This quiz works best with JavaScript enabled. Home > Finance > Accounting > Budgeting > Budgeting – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 18 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If your monthly totals for your budget are more than your actual monthly income you are considered ..... budget. A) Within. B) Under. C) Over. D) On. Show Answer Correct Answer: C) Over. 2. The price paid for the use of someone else's property A) Closing costs. B) Mortgage. C) Down payment. D) Rent. Show Answer Correct Answer: D) Rent. 3. Which of the following is not a function of budgeting? A) Planning. B) Decision making. C) Motivating. D) Controlling. Show Answer Correct Answer: C) Motivating. 4. Protects you against unexpected expenses A) Income. B) Savings. C) Wages. D) Salary. Show Answer Correct Answer: B) Savings. 5. Items of ownership convertible into cash A) Assets. B) Expenses. C) Liabilites. D) Debts. Show Answer Correct Answer: A) Assets. 6. How often should you create a budget? A) Daily. B) Weekly. C) Monthly. D) Biannually. Show Answer Correct Answer: C) Monthly. 7. The two classes of budgets are: A) Operating & Financial. B) Variable & Fixed. C) Sales & Product. D) Direct materials & Direct labor. Show Answer Correct Answer: A) Operating & Financial. 8. What do we call the separate fund that people should have just in case a situation arises where they need access to a substantial sum of money? A) Super fund. B) Fun fund. C) Emergency fund. D) Overage fund. Show Answer Correct Answer: C) Emergency fund. 9. Changes can be made in my written spending plan: A) As my needs change. B) Only once a month. C) Only once a week. D) Only every six months. Show Answer Correct Answer: A) As my needs change. 10. The largest categories of a typical family budget include: A) Housing, food, personal care. B) Housing, transportation, food. C) Housing, utilities, food. D) Housing, food, entertainment. Show Answer Correct Answer: B) Housing, transportation, food. 11. Type of budget in which the previous year's budget is is used as a baseline for a general increase or decrease in the budget for the coming year. A) Zero Based Budget. B) Incremental Budget. C) Standard Budget. D) Strategic Budget. Show Answer Correct Answer: B) Incremental Budget. 12. A(n) ..... needs to be evaluated in light of your other expenses for the month. A) Net Income. B) Discretionary Expense. C) Income. D) Variable Expense. Show Answer Correct Answer: B) Discretionary Expense. 13. Sundries are things like: A) Shampoo, deodorant, toilet paper, cleaning supplies, etc. B) Flowers, plants, seeds, etc. C) Granola bars, tofu, organic vegetables, etc. D) None of the above. Show Answer Correct Answer: A) Shampoo, deodorant, toilet paper, cleaning supplies, etc. 14. Your first checking account should be opened between A) 13-15. B) 18-21. C) 16-17. D) 10-12. Show Answer Correct Answer: A) 13-15. 15. Earnings you take home after deductions are A) Gross Pay. B) Net Pay. C) Savings. D) Income. Show Answer Correct Answer: B) Net Pay. 16. Income consists of: A) Take home pay. B) Tips. C) Alimony or child support. D) All of these. Show Answer Correct Answer: D) All of these. 17. A detailed financial plan for the future A) Variance Analysis. B) Budgetary Control. C) Financial Strategy. D) Budget. Show Answer Correct Answer: D) Budget. 18. Which of the following is not a repayment plan for student loans? A) Standard. B) Annual. C) Graduated. D) Extended. Show Answer Correct Answer: B) Annual. 19. Your money personality can affect your ..... A) Attitude toward budgeting. B) Choice of bank. C) Personal values. D) Ability to budget. Show Answer Correct Answer: A) Attitude toward budgeting. 20. Creating a budget based on gradual changes from previous period A) Bottom-Up Approach. B) Top-Down Approach. C) Zero-Based Budget. D) Incremental Budget. Show Answer Correct Answer: D) Incremental Budget. 21. Which of the following is considered an asset? A) Savings account. B) Bank Loan. C) Mortgage. D) Debit Card. Show Answer Correct Answer: A) Savings account. 22. You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college. Mark which of YOUR expenses would likely decrease by having roommates. A) Groceries and eating out. B) Rent. C) Cell phone bill. D) Bedroom furniture. Show Answer Correct Answer: B) Rent. 23. Which of the following is NOT an example of a liability? A) Charge accounts. B) Cash. C) Rental fees. D) Equipment loans. Show Answer Correct Answer: B) Cash. 24. If your monthly income from your job is $ 600, and you want to save $ 25%, how much would you save each month? A) $ 200. B) $ 150. C) $ 250. D) $ 125. Show Answer Correct Answer: B) $ 150. 25. Budget Schedules project specific data on a quarterly basis. Select the specific data a Sales Budget Schedule would project. A) Cost of Purchases. B) Net Sales. C) Administrative Expenses. D) Selling Expenses. Show Answer Correct Answer: B) Net Sales. 26. An excess of expenditure or liabilities over income or assets in a given period. A) Surplus. B) Personal income. C) Deficit. D) Balanced budget. Show Answer Correct Answer: C) Deficit. 27. What percentage of monthly income is recommended for spending on housing/ rent? A) 10%. B) 50%. C) 28%. D) 15%. Show Answer Correct Answer: C) 28%. 28. Jaxson can budget 1% of his monthly income to gifts. If he makes $ 1, 295 a month, how much money can he put toward his gift category? A) $ 1.29. B) $ 1.95. C) $ 120.95. D) $ 12.95. Show Answer Correct Answer: D) $ 12.95. 29. Which of the following should NOT be considered when setting a current budget? A) Your financial goals. B) Future income. C) Needs and wants. D) Savings. Show Answer Correct Answer: B) Future income. 30. A section of business (that may or may not exist physically) for which specific costs can be identified and attributed. A) Profit Center. B) Budget Holder. C) Cost Center. D) Strategic business division. Show Answer Correct Answer: C) Cost Center. ← 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