This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Expansion is where ..... A) An increase in government expenditures and /or a decrease in taxes. B) Decrease in government expenditures and/or an increase in taxes. C) Government spending is equal to tax revenue. D) None of above. Show Answer Correct Answer: A) An increase in government expenditures and /or a decrease in taxes. 2. Because the amount of money I spend on gas depends on the price of gas and how much I use, it is considered a ..... A) Fixed Expense. B) Variable Expense. C) Discretionary Expense. D) Income. Show Answer Correct Answer: B) Variable Expense. 3. What will tracking expenses help you do? A) Stick to a budget. B) Catch errors. C) Make adjustments. D) All of these. Show Answer Correct Answer: D) All of these. 4. How can you ensure you don't go over your budget? A) Round up your expense estimates to add a buffer. B) Use most of your budget for entertainment expenses. C) Find a friend that enjoys going shopping. D) Buy all of your wants at one time. Show Answer Correct Answer: A) Round up your expense estimates to add a buffer. 5. SMART Goals ..... the "S" stands for: A) Sweet. B) Super. C) Specific. D) Sporadic. Show Answer Correct Answer: C) Specific. 6. Monetary value of a property minus the amount owed on the property A) Equity. B) Mortgage. C) Lease. D) Rent. Show Answer Correct Answer: A) Equity. 7. The type of budget in which budget holders are forced to provide reasons for why they should receive budgetary funds each year A) Zero-based Budget. B) Incremental Budget. C) Delegated Budget. D) Strategic Budget. Show Answer Correct Answer: A) Zero-based Budget. 8. It is important to keep track of your credit score because: A) A good credit score means you can borrow money at lower interest rates. B) A bad credit score means creditors can deny you a loan. C) Neither of these. D) Both of these. Show Answer Correct Answer: D) Both of these. 9. This budget shows the units that must be produced to meet anticipated sales. A) Direct materials. B) Master. C) Sales. D) Production. Show Answer Correct Answer: D) Production. 10. An example of an asset is ..... A) VISA Credit Card Debt. B) A House. C) Car Loan. D) Mortgage. Show Answer Correct Answer: B) A House. 11. Which of the following is an example of a "life change" that would affect one's budget? A) Marriage. B) Children. C) Change in job. D) All of these. Show Answer Correct Answer: D) All of these. 12. The total value of a person's assets (things owned) minus their liabilities (things owed). A) Budget. B) Investments. C) Net Worth. D) Personal Finance. Show Answer Correct Answer: C) Net Worth. 13. Which of the following is NOT considered income? A) Interest paid on a loan. B) A paycheck. C) An allowance. D) Birthday $ from grandma. Show Answer Correct Answer: A) Interest paid on a loan. 14. Which of the following is a way to track your spending? A) Spreadsheet budget. B) Envelope method. C) An app. D) All of the above. Show Answer Correct Answer: D) All of the above. 15. An effective budget should be ..... A) Fixed. B) Realistic. C) Constant. D) Focus. Show Answer Correct Answer: B) Realistic. 16. Which of these is NOT a personal expense? A) Gasoline. B) Cosmetics. C) Wi-fi/Internet. D) Coffee/Tea. Show Answer Correct Answer: A) Gasoline. 17. Which one of these is NOT a necessity in order to survive? A) Food. B) Water. C) Sunglasses. D) Electricity. Show Answer Correct Answer: C) Sunglasses. 18. Which of the following gives a snapshot of the borrower's business at a specific time? A) Net income statement. B) Net worth statement. C) Statement of ownership equity. D) Statement of cash flows. Show Answer Correct Answer: B) Net worth statement. 19. When is the right time to start creating and living by a budget? A) Right now-it's never too early!. B) Once you have a job with an income. C) When you decide it's time to buy a car. D) When you start researching colleges and the costs that come along with it. Show Answer Correct Answer: A) Right now-it's never too early!. 20. Which of the followings is the objectives of advertising? A) Decrease sales. B) Small market share. C) Educate customer on how to use product. D) None of above. Show Answer Correct Answer: C) Educate customer on how to use product. ← 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