This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 2 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. All of the following are examples of supplemental income, except A) Child support. B) Disability. C) Workman's comp. D) Your regular paycheck. Show Answer Correct Answer: D) Your regular paycheck. 2. May change or fluctuate; sometimes can be hard to predict A) Variable expenses. B) Fixed expenses. C) Assets. D) Liabilites. Show Answer Correct Answer: A) Variable expenses. 3. Your emergency savings fund should have how many months worth of income? A) 1-2 months. B) 10 months. C) It doesn't matter. D) 3-6 months. Show Answer Correct Answer: D) 3-6 months. 4. A ..... is an approximate calculation or judgement of the value A) Estimate. B) Budget. C) Expenditure. D) Income. Show Answer Correct Answer: A) Estimate. 5. Going to the movies is an example of what types of expenses? A) Intermittent and variable. B) Discretionary and variable. C) Discretionary and fixed. D) Intermittent and fixed. Show Answer Correct Answer: B) Discretionary and variable. 6. What can you earn on your money when you keep a savings account at a bank? A) Debt. B) Credit. C) Interest. D) Allowance. Show Answer Correct Answer: C) Interest. 7. Dave recommends putting cash in a(n) ..... for managing spending on things that don't normally have a fixed monthly expense. A) Vault. B) Secret hiding spot. C) IRA. D) Envelope. Show Answer Correct Answer: D) Envelope. 8. A ..... expense is one that remains the same each month. A) Fixed. B) Variable. C) Periodic. D) None of these. Show Answer Correct Answer: A) Fixed. 9. A critical aspect of financial planning involves A) Investing money in high-risk securities. B) Obtaining several credit cards. C) Saving money for unexpected situations. D) Setting broad financial goals. Show Answer Correct Answer: C) Saving money for unexpected situations. 10. What is a discretionary Income? A) An estimate of income and exponditure for a set period of time. B) A corporate expense that varries with production output. C) Income remaining after deduction of taxes, other mandatory charges. D) Cannot avoid or help doing something. Show Answer Correct Answer: C) Income remaining after deduction of taxes, other mandatory charges. 11. What two things does a budget compare? A) Income and Expenses. B) Savings and Interest. C) Income and Investments. D) Expenses and Expenditures. Show Answer Correct Answer: A) Income and Expenses. 12. What is the most common moving-in cost for apartment? A) A Down Payment. B) Building Insurance. C) Real Estate Taxes. D) A Security Deposit. Show Answer Correct Answer: D) A Security Deposit. 13. Neutral is where ..... A) Net government spending is reduced either through higher taxation revenue / through reduced government spending / both. B) Net increase in government spending where government spending is more than tax revenue. C) Government spending is equal to tax revenue. D) None of above. Show Answer Correct Answer: C) Government spending is equal to tax revenue. 14. NSF stands for A) Non satisfactory financing. B) Not saving fully. C) Non sufficient funds. D) Non surplus funds. Show Answer Correct Answer: C) Non sufficient funds. 15. Which of the following is NOT a true statement concerning budgets? A) Are a specific plan on how to spend and save money. B) Are numerical records which do not express spending results over a specific time period. C) Are a blueprint. D) Are used as a planning guide. Show Answer Correct Answer: B) Are numerical records which do not express spending results over a specific time period. 16. What kind of money counts as income? A) Only the money you make at your job. B) Money in your savings account. C) All money that you receive, including money from your job and gifts like birthday money. D) Only money deposited into your bank account. Show Answer Correct Answer: C) All money that you receive, including money from your job and gifts like birthday money. 17. Tony Michael budgeted $ 4, 550 to buy a used car for his son, Trey. He spent $ 6, 788. How much more or less is the amount spent than the amount budgeted? A) $ 2, 238 less. B) $ 2, 338 more. C) $ 2, 238 more. D) $ 2, 338 less. Show Answer Correct Answer: B) $ 2, 338 more. 18. The full amount of our salary before taxes and deductions is also known as our: A) Entire pay. B) Take home pay. C) Gross pay. D) None of these. Show Answer Correct Answer: C) Gross pay. 19. An amount of money spent is a/an A) Budget. B) Expenditure. C) Estimate. D) Income. Show Answer Correct Answer: B) Expenditure. 20. Assets-Liabilities = A) Net Worth. B) Share. C) Insolvent. D) Personal inventory. Show Answer Correct Answer: A) Net Worth. ← PreviousNext →Related QuizzesAccounting QuizzesBudgeting Quiz 1Budgeting Quiz 3Budgeting Quiz 4Budgeting Quiz 5Budgeting Quiz 6Budgeting Quiz 7Budgeting Quiz 8Budgeting Quiz 9Budgeting Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books