Ch. 3 Test Prep.: Question Preview (ID: 26849)


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If you write a zero-based budget every month, it is not necessary to reconcile your account.
a) True b) False c) d)
Budgeting is crucial to your financial success
a) True b) False c) d)
The envelope system works great for managing spending on things that donʹt normally have a fixed monthly expense.
a) True b) False c) d)
The number-one cause of divorce in North America today is stress and disagreements over money.
a) True b) False c) d)
Which of the following account records would have the most current balance?
a) A) Account balance statement from the ATM b) B) Your own account register c) C) Your monthly bank statement d) D) All of these records will have accurate account balances
Which of the following is not a record-keeping feature you could expect from your bank?
a) A) A reconciliation sheet b) B) An account register c) C) Customer service reconciles your account for you d) D) A monthly account statement
Percentage of Americans living paycheck to paycheck:
a) 70 b) 25 c) 50 d) 40
The zero-based budget is the best method of budgeting because:
a) A) This type of budget is less complicated than other types of budgets b) B) A zero-based budget allows less money for wants c) C) Sticking to a zero-based budget requires less discipline d) D) The zero-based budget ensures that every dollar you make is assigned a specific purpose
The following are guidelines for budgeting with an irregular income except:
a) A) Prioritize the list in order of importance. b) B) Make a list of all of your expenses for the month ahead. c) C) Budgeting with an irregular income is no different than budgeting with a regular income. d) D) When your check comes in, spend your money all the way down the list.
Groceries are a
a) Fixed expense b) Variable expense c) Discretionary expense d) Intermittent expense
A written budget, if followed, removes ________ from your finances.
a) Overspending b) Guilt c) Management by crisis d) All of the above
Eating out is a:
a) Fixed expense b) Variable expense c) Discretionary expense d) Intermittent expense
Car repairs are a
a) Fixed expense b) Variable expense c) Discretionary expense d) Intermittent expense
Rent is a:
a) Fixed expense b) Variable expense c) Discretionary expense d) Intermittent expense
Which of the following is something that a typical millionaire would do?
a) Lease a new car b) Spend less money than he or she makes c) Replace things that are not broken d) Carry debt
Your monthly budget should include:
a) Variable expenses b) Discretionary expenses c) Fixed expenses d) All of the above
Doing a budget does not:
a) Show if you are overspending in an area b) Make overspending more likely c) Remove guilt and shame sometimes associated with a purchase d) Make your money go further
Which of the following is a consequence of overdrawing your checking account?
a) Bounced check fee from the store b) Stress from money mismanagement c) Overdraft fee from your bank d) All of the above
Writing and following a zero-based budget will help you avoid overspending and impulse purchases.
a) True b) False c) d)
A debit card cannot be used for online purchases.
a) True b) False c) d)
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