This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 12 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The loss of potential gain from other alternatives when one alternative is chosen. A) Trade off. B) Opportunity Cost. C) Surplus. D) Deficit. Show Answer Correct Answer: B) Opportunity Cost. 2. Gift FROM your grandparents A) Unexpected expense. B) Anticipated income. C) Variable expense. D) Unanticipated income. Show Answer Correct Answer: D) Unanticipated income. 3. What is the best way to secure your money? A) Piggy Bank. B) Bank Account. C) In Your Wallet. D) None Of The Above. Show Answer Correct Answer: B) Bank Account. 4. Taxes and withholdings impact your ....., which is the amount of money you take home on your paycheck. A) Budget. B) Cash-Flow Statement. C) Net Income. D) Discretionary Expense. Show Answer Correct Answer: C) Net Income. 5. Saving provides money for: A) Emergency expenses. B) Unplanned expenses next year. C) Expenses in five years. D) All of the above. Show Answer Correct Answer: D) All of the above. 6. Which of the following is NOT a reason for budgeting? A) Provides company or personal financial stability. B) Generates a map of financial practices. C) Guides efficient business decisions. D) Allows companies to spend as much money as they want. Show Answer Correct Answer: D) Allows companies to spend as much money as they want. 7. Money available to spend on goods and services that are not essential. A) Discipline income. B) On-hand income. C) Available income. D) Discretionary income. Show Answer Correct Answer: D) Discretionary income. 8. Water, Cable, Electricity, Internet and Cell Phone are all examples of what? A) Optional. B) Utilities. C) Wants. D) Luxuries. Show Answer Correct Answer: B) Utilities. 9. What is a consequence of overdrawing your checking account? A) Bounced check fee from a store. B) Overdraft fee from your bank. C) Stress from money mismanagement. D) All are consequences. Show Answer Correct Answer: D) All are consequences. 10. The granting of a loan and the creation of debt. A) Debit. B) Credit. C) Interest. D) Budget. Show Answer Correct Answer: B) Credit. 11. Build wealth and give A) Second Foundation. B) Third Foundation. C) Fourth Foundation. D) Fifth Foundation. Show Answer Correct Answer: D) Fifth Foundation. 12. Which amount do you need to consider when you are budgeting? A) Net pay. B) Gross pay. C) Taxes. D) Deductions. Show Answer Correct Answer: A) Net pay. 13. Which of the following would be the best example of a long-term goal? A) Budgeting for an annual vacation. B) Saving for retirement. C) Buying a used car. D) Completing college within the next six months. Show Answer Correct Answer: B) Saving for retirement. 14. Which budget item will most likely take up the largest percentage of your income at 25-30%? A) Transportation. B) Housing. C) Groceries. D) Saving/investing. Show Answer Correct Answer: B) Housing. 15. When setting a budget, you should consider ..... A) Financial goals, current expenses, and income. B) Mostly income. C) Creative ways to spend your money. D) Mostly your goals. Show Answer Correct Answer: A) Financial goals, current expenses, and income. 16. If Bob's car payment is $ 172 per month, his annual budget amount for car payments would be ..... A) $ 1, 064.00. B) $ 2, 064.00. C) $ 986.00. D) $ 1, 720.00. Show Answer Correct Answer: B) $ 2, 064.00. 17. When should you open your first checking account? A) Between 5-8 years old. B) Between 13-15 years old. C) Between 18-21 years old. D) None of the above. Show Answer Correct Answer: B) Between 13-15 years old. 18. Groceries for the week A) Fixed expense. B) Expected expense. C) Unexpected expense. D) Variable expense. Show Answer Correct Answer: D) Variable expense. 19. People who spend more than they save each month will A) Never be able to save any money. B) Never be at risk of going into debt. C) Always have what they want and need. D) None of above. Show Answer Correct Answer: A) Never be able to save any money. 20. Comparison shopping for a car is necessary because A) Each dealer sells cars with different colors. B) Lenders want to be sure consumers get the best price. C) The price for the car can vary a great deal. D) It is a requirement to qualify for car insurance. Show Answer Correct Answer: C) The price for the car can vary a great deal. ← 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