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Foundations In Personal Finance Ch. 3 Budgeting Flashcards | StudBud
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Foundations In Personal Finance Ch. 3 Budgeting
Foundations In Personal Finance Ch. 3 Budgeting
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Questions
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Answers
1
Having more than one bank account is never a good idea since it can complicate money management
False
True
2
Online bill pay allows you to make payments without having to write a check & mail it in.
False
True
3
A debit card cannot be used for online purchases.
False
True
4
Car repairs are a:
Discretionary expense
Variable expense
Fixed expense
Intermittent expense
5
Percentage of Americans living paycheck to paycheck:
70
25
40
50
6
ʺPay yourself firstʺ means you assign some of your income to saving & investing every month.
True
False
7
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
8
The number-one cause of divorce in North America today is stress and disagreements over money.
True
False
9
Eating out is a:
Intermittent expense
Variable expense
Discretionary expense
Fixed expense
10
Which of the following statements is false?
The cash flow statement is reflective of what has happened.
Budgets summarize saving & spending of the past year
A budget is a written plan for saving and spending.
Cash flow statement sums up all income & spending over time
11
Which of the following is not a record-keeping feature you could expect from your bank?
An account register
A reconciliation sheet
A monthly account statement
Customer service reconciles your account for you
12
If you write a zero-based budget every month, it is not necessary to reconcile your account.
True
False
13
Rent is a:
Fixed expense
Variable expense
Intermittent expense
Discretionary expense
14
Doing a budget does not:
Show if you are overspending in an area
Make your money go further
Remove guilt and shame sometimes associated with a purchase
Make overspending more likely
15
Writing and following a zero-based budget will help you avoid overspending & impulse purchases.
False
True
16
Your monthly budget should include:
Fixed expenses
Discretionary expenses
All of these
Variable expenses
17
Which of the following is something that a typical millionaire would do?
Spend less money than he or she makes
Replace things that are not broken
Carry debt
Lease a new car
18
The zero-based budget is the best method of budgeting because:
This budget is less complicated than other types of budgets
Sticking to a zero-based budget requires less discipline
A zero-based budget allows less money for wants
It ensures that every $ you make has a specific purpose
19
Setting up automatic account transfers is the easiest way to build your savings.
True
False
20
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 these
21
Budgeting is crucial to your financial success.
False
True
22
Groceries are a:
Intermittent expense
Variable expense
Fixed expense
Discretionary expense
23
A written budget, if followed, removes ________ from your finances.
All of these
Guilt
Overspending
Management by crisis
