Fin 101 exam 223 with 100% correct answers

____in the context of a personal budget refers to when and how much money received in your bank account cash flow You should have enough funds in your emergency cash reserve to keep your household running for ______ months? 6 months A ready supply of cash in bank products or a money market mutual fund that you can tap in a hurry in the event of an emergency is called _____? Emergency cash reserve Earning interest on interest is called compounding expenses that cover items and services that are not necessary for maintaining your home or life are called____? Discretionary expenses An example of a variable expense is an _____? Electric bill An example of a fixed expense is an ____? mortgage payment Budgeting: Income vs expenses. As of january 1st, 2017 you had $1,000 in your checking account and $500 was deposited into your account by your employer on January 15th. You paid your rent $400, electric bill $100, and $100 cell phone bill on Jan 10th. After spending $300 on your groceries and miscellaneous during the month of January, what is your checking account balance as of January 31st, 2017? $600 When building a budget or a spending plan you can utilize ____? software programs, excel spreadsheets, bank or online tools all of the above Personal budgets provide? a structrue that recognizes financial goals and organize spending to meet these goals