This quiz works best with JavaScript enabled. Home > Finance > Accounting > Budgeting > Budgeting – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 5 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the final phase of the budgeting financial goal process? A) Set personal and financial goals. B) Compare your budget to what you have actually spent. C) Review your financial progress. D) Monitor current spending patterns. Show Answer Correct Answer: C) Review your financial progress. 2. Remain the same regardless of business activity A) Fixed expenses. B) Liabilites. C) Assets. D) Variable expenses. Show Answer Correct Answer: A) Fixed expenses. 3. According to the traditional approach, the budget is prepared once a ..... by the manager for each budget centre. A) Time. B) Year. C) While. D) Month. Show Answer Correct Answer: B) Year. 4. Which one of the following items would never appear on a cash budget? A) Travel expense. B) Depreciation expense. C) Office salaries expense. D) Interest expense. Show Answer Correct Answer: B) Depreciation expense. 5. When you're creating your monthly budget, what's the first priority under "Expenses "? A) Spending. B) Saving. C) Entertainment. D) Giving. Show Answer Correct Answer: D) Giving. 6. Creating a budget does NOT consist of which of the following? A) Knowing your net income. B) Throwing away financial records. C) Tracking spending. D) Eliminating unnecessary expenses. Show Answer Correct Answer: B) Throwing away financial records. 7. A spending plan can be made by: A) Asking a friend to make it for you. B) Keeping a diary of expenses. C) Checking how much money is in your pocket. D) Deciding what to purchase when you go to the store. Show Answer Correct Answer: B) Keeping a diary of expenses. 8. Save a $ 500 emergency fund A) Fourth Foundation. B) Second Foundation. C) First Foundation. D) Third Foundation. Show Answer Correct Answer: C) First Foundation. 9. The presentation recommends updating and modifying your budget how often? A) Annually or quarterly. B) Monthly or weekly. C) Daily or whenever making purchases. D) Never. Show Answer Correct Answer: B) Monthly or weekly. 10. Regular expenses you pay each month that are consistently the same amount are A) Budgeted expenses. B) Variable expenses. C) Fixed expenses. D) Flexible expenses. Show Answer Correct Answer: C) Fixed expenses. 11. The amount of money you have available in your account to spend A) Debt. B) Withdrawal. C) Deposit. D) Balance. Show Answer Correct Answer: D) Balance. 12. Which is NOT a category on a spending plan? A) Snacks. B) Entertainment. C) Candy bars. D) Clothing. Show Answer Correct Answer: C) Candy bars. 13. Car repairs are a ..... A) Discretionary expense. B) Variable expense. C) Intermittent expense. D) Fixed expense. Show Answer Correct Answer: C) Intermittent expense. 14. Budget reports are ..... that presents a single company's various budgets at any given time. A) Goals of company. B) Documents. C) Plans. D) Analysis. Show Answer Correct Answer: D) Analysis. 15. A(n) ..... stays the same from month to month. A) Fixed Expense. B) Zero-Based Budget. C) Commission. D) Intermittent Expense. Show Answer Correct Answer: A) Fixed Expense. 16. Things you would like to have are called A) Expenses. B) Needs. C) Wants. D) Budgets. Show Answer Correct Answer: C) Wants. 17. What does the A in SM A RT stand for? A) Attainable-a goal must be reachable; you CAN do it. B) Admirable-a goal must impress people. C) Artistic-a goal must be creative. D) Academic-a goal must be scholarly and oriented towards learning. Show Answer Correct Answer: A) Attainable-a goal must be reachable; you CAN do it. 18. Which of these examples should Emily record in the income section of her personal budget? A) Her total savings over the last year. B) The price of a new bicycle she wants. C) A birthday gift of $ 50.00 from her grandfather. D) None of above. Show Answer Correct Answer: C) A birthday gift of $ 50.00 from her grandfather. 19. ..... are good places to look to find your current expenses when building your budget. A) Banks and credit unions. B) Grocery stores and concerts. C) Bank and credit statements. D) Online research websites. Show Answer Correct Answer: C) Bank and credit statements. 20. Portion of the purchase price that is not borrowed. A) Mortgage. B) Closing costs. C) Down payment. D) Rent. Show Answer Correct Answer: C) Down payment. 21. What are your liabilities? A) Money you have in the bank. B) Things you own. C) The excuses you have for not meeting your budget. D) Money you owe others. Show Answer Correct Answer: D) Money you owe others. 22. A plan for future spending and saving, weighing estimated income against estimated Expenses. A) Debt. B) Gross Income. C) Budget. D) Expense. Show Answer Correct Answer: C) Budget. 23. Brandon receives his paycheck, and it says his gross pay is $ 250 and his net pay is $ 200. How much money did he have in deductions this pay period? A) $ 0. B) $ 50. C) $ 250. D) $ 450. Show Answer Correct Answer: B) $ 50. 24. Income before taxes/deductions. A) Gross income. B) Salary. C) Net income. D) Net income. Show Answer Correct Answer: A) Gross income. 25. Jill decides to drive to work instead of taking the bus. It takes her 90 minutes to get there and the bus ride would have been 40.What type of analysis does this question represent? A) Cost-benefit Analysis. B) Marginal Analysis. C) Opportunity Cost Analysis. D) Discretionary Analysis. Show Answer Correct Answer: C) Opportunity Cost Analysis. 26. Good or service that is required for survival (water, food, shelter, clothing) A) Plan. B) Need. C) Want. D) Wish. Show Answer Correct Answer: B) Need. 27. A situation in financial planning or the budgeting process where total revenues are equal to or greater than total expenses. A) Deficit. B) Balanced budget. C) Short-Term Goal. D) Trade Offs. Show Answer Correct Answer: B) Balanced budget. 28. Money paid to a landlord to cover potential damage. A) Rent. B) Mortgage. C) Security deposit. D) Down payment. Show Answer Correct Answer: C) Security deposit. 29. An example of a long-term goal would be: A) Completing college within the next six months. B) Buying a used car. C) An annual vacation. D) Saving for retirement. Show Answer Correct Answer: D) Saving for retirement. 30. What is the average fee that a bank charges for an overdraft? A) $ 20. B) $ 10. C) $ 25. D) $ 35. Show Answer Correct Answer: D) $ 35. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesBudgeting Quiz 1Budgeting Quiz 2Budgeting Quiz 3Budgeting Quiz 4Budgeting Quiz 6Budgeting Quiz 7Budgeting Quiz 8Budgeting Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books