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Ch 3 Test
Personal Finance Test
| Question | Answer |
|---|---|
| What are the consequences of overdrawing your checking account? | bounced check free the store, overdraft fee from your bank, stress |
| Doing a budget does not: | make overspending more likely |
| Your monthly budget should include: | variable expenses, fixed expenses, discretionary expenses |
| Dining out is a: | discretionary expense |
| Rent is a: | fixed expense |
| Groceries are a: | variable expense |
| Car repairs are a: | intermittent expense |
| According to Dave, a millionaire would spend more/less than he makes. | Less |
| A written budget plan includes to what two things? | Saving and spending |
| A written budget, if followed, removes ________ from your finances? | overspending, guilt, management by crisis |
| Is budgeting for an irregular income different than a regular incomes? | Yes |
| Percentage of Americans living paycheck to paycheck? | 70% |
| A zero-based budget is the best method of budgeting because: | It ensures that every dollar you make is assigned to a specific purpose |
| What record-keeping features can you expect from your bank? | reconciliation sheet, account register, monthly account statement |
| What account records show your current balance? | account balance statement from ATM, your own account register, online bank account |
| What is the number one cause of divorce in North America today? | Stress and disagreements over money |
| According to Dave, what system works great for managing spending on things that don't normally have a fixed monthly expense. | Envelope system |
| Do you need to reconcile your account if you have a zero-based budget? | Yes |
| Is budgeting crucial to financial success? | Yes |
| Can a debit card be used for online purposes? | Yes |
| When you assign a portion of your income to saving every month you: | "Pay yourself first" |
| What is the easiest way to build your savings for your emergency fund? | Setting up automatic account transfers |
| Is having more than one bank account ever a good idea? | Yes |
| What is the purpose of online bill pay? | allows you to make payments to whomever you wish without having to write a check and send it in the mail. |
Created by:
lauren.clay