Chapter 9: Compile Your Files Review

Only 32% of Americans would be able to cover a $5,000 emergency with cash without going into debt for it.

• True

• False

A person's budget can be flexible providing that they keep an eye on their financial goals.

• True

• False

A special account in which to save money for unexpected costs is known as a forecast.

• True

• False

Knowing your budget and what you can afford will not help you stay on track.

• True

• False

A person should consider using their excess cash to pay down debt.

• True

• False

How long should a person hold on to their bank statements?

• One month

• Three months

• Six months

• One year

What is NOT considered to be an important financial record?

• Bills

• Tax documents

• Paychecks

• Report cards

The purchases you make or expenses you have are known as

• Fixed expenses

• Expenditures

• Deficits

• Reserve fund

What is a way to stay on track with your budget?

• Make a list

• Record expenses

• Make a list and record expenses

• None of these

Select all the options that could indicate that a person's budget needs to be updated?

• Their expenses have changed

• Their financial goals have changed

• They are using credit cards more often in order to meet monthly expenses

• Their expenses have stayed the same over an extended time