This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 22 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 22 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If you are investing for a goal that you hope to reach within three years, you are investing for a(n) A) Intermediate-term time horizon. B) Short-term time horizon. C) Long-term time horizon. D) Risk-tolerant time horizon. Show Answer Correct Answer: A) Intermediate-term time horizon. 2. It's very important to ..... for what your going to do with your money A) Budget. B) Plan. C) Use. D) None of above. Show Answer Correct Answer: B) Plan. 3. Car maintenance is what type of expense? A) Fixed. B) Variable. C) Periodic. D) None of above. Show Answer Correct Answer: C) Periodic. 4. An expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity. A) Fixed expense. B) Deficit. C) Spending plan. D) Pay yourself first. Show Answer Correct Answer: A) Fixed expense. 5. The usual starting point for a master budget is: A) The direct materials purchase budget. B) The budgeted income statement. C) The sales forecast or sales budget. D) The production budget. Show Answer Correct Answer: C) The sales forecast or sales budget. 6. What is NOT a good way to prevent unnecessary spending? A) Cancel any unused recurring expenses like subscription boxes. B) Use and app to find the cheapest gas station. C) Make your own food more often. D) Buy all of your wants at one time. Show Answer Correct Answer: D) Buy all of your wants at one time. 7. What is the "S" in SMART Goal? A) Small. B) Separate. C) Specific. D) Silly. Show Answer Correct Answer: C) Specific. 8. When the actual amount we spent was in excess of the our income, this is called: A) Deficit. B) Surplus. C) On budget. D) None of these. Show Answer Correct Answer: A) Deficit. 9. Which of the following is something that a typical millionaire would do? A) Lease a new car. B) Spend less money than he or she makes. C) Replace things that are not broken. D) Carry debt. Show Answer Correct Answer: B) Spend less money than he or she makes. 10. Making a purchase based on immediate want or due to pressure of advertising A) Goal to reach. B) Plan to get. C) Need to have. D) Impulse buying. Show Answer Correct Answer: D) Impulse buying. 11. ..... is an amount of money spent to buy goods and services for yourself or business A) Debt. B) Overdraft. C) Needs. D) Expense. Show Answer Correct Answer: D) Expense. 12. A ..... expense is one that changes each month depending on usage. A) Fixed. B) Variable. C) Periodic. D) None of these. Show Answer Correct Answer: B) Variable. 13. Amount of income received before costs of goods and taxes A) Net income. B) Gross income. C) Fixed income. D) Variable income. Show Answer Correct Answer: B) Gross income. 14. Is the process of using a financial plan to control your money A) Income. B) Budget. C) Money management. D) Expenses. Show Answer Correct Answer: C) Money management. 15. In addition to needs, what should you plan for first when creating a budget? A) Possible charitable donations. B) Shopping money. C) Investments. D) Recurring expenses. Show Answer Correct Answer: D) Recurring expenses. 16. Your car is totaled during a hit and run accident A) Uninsured Motorist Insurance. B) Life Insurance. C) Comprehensive Insurance. D) Collision Insurance. Show Answer Correct Answer: A) Uninsured Motorist Insurance. 17. What is the advantages of budget? A) Budget are based on unknown factors. B) Requires confidential information be included in the budget. C) Time and cost to prepare budget are considerable. D) Able to adjust accordingly. Show Answer Correct Answer: D) Able to adjust accordingly. 18. An obligation to repay borrowed money. A) Personal Finance. B) Budget. C) Debt. D) Consumer. Show Answer Correct Answer: C) Debt. 19. Money paid to the federal government is called A) Federal Tax. B) Budget. C) Income Tax. D) Percent. Show Answer Correct Answer: A) Federal Tax. 20. Which of the following should you consider when setting a budget? A) Your financial goals. B) Needs and wants. C) Savings. D) All of the above. Show Answer Correct Answer: D) All of the above. ← 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