This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 15 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A strategy for handling one's finances to ensure the greatest future benefit. A) Savings Account. B) Income Tax. C) Financial Plan. D) Overdraft Fees. Show Answer Correct Answer: D) Overdraft Fees. 2. Taxes vary from state to state and city to city. To make it easier to factor an estimated required annual salary, figure an average of ..... % is withheld from your paycheck. A) 10. B) 15. C) 20. D) 25. Show Answer Correct Answer: C) 20. 3. The 3 different types of expenses include all EXCEPT the following. A) Fixed. B) Liquid. C) Variable. D) Periodic. Show Answer Correct Answer: B) Liquid. 4. A clearly written financial goal would be: A) "To save money for college for the next five years". B) "To pay off credit card bills in 12 months". C) "To invest in an international mutual fund for retirement". D) "To establish an emergency fund of $ 4, 000 in 18 months". Show Answer Correct Answer: D) "To establish an emergency fund of $ 4, 000 in 18 months". 5. Which of the following is considered a liability? A) Savings Account. B) Mortgage. C) Savings bond. D) Coin Collection. Show Answer Correct Answer: B) Mortgage. 6. What should be considered when setting a budget? A) Needs and wants. B) Savings. C) Time management goals. D) Needs, wants, and savings. Show Answer Correct Answer: D) Needs, wants, and savings. 7. An amount of something left over when requirements have been met; an excess of production or supply over demand. A) Deficit. B) Balanced budget. C) Needs. D) Surplus. Show Answer Correct Answer: D) Surplus. 8. Eating out is a: A) Fixed expense. B) Variable expense. C) Discretionary expense. D) Intermittent expense. Show Answer Correct Answer: C) Discretionary expense. 9. Insurance system that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have passed. A) Social Sense. B) Social System. C) Social Security. D) Social Society. Show Answer Correct Answer: C) Social Security. 10. Money earned through employment and investments A) Budget. B) Expense. C) Income. D) Debt. Show Answer Correct Answer: C) Income. 11. Your budget should include A) Fixed expenses. B) Variable expenses. C) Discretionary expenses. D) All of the above. Show Answer Correct Answer: D) All of the above. 12. This many people in The United States live in poverty. A) 40.2 Million People. B) 45.3 Million People. C) 43.5 Million People. D) 46.7 Million People. Show Answer Correct Answer: B) 45.3 Million People. 13. Which of the following would most likely be a long-term goal? A) Rent an Apartment. B) Buy Some Furniture. C) Buy Dishes. D) Buy a House. Show Answer Correct Answer: D) Buy a House. 14. According to the following tax bracket, which category would you fall in if you made $ 72, 000?$ 0-$ 10, 000-2%$ 10, 000-$ 50, 000-15%$ 50, 000-$ 70, 000-20%$ 70, 000-$ 105, 000-35% A) 35%. B) 2%. C) 15%. D) 20%. Show Answer Correct Answer: A) 35%. 15. ..... is the amount earned before any taxes or deductions are taken out. A) Net worth. B) Net income. C) Gross income. D) Gross margin. Show Answer Correct Answer: C) Gross income. 16. Contract specifying the tenant's and landlord's legal rights and responsibilities. A) Rent. B) Rental agreement. C) Mortgage. D) Equity. Show Answer Correct Answer: B) Rental agreement. 17. Expenses that do not change from month to month. Example:rent A) Solid. B) Regular. C) Fixed. D) Variable. Show Answer Correct Answer: C) Fixed. 18. Ben earns $ 26 per hour working as a web designer. If he works 40 hours a week, how much does he earn per week? A) $ 1000. B) $ 1040. C) $ 2600. D) $ 104. Show Answer Correct Answer: B) $ 1040. 19. Which of the following will help to create discretionary income? A) Having payroll taxes deducted from each paycheck. B) Contributing to a emergency savings account. C) Spending less than total income each month. D) Paying credit card bills at the end of the month. Show Answer Correct Answer: C) Spending less than total income each month. 20. Something that is nice to have but not necessary is a A) Need. B) Want. C) Value. D) Option. Show Answer Correct Answer: B) Want. ← 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