This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 2 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Money in the form of credit, permits a person to acquire goods and services now and pay for them later. A) Store of value. B) Measure of value. C) Medium of exchange. D) Standard of deferred payment. Show Answer Correct Answer: D) Standard of deferred payment. 2. Mrs. Jones' normal pay is 2, 500.25 a week. She called in sick but she had no sick leave. What is her pay this week? A) 2, 000.20. B) 2, 500.05. C) 2, 000.00. D) 1, 500.25. Show Answer Correct Answer: A) 2, 000.20. 3. Things that make life more interesting & fun, but you could live without them if you had to are known as A) Needs. B) Cash Flow. C) Wants. D) Goals. Show Answer Correct Answer: C) Wants. 4. A bill that comes the same time each month and doesn't change in amount is what type of expense? A) Variable. B) Fixed. C) Flexible. D) None of above. Show Answer Correct Answer: B) Fixed. 5. The first step in planning a budget is ..... A) The first step in planning a budget is. B) To review your spending and saving patterns. C) To set your financial goals. D) To estimate your income. Show Answer Correct Answer: C) To set your financial goals. 6. Where does money come from? A) College school boards. B) The money factory. C) The government prints it. D) Parents to children, back to parents. Show Answer Correct Answer: C) The government prints it. 7. Saving $ 500 from this month's paycheck to pay for a new cell phone is what type of goal? A) Short term. B) Medium term. C) Long term. D) None of above. Show Answer Correct Answer: A) Short term. 8. Reasons for constructing a budget include A) Creating a spending plan. B) Creating a savings plan. C) Keeping track of debits and credits. D) All of the above. Show Answer Correct Answer: D) All of the above. 9. What is same cost occurring regularly? A) Variable expense. B) Taxable income. C) Fixed expense. D) Allowance. Show Answer Correct Answer: C) Fixed expense. 10. The cost of owning a car includes A) Insurance. B) Repairs. C) Gas. D) All of these. Show Answer Correct Answer: D) All of these. 11. What is one result of having an overdraft? A) Higher credit score. B) Decreased interest. C) Increased interest. D) An additional fee. Show Answer Correct Answer: D) An additional fee. 12. To make sure you will always remember your automated teller machine (ATM) card personal identification number (PIN), you should write the PIN and keep it: A) In your wallet. B) In your checkbook. C) On your ATM card. D) In a secure place at home. Show Answer Correct Answer: D) In a secure place at home. 13. Federal tax return mistakes can be avoided by A) Using the proper tax forms, tax tables, and correct filing status. B) Signing the completed return. C) Filing online or mailing your return before the deadline. D) All of the above. Show Answer Correct Answer: D) All of the above. 14. An example of a fixed expense is A) Dinner out with friends. B) Entertainment. C) Car payment. D) Contributions/Gifts. Show Answer Correct Answer: C) Car payment. 15. ..... is anything you exchange for goods and services. A) Checks. B) Bartered. C) Money. D) None of above. Show Answer Correct Answer: C) Money. 16. The term A.P.R stand for: A) Annual Percentage review. B) Annual Percentage Rate. C) Always Pushing Right. D) None of above. Show Answer Correct Answer: B) Annual Percentage Rate. 17. The amount on which taxes are calculated after adjustments, deductions, and exemptions. A) Taxable income. B) Surplus. C) Net income. D) None of above. Show Answer Correct Answer: A) Taxable income. 18. Setting aside money to have on hand for unexpected expenses and events is A) Emergency fund. B) Cash flow. C) Opportunity cost. D) Income. Show Answer Correct Answer: A) Emergency fund. 19. Cash and other property with a monetary value A) Liability. B) Money. C) Asset. D) Debt. Show Answer Correct Answer: C) Asset. 20. When you make a loan payment, your A) Cash outflows decrease. B) Liabilities decrease. C) Net income increases. D) Net worth is unaffected. Show Answer Correct Answer: B) Liabilities decrease. 21. We are planning to go on vacation next summer, so I transfer money every month to my ..... account. A) Savings. B) Checking. C) Variable Expense. D) Discretionary Expense. Show Answer Correct Answer: A) Savings. 22. ..... expenses may be different amounts from month to month. A) Periodic. B) Delayed. C) Variable. D) Fixed. Show Answer Correct Answer: C) Variable. 23. ..... is pay by the hour. A) Commission. B) Hourly Wage. C) Salary. D) Gross Pay. Show Answer Correct Answer: B) Hourly Wage. 24. What happens to your credit score if you pay off your debt quick? A) Goes up. B) Goes Down. C) Stays the same. D) None of above. Show Answer Correct Answer: A) Goes up. 25. What does the A in SMART Goal stand for? A) Asset. B) Assistance. C) Attainable. D) Anuity. Show Answer Correct Answer: C) Attainable. 26. What is investing? A) Setting aside money for future use. B) Saving money constantly. C) Spending money on anything you want. D) Using money in hopes of gaining more in the future by lending to businesses in exchange for a share of profits. Show Answer Correct Answer: D) Using money in hopes of gaining more in the future by lending to businesses in exchange for a share of profits. 27. This insurance provides cash payments for a limited time to individuals who are out of work for a reason other than illness. A) Disability income insurance. B) Unemployment insurance. C) Retirement insurance. D) Survivors insurance. Show Answer Correct Answer: B) Unemployment insurance. 28. Your monthly budget should include: A) Variable expenses. B) Discretionary Expenses. C) Fixed Expenses. D) All of the above. Show Answer Correct Answer: D) All of the above. 29. All the following are examples of tax deductions EXCEPT A) Rent expense. B) Contributions to charitable organizations. C) Certain medical expenses. D) Interest paid on a home mortgage or home equity loan. Show Answer Correct Answer: A) Rent expense. 30. Financial ..... are the plans you have for using your money. (LIke saving for college or a car) A) Services. B) Wants. C) Needs. D) Goals. Show Answer Correct Answer: D) Goals. ← PreviousNext →Related QuizzesFinance QuizzesEconomics QuizzesMoney Management Quiz 1Money Management Quiz 3Money Management Quiz 4Money Management Quiz 5Money Management Quiz 6Money Management Quiz 7Money Management Quiz 8Money Management Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books