This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 12 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Income received after all deductions have been made A) Gross Income. B) Flexible expense. C) Fixed expense. D) Net income. Show Answer Correct Answer: D) Net income. 2. What is another word for currency? A) Money. B) Paper. C) Candy. D) Bank. Show Answer Correct Answer: A) Money. 3. A budget only works if ..... A) You are willing to follow it. B) If someone else creates it. C) Your parents give you money. D) None of above. Show Answer Correct Answer: A) You are willing to follow it. 4. Joey was approved for a credit card and soon spent over $ 2000. What is the money owed called? A) Savings. B) Debt. C) Bankruptcy. D) Debit. Show Answer Correct Answer: B) Debt. 5. Placing money in the stock market, a retirement account( IRA), or purchasing real estate so it can grow in value and be used later. A) Budgeting. B) Spending. C) Investing. D) None of above. Show Answer Correct Answer: C) Investing. 6. Which of the following would probably be a short-term financial goal? A) Going to college. B) Buying a new luxury automobile. C) Purchasing a new CD. D) Going on a three-week cruise. Show Answer Correct Answer: C) Purchasing a new CD. 7. Expenses that change and can be controlled more easily than fixed expenses is called ..... A) Budget variance. B) Opportunity costs. C) Variable expenses. D) Fixed expenses. Show Answer Correct Answer: C) Variable expenses. 8. Which of the following is a cash outflow? A) Monthly salary. B) Tips and commissions. C) Rent for the month. D) Cash in checking account. Show Answer Correct Answer: C) Rent for the month. 9. The bank agreed to loan me the money that I needed to start my new business. My ability to borrow this money is known as what? A) Debt. B) Credit. C) Budget. D) Interest. Show Answer Correct Answer: B) Credit. 10. Before money, people ....., or traded, to get things they needed or wanted. A) Bartered. B) Money. C) Income. D) Currency. Show Answer Correct Answer: A) Bartered. 11. A good example of a well-stated financial goal is: A) Buy a $ 25, 000 car. B) Pay off $ 5, 000 in credit card debt in two years. C) Buy a house. D) Become financially independent. Show Answer Correct Answer: B) Pay off $ 5, 000 in credit card debt in two years. 12. What is amount directly deducted from taxes? A) Tax credit. B) Estate planning. C) Tax deduction. D) IRA. Show Answer Correct Answer: A) Tax credit. 13. Borrowed money is also known as A) Income. B) Expenditure. C) Debt. D) Savings. Show Answer Correct Answer: C) Debt. 14. Savings is an essential skill of sound personal financial A) Decision making. B) Credit. C) Loans. D) Savings. Show Answer Correct Answer: A) Decision making. 15. A value can be described as A) A belief or idea you consider important or desirable. B) A willingness to give up something now in exchange for a future benefit. C) Something you desire to make your life more comfortable. D) Something basic for your survival. Show Answer Correct Answer: A) A belief or idea you consider important or desirable. 16. The following are benefits to creating a spending plan EXCEPT A) Track income and expenses. B) Help individuals live within their means. C) Help individuals meet financial goals. D) Encourage individuals to spend more money. Show Answer Correct Answer: D) Encourage individuals to spend more money. 17. ..... is unspent money usually from income that is placed in an interest-bearing account for emergencies, future purchases, or investments. A) Gross Income. B) Investment. C) Net Inome. D) Savings. Show Answer Correct Answer: D) Savings. 18. What way can you make a $ 1.00 out of 4 coins? A) 4 pennies. B) 4 dimes. C) 10 nickels. D) 4 quarters. Show Answer Correct Answer: D) 4 quarters. 19. A financial ..... is a report that summarizes your current financial condition and helps set a direction for your future financial activities. A) Statement. B) Budget. C) Plan. D) Record. Show Answer Correct Answer: C) Plan. 20. The result of more money being spent than is earned or received is called a (n) ..... A) Surplus. B) Deficit. C) Personal fixed expenses. D) Opportunity cost. Show Answer Correct Answer: B) Deficit. 21. In a BUDGET-Water, Electric and Gas are categorized as ..... expenses A) Debt. B) Housing. C) Utilities. D) None of above. Show Answer Correct Answer: C) Utilities. 22. If you deposited $ 10 per month into a savings account and it was going to earn you 10% interest each year, how much $ would you have at the end of the year? A) $ 120. B) $ 144. C) $ 132. D) None of above. Show Answer Correct Answer: C) $ 132. 23. The bank agreed to loan me the money that I needed to start my new business. The bank extended ..... to me in the form of a loan with a repayment agreement. A) Interest. B) Credit. C) Budget. D) Debt. Show Answer Correct Answer: B) Credit. 24. ..... are expenses that remain the same every month. Such as rent, car payment, and real estate taxes. A) Fixed Expenses. B) Prices. C) Variable Expenses. D) Final Expenses. Show Answer Correct Answer: A) Fixed Expenses. 25. When unexpected expenses come up you should have A) Credit. B) Savings. C) Goodie bag. D) None of the above. Show Answer Correct Answer: B) Savings. 26. What is getting the most for your money? A) Money management. B) Budget variance. C) Net worth. D) Earned income. Show Answer Correct Answer: A) Money management. 27. Expenses that occur regularly and are regularly paid are ..... A) Variable expenses. B) Budget variance. C) Deficit. D) Fixed expenses. Show Answer Correct Answer: D) Fixed expenses. 28. A deduction is sometimes called ..... A) Income. B) Withholdings. C) Pay stub. D) Debt. Show Answer Correct Answer: B) Withholdings. 29. What is considered to be "retirement" age, when it is acceptable to begin taking IRA distributions without penalty? A) 50. B) 70 1/2. C) 65. D) 59 1/2. Show Answer Correct Answer: D) 59 1/2. 30. Tax levied by a government directly on personal income. A) Budget. B) Net Income. C) Expense. D) Income Tax. Show Answer Correct Answer: D) Income Tax. ← PreviousNext →Related QuizzesFinance QuizzesEconomics QuizzesMoney Management Quiz 1Money Management Quiz 2Money Management Quiz 3Money Management Quiz 4Money Management Quiz 5Money Management Quiz 6Money Management Quiz 7Money Management Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books