This quiz works best with JavaScript enabled. Home > Finance > Accounting > Budgeting > Budgeting – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 16 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Renting a product while ownership remains with the lease grantor. A) Rent-to-own. B) Leasing. C) Down payment. D) Tangible asset. Show Answer Correct Answer: B) Leasing. 2. Rent is an example of what type of expense? A) Variable. B) Fixed. C) Periodic. D) None of above. Show Answer Correct Answer: B) Fixed. 3. According to The Department of Agriculture what is the estimated cost of raising a child from birth through age 17? A) $ 103, 500. B) $ 233, 610. C) $ 60, 500. D) 1 million. Show Answer Correct Answer: B) $ 233, 610. 4. The purpose of budget is ..... A) To complete with other organization. B) Communication-shareholder. C) Plotting. D) Peer evaluation. Show Answer Correct Answer: B) Communication-shareholder. 5. Person who owns the property. A) Landlord. B) Tenant. C) Rent. D) Equity. Show Answer Correct Answer: A) Landlord. 6. A(n) ..... is a plan for managing your money for a given period of time. A) Income. B) Budget. C) Finances. D) Expenses. Show Answer Correct Answer: B) Budget. 7. Allowance, wages, tips, and interest earned over time are A) Budget. B) Income. C) Savings. D) Fixed Income. Show Answer Correct Answer: B) Income. 8. If your monthly expenditures are 600$ , what is the smallest amount of money you should have in your emergency fund? A) No need for an emergency fund. B) 200$. C) 1800$. D) 600$. Show Answer Correct Answer: C) 1800$. 9. What is the first thing to consider when planning a budget? A) Cash flow statement. B) Financial goals. C) Estimated expenses. D) Emergency fund. Show Answer Correct Answer: B) Financial goals. 10. Which of the following people would benefit MOST from a personal budget? A) Jeremy carefully tracks his expenses. B) Lisa spends less money than she earns. C) Kaori does not have enough money to pay bills. D) Chandler is saving for a major purchase. Show Answer Correct Answer: C) Kaori does not have enough money to pay bills. 11. One reason people keep a personal budget is that it can help them to A) Earn a promotion at work. B) Set and reach financial goals. C) Buy anything they want at any time. D) None of above. Show Answer Correct Answer: B) Set and reach financial goals. 12. Which of the following events would not require reworking a budget? A) Losing a job. B) Starting a new job. C) Getting married. D) Having a budget surplus. Show Answer Correct Answer: D) Having a budget surplus. 13. Fees incurred when a customer withdraws more money from an account than what is available in the account. A) Overdraft fees. B) Debt. C) Budget. D) Gross Income. Show Answer Correct Answer: A) Overdraft fees. 14. Which of the following is NOT a possible cause of an adverse variance: A) Raw materials costs go up around the world. B) Overhead or fixed costs are lower than expected. C) Sales revenue is not as high as expected. D) Labor costs go up due to overtime. Show Answer Correct Answer: B) Overhead or fixed costs are lower than expected. 15. If you don't get a receipt, you should: A) Guess what you spent at the end of the week. B) Write the amount down before you leave the store. C) Ignore the cost of the item. D) Wait until you get home to write the amount down. Show Answer Correct Answer: B) Write the amount down before you leave the store. 16. If Jackson earns $ 36, 000 annually (NET), how much money should he be putting in savings each MONTH? (HINT:Savings is 10% of the budget) A) $ 300. B) $ 3, 000. C) $ 360. D) $ 3, 600. Show Answer Correct Answer: A) $ 300. 17. What did Derek and Ginny cut from their budget to save money? A) They rented a smaller apartment to save on rent. B) They decided not to go to school. C) The stopped paying the electric bill. D) They charged the overages on a credit card. Show Answer Correct Answer: A) They rented a smaller apartment to save on rent. 18. What are the Four Walls? A) Utilities, college fund, restaurants, and car insurance. B) Cell phone bill, car insurance, shelter, and money for the movies. C) Food, utilities, transportation, and college fund. D) Food, utilities, shelter, and transportation. Show Answer Correct Answer: D) Food, utilities, shelter, and transportation. 19. Goods or services that are required. A) Needs. B) Surplus. C) Emergency fund. D) Wants. Show Answer Correct Answer: A) Needs. 20. An estimate of income and expenditure over a period of time is a ..... A) Income. B) Currency. C) Budget. D) This one should be easy. Why are you even looking at this option. Show Answer Correct Answer: C) Budget. 21. The first expense line in your budget is to: A) Pay yourself first. B) Write down your variable expenses. C) Write down your fixed expenses. D) Write down your income. Show Answer Correct Answer: A) Pay yourself first. 22. Plans that can be accomplished within 3 months to 1 year A) Short term goal. B) Immediate goal. C) Long term goal. D) Medium goal. Show Answer Correct Answer: A) Short term goal. 23. If Lauren earns $ 24, 000 annually, her mortgage/rent payment should not exceed ..... (Hint:35% of monthly income) A) $ 525. B) $ 700 per month. C) $ 375 per month. D) $ 2, 000 per month. Show Answer Correct Answer: B) $ 700 per month. 24. All of the following are fixed expenses except: A) Apartment rent. B) Cell phone bill with unlimited minutes and data option. C) Electric bill. D) Health insurance cost. Show Answer Correct Answer: C) Electric bill. 25. A master budget consists of A) An interrelated long-term plan and operating budgets. B) Financial budgets and a long-term plan. C) Interrelated financial budgets and operating budgets. D) All the accounting journals and ledgers used by a company. Show Answer Correct Answer: C) Interrelated financial budgets and operating budgets. 26. The amount of money you make is called: A) Net Pay. B) Gross Pay. C) Available Pat. D) Taxes. Show Answer Correct Answer: B) Gross Pay. 27. Fringe benefits commonly include ..... A) Childcare. B) Parking ticket. C) Personal use of company owned building. D) Dental insurance. Show Answer Correct Answer: A) Childcare. 28. Research shows that nearly half of Americans (46%) feel stress and anxiety about the amount of ..... they have. A) Debit cards. B) Categories in their budget. C) Personal debt. D) Money. Show Answer Correct Answer: C) Personal debt. 29. The things you do with money A) Consumer. B) Knowledge. C) The Five Foundations. D) Behavior. Show Answer Correct Answer: D) Behavior. 30. Something you want to do in the future. Require time and planning. They are not something you can do this week or even this year. A) Deficit. B) Fixed Expense. C) Long-Term Goal. D) Short-term goal. Show Answer Correct Answer: C) Long-Term Goal. ← 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