This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 29 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 29 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Bank statements, credit statements, and records of cash expenses help you to estimate your ..... A) Credit score. B) Emergency fund needs. C) Expenses. D) Available investments. Show Answer Correct Answer: C) Expenses. 2. The fee for borrowed money generally defined as a percentage; also, the earned interest on money you save or invest. A) Net Worth. B) Interest. C) Personal Finance. D) Asset. Show Answer Correct Answer: B) Interest. 3. Why should a person know what their business is worth? A) To sell the business right away. B) To evaluate the financial health of the business. C) To keep others from stealing the produce. D) To keep business at a consistent level. Show Answer Correct Answer: B) To evaluate the financial health of the business. 4. The net income statement is also known as which of the following? A) Profit and loss statement. B) Personal financial statement. C) Statement of cash flows. D) Balance sheet. Show Answer Correct Answer: A) Profit and loss statement. 5. The record where you keep track of your money A) Budget. B) Account. C) Checkbook. D) Deposit. Show Answer Correct Answer: C) Checkbook. 6. If I had $ 18.00 and wanted to buy some cupcakes worth $ 2.50 each. What is the most amount of cupcakes I could buy? A) 6. B) 7. C) 4. D) 8. Show Answer Correct Answer: B) 7. 7. A fixed expense is A) A movie ticket. B) A concert ticket. C) A credit card bill. D) A bill amount that stays the same every month. Show Answer Correct Answer: D) A bill amount that stays the same every month. 8. Which of the followings statement refers to financial budget? A) Focuses on each cost and revenue item. B) Outlines how a business receives and spends money. C) Reported by weekly or monthly. D) Constructed for the specific program element. Show Answer Correct Answer: B) Outlines how a business receives and spends money. 9. Which of the following compares the sources of cash to the uses of the cash over a specific period of time? 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. 10. Doing a budget does NOT: A) Show if you are overspending in one area. B) Make overspending more likely. C) Remove guilt and shame from sometimes associated with a purchase. D) Make your money go further. Show Answer Correct Answer: B) Make overspending more likely. 11. Why did Derek and Ginny decide to sell Derek's car instead of Ginny's? A) Derek's car had mechanical problems. B) Ginny's car was nicer. C) It was more expensive to insure. D) Derek no longer liked his car. Show Answer Correct Answer: C) It was more expensive to insure. 12. The Gummy family budget $ 35 a month for a vacation. How much money will they have saved up if they continue to save this amount for 15 months? A) $ 525. B) $ 225. C) $ 550. D) $ 50. Show Answer Correct Answer: A) $ 525. 13. The cost of goods or services. A) Expense. B) Behavior. C) Scarcity. D) Knowledge. Show Answer Correct Answer: A) Expense. 14. Blueprints for the execution and organization of revenues and expenditures; a specific plan for spending and saving money A) Budgeting. B) Gross Income. C) Budgets. D) Fixed Expenses. Show Answer Correct Answer: C) Budgets. 15. Find the overtime rate if straight time pay is $ 12.00 per hour and time and a half is paid for overtime. A) $ 18.00. B) $ 6.00. C) $ 24.00. D) $ 20.00. Show Answer Correct Answer: A) $ 18.00. 16. Ace's car holds 23 gallons of gas. If gas is $ 3.49 per gallon, how much will it cost Ace to fill up his car? A) $ 80.27. B) $ 26.49. C) $ 27.80. D) $ 50.78. Show Answer Correct Answer: A) $ 80.27. 17. An example of a want is: A) Safe drinking water. B) Basic clothing. C) Big screen TV. D) All of the above. Show Answer Correct Answer: C) Big screen TV. 18. You hit a deer with your car and it needs to be repaired A) Liability Insurance. B) Comprehensive Insurance. C) Collision Insurance. D) Life Insurance. Show Answer Correct Answer: B) Comprehensive Insurance. 19. A potential downside of budgeting is that budget holder: A) Might take short term decisions. B) Will feel less motivated. C) Might spend their budget rather than make savings. D) Will always spend more than their allowance. Show Answer Correct Answer: C) Might spend their budget rather than make savings. 20. Which of the following should be included in a goal-planning worksheet? A) Short-term, medium-term, and long-term goals. B) Short-term, saving, and open-ended goals. C) Sharing, spending, and saving goals. D) Sharing, open-ended, and spending goals. Show Answer Correct Answer: C) Sharing, spending, and saving goals. ← 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