WorksheetsBudget
Total questions: 27
Worksheet time: 14mins
The following are guidelines for budgeting with an irregular income except:
Prioritize the list in order of importance.
Make a list of all of your expenses for the month ahead.
Budgeting with an irregular income is no different.
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?
An account register
A reconciliation sheet
Customer service reconciles your account
A monthly account statement
Budgeting is crucial to your financial success.
True
False
Having more than one bank account is never a good idea since it can complicate money management.
True
False
The zero-based budget is the best method of budgeting because:
It ensures every dollar you make is assigned a specific purpose
It requires less discipline
It allows less money for wants
It is less complicated than other types of budgets
The envelope system works great for managing spending on things that don’t normally have a FIXED monthly expense.
True
False
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.
The cash flow statement is reflective of what has already taken place.
Non-essential expenses.
Discretionary
Intermittent
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
Groceries are a:
Variable expense
Discretionary expense
ʺPay yourself firstʺ means you should assign a portion of your income to saving and investing every month.
True
False
Doing a budget does not:
Show if you are overspending in an area
Make overspending more likely
Make your money go further
Remove guilt and shame associated with an impulse purchase
Setting up automatic account transfers is the easiest way to build your savings for your emergency fund or large purchases.
True
False
A written budget, if followed, removes _________ from your finances.
Overspending
Guilt
Management by crisis
All of the above
To match your bank statement with your checkbook:
Cash flow plan
Reconcile
Series of envelopes divided into categories and used to store cash for planned monthly expenses.
Budget
Check carbon
Register
Envelope system
Percentage of Americans living paycheck to paycheck:
25%
70%
50%
40%
Your own record of all your transactions.
Statement
Register
If you write a zero-based budget every month, it is not necessary to reconcile your account.
True
False
Occurs when money is withdrawn from a bank account and the available balance goes below zero.
Overdraft
Balance
A written cash flow plan.
Personal finance
Budget
Your monthly budget should include:
Fixed expenses
Variable expenses
Discretionary expenses
All of the above
Car repairs are a:
Intermittent expense
Fixed expense
A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero.
Zero based
Zero spending
Expenses that remain the same from month to month.
Variable
Fixed
Which of the following account records would have the most current balance?
Account balance statement from the ATM
Your monthly bank statement
Your own account register
All of the above
Writing and following a zero-based budget will help you avoid overspending and impulse purchases.
True
False
