This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 15 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the other name for a budget? A) Spending plan. B) Financial statement. C) Income statement. D) Spending log. Show Answer Correct Answer: A) Spending plan. 2. A SMART goal must be specific, ....., ....., ..... and time-bound. A) Motivational, attainable, relevant. B) Motivational, accurate, restrainable. C) Measurable, attainable, relevant. D) Measurable, attainable, right. Show Answer Correct Answer: C) Measurable, attainable, relevant. 3. A plan for spending and saving is also known as ..... A) Credit. B) Budget. C) Interets. D) Profit. Show Answer Correct Answer: B) Budget. 4. You are paid a fixed income yearly A) Minimum wage. B) Salary. C) Hourly. D) None of the above. Show Answer Correct Answer: B) Salary. 5. 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 total cash inflows this month totaled A) $ 850. B) $ 1, 520. C) $ 1, 500. D) $ 870. Show Answer Correct Answer: B) $ 1, 520. 6. If you want to be the CFO of a corporation you should purse which of the following designations? A) RIA. B) CFP. C) CFA. D) CPA. Show Answer Correct Answer: C) CFA. 7. Cooper has 1-$ 10.00 bill, 2-$ 5.00 bills, and 4-$ 1.00 bills in his pocket. How much money does he have? A) $ 16.00. B) $ 14.00. C) $ 19.00. D) $ 24.00. Show Answer Correct Answer: D) $ 24.00. 8. What are items of value? A) Tax. B) Allowance. C) Net worth. D) Personal assets. Show Answer Correct Answer: D) Personal assets. 9. What is the amount of money you earn, before taxes are taken out? A) Net Income. B) Gross Income. C) Property Income. D) None of above. Show Answer Correct Answer: B) Gross Income. 10. An account where money is kept for future use. A) Checking Account. B) Overdraft Fees. C) Savings Account. D) Income Tax. Show Answer Correct Answer: C) Savings Account. 11. What were the 3 types of expenses we discussed? A) Fixed; Flexible; Convenient. B) Fixed; Variable; Useful. C) Fixed; Flexible; Variable. D) None of above. Show Answer Correct Answer: C) Fixed; Flexible; Variable. 12. What is extra money that must be paid back in addition to the money you borrowed? A) Interest. B) Credit. C) Budget. D) Profit. Show Answer Correct Answer: A) Interest. 13. Sam works 40 hours a week. He is paid $ 30.00 an hour. He worked 50 hours this week. How much is his pay check? A) $ 650.00. B) $ 1650.00. C) $ 1200.00. D) $ 1600.00. Show Answer Correct Answer: B) $ 1650.00. 14. The part of your budget where money is spent on things that are needed or wanted A) Income. B) Expenditure. C) Savings. D) None of above. Show Answer Correct Answer: B) Expenditure. 15. Which of the following would NOT be considered a source of income? A) Money taken out of your paycheck for taxes. B) Money from a job. C) Money received from a college scholarship. D) Money received as a gift. Show Answer Correct Answer: A) Money taken out of your paycheck for taxes. 16. When purchasing a pack of gum you would use what method of payment? A) Credit Card. B) Coins. C) Debit Card. D) Bank Loan. Show Answer Correct Answer: B) Coins. 17. If you deposited $ 20 per month into a checking account, how much money would you have after 5 months? A) $ 85. B) $ 100. C) $ 120. D) None of above. Show Answer Correct Answer: B) $ 100. 18. Double coincidence of wants is an issue associated with the system of A) Donations. B) Sale. C) Transfer. D) Barter. Show Answer Correct Answer: D) Barter. 19. To increase his net worth, Jackson could: A) Increase his liabilities. B) Increase his assets. C) Increase his market value. D) Decrease his assets. Show Answer Correct Answer: B) Increase his assets. 20. Some incomes fluctuate depending on the day of the week A) Sunday. B) Weekends. C) Holidays. D) All of the above. Show Answer Correct Answer: D) All of the above. 21. What is an investment? A) Paying a fee to borrow money. B) Saving money for long term goals. C) Spending money with the goal of making more money. D) Spending money to get out of credit card debt. Show Answer Correct Answer: C) Spending money with the goal of making more money. 22. Which of the following is an asset? A) Savings account. B) Electric bill. C) Car loan. D) Donation. Show Answer Correct Answer: A) Savings account. 23. Music, cellphones, videos, gold shoes, nails A) Needs. B) Wants. C) Prizes. D) Both 1 and 2. Show Answer Correct Answer: D) Both 1 and 2. 24. Developing effective money-management habits begins with ..... A) Awareness of your cash flow. B) Debit cards. C) Living your life like YOLO. D) Charge cards. Show Answer Correct Answer: A) Awareness of your cash flow. 25. What is a down payment? A) A sum of money that you pay at closing. B) Percentage earned of sale price. C) A loan which uses the equity in your house to secure you loan. D) None of above. Show Answer Correct Answer: A) A sum of money that you pay at closing. 26. More commonly a line of credit may be extended in the form of a ..... A) Liquid income. B) Savings. C) Budget. D) Credit card. Show Answer Correct Answer: D) Credit card. 27. At what age are you required to begin taking distributions from your Roth IRA? A) Never. B) 70 1/2. C) 59 1/2. D) 65. Show Answer Correct Answer: A) Never. 28. What an individual gives up to have something else. A) Opportunity Cost. B) Pay Yourself First. C) Variable Expenses. D) Fixed Expenses. Show Answer Correct Answer: A) Opportunity Cost. 29. Which of the following is considered "risky" ? A) Debt. B) Savings. C) Expenditures. D) Income. Show Answer Correct Answer: A) Debt. 30. Budgeting allows you to do all the following expect A) Stress about the money. B) Keep expenses under control. C) Keep financial record. D) Live within your income. Show Answer Correct Answer: A) Stress about the money. ← 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