"Pay yourself first" means to assign some income to saving and investing every month

An item that is bought without previous planning

Which is something that a typical millionaire would do?

Groceries are a:

Having a zero-based budget will help you not to overspend and impulse buy

Zero-based budget is the best method because:

Series of envelopes that are divided into categories and are used to store cash for expenses

Occurs when money is withdrawn from bank account and the balance goes below zero

Rent is a:

The following are guidelines for budgeting with an irregular income except: