Chapter 7: Money In Review
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A quiz on budgeting.
- 1.Why do you need a written budget even when you know you can afford your expenses?
- 2.
- 3.Form used to do a budget
- A.
Monthly cash flow forms
- B.
Irregular income form
- C.
Budget
- D.
Reconcile
- 4.Form used by persons earning an inconsistent monthly income
- A.
Monthly cash flow form
- B.
Budget
- C.
Irregular income form
- D.
Duplicate checks
- 5.Process used to determine if the balance in your checking registry matches the balance reported on the bank statement
- A.
Budget
- B.
Reconcile
- C.
Currency
- D.
Duplicate checks
- 6.Another name for cash flow plan
- A.
Budget
- B.
Currency
- C.
Reconcile
- D.
Discipline
- 7.Helps people who forget to record checks in their register after writing them
- A.
Currency
- B.
Irregular income form
- C.
Duplicate checks
- D.
Debit card
- 8.Bounced checks are a sign of ___________________ living.
- A.
Normal
- B.
Crisis
- C.
Comfortable
- D.
Both a and b
- 9.A written budget should be done every
- A.
Month
- B.
Week
- C.
3 months
- D.
6 months
- 10.Your monthly budget should include
- A.
Fixed expenses
- B.
Variable expenses
- C.
Money to blow
- D.
All of the above
- 11.What would account for a difference in balances in your checkbook registry and bank statement after reconciling the two?
- A.
An error or omission
- B.
Outstandiing checks that didn't clear
- C.
Deposits that did not post
- D.
All of the above
- 12.Doing a budget does NOT:
- A.
Lead to an increase in arguments
- B.
Make your money go farther
- C.
Show if you are overspending in an area
- D.
Remove guild and shame sometimes associated with purchases
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