CM Chapters 1-6

Front

What is a check register?

Back

A check register is a record used to keep track of deposits, electronic transfers, withdrawals, and checks written.

Front

What does it mean to be over your budget?

Back

Being over your budget means you have spent more money than you had planned or allocated for a specific category, such as groceries.

Front

How do you write $326.89 in words when writing a check?

Back

Three hundred twenty six and 89/100.

Front

How many monthly pay periods are there in a year?

Back

There are 12 monthly pay periods in a year.

Front

What is NET PAY?

Back

NET PAY is the amount you get paid AFTER deductions have been taken out.

Front

What is a bank statement?

Back

A bank statement is a summary of all transactions in a bank account over a specific period, including deposits, withdrawals, and fees.

Front

What is the purpose of budgeting?

Back

The purpose of budgeting is to plan and control your spending to ensure you do not exceed your income.

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total amount earned before any deductions, while net pay is the amount received after deductions.

Front

What is an example of a fixed expense?

Back

An example of a fixed expense is rent or mortgage payments, which remain constant each month.

Front

What is an example of a variable expense?

Back

An example of a variable expense is groceries, which can fluctuate from month to month.