This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 17 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Amount taken out of your paycheck such as taxes and retirement. A) Deduction. B) Deficit. C) Reduction. D) Debits. Show Answer Correct Answer: A) Deduction. 2. Money received generally for earnings, gifts, and/or payment for goods or services, is called ..... A) Liability. B) Assets. C) Expenses. D) Income. Show Answer Correct Answer: D) Income. 3. Doing a budget does all the following EXCEPT A) Show if you are overspending in an area. B) Make overspending more likely. C) Remove guilt and shame sometimes associated with a purchase. D) Make your money go further. Show Answer Correct Answer: B) Make overspending more likely. 4. Anything you owe; a debt. A) Liability. B) Interest. C) Consumer. D) Asset. Show Answer Correct Answer: A) Liability. 5. Who prepared the budget manual? A) Accountant. B) Administration. C) Customer Service. D) Marketing. Show Answer Correct Answer: A) Accountant. 6. Amount of income after costs of goods and taxes are deducted A) Gross income. B) Net income. C) Fixed income. D) Variable income. Show Answer Correct Answer: B) Net income. 7. Housing, transportation and food comprise over ..... % of spending choices for most people. A) 20%. B) 80%. C) 60%. D) 40%. Show Answer Correct Answer: C) 60%. 8. Participative budgeting in which everyone contributes to the budget A) Incremental Budget. B) Zero-Based Budget. C) Top-Down Approach. D) Bottom-Up Approach. Show Answer Correct Answer: D) Bottom-Up Approach. 9. Which of the following is a responsible spending practice? A) Spending more money than I have planned. B) Buying an item that looks good to me, even if I do not need it. C) Buying an item that is included in my spending plan. D) Always shopping at the most expensive stores. Show Answer Correct Answer: C) Buying an item that is included in my spending plan. 10. Putting $ 100 in a savings account today and earning 4% interest over the next year illustrates the concept of A) Principal modification. B) The time value of money. C) Opportunity cost. D) Inflationary impact. Show Answer Correct Answer: B) The time value of money. 11. The following statements is TRUE except.. A) Budget is a financial plan. B) Budget is a short term financial plan. C) Budget is a long term financial plan. D) Budget is a detailed plan that shows financial consequences of an organization operating activities. Show Answer Correct Answer: C) Budget is a long term financial plan. 12. Keeping your budget will keep you ..... for your goals. A) On track. B) Distracted from. C) Annoyed about thinking. D) Off track. Show Answer Correct Answer: A) On track. 13. A written budget, if followed, removes from your finances. A) Overspending. B) Guilt. C) Management by crisis. D) All of the above. Show Answer Correct Answer: D) All of the above. 14. Cash and things that are owned by the individual or the business for which a financial statement is prepared are listed as: A) Assets. B) Debts. C) Equity. D) Working capital. Show Answer Correct Answer: A) Assets. 15. Insurance payment A) Fixed expense. B) Unexpected expense. C) Variable expense. D) Anticipated income. Show Answer Correct Answer: A) Fixed expense. 16. What is the company plan to avoid excessive labour time? A) Extra task. B) Staff training. C) Extra work leave. D) None of above. Show Answer Correct Answer: B) Staff training. 17. Which of the following are the best tools for budgeting? A) Personal financial management software. B) A pencil and paper. C) Computer spreadsheets. D) Any of above. Whatever works best for you. Show Answer Correct Answer: D) Any of above. Whatever works best for you. 18. Examples of Fixed Expenses include: A) Mortgage, loans, rent. B) Cable, entertainment, food. C) Gas, food, phone. D) Clothing, gas, food. Show Answer Correct Answer: A) Mortgage, loans, rent. 19. A common starting point in the budgeting process is A) Expected future net income. B) Past performance. C) To motivate the sales force. D) A clean slate, with no expectations. Show Answer Correct Answer: B) Past performance. 20. What part of SMART is missing? I will read thirty novels by the end of this month. A) Not specific enough. B) Not time-bound. C) Not attainable. D) Not measurable. Show Answer Correct Answer: C) Not attainable. ← 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