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Personal Finance Ch3
| Question | Answer |
|---|---|
| What are consequences of overdrawing your checking account? | Stress from money management, overdraft fee, bounced check fee |
| Doing a budget does not | make overspending more likely |
| Your budget should include | discretionary expenses, variable expenses, fixed expenses |
| Rent is a | fixed expense because it stays the same every month |
| Eating out is | discretionary expense because you can decide whether to do this or not and how much to spend on it |
| Car repairs are a | variable expense because they don't occur every month and vary in how much a repair might cost |
| If a written budget is followed, it removes ______________ from your finances | guilt, management by crisis, and overspending |
| What percentage of Americans live paycheck to paycheck? | 70 |
| A written cash flow plan | budget |
| To match your bank statement to your checkbook | reconcile |
| A series of envelopes that are divided into categories and are used to store cash for planned monthly expenses | envelope system |
| Occurs when money is withdrawn from a bank account and the available balance goes below zero | overdraft |
| A cash flow plan that assigns an expense to every dollar of your income | zero-based budget |
| Expenses that remain the same | fixed |
| Non-essential expenses | discretionary |
| Your own record of all your transactions | check register |
| A summary of all the income and outgo over a certain time period | cash flow statement |
| What is a sinking fund? | setting aside money over time to save up for an expense before it is due |
Created by:
gcowing
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