This quiz works best with JavaScript enabled. Home > Finance > Accounting > Budgeting > Budgeting – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 7 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What part of SMART is missing from this goal? I will improve my grade in Business by the end of the semester. A) Not measurable. B) Not attainable. C) Not specific enough. D) Not time-bound. Show Answer Correct Answer: A) Not measurable. 2. Which of the following is generally the most expensive category in a person's budget? A) Clothing. B) Housing. C) Healthcare. D) Transportation. Show Answer Correct Answer: B) Housing. 3. Where should you look to find your current expenses when building your budget? A) Ask your parents. B) Your wallet. C) Bank and credit statements. D) Your bank representative. Show Answer Correct Answer: C) Bank and credit statements. 4. Which of the following is not a section of the Cash budget? A) Cash receipts. B) Cash excess or deficiency. C) Financing-Borrowing/Repayment. D) All of the above are a part of the Cash budget. Show Answer Correct Answer: D) All of the above are a part of the Cash budget. 5. Adda has just moved into her own apartment and is working full time. Each item below would go into her budget in the "Monthly Bills" category EXCEPT ..... A) Clothing. B) Rent. C) Cell phone plan. D) Car insurance. Show Answer Correct Answer: A) Clothing. 6. What is an example of a monthly variable cost? A) Car payment. B) Gym membership. C) Student loan payment. D) Groceries. Show Answer Correct Answer: D) Groceries. 7. The disadvantages of budgeting are ..... A) Budgets are based on unknown factors. B) Link objectives and resources. C) Fosters careful study before making decisions. D) Provides and accurate analytical technique. Show Answer Correct Answer: A) Budgets are based on unknown factors. 8. Allocation of monetary funds based on a determined structure A) Budgeting. B) Gross income. C) Variable expenses. D) None of above. Show Answer Correct Answer: A) Budgeting. 9. Interest paid only on the principal investment. A) Compound Interest. B) Consumer. C) Simple Interest. D) Net Worth. Show Answer Correct Answer: C) Simple Interest. 10. ..... is a yearly income that may be paid weekly, bi-monthly or monthly. A) Salary. B) Asset. C) Cash flow. D) Net worth. Show Answer Correct Answer: A) Salary. 11. All of the following are examples of additional/supplemental income, except A) Workman's comp. B) Your regular paycheck. C) Child support. D) Disability. Show Answer Correct Answer: B) Your regular paycheck. 12. Grace went to the store to buy milk for her mother. While waiting in line at the check out she saw a display for a new chocolate bar and bought that too. This is an example of ..... A) A special treat. B) An impulse buy. C) A need. D) Payment for running the errand. Show Answer Correct Answer: B) An impulse buy. 13. What does a budget show you? A) How much money you plan to come in and go out during the month. B) How much you need to save. C) How much money you need to earn. D) How much money you spent last month. Show Answer Correct Answer: A) How much money you plan to come in and go out during the month. 14. Income-expenses = ..... A) Liability. B) Net worth. C) Wages. D) Net cash flow. Show Answer Correct Answer: D) Net cash flow. 15. If you get a loan, what do you have to pay? A) Tax. B) Bills. C) Interest. D) Money. Show Answer Correct Answer: C) Interest. 16. Expansion is where ..... A) An increase in government expenditures and /or a decrease in taxes. B) Decrease in government expenditures and/or an increase in taxes. C) Government spending is equal to tax revenue. D) None of above. Show Answer Correct Answer: A) An increase in government expenditures and /or a decrease in taxes. 17. Because the amount of money I spend on gas depends on the price of gas and how much I use, it is considered a ..... A) Fixed Expense. B) Variable Expense. C) Discretionary Expense. D) Income. Show Answer Correct Answer: B) Variable Expense. 18. What will tracking expenses help you do? A) Stick to a budget. B) Catch errors. C) Make adjustments. D) All of these. Show Answer Correct Answer: D) All of these. 19. How can you ensure you don't go over your budget? A) Round up your expense estimates to add a buffer. B) Use most of your budget for entertainment expenses. C) Find a friend that enjoys going shopping. D) Buy all of your wants at one time. Show Answer Correct Answer: A) Round up your expense estimates to add a buffer. 20. SMART Goals ..... the "S" stands for: A) Specific. B) Sweet. C) Sporadic. D) Super. Show Answer Correct Answer: A) Specific. 21. Monetary value of a property minus the amount owed on the property A) Equity. B) Mortgage. C) Rent. D) Lease. Show Answer Correct Answer: A) Equity. 22. The type of budget in which budget holders are forced to provide reasons for why they should receive budgetary funds each year A) Strategic Budget. B) Incremental Budget. C) Zero-based Budget. D) Delegated Budget. Show Answer Correct Answer: C) Zero-based Budget. 23. It is important to keep track of your credit score because: A) A good credit score means you can borrow money at lower interest rates. B) A bad credit score means creditors can deny you a loan. C) Neither of these. D) Both of these. Show Answer Correct Answer: D) Both of these. 24. This budget shows the units that must be produced to meet anticipated sales. A) Direct materials. B) Master. C) Sales. D) Production. Show Answer Correct Answer: D) Production. 25. An example of an asset is ..... A) VISA Credit Card Debt. B) Car Loan. C) A House. D) Mortgage. Show Answer Correct Answer: C) A House. 26. Which of the following is an example of a "life change" that would affect one's budget? A) Marriage. B) Children. C) Change in job. D) All of these. Show Answer Correct Answer: D) All of these. 27. The total value of a person's assets (things owned) minus their liabilities (things owed). A) Investments. B) Personal Finance. C) Net Worth. D) Budget. Show Answer Correct Answer: C) Net Worth. 28. Which of the following is NOT considered income? A) Interest paid on a loan. B) A paycheck. C) An allowance. D) Birthday $ from grandma. Show Answer Correct Answer: A) Interest paid on a loan. 29. Which of the following is a way to track your spending? A) Spreadsheet budget. B) Envelope method. C) An app. D) All of the above. Show Answer Correct Answer: D) All of the above. 30. An effective budget should be ..... A) Constant. B) Realistic. C) Focus. D) Fixed. Show Answer Correct Answer: B) Realistic. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesBudgeting Quiz 1Budgeting Quiz 2Budgeting Quiz 3Budgeting Quiz 4Budgeting Quiz 5Budgeting Quiz 6Budgeting Quiz 8Budgeting Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books