This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 27 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 27 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is not a function of budgeting? A) Planning. B) Controlling. C) Motivating. D) Decision making. Show Answer Correct Answer: C) Motivating. 2. Protects you against unexpected expenses A) Income. B) Salary. C) Savings. D) Wages. Show Answer Correct Answer: C) Savings. 3. Items of ownership convertible into cash A) Assets. B) Liabilites. C) Debts. D) Expenses. Show Answer Correct Answer: A) Assets. 4. How often should you create a budget? A) Daily. B) Weekly. C) Monthly. D) Biannually. Show Answer Correct Answer: C) Monthly. 5. The two classes of budgets are: A) Operating & Financial. B) Variable & Fixed. C) Sales & Product. D) Direct materials & Direct labor. Show Answer Correct Answer: A) Operating & Financial. 6. What do we call the separate fund that people should have just in case a situation arises where they need access to a substantial sum of money? A) Fun fund. B) Emergency fund. C) Super fund. D) Overage fund. Show Answer Correct Answer: B) Emergency fund. 7. Changes can be made in my written spending plan: A) Only once a week. B) Only once a month. C) Only every six months. D) As my needs change. Show Answer Correct Answer: D) As my needs change. 8. The largest categories of a typical family budget include: A) Housing, transportation, food. B) Housing, utilities, food. C) Housing, food, entertainment. D) Housing, food, personal care. Show Answer Correct Answer: A) Housing, transportation, food. 9. Type of budget in which the previous year's budget is is used as a baseline for a general increase or decrease in the budget for the coming year. A) Zero Based Budget. B) Incremental Budget. C) Standard Budget. D) Strategic Budget. Show Answer Correct Answer: B) Incremental Budget. 10. A(n) ..... needs to be evaluated in light of your other expenses for the month. A) Net Income. B) Discretionary Expense. C) Variable Expense. D) Income. Show Answer Correct Answer: B) Discretionary Expense. 11. Sundries are things like: A) Shampoo, deodorant, toilet paper, cleaning supplies, etc. B) Flowers, plants, seeds, etc. C) Granola bars, tofu, organic vegetables, etc. D) None of the above. Show Answer Correct Answer: A) Shampoo, deodorant, toilet paper, cleaning supplies, etc. 12. Your first checking account should be opened between A) 10-12. B) 13-15. C) 16-17. D) 18-21. Show Answer Correct Answer: B) 13-15. 13. Earnings you take home after deductions are A) Gross Pay. B) Net Pay. C) Income. D) Savings. Show Answer Correct Answer: B) Net Pay. 14. Income consists of: A) Take home pay. B) Tips. C) Alimony or child support. D) All of these. Show Answer Correct Answer: D) All of these. 15. A detailed financial plan for the future A) Variance Analysis. B) Budgetary Control. C) Financial Strategy. D) Budget. Show Answer Correct Answer: D) Budget. 16. Which of the following is not a repayment plan for student loans? A) Standard. B) Annual. C) Graduated. D) Extended. Show Answer Correct Answer: B) Annual. 17. Your money personality can affect your ..... A) Attitude toward budgeting. B) Choice of bank. C) Personal values. D) Ability to budget. Show Answer Correct Answer: A) Attitude toward budgeting. 18. Creating a budget based on gradual changes from previous period A) Incremental Budget. B) Zero-Based Budget. C) Top-Down Approach. D) Bottom-Up Approach. Show Answer Correct Answer: A) Incremental Budget. 19. Which of the following is considered an asset? A) Bank Loan. B) Mortgage. C) Debit Card. D) Savings account. Show Answer Correct Answer: D) Savings account. 20. You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college. Mark which of YOUR expenses would likely decrease by having roommates. A) Groceries and eating out. B) Rent. C) Cell phone bill. D) Bedroom furniture. Show Answer Correct Answer: B) Rent. ← 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