Budgeting
9th - 12th grade
89 times
Other
58%average accuracy
3 years ago
knoxie88
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35 QuestionsShow answers
  • Question 1
    30 seconds
    Q. Which of the following is a consequence of overdrawing your checking account?
    answer choices
    Bounced check fee from the store
    A)  Stress from money mismanagement
    Overdraft fee from your bank
    All of the above
  • Question 2
    30 seconds
    Q. Doing a budget does not: 
    answer choices
    Show if you are overspending in an area 
     Make overspending more likely 
    Remove guilt and shame sometimes associated with a purchase
    Make your money go further
  • Question 3
    30 seconds
    Q. Your monthly budget should include: 
    answer choices
    Variable expenses
    Discretionary expenses
    Fixed expenses
    All of the above
  • Question 4
    30 seconds
    Q. Which of the following statements is false?
    answer choices
    A cash flow statement summarizes all of the income and outgo (spending) over a certain time period.
    A budget is a written plan for saving and spending. 
    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
  • Question 5
    30 seconds
    Q. Which of the following is something that a typical millionaire would do? 
    answer choices
    Lease a new car
    Spend less money than he or she makes
    Replace things that are not broken 
    Carry debt
  • Question 6
    30 seconds
    Q. Rent is a: 
    answer choices
    Fixed expense 
     Variable expense
    Discretionary expense 
    Intermittent expense
  • Question 7
    30 seconds
    Q. Eating out is a:
    answer choices
    Fixed expense
    Variable expense 
    Discretionary expense
    Intermittent expense 
  • Question 8
    30 seconds
    Q. Car repairs are a: 
    answer choices
    Fixed expense
    Variable expense
    Discretionary expense
    Intermittent expense
  • Question 9
    30 seconds
    Q. Groceries are a:
    answer choices
    Fixed expense
    Variable expense
    Discretionary expense 
    Intermittent expense 
  • Question 10
    30 seconds
    Q.  A written budget, if followed, removes  from your finances. 
    answer choices
    Overspending
    Guilt
    Management by crisis
    All of the above
  • Question 11
    30 seconds
    Q. The following are guidelines for budgeting with an irregular income except: 
    answer choices
    Prioritize the list in order of importance. 
    Make a list of all of your expenses for the month ahead.
    Budgeting with an irregular income is no different than budgeting with a regular income. 
    When your check comes in, spend your money all the way down the list
  • Question 12
    30 seconds
    Q. Percentage of Americans living paycheck to paycheck:
    answer choices
    70
    25
    50
    40
  • Question 13
    30 seconds
    Q. The zero-based budget is the best method of budgeting because:  
    answer choices
    This type of budget is less complicated than other types of budgets
    A zero-based budget allows less money for wants 
    Sticking to a zero-based budget requires less discipline 
    The zero-based budget ensures that every dollar you make is assigned a specific purpose
  • Question 14
    30 seconds
    Q. Which of the following is not a record-keeping feature you could expect from your bank?   
    answer choices
     A reconciliation sheet 
    An account register
    Customer service reconciles your account for you
    A monthly account statement
  • Question 15
    30 seconds
    Q. Which of the following account records would have the most current balance?
    answer choices
    Account balance statement from the ATM 
    Your own account register
    Your monthly bank statement
     All of these records will have accurate account balances
  • Question 16
    30 seconds
    Q. The number-one cause of divorce in North America today is stress and disagreements over money.
    answer choices
    True
    False
  • Question 17
    30 seconds
    Q. The envelope system works great for managing spending on things that donʹt normally have a fixed monthly expense.
    answer choices
    True
    False
  • Question 18
    30 seconds
    Q. If you write a zero-based budget every month, it is not necessary to reconcile your account.
    answer choices
    True 
    False
  • Question 19
    30 seconds
    Q. Budgeting is crucial to your financial success.
    answer choices
    True
    False
  • Question 20
    30 seconds
    Q. Writing and following a zero-based budget will help you avoid overspending and impulse purchases.
    answer choices
    True 
    False
  • Question 21
    30 seconds
    Q. A debit card cannot be used for online purchases.
    answer choices
    True
    False
  • Question 22
    30 seconds
    Q. ʺPay yourself firstʺ means you should assign a portion of your income to saving and investing every month.
    answer choices
    True
    False
  • Question 23
    30 seconds
    Q. Online bill pay allows you to make payments to whomever you wish without having to write a check and send it in the mail.
    answer choices
    True
    False
  • Question 24
    30 seconds
    Q. Having more than one bank account is never a good idea since it can complicate money management.
    answer choices
    True
    False
  • Question 25
    30 seconds
    Q. Setting up automatic account transfers is the easiest way to build your savings for your emergency fund or large purchases.
    answer choices
    True
    False
  • Question 26
    30 seconds
    Q. Occurs when money is withdrawn from a bank account and the available balance goes below zero
    answer choices
    overdraft
    reconcile
  • Question 27
    30 seconds
    Q. A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero
    answer choices
    zero spending plan
    zero based budget
  • Question 28
    30 seconds
    Q. Series of envelopes that are divided into categories and are used to store cash for planned monthly expenses
    answer choices
    envelope system
    check carbon
  • Question 29
    30 seconds
    Q. An item that is bought without previous planning or consideration of the long-term effects
    answer choices
    sale item
    impulse purchase
  • Question 30
    30 seconds
    Q. To match your bank statement with your checkbook
    answer choices
    cash flow plan
    reconcile
  • Question 31
    30 seconds
    Q. A written cash flow plan
    answer choices
    budget
    personal finance
  • Question 32
    30 seconds
    Q. Expenses that remain the same from month to month
    answer choices
    variable
    fixed
  • Question 33
    30 seconds
    Q. Non-essential expenses
    answer choices
    discretionary
    intermittent
  • Question 34
    30 seconds
    Q. A summary of all the income and outgo over a certain time period
    answer choices
    cash flow statement 
    budget
  • Question 35
    30 seconds
    Q. Your own record of all your transactions
    answer choices
    check register
    account statement
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