test 2

Question 1

with a wise financial plan, people consistently often plan wise ways of spending our money __ it is deposited into the bank

Answer 1

before

Question 2

instead of one taking care of their own needs, people tend to spend their money on __

Answer 2

wants

Question 3

a budget is important because it allows you to __ your money and how it is spent

Answer 3

control

Question 4

a written plan for giving, spending, and saving

Answer 4

budget

Question 5

a good budget breaks down your income and spending into specific __ so you know exactly where your money comes from and where you plan to spend it

Answer 5

categories

Question 6

budgeting is for __, not just those in full time employment and career

Answer 6

everyone

Question 7

__% of Americans say budgeting is important

Answer 7

95%

Question 8

__% of Americans actually budget

Answer 8

35%

Question 9

true or false: a budget limits your freedom

Answer 9

false

Question 10

a budget gives you __ to spend money on what you want

Answer 10

freedom

Question 11

a budget gives you permission to __

Answer 11

spend

Question 12

most people __ budgets because they think it will keep them from having __ with their money

Answer 12

avoid budgets; fun with their money

Question 13

true or false: you have to be an expert in order to budget. why or why not?

Answer 13

false because it simply required effort

Question 14

your biggest wealth-building budget tool is your __

Answer 14

income

Question 15

__% of students that took a personal finance course created a monthly budget

Answer 15

nearly 80%

Question 16

what is any money that you earn or receive as a gift

Answer 16

income

Question 17

what must be the first priority in your budget

Answer 17

giving

Question 18

the second priority in your budget

Answer 18

saving

Question 19

what includes everything else you spend money on such as bills, food, gas, etc.

Answer 19

spending

Question 20

what do you need to do to keep your budget on track

Answer 20

break your budget into small categories

Question 21

detailed categories will help you make better __ __

Answer 21

spending decisions

Question 22

an expense that remains the same from month to month

Answer 22

fixed expense

Question 23

an expense that varies in dollar amount from month to month but that you can expect to have every month

Answer 23

variable expense

Question 24

an expense that occurs at various times throughout the year and tends to be in large, lump sums

Answer 24

intermittent expenses

Question 25

expenses for things that you don't need

Answer 25

discretionary expenses

Question 26

when you approach your money in a spirit of generosity, you're more __ and __ with what you have

Answer 26

grateful and content

Question 27

true or false: the Bible commands us to be generous

Answer 27

true

Question 28

contentment naturally leads you to __ and __ others

Answer 28

serve and help

Question 29

what percent of your income should you save for giving

Answer 29

10%

Question 30

a cash-flow plan that assigns an expense to every dollar of your income

Answer 30

zero-based budget

Question 31

through a zero-based budget, every dollar has a __

Answer 31

job

Question 32

a zero-based budget will allow you to start accomplishing the __ __ today

Answer 32

five foundations

Question 33

what are the four walls of expenses

Answer 33

food, utilities, shelter, and transportation

Question 34

invest __% of your gross income

Answer 34

15%

Question 35

the amount you earn before taxes and other payroll deductions

Answer 35

gross income

Question 36

the first half of successful budgeting is __ _ __

Answer 36

creating a budget

Question 37

tracing your expenses to make sure you're stinking to your plan and adjusting your budget when needed is the __ __ of a successful budget

Answer 37

second half

Question 38

the hardest part of tracking expenses is just __ __ __

Answer 38

getting into habit

Question 39

__% of millionaires stick to their budegt

Answer 39

93%

Question 40

what should you do if you go over one category in your budget

Answer 40

you will need to cut back in another category for that month

Question 41

the __ system provides instant accountability

Answer 41

envelope system

Question 42

through the envelope system, you should use envelopes for the categories that you tend to __ on

Answer 42

overspend

Question 43

a record that summarizes all the income and outgo over a certain time period

Answer 43

cash-flow statement

Question 44

what's the difference in a budget and a cash-flow statement

Answer 44

a budget tells you what will happen and a cash-flow statement tells you what has already happened

Question 45

every dollar you spend is a reflection of you __

Answer 45

values

Question 46

your good intentions only matter if they turn into __ __

Answer 46

good actions

Question 47

after budgeting for several months, many people say that they feel as If they got _ __

Answer 47

a raise

Question 48

__% of students who have taken this course feel that they are able to better talk about finances with their family

Answer 48

65%

Question 49

maturity is the ability to __ gratifications

Answer 49

delay

Question 50

income that comes in at different amounts or at different times

Answer 50

irregular income

Question 51

earning based on a percentage of the sales made

Answer 51

commision

Question 52

when you have an irregular income, make sure you __ excess money for the next month

Answer 52

save

Question 53

more than __ ___ Americans are self-employed or work on straight commision

Answer 53

15 million

Question 54

the average family spends over $___ per year on clothing

Answer 54

$1800

Question 55

your __ __ will heavily influence your desire to budget

Answer 55

financial personality

Question 56

you must schedule __ each month to work on your budget

Answer 56

time

Question 57

what are two of the five ways to stick with your budget

Answer 57

keep it real, think weekly, check your social calendar, learn to say no, and find a budget buddy

Question 58

budgeting in a marriage requires __

Answer 58

work

Question 59

many successful marriages have a couples __ __ __

Answer 59

Budget Committee Meeting

Question 60

who does your money really belong to

Answer 60

God

Question 61

how does the envelope system work

Answer 61

(1) withdraw cash from the bank (2) designate money amounts to envelopes (3) when you want to spend money, withdraw money from the envelopes (4) when cash is gone no more spending!