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Ch. 3 Test Prep.
Test Description: Study for Ch. 3 test
Instructions: Answer all questions to get your test result.
1) Which of the following is a consequence of overdrawing your checking account?
A
Bounced check fee from the store
B
Overdraft fee from your bank
C
All of the above
D
Stress from money mismanagement
2) Doing a budget does not:
A
Remove guilt and shame sometimes associated with a purchase
B
Make overspending more likely
C
Show if you are overspending in an area
D
Make your money go further
3) Your monthly budget should include:
A
Variable expenses
B
Discretionary expenses
C
All of the above
D
Fixed expenses
4) Which of the following is something that a typical millionaire would do?
A
Carry debt
B
Spend less money than he or she makes
C
Replace things that are not broken
D
Lease a new car
5) Rent is a:
A
Discretionary expense
B
Intermittent expense
C
Fixed expense
D
Variable expense
6) Eating out is a:
A
Variable expense
B
Intermittent expense
C
Fixed expense
D
Discretionary expense
7) Car repairs are a
A
Discretionary expense
B
Fixed expense
C
Intermittent expense
D
Variable expense
8) Groceries are a
A
Discretionary expense
B
Fixed expense
C
Variable expense
D
Intermittent expense
9) A written budget, if followed, removes ________ from your finances.
A
Management by crisis
B
Overspending
C
All of the above
D
Guilt
10) The following are guidelines for budgeting with an irregular income except:
A
A) Prioritize the list in order of importance.
B
C) Budgeting with an irregular income is no different than budgeting with a regular income.
C
D) When your check comes in, spend your money all the way down the list.
D
B) Make a list of all of your expenses for the month ahead.
11) Percentage of Americans living paycheck to paycheck:
A
50
B
40
C
70
D
25
12) The zero-based budget is the best method of budgeting because:
A
D) The zero-based budget ensures that every dollar you make is assigned a specific purpose
B
C) Sticking to a zero-based budget requires less discipline
C
B) A zero-based budget allows less money for wants
D
A) This type of budget is less complicated than other types of budgets
13) 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
D) A monthly account statement
D
C) Customer service reconciles your account for you
14) Which of the following account records would have the most current balance?
A
C) Your monthly bank statement
B
D) All of these records will have accurate account balances
C
A) Account balance statement from the ATM
D
B) Your own account register
15) The number-one cause of divorce in North America today is stress and disagreements over money.
A
True
B
False
16) The envelope system works great for managing spending on things that donʹt normally have a fixed monthly expense.
A
True
B
False
17) If you write a zero-based budget every month, it is not necessary to reconcile your account.
A
False
B
True
18) Budgeting is crucial to your financial success
A
True
B
False
19) Writing and following a zero-based budget will help you avoid overspending and impulse purchases.
A
True
B
False
20) A debit card cannot be used for online purchases.
A
True
B
False
*select an answer for all questions
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