This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 19 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Expenses that change from month to month are A) Fixed expenses. B) Net Income. C) Variable expenses. D) Important expenses. Show Answer Correct Answer: C) Variable expenses. 2. Which income is also called "Take Home Pay" A) Gross Income. B) Net Income. C) Salary. D) Wages. Show Answer Correct Answer: B) Net Income. 3. Which one is a good way to set goals? A) SWTAL. B) WEALA. C) SMART. D) MATHS. Show Answer Correct Answer: C) SMART. 4. In order to get spending under control, a person should first: A) Seek help on investing from a financial planner. B) Consult a credit counseling service. C) Create a budget of current income and expenses. D) Subscribe to financial newsletters and magazines. Show Answer Correct Answer: C) Create a budget of current income and expenses. 5. Which of the following is an agreement between a renter and a landlord. A) Security Deposit. B) Mortgage. C) Lease. D) Deed. Show Answer Correct Answer: C) Lease. 6. What is the fund for unexpected expenses. A) Budget. B) Saving for goal. C) 30% of budget. D) Emergency fund. Show Answer Correct Answer: D) Emergency fund. 7. How is buying with credit different than paying with cash? A) With credit, you don't have to pay interest. B) With credit, you borrow money and repay later, with interest. C) No difference. D) None of above. Show Answer Correct Answer: B) With credit, you borrow money and repay later, with interest. 8. How many months does it usually take for your budget to start working as a budget should? A) Three. B) Five. C) Four. D) One. Show Answer Correct Answer: A) Three. 9. Unexpected expenses ..... A) Can make it hard to stick to your budget. B) May cause you to be unable to pay necessary bills. C) Should be planned for. D) All of the above. Show Answer Correct Answer: D) All of the above. 10. ..... Percent of children live in poverty in The United States? A) 19.9%. B) 21.8%. C) 22.4%. D) 23.2%. Show Answer Correct Answer: A) 19.9%. 11. Which of the following is a benefit of using a budget? A) Helps to keep track of the money you receive. B) Helps to prioritize your spending. C) Helps reach short-and long-term financial goals. D) All of the above. Show Answer Correct Answer: D) All of the above. 12. Anything of value that is owned by an individual A) Budget. B) Liability. C) Asset. D) Consumer. Show Answer Correct Answer: C) Asset. 13. Which of the following is TRUE regarding unexpected expenses? A) They usually don't affect your budget. B) They should be planned for. C) They usually don't affect your ability to pay bills. D) They should not be included in your budget. Show Answer Correct Answer: B) They should be planned for. 14. An example of a discretionary expense is A) Car payment. B) School loan. C) Vacation. D) Credit card bill. Show Answer Correct Answer: C) Vacation. 15. What is 35% of $ 2, 492. A) $ 872.20. B) $ 474.10. C) $ 903.99. D) $ 765.43. Show Answer Correct Answer: A) $ 872.20. 16. Which of these is NOT a key to saving money? A) Focus. B) Your income. C) Making saving a priority. D) Discipline. Show Answer Correct Answer: B) Your income. 17. Keeping records: A) Helps me know what I spend. B) Helps me stay within my spending plan. C) Makes me more responsible. D) All of the above. Show Answer Correct Answer: D) All of the above. 18. A(n) should account for fixed, variable, intermittent, and discretionary expenses based on income. A) Budget. B) Gross Income. C) Zero-Based Budget. D) Intermittent Expense. Show Answer Correct Answer: C) Zero-Based Budget. 19. What is most important to you A) Values. B) Goal chart. C) Budget deficit. D) Worksheet. Show Answer Correct Answer: A) Values. 20. Something you want to do in the near future. The near future can mean today, this week, this month, or even this year. A) Long-term goal. B) Short-term goal. C) Surplus. D) Budget. Show Answer Correct Answer: B) Short-term goal. ← 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