This quiz works best with JavaScript enabled. Home > Finance > Accounting > Budgeting > Budgeting – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 13 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How many months does it usually take for your budget to start working as a budget should? A) Four. B) Five. C) Three. D) One. Show Answer Correct Answer: C) Three. 2. Unexpected expenses ..... A) Can make it hard to stick to your budget. B) May cause you to be unable to pay necessary bills. C) Should be planned for. D) All of the above. Show Answer Correct Answer: D) All of the above. 3. ..... Percent of children live in poverty in The United States? A) 22.4%. B) 19.9%. C) 21.8%. D) 23.2%. Show Answer Correct Answer: B) 19.9%. 4. Which of the following is a benefit of using a budget? 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. Anything of value that is owned by an individual A) Budget. B) Asset. C) Liability. D) Consumer. Show Answer Correct Answer: B) Asset. 6. Which of the following is TRUE regarding unexpected expenses? A) They usually don't affect your budget. B) They should be planned for. C) They usually don't affect your ability to pay bills. D) They should not be included in your budget. Show Answer Correct Answer: B) They should be planned for. 7. An example of a discretionary expense is A) Car payment. B) School loan. C) Credit card bill. D) Vacation. Show Answer Correct Answer: D) Vacation. 8. What is 35% of $ 2, 492. A) $ 765.43. B) $ 903.99. C) $ 872.20. D) $ 474.10. Show Answer Correct Answer: C) $ 872.20. 9. Which of these is NOT a key to saving money? A) Discipline. B) Focus. C) Making saving a priority. D) Your income. Show Answer Correct Answer: D) Your income. 10. Keeping records: A) Helps me know what I spend. B) Helps me stay within my spending plan. C) Makes me more responsible. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. A(n) should account for fixed, variable, intermittent, and discretionary expenses based on income. A) Budget. B) Zero-Based Budget. C) Gross Income. D) Intermittent Expense. Show Answer Correct Answer: B) Zero-Based Budget. 12. What is most important to you A) Budget deficit. B) Worksheet. C) Values. D) Goal chart. Show Answer Correct Answer: C) Values. 13. Something you want to do in the near future. The near future can mean today, this week, this month, or even this year. A) Budget. B) Surplus. C) Long-term goal. D) Short-term goal. Show Answer Correct Answer: D) Short-term goal. 14. I should keep sales receipts: A) As long as I need proof of purchase. B) Until I enter it on my expense log. C) Until I get home. D) Until I leave the store. Show Answer Correct Answer: A) As long as I need proof of purchase. 15. Utilities include ..... A) Electric. B) Gas. C) Electric, gas, and water. D) Water. Show Answer Correct Answer: C) Electric, gas, and water. 16. What you know about money A) Knowledge. B) Consumer. C) Behavior. D) Personal Finance. Show Answer Correct Answer: A) Knowledge. 17. An estimate of income and expenditure for a set period of time A) Emergency fund. B) Fixed expense. C) Budget. D) Deficit. Show Answer Correct Answer: C) Budget. 18. What do you do if you are spending more than you make? A) Cut down on wants. B) Don't pay your mortgage/rent. C) Find a new job. D) Just keep borrowing from a friend. Show Answer Correct Answer: A) Cut down on wants. 19. What is a Liability? A) A monthly plan for how you are going to save and spend your income. B) Anything you owe; a debt. C) Anything of value that is owned by an individual. D) The cost of goods or expenses. Show Answer Correct Answer: B) Anything you owe; a debt. 20. People create and keep a personal budget to help them ..... A) Set and reach financial goals. B) Apply for loan. C) Buy anything they want. D) Earn promotions at work. Show Answer Correct Answer: A) Set and reach financial goals. 21. Which of the following saving goals is MOST important? A) Katrina is saving to hire painters to repaint her house. B) Samantha is saving to buy faster gaming computer. C) Jimmy is saving to replace the old tires on his car. D) None of above. Show Answer Correct Answer: C) Jimmy is saving to replace the old tires on his car. 22. Fees and charges associated with the purchase of a property. A) Mortgage. B) Down payment. C) Rent. D) Closing costs. Show Answer Correct Answer: D) Closing costs. 23. Replacement breaks on your car A) Unexpected expense. B) Variable expense. C) Fixed expense. D) Expected expense. Show Answer Correct Answer: A) Unexpected expense. 24. Savers will naturally ..... money A) Identify. B) Spend. C) Save. D) None of above. Show Answer Correct Answer: C) Save. 25. Pay cash for your first car A) Third Foundation. B) Second Foundation. C) Fifth Foundation. D) First Foundation. Show Answer Correct Answer: A) Third Foundation. 26. ..... is something owed to another ..... an obligation to pay A) Income. B) Debt. C) Money. D) Goal. Show Answer Correct Answer: B) Debt. 27. When the responsibility for budgetary control is given to less senior management A) Incremental Budgting. B) Budget Process. C) Delegated Budget. D) Budgetary control. Show Answer Correct Answer: C) Delegated Budget. 28. If Ryan's take home pay is $ 7, 000 and he pays $ 350 to pay for gas for his car, what percentage of his budget does he spend on gas? A) 5%. B) 0.20 %. C) 20 %. D) .05 %. Show Answer Correct Answer: A) 5%. 29. Whole farm budgets are NOT used for which of the following? A) Learning the worth of a ranch. B) Totaling the number of acres. C) Comparing profitability of several farm plans. D) Determining income possibilities. Show Answer Correct Answer: B) Totaling the number of acres. 30. The sales budget assumes 200 units would be sold for £15 each; actual sales were £4, 200.What was the variance? A) £1200 (adverse). B) £3000 (favourable). C) £1200 (favourable). D) £3000 (adverse). Show Answer Correct Answer: C) £1200 (favourable). ← 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