This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 3 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which two things does a budget compare? A) Income and expenses. B) Savings and interest. C) Income and investments. D) Expenses and expenditures. Show Answer Correct Answer: A) Income and expenses. 2. A request that the bank not honor a specific check is a: A) Notarized. B) Overdraft Protection. C) Direct Deposit. D) Stop-Payment. Show Answer Correct Answer: D) Stop-Payment. 3. Payments that stay the same from month to month are called ..... A) Variable Expenses. B) Income. C) Deductions. D) Fixed Expenses. Show Answer Correct Answer: D) Fixed Expenses. 4. What is a home loan called? A) Mortgage. B) Personal Loan. C) Car Loan. D) Above Rent Payments. Show Answer Correct Answer: A) Mortgage. 5. The amount of salary received after taxes and deductions A) Net Pay. B) Bill. C) Total Earnings. D) Gross Pay. Show Answer Correct Answer: A) Net Pay. 6. Employees who work 20-35 hours a week are called ..... employees A) Overtime. B) Regular time. C) Part time. D) Fulltime. Show Answer Correct Answer: C) Part time. 7. How does the government dispose of old money? A) They give it away to the poor. B) Recycle it to make notebook paper. C) They shred it. D) Banks loan it citizens. Show Answer Correct Answer: C) They shred it. 8. Expenses paid in the same amount each month A) Flexible. B) Net. C) Fixed. D) Gross. Show Answer Correct Answer: C) Fixed. 9. The total amount of money an individual has earned before taxes are taken out. A) Overdraft. B) Gross Income. C) Checking Account. D) Net Income. Show Answer Correct Answer: B) Gross Income. 10. This is a legal proceeding involving a person or business that is unable to repay outstanding debts. A) Insolvency. B) Bankruptcy. C) Mediation. D) Liquidation. Show Answer Correct Answer: B) Bankruptcy. 11. What's differences in actual and budget cost? A) Allowance. B) Budget variance. C) Exemption. D) Fixed expense. Show Answer Correct Answer: B) Budget variance. 12. The difference between the budgeted amount and the actual amount you spend A) Budget variance. B) Personal financial planning. C) Fixed expense. D) Opportunity cost. Show Answer Correct Answer: A) Budget variance. 13. ..... is in essence a loan of money A) Savings. B) Income. C) Budget. D) Credit. Show Answer Correct Answer: D) Credit. 14. All of the following are legal ways of earning money except A) Inheritance. B) Self employment. C) Remittance. D) Black market. Show Answer Correct Answer: D) Black market. 15. Buying on the spur of the moment without thinking about the need of the item is referred to as A) Impulsive buying. B) Barter. C) Fringe Benefit. D) Flexible expense. Show Answer Correct Answer: A) Impulsive buying. 16. If actual spending is greater than planned spending, it is referred to as a A) Surfeit. B) Deficit. C) Surplus.. D) Liability. Show Answer Correct Answer: B) Deficit. 17. This part of Social Security provides death benefits to dependents of workers who die. A) Survivors insurance. B) Retirement insurance. C) Disability insurance. D) Unemployment insurance. Show Answer Correct Answer: A) Survivors insurance. 18. If I have 7 dimes, 7 pennies, and 2 nickels, how much money do I have? A) .87 cents. B) $ 1.00. C) .77 cents. D) .95 cents. Show Answer Correct Answer: A) .87 cents. 19. Jami lost her debit card. She did not report it missing for 3 months. If an unauthorized person used her debit card, her maximum liability is: A) $ 500. B) No liability because she notified the financial institution. C) $ 50. D) Unlimited liability. Show Answer Correct Answer: D) Unlimited liability. 20. What percentage of Americans have no savings at all? A) 50. B) 39. C) 100. D) 57. Show Answer Correct Answer: B) 39. 21. Which is a plan for saving and spending? A) Budget. B) Savings account. C) Will. D) Checking account. Show Answer Correct Answer: A) Budget. 22. The advantages of using credit cards include A) You don't have to carry cash. B) They can help you create a good credit record. C) They help you to have a record of purchases. D) All of these are good reasons to use a credit card. Show Answer Correct Answer: D) All of these are good reasons to use a credit card. 23. What is the first thing you must do to create a spending plan? A) Create a Statement of Financial Position. B) Guess how much you spend in all your categories. C) Talk to your boss about a raise. D) Track Income and Expenses. Show Answer Correct Answer: D) Track Income and Expenses. 24. Which federal loans are available for parents to take out for their children's education? A) Perkins Loans. B) Subsidized Direct Loans. C) Direct PLUS Loans. D) Unsubsidized Direct Loans. Show Answer Correct Answer: C) Direct PLUS Loans. 25. A(n) ..... is a payment for a good or service A) Budget. B) Expense. C) Cash flow. D) Income. Show Answer Correct Answer: B) Expense. 26. Take-home pay is the amount you have left in your paycheck A) After you pay your bills for the week. B) After taxes and deductions. C) Before taxes and deductions. D) Before you pay your bills for the week. Show Answer Correct Answer: B) After taxes and deductions. 27. Anything generally/universally accepted for payment of goods and services is called A) Cheques. B) Cash. C) Money. D) Coins. Show Answer Correct Answer: C) Money. 28. What happens to your credit score if you make your payments on time and at the minimum amount. A) Goes up. B) Goes Down. C) Stays the same. D) None of above. Show Answer Correct Answer: C) Stays the same. 29. Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income A) Gross pay. B) Real pay. C) Withholdings. D) Net pay. Show Answer Correct Answer: D) Net pay. 30. An important part of financial planning is to ..... A) Maximize risk to maximize return. B) Minimize risk to minimize return. C) Understand which risks you can afford to take. D) Allow others to take the risk. Show Answer Correct Answer: C) Understand which risks you can afford to take. ← PreviousNext →Related QuizzesFinance QuizzesEconomics QuizzesMoney Management Quiz 1Money Management Quiz 2Money 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