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WorksheetsChapter 3 Budgeting
Total questions: 25
Worksheet time: 13mins
Having more than one bank account is never a good idea since it can complicate money management.
True
False
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
What is the percentage of Americans living paycheck to paycheck?
70%
25%
50%
40%
The following are guidelines for budgeting with an irregular income except
Prioritize the list in order of importance.
Make a list of all your expenses for the month ahead.
Budgeting with an irregular income is no different than budgeting with a regular income.
When your check comes in, spend your money all the way down the list.
Which of the following is NOT a record-keeping feature you could expect from your bank?
A reconciliation sheet
An account register
Customer service reconciles your account for you
A monthly account statement
Which of the following account records would have the most current balance?
Account balance statement from the ATM
Your own account register
Your monthly bank statement
All of these records will have accurate account balances
Which of the following statements is false?
A cash flow statement summarizes all of the income 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.
A cash flow statement is reflective of what has already taken place.
Which of the following account records would have the most current balance?
Account balance statement from the ATM
Your own account register
Your monthly bank statement
All of these records will have accurate account balances
"Pay yourself first" means you should assign a portion of your income to saving and investing every month.
True
False
If you write a zero-based budget every month, it is not necessary to reconcile your account.
True
False
Setting up automatic account transfers is the easiest way to build your savings for your emergency fund or large purchases.
True
False
The number one cause of divorce in North America today is stress and disagreements over money.
True
False
Budgeting is crucial to your financial success.
True
False
A debit card cannot be used for online purchases.
True
False
Writing AND following a zero-based budget will help you avoid overspending and impulse purchases.
True
False
Online bill pay allows you to make payments to whomever you wish without having to write a check and send it in the mail.
True
False
