Budgets

Front

What two things does a budget compare?

Back

Income and Expenses

Front

The idea of a budget is to spend exactly as much as you spend.

Back

False

Front

Which is an example of a fixed expense? Options: Cell Phone, Utility bill, Groceries, Gasoline

Back

Cell Phone

Front

Which of the following is a true statement about saving receipts?

Back

Saving receipts allows you to keep an accurate record of your spending.

Front

Variable expenses may not be the same every month.

Back

True

Front

When you set a budget, you should never revisit or adjust it.

Back

False

Front

This occurs when money is withdrawn from a bank account and the available balance goes below zero.

Back

overdraft

Front

This is a series of envelopes that are divided into categories (food, entertainment, gas, etc.) and are used to store cash for planned monthly expenses.

Back

an envelope system

Front

You match your bank statement with your checkbook balance in order to balance or __________ your account.

Back

reconcile

Front

Expenses that stay the same every month are _________ expenses. Rent would be an example.

Back

fixed