This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 1 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Gaby has 4 dimes, 3 nickels, and 2 pennies in her pocket. How much money does she have in all? A) $ 0.67. B) $ 0.47. C) $ 0.57. D) $ 0.55. Show Answer Correct Answer: C) $ 0.57. 2. High skill jobs require extensive education and training A) False. B) True. C) Maybe. D) Sometimes. Show Answer Correct Answer: B) True. 3. Which of the following would be considered a want for most people? A) A brand-name jacket. B) Transportation to get to work. C) A place to live. D) Nutritious food. Show Answer Correct Answer: A) A brand-name jacket. 4. Calculate the "Total Assets" Cash $ 4, 670Investment account $ 26, 910Credit card debt $ 2, 670 House value $ 93, 780House mortgage-$ 76, 230 A) $ 31, 580. B) $ 78, 900. C) $ 204, 260. D) $ 125, 360. Show Answer Correct Answer: D) $ 125, 360. 5. Perishable goods like barley make poor forms of currency. What does "perishable" mean? A) Hard to measure. B) Large in size. C) Susceptible to spoiling or being ruined. D) Worthless. Show Answer Correct Answer: C) Susceptible to spoiling or being ruined. 6. Spreading one's assets across several types of saving and investment products to manage risk is called: A) Allocation. B) Poolin. C) Diversification. D) Budgeting. Show Answer Correct Answer: C) Diversification. 7. When estimating income for your budget, you should consider ..... A) Take-home pay. B) Getting an income tax refund. C) Retirement contributions. D) Gross pay. Show Answer Correct Answer: A) Take-home pay. 8. What does the "M" stand for in SMART goal? A) Measureable. B) Morning. C) Magnificent. D) Messing. Show Answer Correct Answer: A) Measureable. 9. Your birth certificate and Social Security card would likely be contained in which category of your financial records filing system? A) Housing records. B) Money management records. C) Tax records. D) Personal records. Show Answer Correct Answer: D) Personal records. 10. You should pay off your credit card balance each month ..... A) By paying ONLY the minimum due. B) By paying half of what you owe. C) In full and ON time. D) When you remember. Show Answer Correct Answer: C) In full and ON time. 11. If you want to increase your savings, ..... A) Increase your expenses. B) Increase your income. C) Use your credit card instead of paying cash. D) Decrease your income. Show Answer Correct Answer: B) Increase your income. 12. The process of projecting, organizing, monitoring, and controlling future income and expenses is known as ..... A) Personal Finance. B) Money Management. C) Investing. D) Budgeting. Show Answer Correct Answer: A) Personal Finance. 13. If an employee works more than 40 hours a week it is considered A) Regular time. B) Part time. C) Hourly. D) Overtime. Show Answer Correct Answer: D) Overtime. 14. A friend's parents are worried about going over their budget for the month. Which expense would you suggest is NOT a need? A) Cable Service. B) Car insurance. C) Rent payment. D) Groceries. Show Answer Correct Answer: A) Cable Service. 15. The difference between your personal assets and your personal liabilities is your A) Net worth. B) Cash outflow. C) Cash inflow. D) Net income. Show Answer Correct Answer: A) Net worth. 16. Shaunda wants to buy her grandmother's car to drive back and forth to college next year. Her grandmother agrees to sell Shaunda the car for $ 1, 200 in a year. This is an example of what type of goal? A) Short term. B) Financial term. C) Medium term. D) Long term. Show Answer Correct Answer: C) Medium term. 17. Items that make life more fun but are not necessary are ..... A) Values. B) Needs. C) Wants. D) Opportunity costs. Show Answer Correct Answer: C) Wants. 18. Which of the following is a variable expense for many adults? A) Their monthly cost of eating out at restaurants. B) Their monthly payment for health insurance. C) Their monthly rent payment. D) The monthly payment on their car loan. Show Answer Correct Answer: A) Their monthly cost of eating out at restaurants. 19. Financial planning helps individuals to: A) Guarantee future income. B) Achieve all goals by set target dates. C) Have strategies for saving and investing. D) Eliminate risk on investments. Show Answer Correct Answer: C) Have strategies for saving and investing. 20. Based on your interests, skills, training and job availability, it is important to choose ..... A) A bank. B) A credit card. C) A career path. D) A household budget. Show Answer Correct Answer: C) A career path. 21. What you give up when you make a financial decision is the ..... A) Instant gratification. B) Opportunity cost. C) Opportunity benefit. D) Delayed gratification. Show Answer Correct Answer: B) Opportunity cost. 22. What does a credit score measure? A) How likely a person is to use overdraft. B) How likely a person is to pay off a loan. C) How likely a person is to save large amounts of money. D) How likely a person is to make bad investments and lose money. Show Answer Correct Answer: B) How likely a person is to pay off a loan. 23. Expenses that do not necessarily stay the same, such as groceries A) Variable. B) General. C) Fair. D) Fixed. Show Answer Correct Answer: A) Variable. 24. What is an expense? A) Money invested. B) Money saved. C) Money spent. D) Money earned. Show Answer Correct Answer: C) Money spent. 25. Tony borrowed money from the bank to buy a new house. A year later he lost his job and has started to not be able to make his house payments. This problem is known as what? A) Debt. B) Interest. C) Budget. D) Credit. Show Answer Correct Answer: A) Debt. 26. Cami Bartosz calculated that she owed taxes of $ 254 and had $ 278 withheld from her pay during the year. This would result in A) A refund o $ 24. B) Additional taxes owed of $ 254. C) A refund of $ 278. D) Additional taxes owed of $ 24. Show Answer Correct Answer: A) A refund o $ 24. 27. An example of a SMART Goal requiring a budget. A) Wanting to wear jeans on Friday. B) Wanting to make a sports team. C) Wanting to earn honor roll. D) Wanting to buy new furniture next month by saving $ 50 each check. Show Answer Correct Answer: D) Wanting to buy new furniture next month by saving $ 50 each check. 28. The biggest source of household debt other than mortgages. A) Car Loans. B) Medical Bills. C) Student Loans. D) Credit Card Debt. Show Answer Correct Answer: C) Student Loans. 29. Name two types of expenses. A) Bills and Discretionary Income. B) Fixed and Random Expenses. C) Bills and Random Expenses. D) Fixed and Variable Expenses. Show Answer Correct Answer: D) Fixed and Variable Expenses. 30. You should make a list of your needs and wants so that you can ..... A) Prioritize your spending. B) Save your money. C) Get a credit card. D) Open a bank account. Show Answer Correct Answer: A) Prioritize your spending. Next →Related QuizzesFinance QuizzesEconomics QuizzesMoney Management Quiz 2Money Management Quiz 3Money Management Quiz 4Money Management Quiz 5Money Management Quiz 6Money Management Quiz 7Money Management Quiz 8Money Management Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books