This quiz works best with JavaScript enabled. Home > Finance > Accounting > Budgeting > Budgeting – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 19 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The best way to eliminate expenses is to ..... A) Stop eating out. B) Go to jail. C) Don't pay your bills. D) Track your budget to know what you can afford. Show Answer Correct Answer: D) Track your budget to know what you can afford. 2. Budgeting is the ..... based on a determined structure. A) Process of accomplishing goals. B) Developing of regulations. C) Decision to make judgments. D) Allocation of monetary funds. Show Answer Correct Answer: D) Allocation of monetary funds. 3. Personal finance A) Money put into an account intended for growth. B) A person or organization that purchases a product or service. C) All the money decisions a person or family makes including earning, budgeting, saving, spending and planning for the future. D) None of above. Show Answer Correct Answer: C) All the money decisions a person or family makes including earning, budgeting, saving, spending and planning for the future. 4. Who is responsible for the budget? A) Accountants. B) Investors. C) Management. D) Shareholders. Show Answer Correct Answer: C) Management. 5. The term 'budgetary period' relates to: A) The period for which the budget is prepared. B) The subdivisions of the main budget. C) The period in which the budget is finalised. D) A specific year for which the budget has been prepared. Show Answer Correct Answer: D) A specific year for which the budget has been prepared. 6. The actions of depositing and withdrawing money. A) Microtransactions. B) Transactions. C) Shoe Laces. D) Saving Money. Show Answer Correct Answer: B) Transactions. 7. The next best alternative given up when making a financial choice. A) Decisions. B) Cost of living. C) Choices. D) Opportunity cost. Show Answer Correct Answer: D) Opportunity cost. 8. Which of the followings is not the examples of general and administrative expenses? A) Audit fee. B) Buildings Insurance. C) Advertising. D) Computer services. Show Answer Correct Answer: C) Advertising. 9. What is the most likely reason for a budget to fail? A) Buying a pair of shoes you just couldn't resist. B) Failing to establish an emergency fund to account for unforeseen expenses. C) Not using a personal financial planning website or software. D) Not making enough money. Show Answer Correct Answer: B) Failing to establish an emergency fund to account for unforeseen expenses. 10. Which of the following most accurately describes a budget deficit? A) The money left over after all expenses are paid. B) The difference between income and expenses. C) Expenses owed every month. D) Not having enough money to cover expenses. Show Answer Correct Answer: D) Not having enough money to cover expenses. 11. Ed wants to reduce his fixed expenses. His best move would be to: A) Find a place with lower rent. B) Buy less clothes each month. C) Get a part-time job. D) Stop using his credit card to buy things. Show Answer Correct Answer: A) Find a place with lower rent. 12. "It is to highlight the achievements, shortcomings and weaknesses of the current financial plan" . This statement refers to the ..... process of financial administration. A) Accounting. B) Reviewing. C) Budgeting. D) Planning. Show Answer Correct Answer: B) Reviewing. 13. Bank statements, credit statements, and records of cash expenses help you to estimate your ..... A) Credit score. B) Emergency fund needs. C) Available investments. D) Expenses. Show Answer Correct Answer: D) Expenses. 14. The fee for borrowed money generally defined as a percentage; also, the earned interest on money you save or invest. A) Net Worth. B) Asset. C) Personal Finance. D) Interest. Show Answer Correct Answer: D) Interest. 15. Why should a person know what their business is worth? A) To keep business at a consistent level. B) To evaluate the financial health of the business. C) To sell the business right away. D) To keep others from stealing the produce. Show Answer Correct Answer: B) To evaluate the financial health of the business. 16. The net income statement is also known as which of the following? A) Profit and loss statement. B) Personal financial statement. C) Statement of cash flows. D) Balance sheet. Show Answer Correct Answer: A) Profit and loss statement. 17. The record where you keep track of your money A) Account. B) Checkbook. C) Budget. D) Deposit. Show Answer Correct Answer: B) Checkbook. 18. If I had $ 18.00 and wanted to buy some cupcakes worth $ 2.50 each. What is the most amount of cupcakes I could buy? A) 7. B) 6. C) 4. D) 8. Show Answer Correct Answer: A) 7. 19. A fixed expense is A) A bill amount that stays the same every month. B) A movie ticket. C) A credit card bill. D) A concert ticket. Show Answer Correct Answer: A) A bill amount that stays the same every month. 20. Which of the followings statement refers to financial budget? A) Focuses on each cost and revenue item. B) Outlines how a business receives and spends money. C) Reported by weekly or monthly. D) Constructed for the specific program element. Show Answer Correct Answer: B) Outlines how a business receives and spends money. 21. Which of the following compares the sources of cash to the uses of the cash over a specific period of time? A) Net income statement. B) Statement of cash flow. C) Net worth statement. D) Statement of ownership equity. Show Answer Correct Answer: B) Statement of cash flow. 22. Doing a budget does NOT: A) Show if you are overspending in one area. B) Make overspending more likely. C) Remove guilt and shame from sometimes associated with a purchase. D) Make your money go further. Show Answer Correct Answer: B) Make overspending more likely. 23. Why did Derek and Ginny decide to sell Derek's car instead of Ginny's? A) Derek's car had mechanical problems. B) Derek no longer liked his car. C) Ginny's car was nicer. D) It was more expensive to insure. Show Answer Correct Answer: D) It was more expensive to insure. 24. The Gummy family budget $ 35 a month for a vacation. How much money will they have saved up if they continue to save this amount for 15 months? A) $ 550. B) $ 50. C) $ 525. D) $ 225. Show Answer Correct Answer: C) $ 525. 25. The cost of goods or services. A) Knowledge. B) Scarcity. C) Expense. D) Behavior. Show Answer Correct Answer: C) Expense. 26. Blueprints for the execution and organization of revenues and expenditures; a specific plan for spending and saving money A) Gross Income. B) Budgets. C) Fixed Expenses. D) Budgeting. Show Answer Correct Answer: B) Budgets. 27. Find the overtime rate if straight time pay is $ 12.00 per hour and time and a half is paid for overtime. A) $ 6.00. B) $ 18.00. C) $ 24.00. D) $ 20.00. Show Answer Correct Answer: B) $ 18.00. 28. Ace's car holds 23 gallons of gas. If gas is $ 3.49 per gallon, how much will it cost Ace to fill up his car? A) $ 26.49. B) $ 50.78. C) $ 27.80. D) $ 80.27. Show Answer Correct Answer: D) $ 80.27. 29. An example of a want is: A) Safe drinking water. B) Basic clothing. C) Big screen TV. D) All of the above. Show Answer Correct Answer: C) Big screen TV. 30. You hit a deer with your car and it needs to be repaired A) Collision Insurance. B) Comprehensive Insurance. C) Life Insurance. D) Liability Insurance. Show Answer Correct Answer: B) Comprehensive Insurance. ← 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