This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Something that people desire to have, that they may, or may not, be able to obtain. A) Wants. B) Needs. C) Opportunity costs. D) Fixed expense. Show Answer Correct Answer: A) Wants. 2. A plastic payment card linked to a financial account and is used for transactions. A) Debit Card. B) Credit Card. C) Checking Account. D) Savings Account. Show Answer Correct Answer: A) Debit Card. 3. This budget shows both the quantity and cost of direct materials to be purchased. A) Production. B) Direct materials. C) Indirect materials. D) Materials. Show Answer Correct Answer: B) Direct materials. 4. The first priority in your budget should be ..... A) Giving. B) Spending. C) Saving. D) Investing. Show Answer Correct Answer: A) Giving. 5. What is a plastic card that you can use to pay for purchases with borrowed money from the bank? A) Debit card. B) Credit card. C) Spending card. D) Saving card. Show Answer Correct Answer: B) Credit card. 6. An unlimited amount of wants but limited money. A) Scarcity. B) Debt. C) Interest. D) Liability. Show Answer Correct Answer: A) Scarcity. 7. The amount of money you take home is called your A) Net Pay. B) Gross Pay. C) Total Pay. D) Available Pay. Show Answer Correct Answer: A) Net Pay. 8. Which of the following is NOT a true statement about partial budgets? A) Allows for hiring custom work. B) Modifies production practice. C) Adopts new technologies. D) Includes resources which cannot change. Show Answer Correct Answer: D) Includes resources which cannot change. 9. FICA stands for ..... A) Federal Insurance Contributions Action. B) Federal Insurance Contributions Act. C) Federal Insurance Coverage for All. D) Financial Insurance Coverage Act. Show Answer Correct Answer: B) Federal Insurance Contributions Act. 10. Who has to pay taxes to the US government? A) Every citizen, regardless of their age or working status. B) Every person or company that earns income in the US. C) Anyone who owns a home or attends a public school. D) No one has to-taxes are a voluntary program. Show Answer Correct Answer: B) Every person or company that earns income in the US. 11. Gasoline A) Fixed expense. B) Expected expense. C) Unexpected expense. D) Variable expense. Show Answer Correct Answer: D) Variable expense. 12. What is the most important bill you have to take care of? A) House. B) Entertainment. C) Car. D) None Of The Above. Show Answer Correct Answer: A) House. 13. What part of SMART is missing? I will play more computer games with my brother this semester. A) Not attainable. B) Not measurable. C) Not time bound. D) Not specific enough. Show Answer Correct Answer: B) Not measurable. 14. The amount of income remaining after you've paid all of your federal, state and local taxes A) Discretionary income. B) Disposable income. C) Fixed expense. D) Personal income. Show Answer Correct Answer: B) Disposable income. 15. Which of the following items should always be included in a cash flow statement? A) Income from wages. B) Savngs. C) Fixed expenses. D) All of the above. Show Answer Correct Answer: D) All of the above. 16. Automatically routing your specified savings contribution from each paycheck at the time it is received. A) Wants. B) Personal income. C) Pay yourself first. D) Surplus. Show Answer Correct Answer: C) Pay yourself first. 17. Forbearance includes: A) Subsidized Stafford Loans do not accrue interest. B) All loans accrue interest. C) Unsubsidized Stafford loans, PLUS loans, and consolidation loans, do accrue interest. D) None of these. Show Answer Correct Answer: B) All loans accrue interest. 18. Ryan would like to save 15% of his take-home pay towards retirement. How much should he save each month if he makes $ 5, 000 each month? A) $ 750. B) $ 75, 000. C) $ 1125. D) $ 75. Show Answer Correct Answer: A) $ 750. 19. What allows you to have extra cash when you need it? A) Income. B) Budget. C) Savings. D) Spending. Show Answer Correct Answer: C) Savings. 20. Occurs when you spend more money than you actually have A) Withdrawal. B) Income. C) Overdraft. D) Goal. Show Answer Correct Answer: C) Overdraft. ← PreviousNext →Related QuizzesAccounting QuizzesBudgeting Quiz 1Budgeting Quiz 2Budgeting Quiz 3Budgeting Quiz 4Budgeting Quiz 6Budgeting Quiz 7Budgeting Quiz 8Budgeting Quiz 9Budgeting Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books