This quiz works best with JavaScript enabled. Home > Finance > Accounting > Budgeting > Budgeting – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 15 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is something that a typical millionaire would do? A) Carry debt. B) Spend less money than he or she makes. C) Replace things that are not broken. D) Lease a new car. Show Answer Correct Answer: B) Spend less money than he or she makes. 2. Making a purchase based on immediate want or due to pressure of advertising A) Goal to reach. B) Need to have. C) Impulse buying. D) Plan to get. Show Answer Correct Answer: C) Impulse buying. 3. ..... is an amount of money spent to buy goods and services for yourself or business A) Overdraft. B) Debt. C) Expense. D) Needs. Show Answer Correct Answer: C) Expense. 4. A ..... expense is one that changes each month depending on usage. A) Fixed. B) Variable. C) Periodic. D) None of these. Show Answer Correct Answer: B) Variable. 5. Amount of income received before costs of goods and taxes A) Gross income. B) Fixed income. C) Net income. D) Variable income. Show Answer Correct Answer: A) Gross income. 6. Is the process of using a financial plan to control your money A) Budget. B) Money management. C) Expenses. D) Income. Show Answer Correct Answer: B) Money management. 7. In addition to needs, what should you plan for first when creating a budget? A) Recurring expenses. B) Investments. C) Shopping money. D) Possible charitable donations. Show Answer Correct Answer: A) Recurring expenses. 8. Your car is totaled during a hit and run accident A) Life Insurance. B) Uninsured Motorist Insurance. C) Collision Insurance. D) Comprehensive Insurance. Show Answer Correct Answer: B) Uninsured Motorist Insurance. 9. What is the advantages of budget? A) Budget are based on unknown factors. B) Requires confidential information be included in the budget. C) Time and cost to prepare budget are considerable. D) Able to adjust accordingly. Show Answer Correct Answer: D) Able to adjust accordingly. 10. An obligation to repay borrowed money. A) Budget. B) Personal Finance. C) Debt. D) Consumer. Show Answer Correct Answer: C) Debt. 11. Money paid to the federal government is called A) Income Tax. B) Federal Tax. C) Budget. D) Percent. Show Answer Correct Answer: B) Federal Tax. 12. Which of the following should you consider when setting a budget? A) Your financial goals. B) Needs and wants. C) Savings. D) All of the above. Show Answer Correct Answer: D) All of the above. 13. A plan for using your money is A) A budget. B) An outline. C) Your net pay. D) Your check register. Show Answer Correct Answer: A) A budget. 14. Which of the following is a common flexible expense associated with renting an apartment? A) A Security Deposit. B) Apartment Insurance. C) An Electric Bill. D) Rent. Show Answer Correct Answer: C) An Electric Bill. 15. Which of the following statements is TRUE? A) Recurring expenses don't need to be planned for because they rarely happen. B) Recurring expenses are expenses that can never be stopped. C) Recurring expenses should be planned for after looking at your wants. D) None of the above. Show Answer Correct Answer: D) None of the above. 16. You need this in your budget for long-range goals like taking a vacation. A) Gross pay. B) Net pay. C) Savings. D) None of these. Show Answer Correct Answer: C) Savings. 17. When putting together a budget, which of the following items should you include? A) Fixed Expenses. B) Discretionary Expenses. C) Savings. D) All of the above. Show Answer Correct Answer: D) All of the above. 18. In budgeting which number should always be the largest? A) Disposable Income. B) Taxes. C) Gross Income. D) Net Income. Show Answer Correct Answer: C) Gross Income. 19. When you put money in the bank you are making a A) Deposit. B) Withdrawal. C) Debt. D) Income. Show Answer Correct Answer: A) Deposit. 20. When creating a budget, you should make sure to "PYF" which stands for: A) Pen Your Finances. B) Prevent Yesterday's Fraud. C) Put Your Finances in Check. D) Pay Yourself First. Show Answer Correct Answer: D) Pay Yourself First. 21. An example of a variable (flexible) expense is A) Student loan payment. B) Rent. C) Entertainment. D) Car Insurance. Show Answer Correct Answer: C) Entertainment. 22. Direct labour is productions or services that is assigned to a specific product, cost centre, and ..... A) Work order. B) Labour cost. C) Working hours. D) None of above. Show Answer Correct Answer: A) Work order. 23. Which of these is a need and not a want A) Movies. B) Batting cages. C) Food. D) Snacks. Show Answer Correct Answer: C) Food. 24. Assets-Liabilities = ..... You find this on a personal balance sheet. We use it to measure wealth. A) Cash flow. B) Net worth. C) Income. D) Budget. Show Answer Correct Answer: B) Net worth. 25. Which of the following is required as a part of a company's financial reports? A) Statement of ownership equity. B) Net worth statement. C) Net income statement. D) Statement of cash flow. Show Answer Correct Answer: D) Statement of cash flow. 26. What should you do if your budget doesn't work? A) Give up. B) Hire a professional. C) Rely on automatic alerts from your bank. D) Adjust and rework it the following month. Show Answer Correct Answer: D) Adjust and rework it the following month. 27. Calculate the amount you should spend on housing (30%) if your net biweekly income is $ 375. A) $ 112.50. B) $ 89.38. C) $ 2925.00. D) $ 812.50. Show Answer Correct Answer: B) $ 89.38. 28. Every day, Mason pays $ 3.00 for lunch from the school cafeteria. In what part of his personal budget should he record this amount? A) Income. B) Savings. C) Expenses. D) None of above. Show Answer Correct Answer: C) Expenses. 29. "before-tax income" , is the total annual gross earnings of an individual from all income sources, such as:salaries and wages, investment interest and dividends, employer contributions to pension plans, and rental properties. A) Needs. B) Income. C) Personal income. D) Wants. Show Answer Correct Answer: C) Personal income. 30. Daniel would benefit the MOST from a personal budget if he A) Saves plenty of his income regularly each month. B) Always seems to have plenty of money for activities. C) Knows exactly what his expenses are each month. D) Struggles to understand why it is so hard to pay his bills. Show Answer Correct Answer: D) Struggles to understand why it is so hard to pay his bills. ← 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