This quiz works best with JavaScript enabled. Home > Accounting > Budgeting > Budgeting – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 8 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. PYF means ..... A) Plan Your Future. B) Pay Yourself First. C) Pay Yourself Forward. D) Pay Your Finances. Show Answer Correct Answer: B) Pay Yourself First. 2. Which of these examples should Emily record in the income section of her personal budget? A) Her total savings over the last year. B) The price of a new bicycle she wants. C) A birthday gift of $ 50.00 from her grandfather. D) None of above. Show Answer Correct Answer: C) A birthday gift of $ 50.00 from her grandfather. 3. ..... are good places to look to find your current expenses when building your budget. A) Banks and credit unions. B) Grocery stores and concerts. C) Bank and credit statements. D) Online research websites. Show Answer Correct Answer: C) Bank and credit statements. 4. Portion of the purchase price that is not borrowed. A) Rent. B) Mortgage. C) Closing costs. D) Down payment. Show Answer Correct Answer: D) Down payment. 5. What are your liabilities? A) Things you own. B) Money you have in the bank. C) Money you owe others. D) The excuses you have for not meeting your budget. Show Answer Correct Answer: C) Money you owe others. 6. A plan for future spending and saving, weighing estimated income against estimated Expenses. A) Gross Income. B) Debt. C) Expense. D) Budget. Show Answer Correct Answer: D) Budget. 7. Brandon receives his paycheck, and it says his gross pay is $ 250 and his net pay is $ 200. How much money did he have in deductions this pay period? A) $ 450. B) $ 250. C) $ 50. D) $ 0. Show Answer Correct Answer: C) $ 50. 8. Income before taxes/deductions. A) Gross income. B) Net income. C) Salary. D) Net income. Show Answer Correct Answer: A) Gross income. 9. Jill decides to drive to work instead of taking the bus. It takes her 90 minutes to get there and the bus ride would have been 40.What type of analysis does this question represent? A) Opportunity Cost Analysis. B) Cost-benefit Analysis. C) Marginal Analysis. D) Discretionary Analysis. Show Answer Correct Answer: A) Opportunity Cost Analysis. 10. Good or service that is required for survival (water, food, shelter, clothing) A) Want. B) Wish. C) Need. D) Plan. Show Answer Correct Answer: C) Need. 11. A situation in financial planning or the budgeting process where total revenues are equal to or greater than total expenses. A) Deficit. B) Balanced budget. C) Short-Term Goal. D) Trade Offs. Show Answer Correct Answer: B) Balanced budget. 12. Money paid to a landlord to cover potential damage. A) Rent. B) Down payment. C) Security deposit. D) Mortgage. Show Answer Correct Answer: C) Security deposit. 13. An example of a long-term goal would be: A) An annual vacation. B) Saving for retirement. C) Buying a used car. D) Completing college within the next six months. Show Answer Correct Answer: B) Saving for retirement. 14. What is the average fee that a bank charges for an overdraft? A) $ 10. B) $ 35. C) $ 25. D) $ 20. Show Answer Correct Answer: B) $ 35. 15. Which of the following is not part of an effective budget preparation process? A) Estimate expenses and savings. B) Create a budget worksheet. C) Enter most expenses as "miscellaneous". D) Estimate income. Show Answer Correct Answer: C) Enter most expenses as "miscellaneous". 16. Something you identify and work on to achieve A) Needs. B) Money. C) Goal. D) Wants. Show Answer Correct Answer: C) Goal. 17. What's your biggest wealth-building tool? A) Income. B) Investments. C) Savings account. D) Inheritance. Show Answer Correct Answer: A) Income. 18. The amount of earnings made over one month, after deductions, in known as: A) Total annual income. B) Net monthly income. C) Gross monthly income. D) Gross annual income. Show Answer Correct Answer: B) Net monthly income. 19. A cash flow statement is a summary that shows the total ..... and spending for a given period of time. A) Assets. B) Liabilities. C) Revenue. D) Income. Show Answer Correct Answer: D) Income. 20. The use of budgets to control a firm's activities is called: A) Budget planning. B) Budgetary control. C) Master budget allocation. D) Budget costing. Show Answer Correct Answer: B) Budgetary control. ← PreviousNext →Related QuizzesAccounting QuizzesBudgeting Quiz 1Budgeting Quiz 2Budgeting Quiz 3Budgeting Quiz 4Budgeting Quiz 5Budgeting Quiz 6Budgeting Quiz 7Budgeting Quiz 9Budgeting Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books