This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 24 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 24 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. According to The Department of Agriculture what is the estimated cost of raising a child from birth through age 17? A) $ 103, 500. B) 1 million. C) $ 233, 610. D) $ 60, 500. Show Answer Correct Answer: C) $ 233, 610. 2. The purpose of budget is ..... A) Plotting. B) Peer evaluation. C) To complete with other organization. D) Communication-shareholder. Show Answer Correct Answer: D) Communication-shareholder. 3. Person who owns the property. A) Landlord. B) Tenant. C) Rent. D) Equity. Show Answer Correct Answer: A) Landlord. 4. A(n) ..... is a plan for managing your money for a given period of time. A) Budget. B) Income. C) Finances. D) Expenses. Show Answer Correct Answer: A) Budget. 5. Allowance, wages, tips, and interest earned over time are A) Income. B) Savings. C) Fixed Income. D) Budget. Show Answer Correct Answer: A) Income. 6. If your monthly expenditures are 600$ , what is the smallest amount of money you should have in your emergency fund? A) 600$. B) 1800$. C) 200$. D) No need for an emergency fund. Show Answer Correct Answer: B) 1800$. 7. What is the first thing to consider when planning a budget? A) Cash flow statement. B) Financial goals. C) Estimated expenses. D) Emergency fund. Show Answer Correct Answer: B) Financial goals. 8. Which of the following people would benefit MOST from a personal budget? A) Jeremy carefully tracks his expenses. B) Lisa spends less money than she earns. C) Kaori does not have enough money to pay bills. D) Chandler is saving for a major purchase. Show Answer Correct Answer: C) Kaori does not have enough money to pay bills. 9. One reason people keep a personal budget is that it can help them to A) Earn a promotion at work. B) Set and reach financial goals. C) Buy anything they want at any time. D) None of above. Show Answer Correct Answer: B) Set and reach financial goals. 10. Which of the following events would not require reworking a budget? A) Having a budget surplus. B) Starting a new job. C) Losing a job. D) Getting married. Show Answer Correct Answer: A) Having a budget surplus. 11. Fees incurred when a customer withdraws more money from an account than what is available in the account. A) Debt. B) Budget. C) Gross Income. D) Overdraft fees. Show Answer Correct Answer: D) Overdraft fees. 12. Which of the following is NOT a possible cause of an adverse variance: A) Labor costs go up due to overtime. B) Raw materials costs go up around the world. C) Overhead or fixed costs are lower than expected. D) Sales revenue is not as high as expected. Show Answer Correct Answer: C) Overhead or fixed costs are lower than expected. 13. If you don't get a receipt, you should: A) Wait until you get home to write the amount down. B) Write the amount down before you leave the store. C) Guess what you spent at the end of the week. D) Ignore the cost of the item. Show Answer Correct Answer: B) Write the amount down before you leave the store. 14. If Jackson earns $ 36, 000 annually (NET), how much money should he be putting in savings each MONTH? (HINT:Savings is 10% of the budget) A) $ 3, 600. B) $ 3, 000. C) $ 360. D) $ 300. Show Answer Correct Answer: D) $ 300. 15. What did Derek and Ginny cut from their budget to save money? A) They rented a smaller apartment to save on rent. B) They decided not to go to school. C) The stopped paying the electric bill. D) They charged the overages on a credit card. Show Answer Correct Answer: A) They rented a smaller apartment to save on rent. 16. What are the Four Walls? A) Utilities, college fund, restaurants, and car insurance. B) Cell phone bill, car insurance, shelter, and money for the movies. C) Food, utilities, transportation, and college fund. D) Food, utilities, shelter, and transportation. Show Answer Correct Answer: D) Food, utilities, shelter, and transportation. 17. Goods or services that are required. A) Emergency fund. B) Needs. C) Surplus. D) Wants. Show Answer Correct Answer: B) Needs. 18. An estimate of income and expenditure over a period of time is a ..... A) Income. B) Budget. C) Currency. D) This one should be easy. Why are you even looking at this option. Show Answer Correct Answer: B) Budget. 19. The first expense line in your budget is to: A) Pay yourself first. B) Write down your income. C) Write down your fixed expenses. D) Write down your variable expenses. Show Answer Correct Answer: A) Pay yourself first. 20. Plans that can be accomplished within 3 months to 1 year A) Short term goal. B) Long term goal. C) Immediate goal. D) Medium goal. Show Answer Correct Answer: A) Short term goal. ← 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