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Dave Ramsey: Chapter 3| Questions Solved with Verified Correct Answers | Latest Update
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Dave Ramsey: Chapter 3| Questions Solved with Verified Correct Answers | Latest Update 2024- 2025
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Dave Ramsey: Chapter 3| Questions Solved withVerified Correct Answers | Latest Update 2024-
2025
A summary of all the income and outgo over a certain time period - ANSWER cash flow
statement
The number-one cause of divorce in North America today is stress and disagreements over
money T/F - ANSWER true
Setting up automatic account transfers is the easiest way to build your savings for your
emergency fund or large purchases
T/F - ANSWER true
If you write a zero-based budget every month, it is not necessary to reconcile your account T/F -
ANSWER false
Budgeting is crucial to your financial success T/F - ANSWER true
Writing and following a zero-based budget will help you avoid overspending and
impulse purchases T/F - ANSWER true
A debit card cannot be used for online purchases T/F - ANSWER false
"Pay yourself first" means you should assign a portion of your income to saving and
investing every month
, T/F - ANSWER false
Online bill pay allows you to make payments to whomever you wish without having to write a
check and send it in the mail T/F - ANSWER true
Having more than one bank account is never a good idea since it can complicate
money management T/F - ANSWER false
what are the reasons cash flow plans sometimes do not work - ANSWER leave things out, over
complicate, don't write or live on a budget
why is the zero based budget the best method for budgeting - ANSWER every dollar made goes
to a specific purpose
explain why you should always have a cash flow plan - ANSWER removes management of
crisis, guilt, shame, fear, stress, overdrafts and overspendings
describe the various payment options that come with a checking account - ANSWER checks,
debit card (online and in stores) online bill payment
why is it important to maintain a file of both paper and electronic financial records - ANSWER
reference for taxes, accurate balance in checking accounts, catch errors the bank made, can
be aware of fraudulent activity
what is a consequence of overdrawing your checking account - ANSWER overdraft fee,
stress, bounced check
a written budget, if followed, removes what from your finances - ANSWER guilt,
management by crisis, overspending
percentage of american living paycheck to paycheck - ANSWER 70%
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