This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 23 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 23 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A plan for using your money is A) An outline. B) Your net pay. C) A budget. D) Your check register. Show Answer Correct Answer: C) A budget. 2. Which of the following is a common flexible expense associated with renting an apartment? A) A Security Deposit. B) Apartment Insurance. C) An Electric Bill. D) Rent. Show Answer Correct Answer: C) An Electric Bill. 3. Which of the following statements is TRUE? A) Recurring expenses don't need to be planned for because they rarely happen. B) Recurring expenses are expenses that can never be stopped. C) Recurring expenses should be planned for after looking at your wants. D) None of the above. Show Answer Correct Answer: D) None of the above. 4. You need this in your budget for long-range goals like taking a vacation. A) Gross pay. B) Net pay. C) Savings. D) None of these. Show Answer Correct Answer: C) Savings. 5. When putting together a budget, which of the following items should you include? A) Fixed Expenses. B) Discretionary Expenses. C) Savings. D) All of the above. Show Answer Correct Answer: D) All of the above. 6. In budgeting which number should always be the largest? A) Gross Income. B) Net Income. C) Taxes. D) Disposable Income. Show Answer Correct Answer: A) Gross Income. 7. When you put money in the bank you are making a A) Withdrawal. B) Debt. C) Deposit. D) Income. Show Answer Correct Answer: C) Deposit. 8. When creating a budget, you should make sure to "PYF" which stands for: A) Prevent Yesterday's Fraud. B) Pay Yourself First. C) Pen Your Finances. D) Put Your Finances in Check. Show Answer Correct Answer: B) Pay Yourself First. 9. An example of a variable (flexible) expense is A) Car Insurance. B) Rent. C) Entertainment. D) Student loan payment. Show Answer Correct Answer: C) Entertainment. 10. Direct labour is productions or services that is assigned to a specific product, cost centre, and ..... A) Work order. B) Labour cost. C) Working hours. D) None of above. Show Answer Correct Answer: A) Work order. 11. Which of these is a need and not a want A) Batting cages. B) Movies. C) Snacks. D) Food. Show Answer Correct Answer: D) Food. 12. Assets-Liabilities = ..... You find this on a personal balance sheet. We use it to measure wealth. A) Cash flow. B) Income. C) Net worth. D) Budget. Show Answer Correct Answer: C) Net worth. 13. Which of the following is required as a part of a company's financial reports? A) Net worth statement. B) Net income statement. C) Statement of cash flow. D) Statement of ownership equity. Show Answer Correct Answer: C) Statement of cash flow. 14. What should you do if your budget doesn't work? A) Give up. B) Hire a professional. C) Rely on automatic alerts from your bank. D) Adjust and rework it the following month. Show Answer Correct Answer: D) Adjust and rework it the following month. 15. Calculate the amount you should spend on housing (30%) if your net biweekly income is $ 375. A) $ 112.50. B) $ 2925.00. C) $ 812.50. D) $ 89.38. Show Answer Correct Answer: D) $ 89.38. 16. Every day, Mason pays $ 3.00 for lunch from the school cafeteria. In what part of his personal budget should he record this amount? A) Income. B) Savings. C) Expenses. D) None of above. Show Answer Correct Answer: C) Expenses. 17. "before-tax income" , is the total annual gross earnings of an individual from all income sources, such as:salaries and wages, investment interest and dividends, employer contributions to pension plans, and rental properties. A) Income. B) Personal income. C) Wants. D) Needs. Show Answer Correct Answer: B) Personal income. 18. Daniel would benefit the MOST from a personal budget if he A) Saves plenty of his income regularly each month. B) Always seems to have plenty of money for activities. C) Knows exactly what his expenses are each month. D) Struggles to understand why it is so hard to pay his bills. Show Answer Correct Answer: D) Struggles to understand why it is so hard to pay his bills. 19. Renting a product while ownership remains with the lease grantor. A) Leasing. B) Tangible asset. C) Down payment. D) Rent-to-own. Show Answer Correct Answer: A) Leasing. 20. Rent is an example of what type of expense? A) Variable. B) Fixed. C) Periodic. D) None of above. Show Answer Correct Answer: B) Fixed. ← 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