This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 17 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The employee knows exactly which day his/her paycheck will be deposited into their depository institution account. A) Paycheck with attached paycheck stub. B) Direct Deposit. C) Payroll Card. D) None of above. Show Answer Correct Answer: B) Direct Deposit. 2. Harold Daley budgeted $ 210 for food for the month of July. He spent $ 227 on food during July. Does he have a budget surplus or deficit, and what amount? A) Deficit, $ 10. B) Deficit, $ 17. C) Surplus, $ 17. D) Surplus, $ 10. Show Answer Correct Answer: B) Deficit, $ 17. 3. What is NOT a reason you can take an early withdrawal from your IRA without penalty? A) To pay for higher education. B) Down payment on your first home. C) To pay taxes owed to the IRS. D) To pay for unreimbursed medical expenses. Show Answer Correct Answer: C) To pay taxes owed to the IRS. 4. Which of these is an example of barter? A) Charging $ 1 for a hamburger. B) Mining for gold and silver. C) Trading a valuable baseball card for a valuable comic book. D) Using money that's backed by faith in the U.S. government. Show Answer Correct Answer: C) Trading a valuable baseball card for a valuable comic book. 5. This job doesn't require an extensive education A) Lawyer. B) Waitress. C) Doctor. D) Teacher. Show Answer Correct Answer: B) Waitress. 6. According to the notes, credit card companies make their profit by ..... A) Advertisements featuring Jennifer Aniston. B) Fraud. C) Interest. D) You paying off your entire bill each month. Show Answer Correct Answer: C) Interest. 7. What is the difference between personal assets and liabilities? A) Net worth. B) Money management. C) Earned income. D) Budget variance. Show Answer Correct Answer: A) Net worth. 8. Income = ..... + Savings A) Wants. B) Discretionary. C) Needs. D) Expenses. Show Answer Correct Answer: D) Expenses. 9. What is a charge imposed by government? A) Allowance. B) Tax credit. C) Exemption. D) Tax. Show Answer Correct Answer: D) Tax. 10. ..... is a place to record all the money you spend each day. A) Budget. B) Spending log. C) Journal. D) Diary. Show Answer Correct Answer: B) Spending log. 11. ..... expenses remain the same every month. A) Fixed. B) Variable. C) Delayed. D) Periodic. Show Answer Correct Answer: A) Fixed. 12. A good way to estimate your monthly expenses is to ..... A) Ask your parents how much you should spend. B) Ask your friends how much they spend. C) Keep a record of every amount you spend for one month. D) Multiply your income by 80 percent. Show Answer Correct Answer: C) Keep a record of every amount you spend for one month. 13. If Jeremiah has $ 550 saved, plus $ 100 in birthday money and the trip will cost him $ 900 for the project, $ 294 for train fare, and $ 40 in meals, how much does Jeremiah still need to save for the trip? A) $ 644. B) He already has enough money. C) $ 1234. D) $ 584. Show Answer Correct Answer: D) $ 584. 14. How much will Mr. Kent make a month? A) 7, 000.00. B) 5, 833.33. C) 15, 833.33. D) 3, 180.00. Show Answer Correct Answer: B) 5, 833.33. 15. Payment, usually monthly, applied to the balance of a home loan used when purchasing housing A) Insurance. B) Expense. C) Mortgage. D) Income and expense statement. Show Answer Correct Answer: C) Mortgage. 16. The ..... is the cash you give to the dealer to lower the principal amount of the car. A) Interest amount. B) Warranty expense. C) Down payment. D) Trade-in. Show Answer Correct Answer: C) Down payment. 17. What is the best way to avoid spending more money than I have in my account? A) Look at my last bank statement to get my balance. B) Ask a trusted friend for advice on how much to spend. C) Make only small purchases. D) Keep an accurate and current record of all of my transactions. Show Answer Correct Answer: D) Keep an accurate and current record of all of my transactions. 18. Money in the United States includes: A) Gold. B) Diamonds. C) Barter. D) Checking account balances on which checks can be drawn. Show Answer Correct Answer: D) Checking account balances on which checks can be drawn. 19. Which of the following is an example of a defined benefit retirement plan? A) 401k. B) IRA. C) Pension. D) None of above. Show Answer Correct Answer: C) Pension. 20. Which statement is most true? A) Budgeting is a continual process. B) Budgeting is not necessary if you only earn a little money. C) Once your budget is prepared, no changes should be necessary.. D) Budgeting is not necessary if you earn a lot of money. Show Answer Correct Answer: A) Budgeting is a continual process. ← PreviousRelated 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