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Budget-Ch 3

Quiz by Michelle Bruce

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37 questions
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  • Q1
    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
    30s
  • Q2
    Doing a budget does not:
    Make your money go further
    Make overspending more likely
    Show if you are overspending in an area
    Remove guilt and shame sometimes associated with a purchase
    30s
  • Q3
    Your monthly budget should include:
    fixed expense
    variable expenses
    All the above
    discretionary expense
    30s
  • Q4
    Which of the following statements is false?
    A budget is a written plan for saving and spending.
    A cash flow statement summarizes all of the income and outgo (spending) over a certain time period.
    A budget is meant to summarize the saving and spending that has taken place over the past year
    The cash flow statement is reflective of what has already taken place.
    30s
  • Q5
    Which of the following is something that a typical millionaire would do?
    Spend less money than he or she makes
    Lease a new car
    Replace things that are not broken
    carry debts
    30s
  • Q6
    Rent is a
    variable expense
    descretionary expense
    Intermittent expense
    Fixed expense
    30s
  • Q7
    Eating Out is
    variable expense
    Fixed expense
    Discretionary Expense
    intermittent expense
    30s
  • Q8
    Car repairs are a:
    Intermittent expense
    discretionary expense
    fixed expense
    variable expense
    30s
  • Q9
    Groceries are a:
    fixed expense
    Variable expense
    discretionary expense
    intermittent expense
    30s
  • Q10
    A written budget, if followed, removes ____from your finances
    All of the above
    Management by crisis
    overspending
    guilt
    30s
  • Q11
    The following are guidelines for budgeting with an irregular income except:
    Prioritize the list in order of importance.
    When your check comes in, spend your money all the way down the list.
    Budgeting with an irregular income is no different than budgeting with a regular income.
    Make a list of all of your expenses for the month ahead.
    30s
  • Q12
    Percentage of Americans living paycheck to paycheck:
    40
    25
    50
    70
    30s
  • Q13
    The zero-based budget is the best method of budgeting because
    The zero-based budget ensures that every dollar you make is assigned a specific purpose
    Sticking to a zero-based budget requires less discipline
    A zero-based budget allows less money for wants
    This type of budget is less complicated than other types of budgets
    30s
  • Q14
    Which of the following is not a record-keeping feature you could expect from your bank?
    A monthly account statement
    An account register
    A reconciliation sheet
    Customer service reconciles your account for you
    30s
  • Q15
    Which of the following account records would have the most current balance?
    Your own account register
    Account balance statement from the ATM
    Your monthly bank statement
    All of these records will have accurate account balances
    30s

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