This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 20 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 20 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. I should keep sales receipts: A) Until I leave the store. B) Until I get home. C) Until I enter it on my expense log. D) As long as I need proof of purchase. Show Answer Correct Answer: D) As long as I need proof of purchase. 2. Utilities include ..... A) Electric. B) Gas. C) Electric, gas, and water. D) Water. Show Answer Correct Answer: C) Electric, gas, and water. 3. What you know about money A) Knowledge. B) Behavior. C) Personal Finance. D) Consumer. Show Answer Correct Answer: A) Knowledge. 4. An estimate of income and expenditure for a set period of time A) Deficit. B) Fixed expense. C) Budget. D) Emergency fund. Show Answer Correct Answer: C) Budget. 5. What do you do if you are spending more than you make? A) Find a new job. B) Cut down on wants. C) Just keep borrowing from a friend. D) Don't pay your mortgage/rent. Show Answer Correct Answer: B) Cut down on wants. 6. What is a Liability? A) A monthly plan for how you are going to save and spend your income. B) Anything you owe; a debt. C) Anything of value that is owned by an individual. D) The cost of goods or expenses. Show Answer Correct Answer: B) Anything you owe; a debt. 7. People create and keep a personal budget to help them ..... A) Set and reach financial goals. B) Apply for loan. C) Buy anything they want. D) Earn promotions at work. Show Answer Correct Answer: A) Set and reach financial goals. 8. Which of the following saving goals is MOST important? A) Katrina is saving to hire painters to repaint her house. B) Samantha is saving to buy faster gaming computer. C) Jimmy is saving to replace the old tires on his car. D) None of above. Show Answer Correct Answer: C) Jimmy is saving to replace the old tires on his car. 9. Fees and charges associated with the purchase of a property. A) Rent. B) Closing costs. C) Mortgage. D) Down payment. Show Answer Correct Answer: B) Closing costs. 10. Replacement breaks on your car A) Fixed expense. B) Expected expense. C) Unexpected expense. D) Variable expense. Show Answer Correct Answer: C) Unexpected expense. 11. Savers will naturally ..... money A) Identify. B) Spend. C) Save. D) None of above. Show Answer Correct Answer: C) Save. 12. Pay cash for your first car A) First Foundation. B) Second Foundation. C) Third Foundation. D) Fifth Foundation. Show Answer Correct Answer: C) Third Foundation. 13. ..... is something owed to another ..... an obligation to pay A) Income. B) Debt. C) Goal. D) Money. Show Answer Correct Answer: B) Debt. 14. When the responsibility for budgetary control is given to less senior management A) Delegated Budget. B) Budget Process. C) Incremental Budgting. D) Budgetary control. Show Answer Correct Answer: A) Delegated Budget. 15. Weekly Salary A) Fixed expense. B) Expected Income. C) Unexpected income. D) Variable expense. Show Answer Correct Answer: B) Expected Income. 16. If Ryan's take home pay is $ 7, 000 and he pays $ 350 to pay for gas for his car, what percentage of his budget does he spend on gas? A) 5%. B) .05 %. C) 20 %. D) 0.20 %. Show Answer Correct Answer: A) 5%. 17. Whole farm budgets are NOT used for which of the following? A) Comparing profitability of several farm plans. B) Determining income possibilities. C) Totaling the number of acres. D) Learning the worth of a ranch. Show Answer Correct Answer: C) Totaling the number of acres. 18. The sales budget assumes 200 units would be sold for £15 each; actual sales were £4, 200.What was the variance? A) £3000 (adverse). B) £1200 (favourable). C) £1200 (adverse). D) £3000 (favourable). Show Answer Correct Answer: B) £1200 (favourable). 19. Good or service that makes people more comfortable but not necessary for survival A) Wish. B) Plan. C) Need. D) Want. Show Answer Correct Answer: D) Want. 20. Which of the following will not appear in a cash budget? A) Sales revenue. B) Depreciation of machinery. C) Wages. D) Machinery bought on lease. Show Answer Correct Answer: B) Depreciation of machinery. ← 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