This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 16 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When income is less than expenses A) Income. B) Net loss. C) Gross income. D) None of above. Show Answer Correct Answer: B) Net loss. 2. An amount of money loaned to a person that must be paid back along with additional interest is known as ..... A) Profit. B) Interest. C) Credit. D) Budget. Show Answer Correct Answer: C) Credit. 3. A tax on gasoline is known as a(n) A) Income tax. B) Excise tax. C) Estate tax. D) Gift tax. Show Answer Correct Answer: B) Excise tax. 4. Payments that are NOT always the same amount from month to month are called ..... A) Variable Expenses. B) Fixed Expenses. C) Deductions. D) Income. Show Answer Correct Answer: A) Variable Expenses. 5. If Jeremiah need to save $ 584 yet for his trip and he plans to leave in 15 months, how much will he need to save each month for the trip? A) Approximately $ 39 per month. B) Approximately $ 15 per month. C) Approximately $ 50 per month. D) Approximately $ 27 per month. Show Answer Correct Answer: A) Approximately $ 39 per month. 6. Apple Pay, Samsung Pay and Venmo are all examples of A) Electronic Payment Methods. B) Debt. C) Credit Cards. D) Debit Cards. Show Answer Correct Answer: A) Electronic Payment Methods. 7. Which of the following shows $ 8.00 A) 3-$ 5.00 bills, 1-$ 1.00 bill. B) 1-$ 5.00 bill, 3-$ 1.00 bills. C) 1-$ 5.00 bill, 2-$ 1.00 bill. D) 2-$ 5.00 bills, 3-$ 1.00 bills. Show Answer Correct Answer: B) 1-$ 5.00 bill, 3-$ 1.00 bills. 8. About how much does Mrs. Jones makes an hour? A) 25.00. B) 48.05. C) 50.00. D) 62.51. Show Answer Correct Answer: D) 62.51. 9. Money set aside for an unplanned costly event A) Budget. B) Income. C) Flexible Expense. D) Emergency Funds. Show Answer Correct Answer: D) Emergency Funds. 10. A private storage area at a financial institution with maximum security for valuables. A) Money market savings account. B) Safe deposit box. C) A checking account. D) The vault. Show Answer Correct Answer: B) Safe deposit box. 11. The portion of current income not spent on consumption A) Savings. B) Net loss. C) Net gain. D) None of above. Show Answer Correct Answer: A) Savings. 12. U. S. Federal minimum wage = $ ..... /hour A) $ 5.75. B) $ 5.25. C) $ 7.25. D) $ 7.75. Show Answer Correct Answer: C) $ 7.25. 13. If you borrowed $ 100 and they charged you 10% interest, how much would you end up paying them back? A) $ 100. B) $ 1000. C) $ 110. D) None of above. Show Answer Correct Answer: C) $ 110. 14. The first thing you must have when creating a budget is ..... A) Debt. B) Income. C) Loan. D) Credit. Show Answer Correct Answer: B) Income. 15. The denominations of coins in the United States are: A) $ .01, $ .05, $ .10, $ .25, $ .50, and $ 1.00. B) $ .01, $ .30, $ .50, and $ 5.00. C) $ .05, $ .10, $ .50, $ .75, and $ 10.00. D) Coins can be in any denomination a consumer desires. Show Answer Correct Answer: A) $ .01, $ .05, $ .10, $ .25, $ .50, and $ 1.00. 16. People have savings to pay for A) Storm damage. B) Large medical bills. C) New roof. D) All of the above. Show Answer Correct Answer: D) All of the above. 17. What is any money you receive such as an allowance or paycheck? A) Fixed expense. B) P.Y.F. C) Emergency fund. D) Income. Show Answer Correct Answer: D) Income. 18. The two parts of money we discussed in class were: A) Income & outcome. B) Income & expenses. C) Income & purchases. D) None of above. Show Answer Correct Answer: B) Income & expenses. 19. Using credit is most like which of the following? A) Borrowing money from a stranger with a promise to pay back more than you borrowed. B) Spending money from your piggy bank. C) Keeping cash hidden in your closet. D) Using birthday money to make a purchase. Show Answer Correct Answer: A) Borrowing money from a stranger with a promise to pay back more than you borrowed. 20. A period of time during which repayment of the principal and interest of your loan is temporarily delayed. A) Deferment. B) Forbearance. C) Consolidate. D) None of above. Show Answer Correct Answer: A) Deferment. 21. What is the maximum amount you are allowed to contribute to your IRA each year if you are 45 years old? A) $ 6000. B) $ 1000. C) $ 2500. D) $ 5000. Show Answer Correct Answer: D) $ 5000. 22. Setting aside money for later use. A) Budgeting. B) Revenue. C) Spending. D) Saving. Show Answer Correct Answer: D) Saving. 23. To make sure your income is used proper A) Loan. B) Credit. C) Budget. D) Doco union. Show Answer Correct Answer: C) Budget. 24. Planning how to get the most from your money A) Credit. B) Spending. C) Saving. D) Money Management. Show Answer Correct Answer: D) Money Management. 25. Your forgot to pay $ 100 on your credit card bill this month, your next month's bill is going to be $ 112. How much interest did they charge for missing your payment? A) 2%. B) 22%. C) 112%. D) 12%. Show Answer Correct Answer: D) 12%. 26. The following elements describe a SMART goal? A) Specific, Monetary, Attainable, Recognize, Temporary. B) Short, Measurable, Action, Realistic, Time Bound. C) Specific, Measurable, Attainable, Realistic, Time Bound. D) Short term, Mandatory, Attainable, Repetition, Timely. Show Answer Correct Answer: C) Specific, Measurable, Attainable, Realistic, Time Bound. 27. This type of card can be used for purchasing items and the money comes directly from an account? A) Credit card. B) Fixed card. C) Debit card. D) Variable card. Show Answer Correct Answer: C) Debit card. 28. What is amount that reduces taxable income? A) Tax credit. B) Tax deduction. C) Taxable income. D) Investment income. Show Answer Correct Answer: B) Tax deduction. 29. -Nation's retirement program, helps provide retirement income for elderly and pays disability benefits A) 401K. B) Federal Withholding. C) Social Security. D) State Tax. Show Answer Correct Answer: C) Social Security. 30. There will be times when ones ..... is not enough for large scale purchases. A) Liquid income. B) Savings. C) High interest. D) 1 and 2. Show Answer Correct Answer: D) 1 and 2. ← 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