This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 21 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 21 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What does the S in S MART stand for? A) Sarcastic-a goal must say one thing and mean another. B) Simple-a goal must be easy. C) Sample-a goal must be typical. D) Specific-a goal must be focused. Show Answer Correct Answer: D) Specific-a goal must be focused. 2. ..... protects the lender in case you can't make your mortgage loan payments and the lender has to take the property back through a process known as foreclosure A) Renters Insurance. B) Lease. C) Rent. D) Private Mortgage Insurance (PMI). Show Answer Correct Answer: D) Private Mortgage Insurance (PMI). 3. An emergency fund should NOT be used for ..... A) Fixing a blown tire on your car that you use to get to work. B) Repairing your laptop that you use for homework. C) A last-minute school trip. D) A sudden health issue that needs care. Show Answer Correct Answer: C) A last-minute school trip. 4. Listed are the objectives of financial administration, except A) To accomplish state's objectives. B) To achieve efficiency and effectiveness. C) To allow wastage of national resources. D) To avoid misuse and mismanagement of resources. Show Answer Correct Answer: C) To allow wastage of national resources. 5. Which of these actions might help correct an adverse overheads variance? A) Increase bonus payments. B) Reduce Head Office staff numbers. C) Offer promotional discounts. D) Cut supplier payments for raw materials. Show Answer Correct Answer: B) Reduce Head Office staff numbers. 6. What part of SMART is missing? This month, the first time my mother asks me to do something, I will do what she asks. A) Not attainable. B) Not measurable. C) Not time bound. D) Not specific enough. Show Answer Correct Answer: B) Not measurable. 7. In the video, what were some of the necessities in Derek and Ginny's budget? A) Housing. B) Transportation. C) School. D) All of the above. Show Answer Correct Answer: D) All of the above. 8. Which of the following is not a record-keeping feature you could expect from your bank? A) A reconciliation sheet. B) An account register. C) Customer service reconciles your account for you. D) A monthly account statement. Show Answer Correct Answer: C) Customer service reconciles your account for you. 9. Money owed; debts A) Assets. B) Liabilities. C) Expenses. D) Budgets. Show Answer Correct Answer: B) Liabilities. 10. According to the traditional approach, the budget is prepared ..... a year by the manager for each budget centre. A) Once. B) Twice. C) Every months. D) Every quarters. Show Answer Correct Answer: A) Once. 11. When setting a budget, you can choose to make room for: A) Financial goals. B) Entertainment expenses. C) Charitable donations. D) All of the above. Show Answer Correct Answer: D) All of the above. 12. Which of the following is NOT a benefit of budgeting? A) Setting up emergency funds. B) Relying on debt. C) Improving credit score. D) Establishing a projected goal. Show Answer Correct Answer: B) Relying on debt. 13. An item that is bought without previous planning or consideration. A) Impulse purchase. B) Credit spending. C) Non-allocation. D) Self giving purchase. Show Answer Correct Answer: A) Impulse purchase. 14. Steve is a computer programmer and he works 35 hours a week. Steve gets paid $ 25 / per hour. Calculate his gross pay before deductions. A) $ 350. B) $ 875. C) $ 400. D) $ 250. Show Answer Correct Answer: B) $ 875. 15. An account that customers use for financial transactions such as depositing and withdrawing money. A) Savings Account. B) Debit Card. C) Financial Institute. D) Banking Account. Show Answer Correct Answer: D) Banking Account. 16. The cost of groceries and gas is considered a(n) ..... A) Net Income. B) Discretionary Expense. C) Variable Expense. D) Income. Show Answer Correct Answer: C) Variable Expense. 17. Which of the following formulas calculates net amount? A) Revenue-losses. B) Losses-revenues. C) Revenues +net worth. D) Revenues + losses. Show Answer Correct Answer: A) Revenue-losses. 18. The second logical step in preparing a master budget would be to: A) Estimate the cost of goods sold. B) Forecast sales during the budget period. C) Establish the basic goals and long-range plans for the company. D) Forecast general and administrative expenses for the budget period. Show Answer Correct Answer: B) Forecast sales during the budget period. 19. Which one is not a variable expense/cost (changing ) payment? A) Food. B) Electric bill. C) Rent/mortgage. D) Water bill. Show Answer Correct Answer: C) Rent/mortgage. 20. What are the two basic parts of a budget? A) Income and expenses. B) Assets and liabilities. C) Cash and loans. D) Savings and bills. Show Answer Correct Answer: A) Income and expenses. ← 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