This quiz works best with JavaScript enabled. Home > Finance > Accounting > Budgeting > Budgeting – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 12 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Examples of Fixed Expenses include: A) Cable, entertainment, food. B) Clothing, gas, food. C) Gas, food, phone. D) Mortgage, loans, rent. Show Answer Correct Answer: D) Mortgage, loans, rent. 2. A common starting point in the budgeting process is A) To motivate the sales force. B) Expected future net income. C) Past performance. D) A clean slate, with no expectations. Show Answer Correct Answer: C) Past performance. 3. What part of SMART is missing? I will read thirty novels by the end of this month. A) Not specific enough. B) Not time-bound. C) Not measurable. D) Not attainable. Show Answer Correct Answer: D) Not attainable. 4. What type of budget does Dave discuss in which every dollar is assigned a specific purpose before the month begins? A) Flat rate budget. B) Reconciliation budget. C) Zero based budget. D) Efficiency budget. Show Answer Correct Answer: C) Zero based budget. 5. To take money out of an account. A) My money. B) Take back. C) Deposit. D) Withdraw. Show Answer Correct Answer: D) Withdraw. 6. A person or organization that purchases a product or service. A) Producer. B) Behavior. C) Nonprofit Organization. D) Consumer. Show Answer Correct Answer: D) Consumer. 7. Which of the following is a possible explanation for a favourable sales variance? A) Lower than expected gross profit margins. B) Lower than expected overtime costs. C) Lower than expected sales volumes. D) Higher than expected selling prices. Show Answer Correct Answer: D) Higher than expected selling prices. 8. Allows invested money to grow over time A) Compound interest. B) Taxes. C) Premium payments. D) Inflation. Show Answer Correct Answer: A) Compound interest. 9. Which SMART Goal component is the following:Austin will save money for the next two years. A) R. B) T. C) A. D) M. Show Answer Correct Answer: B) T. 10. What does PYF stand for? A) Pay Your Fund. B) Period Year Finances. C) Put Your Finances First. D) Pay Yourself First. Show Answer Correct Answer: D) Pay Yourself First. 11. What is the definition of actual cost? A) Cost which have been estimated. B) Cost which have been calculated. C) Cost which possibly by using forecasted costs. D) Costs which have occurred and can be reliably measured. Show Answer Correct Answer: D) Costs which have occurred and can be reliably measured. 12. Which of the following is a consequence of overdrawing your checking account? A) Bounced check fee from the store. B) Stress from money mismanagement. C) Overdraft fee from your bank. D) All of the above. Show Answer Correct Answer: D) All of the above. 13. A sacrifice that must be made to get a certain product or experience. A) Balanced budget. B) Opportunity cost. C) Trade offs. D) Variable expense. Show Answer Correct Answer: C) Trade offs. 14. Which of the following is not a quality of a good budget? A) Practical. B) Deficit based. C) Goal based. D) Flexible. Show Answer Correct Answer: B) Deficit based. 15. Operating budgets and financial budgets: A) Are prepared after the master budget. B) Are prepared before the master budget. C) Have nothing to do with the master budget. D) Combined form the master budget. Show Answer Correct Answer: D) Combined form the master budget. 16. Labour report should be prepared for the ..... company for each department. A) Administration. B) Entire. C) Executive. D) Top management. Show Answer Correct Answer: B) Entire. 17. The Sams' are saving for a family vacation. They need $ 1, 200. If they are saving $ 100 a month, how many months will it take for them to go on vacation? A) 8. B) 6. C) 10. D) 12. Show Answer Correct Answer: D) 12. 18. The budgeting process starts with A) Set personal and financial goals. B) Review financial progress and revise budgeted amounts. C) Assess your personal and financial situation (needs, values, life situation). D) None of above. Show Answer Correct Answer: C) Assess your personal and financial situation (needs, values, life situation). 19. I received my paycheck from my employer. My paycheck is an example of a what: A) Withdrawal. B) Deposit. C) Loan. D) None of above. Show Answer Correct Answer: B) Deposit. 20. Which of the following is NOT a wise financial decision? A) Using credit for everything. B) Saving for the future. C) Writing down expenses to track spending. D) Creating a budget based on your NET income. Show Answer Correct Answer: A) Using credit for everything. 21. This helps you prepare for unexpected expenses. A) Credit cards. B) Checking account. C) Emergency fund. D) None of the above. Show Answer Correct Answer: C) Emergency fund. 22. Will my teachers be excited if I buy this item, or will they be disappointed? A) $ 80, minus any taxes she has to pay. B) $ 80. C) $ 80, plus any taxes she has to pay. D) $ 8. Show Answer Correct Answer: B) $ 80. 23. What part of SMART is missing? I will exercise at the gym three times a week. A) Not time-bound. B) Not specific enough. C) Not measurable. D) Not attainable. Show Answer Correct Answer: A) Not time-bound. 24. Expenses that change from month to month are A) Important expenses. B) Fixed expenses. C) Variable expenses. D) Net Income. Show Answer Correct Answer: C) Variable expenses. 25. Which income is also called "Take Home Pay" A) Salary. B) Wages. C) Net Income. D) Gross Income. Show Answer Correct Answer: C) Net Income. 26. Which one is a good way to set goals? A) MATHS. B) WEALA. C) SMART. D) SWTAL. Show Answer Correct Answer: C) SMART. 27. In order to get spending under control, a person should first: A) Seek help on investing from a financial planner. B) Consult a credit counseling service. C) Create a budget of current income and expenses. D) Subscribe to financial newsletters and magazines. Show Answer Correct Answer: C) Create a budget of current income and expenses. 28. Which of the following is an agreement between a renter and a landlord. A) Mortgage. B) Deed. C) Security Deposit. D) Lease. Show Answer Correct Answer: D) Lease. 29. What is the fund for unexpected expenses. A) Budget. B) 30% of budget. C) Emergency fund. D) Saving for goal. Show Answer Correct Answer: C) Emergency fund. 30. How is buying with credit different than paying with cash? A) With credit, you don't have to pay interest. B) With credit, you borrow money and repay later, with interest. C) No difference. D) None of above. Show Answer Correct Answer: B) With credit, you borrow money and repay later, with interest. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesBudgeting Quiz 1Budgeting Quiz 2Budgeting Quiz 3Budgeting Quiz 4Budgeting Quiz 5Budgeting Quiz 6Budgeting Quiz 7Budgeting Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books