This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 13 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What are the three main parts of a budget? A) Income, expenditures, savings. B) Credit, debt, savings. C) Expenditures, loans, credit. D) Credit, savings, income. Show Answer Correct Answer: A) Income, expenditures, savings. 2. What will happen to your credit score if you miss a payment? A) Goes up. B) Goes down. C) Stays the same. D) None of above. Show Answer Correct Answer: B) Goes down. 3. When you make a financial decision, ..... A) There is always an enormous risk. B) You accept some risk. C) There is usually no risk because you have done a lot of research. D) There should be no need to ever change it. Show Answer Correct Answer: B) You accept some risk. 4. Benefits are extra things added to the job by the employer A) Sometimes. B) Most of the tome. C) All of the time. D) Never. Show Answer Correct Answer: C) All of the time. 5. Which of the following is NOT a characteristic of comparison shopping? A) Emotional buying. B) Includes careful consideration. C) Evaluate product's features and quality. D) Long-term satisfaction in quality of product. Show Answer Correct Answer: A) Emotional buying. 6. This month Anthony's take-home pay was $ 1, 500. He also earned $ 20 interest on a savings account. He spent $ 250 for rent, $ 100 for groceries, and $ 300 for other expenses. Anthony's net cash flow this month totaled A) $ 850. B) $ 1, 520. C) $ 870. D) $ 1, 500. Show Answer Correct Answer: C) $ 870. 7. Another name for house payment is A) Notes. B) Mortgage. C) Rent. D) Loan. Show Answer Correct Answer: B) Mortgage. 8. Your net worth is A) The total value of your personal assets. B) The difference between your personal assets and your liabilities. C) The total amount of all of your investments. D) What you have left over in your paycheck each week after deductions are taken out. Show Answer Correct Answer: B) The difference between your personal assets and your liabilities. 9. Which of the following is not a type of check? A) Cashier's. B) Certified. C) Debit. D) Traveler's. Show Answer Correct Answer: C) Debit. 10. Stafford loans, Perkins loans, and Plus loans are all ..... from the government. A) Scholarships. B) Federal loans. C) Grants. D) Alternative loans. Show Answer Correct Answer: B) Federal loans. 11. When writing a long-term goal, you are looking at a time frame that is ..... A) More than 12 months. B) Less than 12 months. C) 3-9 months. D) 3 months or less. Show Answer Correct Answer: A) More than 12 months. 12. The money an individual spends regularly for items or services. A) Budget. B) Checking Account. C) Financial Plan. D) Expense. Show Answer Correct Answer: D) Expense. 13. Which is NOT an example of Fiduciary Money? A) Checks. B) Bank Notes. C) Money Orders. D) Cash. Show Answer Correct Answer: D) Cash. 14. The total amount of money earned for a specific time is called ..... A) Deficit. B) Surplus. C) Gross pay. D) Opportunity cost. Show Answer Correct Answer: C) Gross pay. 15. Discretionary Income A) The amount a person or household has to spend. B) Money left over after paying for housing, food, and other necessities. C) Money to blow. D) Take home pay. Show Answer Correct Answer: B) Money left over after paying for housing, food, and other necessities. 16. The state of owing money to another individual or business, or the amount of money borrowed. A) Gross Income. B) Budget. C) Debt. D) Net Income. Show Answer Correct Answer: C) Debt. 17. Financial plans need to: A) Include income but not expenses. B) Be changed during different stages in life. C) Include income and eliminate risk. D) To be approved by an accountant. Show Answer Correct Answer: B) Be changed during different stages in life. 18. What summarizes your financial condition? A) Budget variance. B) Investment income. C) Financial plan. D) Cash flow statement. Show Answer Correct Answer: C) Financial plan. 19. The amount a person pays for a purchase A) Spending. B) Price. C) Cost. D) All. Show Answer Correct Answer: D) All. 20. The period between when the money is borrowed and due to be repaid is called the? A) Interest zone. B) Grace period. C) Borrow free. D) None of above. Show Answer Correct Answer: B) Grace period. 21. Which type of credit could the lender (The person giving the money) take your possessions if you do not repay? A) Credit card. B) Mortgage. C) Personal Loan. D) None of above. Show Answer Correct Answer: B) Mortgage. 22. What is the first thing you should do when you get your paycheck. A) Pay your bills. B) Pay yourself first. C) Go to the movies. D) Buy new sneakers. Show Answer Correct Answer: B) Pay yourself first. 23. Which of these is not a term for someone living in a rented space? A) Renter. B) Tenant. C) Homeowner. D) None of above. Show Answer Correct Answer: C) Homeowner. 24. The loss of an asset's value over time is called A) Normalization. B) Equalization. C) Depreciation. D) Amoritization. Show Answer Correct Answer: C) Depreciation. 25. Interest that grows on top of the original amount saved plus grows on the interest earned each month or year. A quicker way for you money to grow. A) Low interest. B) High interest. C) Choice interest. D) Compounding interest. Show Answer Correct Answer: D) Compounding interest. 26. Which of the following is an example of a fixed expense? A) Power bill. B) Concert tickets. C) Car loan payment. D) Football cleats. Show Answer Correct Answer: C) Car loan payment. 27. When purchasing a new house you would use what method of payment? A) Bank Loan. B) Debit Card. C) Credit Card. D) Cash. Show Answer Correct Answer: A) Bank Loan. 28. . Wages, salary, commission, fees, tips, and bonuses are A) Earned income. B) Tax-deferred income. C) Tax-exempt income. D) Interest income. Show Answer Correct Answer: A) Earned income. 29. Financial experts recommend a debt/payments ratio of less than 20 percent. What is this family's debt ratio? Credit card $ 140Credit card $ 300Credit card $ 100Annual take home pay $ 43, 200 A) 66%. B) 15%. C) 6%. D) 25%. Show Answer Correct Answer: B) 15%. 30. Which choice would be referred to as a "need" ? A) Cell phone. B) Food. C) New tennis shoes. D) Baseball glove. Show Answer Correct Answer: B) Food. ← 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