This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 28 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 28 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is NOT an example of a liability? A) Cash. B) Equipment loans. C) Charge accounts. D) Rental fees. Show Answer Correct Answer: A) Cash. 2. If your monthly income from your job is $ 600, and you want to save $ 25%, how much would you save each month? A) $ 125. B) $ 150. C) $ 200. D) $ 250. Show Answer Correct Answer: B) $ 150. 3. Budget Schedules project specific data on a quarterly basis. Select the specific data a Sales Budget Schedule would project. A) Net Sales. B) Cost of Purchases. C) Selling Expenses. D) Administrative Expenses. Show Answer Correct Answer: A) Net Sales. 4. An excess of expenditure or liabilities over income or assets in a given period. A) Surplus. B) Deficit. C) Personal income. D) Balanced budget. Show Answer Correct Answer: B) Deficit. 5. What percentage of monthly income is recommended for spending on housing/ rent? A) 10%. B) 15%. C) 28%. D) 50%. Show Answer Correct Answer: C) 28%. 6. Jaxson can budget 1% of his monthly income to gifts. If he makes $ 1, 295 a month, how much money can he put toward his gift category? A) $ 12.95. B) $ 1.29. C) $ 120.95. D) $ 1.95. Show Answer Correct Answer: A) $ 12.95. 7. Which of the following should NOT be considered when setting a current budget? A) Your financial goals. B) Future income. C) Needs and wants. D) Savings. Show Answer Correct Answer: B) Future income. 8. A section of business (that may or may not exist physically) for which specific costs can be identified and attributed. A) Profit Center. B) Cost Center. C) Budget Holder. D) Strategic business division. Show Answer Correct Answer: B) Cost Center. 9. The best way to eliminate expenses is to ..... A) Go to jail. B) Track your budget to know what you can afford. C) Don't pay your bills. D) Stop eating out. Show Answer Correct Answer: B) Track your budget to know what you can afford. 10. Budgeting is the ..... based on a determined structure. A) Process of accomplishing goals. B) Developing of regulations. C) Decision to make judgments. D) Allocation of monetary funds. Show Answer Correct Answer: D) Allocation of monetary funds. 11. Personal finance A) Money put into an account intended for growth. B) A person or organization that purchases a product or service. C) All the money decisions a person or family makes including earning, budgeting, saving, spending and planning for the future. D) None of above. Show Answer Correct Answer: C) All the money decisions a person or family makes including earning, budgeting, saving, spending and planning for the future. 12. Who is responsible for the budget? A) Accountants. B) Shareholders. C) Investors. D) Management. Show Answer Correct Answer: D) Management. 13. The term 'budgetary period' relates to: A) A specific year for which the budget has been prepared. B) The period for which the budget is prepared. C) The subdivisions of the main budget. D) The period in which the budget is finalised. Show Answer Correct Answer: A) A specific year for which the budget has been prepared. 14. The actions of depositing and withdrawing money. A) Microtransactions. B) Saving Money. C) Transactions. D) Shoe Laces. Show Answer Correct Answer: C) Transactions. 15. The next best alternative given up when making a financial choice. A) Cost of living. B) Choices. C) Decisions. D) Opportunity cost. Show Answer Correct Answer: D) Opportunity cost. 16. Which of the followings is not the examples of general and administrative expenses? A) Audit fee. B) Advertising. C) Buildings Insurance. D) Computer services. Show Answer Correct Answer: B) Advertising. 17. What is the most likely reason for a budget to fail? A) Buying a pair of shoes you just couldn't resist. B) Not using a personal financial planning website or software. C) Failing to establish an emergency fund to account for unforeseen expenses. D) Not making enough money. Show Answer Correct Answer: C) Failing to establish an emergency fund to account for unforeseen expenses. 18. Which of the following most accurately describes a budget deficit? A) The money left over after all expenses are paid. B) The difference between income and expenses. C) Expenses owed every month. D) Not having enough money to cover expenses. Show Answer Correct Answer: D) Not having enough money to cover expenses. 19. Ed wants to reduce his fixed expenses. His best move would be to: A) Get a part-time job. B) Buy less clothes each month. C) Find a place with lower rent. D) Stop using his credit card to buy things. Show Answer Correct Answer: C) Find a place with lower rent. 20. "It is to highlight the achievements, shortcomings and weaknesses of the current financial plan" . This statement refers to the ..... process of financial administration. A) Budgeting. B) Reviewing. C) Planning. D) Accounting. Show Answer Correct Answer: B) Reviewing. ← 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