This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 10 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Plan for accomplishment in over a year or more A) Short term goal. B) Long term goal. C) Medium term goal. D) Immediate goal. Show Answer Correct Answer: B) Long term goal. 2. Someone breaks into your apartment and steals your iPad. A) Homeowners Insurance. B) Liability Insurance. C) Comprehensive Insurance. D) Renters Insurance. Show Answer Correct Answer: D) Renters Insurance. 3. Although the majority of Americans think budgeting is important, about of Americans actually use a budget. A) 23. B) 35. C) 50. D) 75. Show Answer Correct Answer: B) 35. 4. Which monthly expense is more of a "want" than a "need" ? A) School supplies. B) Lunch costs. C) Cell phone bill. D) Video games. Show Answer Correct Answer: D) Video games. 5. What part of SMART is missing from this goal? I will improve my grade in Business by the end of the semester. A) Not time-bound. B) Not attainable. C) Not specific enough. D) Not measurable. Show Answer Correct Answer: D) Not measurable. 6. Which of the following is generally the most expensive category in a person's budget? A) Healthcare. B) Clothing. C) Transportation. D) Housing. Show Answer Correct Answer: D) Housing. 7. Where should you look to find your current expenses when building your budget? A) Ask your parents. B) Your wallet. C) Bank and credit statements. D) Your bank representative. Show Answer Correct Answer: C) Bank and credit statements. 8. Which of the following is not a section of the Cash budget? A) Cash receipts. B) Cash excess or deficiency. C) Financing-Borrowing/Repayment. D) All of the above are a part of the Cash budget. Show Answer Correct Answer: D) All of the above are a part of the Cash budget. 9. Adda has just moved into her own apartment and is working full time. Each item below would go into her budget in the "Monthly Bills" category EXCEPT ..... A) Rent. B) Cell phone plan. C) Clothing. D) Car insurance. Show Answer Correct Answer: C) Clothing. 10. Which is wants? A) Water. B) Cloth. C) Car. D) Food. Show Answer Correct Answer: C) Car. 11. What is an example of a monthly variable cost? A) Groceries. B) Car payment. C) Gym membership. D) Student loan payment. Show Answer Correct Answer: A) Groceries. 12. The disadvantages of budgeting are ..... A) Budgets are based on unknown factors. B) Link objectives and resources. C) Fosters careful study before making decisions. D) Provides and accurate analytical technique. Show Answer Correct Answer: A) Budgets are based on unknown factors. 13. Allocation of monetary funds based on a determined structure A) Budgeting. B) Gross income. C) Variable expenses. D) None of above. Show Answer Correct Answer: A) Budgeting. 14. Interest paid only on the principal investment. A) Compound Interest. B) Simple Interest. C) Net Worth. D) Consumer. Show Answer Correct Answer: B) Simple Interest. 15. ..... is a yearly income that may be paid weekly, bi-monthly or monthly. A) Salary. B) Net worth. C) Asset. D) Cash flow. Show Answer Correct Answer: A) Salary. 16. All of the following are examples of additional/supplemental income, except A) Child support. B) Disability. C) Workman's comp. D) Your regular paycheck. Show Answer Correct Answer: D) Your regular paycheck. 17. Grace went to the store to buy milk for her mother. While waiting in line at the check out she saw a display for a new chocolate bar and bought that too. This is an example of ..... A) A special treat. B) An impulse buy. C) A need. D) Payment for running the errand. Show Answer Correct Answer: B) An impulse buy. 18. What does a budget show you? A) How much money you plan to come in and go out during the month. B) How much you need to save. C) How much money you need to earn. D) How much money you spent last month. Show Answer Correct Answer: A) How much money you plan to come in and go out during the month. 19. Income-expenses = ..... A) Net worth. B) Wages. C) Net cash flow. D) Liability. Show Answer Correct Answer: C) Net cash flow. 20. If you get a loan, what do you have to pay? A) Interest. B) Money. C) Tax. D) Bills. Show Answer Correct Answer: A) Interest. ← PreviousNext →Related QuizzesAccounting QuizzesBudgeting Quiz 1Budgeting Quiz 2Budgeting Quiz 3Budgeting Quiz 4Budgeting Quiz 5Budgeting Quiz 6Budgeting Quiz 7Budgeting Quiz 8Budgeting Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books