Dave Ramsey Chapter 3 - Budgeting

Which of the following is a consequence of overdrawing your checking account?

• Bounced check fee from the store

• Stress from money mismanagement

• Overdraft fee from your bank

• All of the above

Doing a budget does not

• Show if you are overspending in an area

• make overspending more likely

• remove guiltand shame sometimes associated with a purchase

• make your money go further

Your monthly budget should include

• variable expenses

• discretionary expenses

• fixed expenses

• all of the above

Which of the following statements is false?

• A cash flow statement summarizes all of the incomes and outgo (spending) over a certain time period

• a budget is a written plan for saving and spending

• a budget is meant to summarize the saving and spending that has taken place over the past year

• the cash flow statement is reflective of what has already taken place

Which of the following is something that a typical millionaire would do?

• Lease a new car

• spend less money than he or she makes

• replace things that are not broken

• carry debt

Rent is a

• fixed expense

• variable expense

• discretionary expense

• intermittent expense

Eating out is a

• fixed expense

• variable expense

• discretionary expense

• intermittent expense

Car repairs are a

• fixed expense

• variable expense

• discretionary expense

• intermittent expense

Groceries are a:

• fixed expense

• variable expense

• discrtionary expense

• intermittent expense

A written a budget, if followed, remove ____________ from your finances.

• Overspending

• Guilt

• Management by crisis

• All of the above

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