MM Chapter 3 And 4 MC Part 2: Question Preview (ID: 23861)


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Doing a budget does not
a) make overspending more likely
b) remove guilt and shame sometimes associated with a purcahse
c) show if you are overspending in an area
d) make your money go further

Your monthly budget should include
a) all of these
b) savings
c) transportation
d) giving

Which of the following statements is false
a) a budget is meant to summarize the saving and spending that has taken place over the past year
b) a budget is a written plan for saving and spending
c) the cash flow statement is reflective of what has already taken place
d) a cash flow statement summarize all the income and outgo(spending) over a certain period of time

Which of the following is something that a typical millionaire would do
a) spend less money than he makes
b) lease a new car
c) replace things that are not broken
d) carry debt

Rent is a
a) fixed expense
b) discretionary expense
c) variable expense
d) intermittent expense

In a budget, your income minus what you plan to spend your money on
a) should = 0
b) shows how much you should save
c) shows how much you should give
d) should never = 0

Eating out is a
a) discretionary expense
b) fixed expense
c) variable expense
d) intermittent expense

Groceries are a
a) variable expense
b) fixed expense
c) intermittent expense
d) discretionary expense

Car repairs is a
a) intermittent expense
b) discretionary expense
c) variable expense
d) fixed expense

The following are guidelines for budgeting with an irregular income except
a) budgeting with an irregular income is no different than budgeting with a regular income
b) prioritize the list in order of importance
c) make a list of all your expenses for the month ahead
d) when your check comes in, spend your money all the way down the list

The percentage of Americans living paycheck to paycheck is
a) 70%
b) 25%
c) 50%
d) 40%

The zero-based budget is the best method of budgeting because
a) the zero-based budget ensures that every dollar you make is assigned a specific purpose
b) this type is less complicated than other types of budgets
c) sticking to a zero-based budget requires less discipline
d) a zero-based budget allows less money for wants

Which of the following is not a record keeping feature you could expect from your bank
a) customer service reconciles your account for you
b) a monthly account statement
c) a reconciliation sheet
d) an account register

Which of the following account records would have the most current balance
a) your account register
b) account balance statement from the ATM
c) your monthly bank statement
d) all of these

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