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Dave Ramsey Chapter 3 Review: Budgeting Flashcards | StudBud
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Dave Ramsey Chapter 3 Review: Budgeting
Dave Ramsey Chapter 3 Review: Budgeting
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A #dave #ramsey #quiz on #budgeting.
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Car repairs are:
Variable Expenses
Fixed Expenses
Discretionary Expenses
Intermittent Expenses
2
Groceries are a:
Discretionary Expense
Variable Expense
Intermittent Expense
Fixed Expense
3
Having more than one bank account is not a good idea since it can complicate money management.
False
True
4
Which of the following is something that a typical millionaire would do?
HAve debt
Lease a new car
Buy something new that doesn't need fixed
Spend less money than he or she makes
5
This is a summary of all the income and outgo over a certain time period.
Cash flow statement
Budget
6
The number-one cause of divorce in North America today is stress and disagreements over money.
False
True
7
Setting up automatic transfers is the easiest way to build your up your savings.
True
False
8
Which of the following is a consequence of overdrawing your checking account?
Overdraft fee from your bank
Stress from money mismanagement
Bounced check fee from the store
All of the above
9
Writing & following a zero-based budget will help you avoid overspending and impulse purchases.
False
True
10
Online bill pay allows you to make payments without having to write a check and mail it.
False
True
11
This matches your bank statement with your checkbook.
Reconciling
Cash-flow Plan
12
An item that is bought without previous planning or consideration of the long-term effects.
Impulse Purchase
Sale Item
13
Rent or a mortgage payment is a:
Intermittent Expense
Fixed Expense
Discretionary Expense
Variable Expense
14
Your monthly budget should include:
Discretionary Expenses
All of the above
Fixed Expenses
Variable Expenses
15
Pay yourself first means you should assign a portion of your income to saving/investing
False
True
16
This is your OWN record of all your transactions.
Bank Statement
Check Register
17
Occurs when money is withdrawn from a bank account and the available balance goes below zero.
Reconcile
Overdraft
18
Doing a budget does NOT:
Make overspending more likely
Show if you are overspending in an area
Remove guilt and shame sometimes associated with a purchase
Make your money go further
19
The envelope system works for managing spending on items that don’t have fixed monthly expenses
True
False
20
Percentage of Americans living paycheck to paycheck:
40%
50%
25%
70%
21
Expenses that remain the same from month to month.
Fixed
Variable
22
Going out to eat is what type of expense?
Intermittent
Variable
Discretionary
Fixed
23
If you write a zero-based budget every month, it is not necessary to reconcile your account.
True
False
24
Which of the following account records would have the most current balance?
Your monthly bank statement
Account balance statement from the ATM
Your own account register
All of these records will have accurate account balances
25
This is a written cash flow plan.
Budget
Cash flow statement
