This quiz works best with JavaScript enabled. Home > Finance > Accounting > Budgeting > Budgeting – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Budgeting Quiz 9 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is not part of the Financial Planning process A) Create a budget. B) PYF. C) Set a Goal. D) Analyze the situation. Show Answer Correct Answer: B) PYF. 2. Listed are the roles of financial administration, except A) As a tool of management. B) As a source of information. C) As an Instrument of Public Personnel. D) As an Instrument of Fiscal Policy. Show Answer Correct Answer: C) As an Instrument of Public Personnel. 3. All the money decisions a person or family makes including earning, budgeting, saving, spending, and planning for the future. A) Budget. B) Fourth Foundation. C) Personal Finance. D) Simple Interest. Show Answer Correct Answer: C) Personal Finance. 4. A(n) ..... is what people can use to make sure they live within their means. A) Schedule. B) Budget. C) Register. D) Appointment. Show Answer Correct Answer: B) Budget. 5. If you approach money with a generous spirit, you'll be . . . A) Free of stress. B) Able to save. C) More grateful. D) Less content. Show Answer Correct Answer: C) More grateful. 6. Budget Schedules project specific data on a quarterly basis. Select the specific data an Expense Schedule would project. A) Net Sales. B) Cost of Purchases. C) Selling and Administrative Expenses. D) Revenue. Show Answer Correct Answer: C) Selling and Administrative Expenses. 7. Budgets are designed to ..... A) Manage your credit cards. B) Plans your vacations. C) Outline your spending and saving. D) None of above. Show Answer Correct Answer: C) Outline your spending and saving. 8. Which of the following is the term(s) used for a written cash flow plan? A) Budget. B) Ledger. C) Balance sheet. D) Income statement. Show Answer Correct Answer: A) Budget. 9. Which of the following can be used to keep expense records organized? A) Envelopes. B) File folders. C) Shoe boxes. D) All of the above. Show Answer Correct Answer: D) All of the above. 10. Money put into an account intended for growth. A) Budget. B) Liability. C) Investments. D) Debt. Show Answer Correct Answer: C) Investments. 11. When you spend more money than you bring in you are operating in a(n) ..... A) Surplus. B) Deficit. C) Debt. D) Downfall. Show Answer Correct Answer: B) Deficit. 12. Similar to a budget, helps outline where income is earned and expenses are incurred. A) Needs. B) Spending plan. C) Pay yourself first. D) Emergency fund. Show Answer Correct Answer: B) Spending plan. 13. Which best refers to money held to cover possible damage to an apartment? A) A Security Deposit. B) A Cleaning Deposit. C) A Utility Deposit. D) A Telephone Deposit. Show Answer Correct Answer: A) A Security Deposit. 14. Which of the following is commonly considered a flexible expense? A) A Mortgage Payment. B) Homeowners Insurance. C) Entertainment. D) Rent. Show Answer Correct Answer: C) Entertainment. 15. Money left after all essentials have been paid for is called ..... A) Discretionary income. B) Commission. C) Net pay. D) Deficit. Show Answer Correct Answer: A) Discretionary income. 16. A(n) ..... is when you spend more money than you have in your account. A) Endorsement. B) Reserve. C) Overdraft. D) Overage. Show Answer Correct Answer: C) Overdraft. 17. A ..... is money that you borrow that needs to be paid back. A) Grant. B) Loan. C) Scholarship. D) Fund. Show Answer Correct Answer: B) Loan. 18. People keep a personal budget to help them A) Set and reach financial goals. B) Earn promotions at work. C) Buy with credit. D) Buy anything they want. Show Answer Correct Answer: A) Set and reach financial goals. 19. Contraction is where ..... A) Government spending is equal to tax revenue. B) Decrease in government expenditures and/or an increase in taxes. C) Increase in government expenditures and /or a decrease in taxes. D) None of above. Show Answer Correct Answer: B) Decrease in government expenditures and/or an increase in taxes. 20. What is the best way to budget your income if you work a different number of hours each week? A) By averaging income over several weeks. B) By estimating income over several months. C) By averaging income over several months. D) By estimating income over several weeks. Show Answer Correct Answer: C) By averaging income over several months. 21. When you take money out of your bank account A) Withdrawal. B) Deposit. C) Checkbook. D) Balance. Show Answer Correct Answer: A) Withdrawal. 22. A good practice for staying within your budget especially if your income varies is to A) Estimate your income as more than you think you will receive. B) Estimate your income as less than you think you will receive. C) Don't estimate your income as all. D) Put any number you want. Show Answer Correct Answer: B) Estimate your income as less than you think you will receive. 23. What is budgeting? A) A plan made in advance regarding the expenditure of money based on available income. B) Having enough money to go out to eat. C) The ability to pay your bills on time. D) Having money left over at the end of the month. Show Answer Correct Answer: A) A plan made in advance regarding the expenditure of money based on available income. 24. You crash your car into another vehicle and hurt someone else in the car A) Comprehensive Insurance. B) Property Damage Liability. C) Collision Insurance. D) Bodily Injury Liability. Show Answer Correct Answer: D) Bodily Injury Liability. 25. Essentials are ..... A) Heat. B) Food and water. C) Transportation. D) All of the above. Show Answer Correct Answer: D) All of the above. 26. Actual costs state that costs ..... A) Have been estimated possibily by using Forecasted Costs. B) Comparison between costing and estimating. C) Only staff time and effort. D) Which have occurred and can be reliably measured. Show Answer Correct Answer: D) Which have occurred and can be reliably measured. 27. Labour and administrative costs are developed in this budget for a period of time A) Capital Budget. B) Operating Budget. C) Purchase Budget. D) Cash Flow Budget. Show Answer Correct Answer: B) Operating Budget. 28. Which one of the following is an adverse variance? A) Sales revenue lower than the budget.. B) Raw material cost lower than the budget. C) Gross profit margin higher than the budget. D) Marketing expenditure lower than the budget. Show Answer Correct Answer: A) Sales revenue lower than the budget.. 29. Which one of these would result in a favourable budget variance? A) Budget cost $ 18; Actual cost $ 16. B) Actual gross profit $ 13k ;Budget gross profit$ 16k. C) Actual sales $ 40k; Budget sales $ 42k. D) Budget revenue $ 125k;Actual revenue $ 115k. Show Answer Correct Answer: A) Budget cost $ 18; Actual cost $ 16. 30. Which of the following is true about net income? A) It is also known as "pretax". B) It raises fees on interest rates. C) It improves credit scores. D) It is the amount of income after cost of goods are deducted. Show Answer Correct Answer: D) It is the amount of income after cost of goods are deducted. ← 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