This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 13 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Daycare can be very expensive! My friend pays $ 972 every month for her 3 year old daughter.This is considered a ..... A) Fixed Expense. B) Variable Expense. C) Discretionary Expense. D) Income. Show Answer Correct Answer: A) Fixed Expense. 2. A retirement fund A) Consolidate. B) Open-ended goal. C) Emergency fund. D) Goal chart. Show Answer Correct Answer: B) Open-ended goal. 3. Budgeting is the process of creating, maintaining, or analyzing a budget in order to reduce ..... and improve ..... A) Risk, Decision Making. B) Outflows, Inflows. C) Profits, Strategy. D) Costs, Strategy. Show Answer Correct Answer: A) Risk, Decision Making. 4. Expenses that can change depending on your use of products or services A) Fixed expense. B) Trade off. C) Variable Expense. D) Opportunity Cost. Show Answer Correct Answer: C) Variable Expense. 5. What is it called when you make money on the percentage of the total sales you make? A) Irregular income. B) Commission. C) Gross income. D) Overtime. Show Answer Correct Answer: B) Commission. 6. Which of the following is not part of the Financial Planning process A) Set a Goal. B) Analyze the situation. C) PYF. D) Create a budget. Show Answer Correct Answer: C) PYF. 7. Listed are the roles of financial administration, except A) As a tool of management. B) As a source of information. C) As an Instrument of Fiscal Policy. D) As an Instrument of Public Personnel. Show Answer Correct Answer: D) As an Instrument of Public Personnel. 8. Groceries are a A) Fixed expense. B) Discretionary expense. C) Variable expense. D) Intermittent expense. Show Answer Correct Answer: C) Variable expense. 9. All the money decisions a person or family makes including earning, budgeting, saving, spending, and planning for the future. A) Budget. B) Fourth Foundation. C) Simple Interest. D) Personal Finance. Show Answer Correct Answer: D) Personal Finance. 10. A(n) ..... is what people can use to make sure they live within their means. A) Appointment. B) Schedule. C) Budget. D) Register. Show Answer Correct Answer: C) Budget. 11. If you approach money with a generous spirit, you'll be . . . A) Able to save. B) Less content. C) More grateful. D) Free of stress. Show Answer Correct Answer: C) More grateful. 12. Budget Schedules project specific data on a quarterly basis. Select the specific data an Expense Schedule would project. A) Net Sales. B) Cost of Purchases. C) Selling and Administrative Expenses. D) Revenue. Show Answer Correct Answer: C) Selling and Administrative Expenses. 13. Budgets are designed to ..... A) Manage your credit cards. B) Plans your vacations. C) Outline your spending and saving. D) None of above. Show Answer Correct Answer: C) Outline your spending and saving. 14. Which of the following is the term(s) used for a written cash flow plan? A) Income statement. B) Balance sheet. C) Budget. D) Ledger. Show Answer Correct Answer: C) Budget. 15. Which of the following can be used to keep expense records organized? A) Envelopes. B) File folders. C) Shoe boxes. D) All of the above. Show Answer Correct Answer: D) All of the above. 16. Money put into an account intended for growth. A) Liability. B) Debt. C) Budget. D) Investments. Show Answer Correct Answer: D) Investments. 17. When you spend more money than you bring in you are operating in a(n) ..... A) Surplus. B) Deficit. C) Debt. D) Downfall. Show Answer Correct Answer: B) Deficit. 18. Similar to a budget, helps outline where income is earned and expenses are incurred. A) Emergency fund. B) Needs. C) Pay yourself first. D) Spending plan. Show Answer Correct Answer: D) Spending plan. 19. Which best refers to money held to cover possible damage to an apartment? A) A Cleaning Deposit. B) A Security Deposit. C) A Telephone Deposit. D) A Utility Deposit. Show Answer Correct Answer: B) A Security Deposit. 20. Which of the following is commonly considered a flexible expense? A) Rent. B) A Mortgage Payment. C) Homeowners Insurance. D) Entertainment. Show Answer Correct Answer: D) Entertainment. ← 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