This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 4 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What are the 2 basic parts of a budget? A) Income and expenses. B) Assets and liabilities. C) Cash and loans. D) Savings and bills. Show Answer Correct Answer: A) Income and expenses. 2. A loan for the purchase of real estate. A) Down payment. B) Closing costs. C) Equity. D) Mortgage. Show Answer Correct Answer: D) Mortgage. 3. Find the best definition for the underlined word:An estimation of income and expenditure for a set period of time A) Rough Calculation. B) Total goods. C) Guess. D) Random Number. Show Answer Correct Answer: A) Rough Calculation. 4. Why is using a budget beneficial? A) Helps to keep track of the money you receive. B) Helps to prioritize your spending. C) Helps reach short-and long-term financial goals. D) All of the above. Show Answer Correct Answer: D) All of the above. 5. Which of the following budgets is usually prepared on a "per unit" basis? A) Whole farm budget. B) Enterprise budget. C) Partial budget. D) Cash flow budget. Show Answer Correct Answer: B) Enterprise budget. 6. Is a spending plan for managing money during a given period of time A) Debt. B) Expense. C) Budget. D) Fixed expense. Show Answer Correct Answer: C) Budget. 7. What is the importance of budgeting? A) The importance is developing a good Budget. B) The importance is a principal object. C) The main thing is to make money. D) Make good adjustments. Show Answer Correct Answer: A) The importance is developing a good Budget. 8. To budget with a(n) ....., prioritize expenses from most to least important so your most important expenses are covered first. A) Income. B) Irregular Income. C) Gross Income. D) Zero-Based Budget. Show Answer Correct Answer: B) Irregular Income. 9. This budget is always the first one to be prepared. A) Production. B) Sales. C) Direct materials. D) Direct labor. Show Answer Correct Answer: B) Sales. 10. Which of the following could you do without to save money A) Food. B) Bus ticket. C) Donations. D) Video games. Show Answer Correct Answer: D) Video games. 11. To put money into an account. A) Deposit. B) Withdraw. C) Savings for a chicken. D) Interest for a cow. Show Answer Correct Answer: A) Deposit. 12. A budgeting process which demands each manager to justify his entire budget in detail from beginning is A) Master budgeting. B) Zero base budgeting. C) Annual budgeting. D) None of the above. Show Answer Correct Answer: B) Zero base budgeting. 13. The two basic parts of a budget are ..... and ..... A) Wants; Needs. B) Equity; Debt. C) Income; Expenses. D) Resources; Consumption. Show Answer Correct Answer: C) Income; Expenses. 14. Short term goals are: A) Hard to reach. B) Accomplished in less than a year. C) Personal. D) Categorized by wants and needs. Show Answer Correct Answer: B) Accomplished in less than a year. 15. Three of these items represent services provided by the federal government using taxpayer money. Which one represents a personal expense instead? A) Military protection. B) Medicare and Medicaid. C) Auto insurance. D) NASA space program. Show Answer Correct Answer: C) Auto insurance. 16. "It is performed to ascertain the validity and reliability of information; also to provide an assessment of a system's internal control" .This statement refers to the ..... process of financial administration. A) Budgeting. B) Planning. C) Auditing. D) Accounting. Show Answer Correct Answer: C) Auditing. 17. Steve has a gross annual income of $ 42, 000 and has $ 1, 300 taken out for deductibles. What is his monthly budget for transportation if he puts aside 11% for transportation fees? A) $ 3391.66. B) $ 373.08. C) $ 385. D) $ 3608.33. Show Answer Correct Answer: B) $ 373.08. 18. What are your expenses? A) Money you save. B) Money you spend on things. C) Money you put away for taxes. D) All of these. Show Answer Correct Answer: B) Money you spend on things. 19. What budgeting tip(s) would help you to stay on track financially? A) Find a friend with similar goals and hold each other accountable. B) Put aside fun money in your budget so you're not missing out. C) Only use your closest gas station to fill up gas. D) All of the above. Show Answer Correct Answer: A) Find a friend with similar goals and hold each other accountable. 20. Purchasing a property is complex and a real estate agent helps you to find property that fits your ..... A) Needs. B) Wants. C) Spending plan. D) All of these. Show Answer Correct Answer: D) All of these. ← PreviousNext →Related QuizzesAccounting QuizzesBudgeting Quiz 1Budgeting Quiz 2Budgeting Quiz 3Budgeting Quiz 5Budgeting Quiz 6Budgeting Quiz 7Budgeting Quiz 8Budgeting Quiz 9Budgeting Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books