This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. At the beginning of Pers. Finance, we learned about S-M-A-R-T goals when writing your goals. Which SMART Goal component is the following:Austin will save money for the next two years. A) M. B) A. C) R. D) T. Show Answer Correct Answer: D) T. 2. A social insurance program that extends health coverage to almost all Americans age 65 and older. A) Social Security. B) Social Society. C) Medical. D) Medicare. Show Answer Correct Answer: D) Medicare. 3. How long will it take Hines to save up for the concert? A) 3 weeks. B) 4 weeks. C) 5 weeks. D) She wont be able to because she is running a deficit. Show Answer Correct Answer: D) She wont be able to because she is running a deficit. 4. What is the final phase of the budgeting financial goal process? A) Set personal and financial goals. B) Compare your budget to what you have actually spent. C) Review your financial progress. D) Monitor current spending patterns. Show Answer Correct Answer: C) Review your financial progress. 5. Remain the same regardless of business activity A) Fixed expenses. B) Variable expenses. C) Assets. D) Liabilites. Show Answer Correct Answer: A) Fixed expenses. 6. According to the traditional approach, the budget is prepared once a ..... by the manager for each budget centre. A) Time. B) While. C) Month. D) Year. Show Answer Correct Answer: D) Year. 7. Which one of the following items would never appear on a cash budget? A) Office salaries expense. B) Interest expense. C) Depreciation expense. D) Travel expense. Show Answer Correct Answer: C) Depreciation expense. 8. When you're creating your monthly budget, what's the first priority under "Expenses "? A) Saving. B) Giving. C) Spending. D) Entertainment. Show Answer Correct Answer: B) Giving. 9. Creating a budget does NOT consist of which of the following? A) Tracking spending. B) Throwing away financial records. C) Knowing your net income. D) Eliminating unnecessary expenses. Show Answer Correct Answer: B) Throwing away financial records. 10. A spending plan can be made by: A) Keeping a diary of expenses. B) Asking a friend to make it for you. C) Deciding what to purchase when you go to the store. D) Checking how much money is in your pocket. Show Answer Correct Answer: A) Keeping a diary of expenses. 11. Save a $ 500 emergency fund A) Second Foundation. B) First Foundation. C) Third Foundation. D) Fourth Foundation. Show Answer Correct Answer: B) First Foundation. 12. The presentation recommends updating and modifying your budget how often? A) Annually or quarterly. B) Monthly or weekly. C) Daily or whenever making purchases. D) Never. Show Answer Correct Answer: B) Monthly or weekly. 13. Regular expenses you pay each month that are consistently the same amount are A) Variable expenses. B) Flexible expenses. C) Fixed expenses. D) Budgeted expenses. Show Answer Correct Answer: C) Fixed expenses. 14. The amount of money you have available in your account to spend A) Deposit. B) Debt. C) Balance. D) Withdrawal. Show Answer Correct Answer: C) Balance. 15. Which is NOT a category on a spending plan? A) Snacks. B) Entertainment. C) Candy bars. D) Clothing. Show Answer Correct Answer: C) Candy bars. 16. Car repairs are a ..... A) Discretionary expense. B) Variable expense. C) Fixed expense. D) Intermittent expense. Show Answer Correct Answer: D) Intermittent expense. 17. Budget reports are ..... that presents a single company's various budgets at any given time. A) Analysis. B) Documents. C) Goals of company. D) Plans. Show Answer Correct Answer: A) Analysis. 18. A(n) ..... stays the same from month to month. A) Zero-Based Budget. B) Intermittent Expense. C) Fixed Expense. D) Commission. Show Answer Correct Answer: C) Fixed Expense. 19. Things you would like to have are called A) Needs. B) Expenses. C) Wants. D) Budgets. Show Answer Correct Answer: C) Wants. 20. What does the A in SM A RT stand for? A) Attainable-a goal must be reachable; you CAN do it. B) Admirable-a goal must impress people. C) Artistic-a goal must be creative. D) Academic-a goal must be scholarly and oriented towards learning. Show Answer Correct Answer: A) Attainable-a goal must be reachable; you CAN do it. ← PreviousNext →Related QuizzesAccounting QuizzesBudgeting Quiz 1Budgeting Quiz 2Budgeting Quiz 3Budgeting Quiz 4Budgeting Quiz 5Budgeting Quiz 6Budgeting Quiz 8Budgeting Quiz 9Budgeting Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books